0001193125-25-264750
SEC filingCorsair's Q3 2025 Notes reveal a $2.3M purchase commitment, $122.9M net debt, and a $300M shelf registration.
As of September 30, 2025, Corsair held $64.4 million in cash and $1.4 million in short-term restricted cash, totaling $65.8 million in liquid assets. Total debt stood at $122.9 million, net of $0.6 million in unamortized discount and issuance costs. The company's net debt position (cash minus total debt) was approximately -$58.5 million. Shareholders' equity was $600.2 million, down from $604.3 million at year-end 2024, driven by an accumulated deficit of $95.4 million. Inventory increased significantly to $314.5 million from $260.0 million at December 31, 2024, reflecting a build in finished goods ($257.1 million vs. $190.5 million).
Total long-term non-cancelable purchase commitments were $2.3 million as of September 30, 2025, up from $1.6 million at year-end 2024. These commitments primarily relate to multi-year contractual arrangements for the company's enterprise resource planning system subscriptions and other cloud computing hosting services. No breakdown by timing was provided. Letters of credit outstanding were $0.2 million, unchanged from year-end 2024, with no draws during the period.
Corsair did not repurchase any shares during the period. A new $300.0 million shelf registration statement was declared effective on August 15, 2025, replacing the expired 2022 shelf. No dividends were declared or paid to common stockholders. The company repaid $51.3 million of debt during the nine months ended September 30, 2025, including $42.8 million of the prior term loan. On June 30, 2025, Corsair entered into an Amended and Restated Credit Agreement, refinancing its existing credit facility with a $125.0 million term loan and a $100.0 million revolving credit facility, both maturing in 2030. Capital expenditures totaled $10.1 million, representing 1.0% of net revenue.
Corsair reports two segments: Gamer and Creator Peripherals and Gaming Components and Systems. For Q3 2025, the Peripherals segment generated $112.7 million in net revenue (up 10.5% YoY) and $44.3 million in gross profit. The Components and Systems segment generated $233.1 million in net revenue (up 15.3% YoY) and $48.8 million in gross profit. The CODM uses segment gross profit as the primary profit measure. Geographically, the United States contributed $139.6 million (40.4% of total), Europe and Middle East $139.1 million (40.2%), Asia Pacific $45.8 million (13.2%), and the Americas (excluding U.S.) $21.2 million (6.1%). Customer A represented 29.5% of total net revenue in Q3 2025.
The provided document excerpt does not contain the Consolidated Statements of Cash Flows for Corsair Gaming, Inc. Instead, it includes notes on indemnification agreements, stockholders' equity, equity incentive plans, stock-based compensation, and net loss per share. The only cash flow-related data points are net loss figures and stock-based compensation expenses. Net loss attributable to common stockholders was $(9.5) million for the three months ended September 30, 2025, and $(36.6) million for the nine-month period. Stock-based compensation, a non-cash expense, was $5.2 million and $23.8 million for the respective periods. Without the actual cash flow statement, it is impossible to assess operating cash flow trends, capital expenditure intensity, or free cash flow coverage. No anomalies such as working capital swings or one-time tax payments can be identified. The analysis is limited to the income statement and equity-related disclosures, which do not provide the required cash flow metrics.