DISCLAIMER FEBRUARY 12 t h 2026 INVESTOR PRESENTATION Forward Looking Statements This press release contains express and implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the Company's financial outlook for the full year 2026, the market position and growth of the Company's various products; the growth and rate of growth of gaming and creator peripherals; future product launches; and the Company' ...

Financial Performance - Full Year 2025 revenue increased by 12% to $1,472.5 million[1] - Full Year 2025 GAAP gross profit rose by 30% to $425.9 million, achieving a record gross margin of 28.9%[1][4] - Adjusted EBITDA for Full Year 2025 increased by 84% to $100.6 million, exceeding guidance[1][4] - Q4 2025 revenue grew by 6% to $436.9 million, with gross profit up 34% to $144.6 million[4] - Net revenue for Q4 2025 was $436.855 million, a 5.7% increase from $413.623 million in Q4 2024[22] - Gross profit for Q4 2025 reached $144.554 million, up 33.5% from $108.212 million in Q4 2024[22] - Operating income for Q4 2025 was $26.889 million, compared to $5.923 million in Q4 2024, indicating significant improvement[22] - Net income attributable to Corsair Gaming, Inc. for Q4 2025 was $25.791 million, a substantial increase from $2.286 million in Q4 2024[22] - Total net revenue for the year ended December 31, 2025, was $1.472 billion, a 11.9% increase from $1.316 billion in 2024[22] - The gross margin for Q4 2025 was 33.1%, up from 26.2% in Q4 2024, reflecting improved profitability[24] Segment Performance - Gaming Components and Systems segment revenue grew by 16% year-over-year for Full Year 2025, driven by strong demand for memory products[5] - Gamer and Creator Peripherals segment revenue increased by 4% year-over-year for Full Year 2025, despite a 3% decline in Q4 2025[6] Future Guidance - For Q1 2026, the company expects revenue to decline by about 5% year-over-year, with double-digit growth anticipated in the Gamer and Creator Peripherals segment[9] - Full Year 2026 revenue guidance is projected to be between $1.33 billion and $1.47 billion, with adjusted EBITDA expected between $100 million and $115 million[13] Shareholder Actions - The company approved a $50 million share repurchase program, marking its first such authorization[2][8] Debt and Cash Management - The company reduced its debt by $52.1 million during 2025, focusing on margin expansion and cost discipline[8] - Cash and restricted cash at the end of Q4 2025 was $98.833 million, down from $109.631 million at the end of Q4 2024[28] - Total assets as of December 31, 2025, were $1.254 billion, slightly up from $1.236 billion in 2024[26] - Current liabilities increased to $430.942 million in 2025 from $396.313 million in 2024, indicating a rise in short-term obligations[26] - The company reported a net cash provided by operating activities of $38.169 million for Q4 2025, down from $55.555 million in Q4 2024[28] Operating Metrics - For the three months ended December 31, 2025, Corsair Gaming reported an operating income of $26,889 thousand, a significant increase from $5,923 thousand in the same period of 2024[30] - Adjusted operating income for the same period was $49,772 thousand, up from $31,725 thousand year-over-year, representing a 56.8% increase[30] - The net income attributable to Corsair Gaming, Inc. for the three months ended December 31, 2025, was $25,791 thousand, compared to $2,286 thousand in the prior year, marking an increase of over 1,000%[33] - Adjusted EBITDA for the three months ended December 31, 2025, was $53,628 thousand, reflecting a margin of 12.3%, compared to 8.0% in the same quarter of 2024[35] - The company reported a diluted net income per share of $0.22 for the three months ended December 31, 2025, compared to $0.01 in the same period of 2024[33] - Corsair Gaming's adjusted net income for the year ended December 31, 2025, was $67,211 thousand, a significant recovery from a loss of $2,744 thousand in 2024[33] - The company incurred one-time costs related to legal matters amounting to $1,484 thousand in the latest quarter, compared to $31 thousand in the previous year[33] - Stock-based compensation expenses increased to $9,268 thousand for the three months ended December 31, 2025, from $7,466 thousand in the same period of 2024[33] - Corsair Gaming's adjusted operating income as a percentage of net revenue was 11.4% for the three months ended December 31, 2025, compared to 7.7% in the prior year[30] - The company experienced a significant reduction in restructuring and other charges, which were $899 thousand for the latest quarter, down from $1,789 thousand in the same quarter of 2024[33]

Group 1 - Corsair Gaming (CRSR) has experienced significant volatility, initially going public during a favorable period for the gaming industry but now facing declines alongside the broader market [1] - The company operates in a cyclical environment, which has contributed to its recent performance challenges [1] Group 2 - The analyst has over a decade of experience researching various industries, including commodities and technology, which informs their insights on investment opportunities [1] - The focus has shifted to a value investing-oriented platform, with extensive research conducted on numerous companies across different sectors [1]

Core Perspective - The company aims to transition from a premium hardware provider to an enthusiast lifestyle platform that encompasses gaming, streaming, content creation, SIM sports, and productivity [2]. Group 1: Strategic Vision - The strategic vision includes building a connected ecosystem that integrates hardware, software, and services to enhance consumer experiences [2]. - An example of this vision is the Elgato product roadmap, which features a smart control device called Stream Deck that allows users to manage 4K video sources, high-quality audio mixing, and smart lighting [2]. Group 2: Product Offering - The company provides solutions that enable individuals to create professional broadcast studios from their homes [3].

Summary of Corsair Gaming FY Conference Call Company Overview - **Company**: Corsair Gaming (NasdaqGS:CRSR) - **Date**: December 10, 2025 - **Speakers**: T. Law (CEO), Gordon Mattingly (CFO) Core Industry Insights - **Industry Focus**: Gaming, streaming, content creation, and productivity - **Market Dynamics**: Corsair is transitioning from a premium hardware company to an enthusiast lifestyle platform, emphasizing an ecosystem of hardware, software, and services [3][26] Strategic Vision and Priorities - **Vision**: Evolve into an enthusiast lifestyle platform supporting various sectors including gaming and streaming [3] - **Key Priorities**: 1. **Margin Acceleration**: Focus on high-margin product families and optimizing product mix [4] 2. **Operational Discipline**: Leverage AI for scaling and managing operational expenses (OPEX) [4] 3. **Direct-to-Consumer Growth**: Expand the direct-to-consumer business model [4] 4. **Revenue Platform Scaling**: Increase recurrent revenue through Elgato products and marketplace [4][32] 5. **Market Share Expansion**: Accelerate innovation and product cadence to capture market share [5] Financial Performance and Market Position - **Recent Performance**: Corsair is gaining market share, particularly in the components and gaming peripherals sectors [5] - **Investment in Underserved Markets**: Focus on growth in Asia and Latin America, showing promising year-on-year growth [6] M&A Strategy - **M&A as Growth Strategy**: Corsair will continue to evaluate M&A opportunities for channel acquisition and complementary brands [6] Product and Market Dynamics - **Product Segments**: Growth in Elgato streaming products and gaming peripherals, independent of memory market fluctuations [12] - **Consumer Behavior**: Shift in spending towards accessories as consumers face budget constraints for building PCs [12] - **Gaming and Peripheral Upgrade Cycles**: New gaming titles and platforms drive demand for upgrades in GPUs and peripherals [20][22] Challenges and Opportunities - **Supply Chain Issues**: Tariffs and semiconductor shortages are impacting the market, but Corsair's established manufacturing capabilities position it favorably [11][12] - **Promotional Activity**: Limited discounts due to tight inventory and tariff situations, with Corsair managing inventory effectively [15][19] Future Growth Drivers - **SIM Racing Market**: Projected to be a $1 billion total addressable market (TAM) in 2024, with double-digit growth expected [23] - **AI Integration**: Corsair is exploring AI applications for both internal operations and product offerings, including AI workstations [24][25] Transition to Recurring Revenue Models - **Recurring Revenue Opportunities**: The Elgato marketplace is a key area for growth, with over two million active users [32] - **Consumer SaaS Potential**: Exploring vertical solutions and partnerships to enhance offerings [32] Conclusion - Corsair Gaming is strategically positioned to leverage its strengths in the gaming and streaming markets while navigating current challenges. The focus on transitioning to a lifestyle platform and enhancing recurring revenue models presents significant growth opportunities moving forward.

Core Viewpoint - Corsair Gaming, Inc. is set to present at the Barclays Global Technology Conference 2025, highlighting its position as a leading provider of high-performance products for gamers and content creators [1] Group 1 - The presentation will take place on December 10, 2025, at The Palace Hotel in San Francisco [1] - A live fireside webcast with management will be available for institutional investors [1]

Group 1 - U.S. stocks experienced an upward trend, with the Dow Jones increasing by approximately 300 points on Friday [1] - Micron Technology, Inc. shares rose sharply by 2.5% to $235.92, driven by positive sentiment following Dell's strong third-quarter earnings and guidance [1] - Investors perceive Dell's results as indicative of broader strength in the technology sector, contributing to Micron's stock performance [1] Group 2 - DeFi Technologies Inc. shares surged by 20.5% to $1.6750 after the approval of QCAD as Canada's first compliant CAD stablecoin [3] - YD Bio Ltd saw a 13.7% increase in shares to $11.96, following the announcement of 510(k) clearance and plans for a clinical trial in Taiwan [3] - Other notable gainers included Savara Inc. (+12.3% to $6.02), TMC the metals company Inc. (+12.2% to $6.54), and ImmunityBio, Inc. (+10.7% to $2.3586) [3] - Precious metals stocks, including First Majestic Silver Corp. (+8.3% to $14.64) and Endeavour Silver Corp. (+10% to $9.47), rose amid increasing gold and silver prices [3] - Intel Corporation shares jumped by 7.8% to $39.65, reflecting positive market trends [3] - Crypto-linked stocks, such as Applied Digital Corporation, gained 6.8% to $26.61, following Bitcoin's rise above $90,000 [3]

Group 1 - The article does not provide any relevant content regarding the company or industry [1]

Core Insights - Corsair Gaming, Inc. will present at the UBS Global Technology and AI Conference on December 3, 2025, focusing on its financial results and growth opportunities [1][2] - The company has appointed Gordon Mattingly as the new Chief Financial Officer effective December 2, 2025, as part of its long-term growth strategy [5] - Corsair reported a 14% increase in revenue to $345.8 million and a 34% increase in gross profit to $93.1 million for Q3 2025 compared to Q3 2024 [7] Company Overview - Corsair is a leading global developer and manufacturer of high-performance products for gamers, content creators, and PC enthusiasts, offering a full ecosystem of products [3] - The company operates under several brands, including Fanatec, Elgato, SCUF Gaming, Drop, and ORIGIN PC, catering to various segments within the gaming and content creation markets [3] Financial Performance - For Q3 2025, Corsair's revenue reached $345.8 million, marking a 14% increase from the previous year [7] - The gross profit for the same period was $93.1 million, reflecting a 34% increase compared to Q3 2024 [7]

Core Insights - The article emphasizes the investment philosophy focused on small cap companies, highlighting the importance of identifying mispriced securities through understanding financial drivers and utilizing DCF model valuation [1]. Group 1 - The investment strategy is not confined to traditional categories such as value, dividend, or growth investing, but rather considers all prospects of a stock to assess risk-to-reward [1].