Thu, Aug 1, 8:56 PM (88 days ago)
Corsair Gaming, Inc.'s Q2 2024 10-Q reports a net revenue decline of 19.7% YoY to $261.3M, driven by a 32.3% drop in Gaming Components and Systems segment sales. Gross margin decreased to 24.1% from 25.5%, impacted by higher promotional spending and product costs. Operating expenses rose 2.6% YoY to $87.8M, mainly due to increased legal and distribution costs. The company reported a net loss of $23.5M, widening from $4.1M in Q2 2023. Cash used in operations was $44.8M, with cash and restricted cash totaling $94.6M. Notably, Corsair provided a $12.3M bridge loan to Endor AG, which has since filed for insolvency. The company expects the insolvency proceedings to conclude within six months, impacting future cash flows.