0001193125-26-211947
SEC filingQ1 2026 revenue down 4.1% YoY; gross margin up 500 bps; $50M buyback authorized with $45M remaining.
As of March 31, 2026, Corsair held $119.7M in cash and restricted cash, essentially flat against total debt of $119.8M (including $6.1M current portion). The company maintains a $100M revolving credit facility with $99.6M undrawn. Inventory decreased to $273.5M from $303.3M at year-end 2025, reflecting working capital discipline. Goodwill and intangible assets totaled $472.7M, with goodwill allocated $148.9M to Gaming Components and $208.5M to Gamer and Creator Peripherals.
Long-term non-cancelable purchase commitments were $3.1M, down from $3.9M at year-end, primarily for ERP and cloud hosting. Letters of credit outstanding were $0.4M. Product warranty reserves stood at $7.8M, with $1.0M provision and $1.2M claims during the quarter. The company also disclosed $0.2M in dividends paid to noncontrolling interest (iDisplay).
In January 2026, the Board authorized a $50M share repurchase program. During Q1, Corsair repurchased 0.9M shares for $5.0M, leaving $45M available. No common dividends were paid; only $0.2M to the iDisplay noncontrolling interest. Debt repayment was $1.6M, and capital expenditures totaled $3.7M (1.0% of revenue). The effective interest rate on the term loan was 5.3%, down from 6.2% a year ago.
Segment-level gross profit is the only profit measure disclosed. Gamer & Creator Peripherals generated $50.3M gross profit (40.8% margin) on $123.3M revenue, a 10.1% revenue increase YoY. Gaming Components & Systems generated $65.7M gross profit (28.4% margin) on $231.2M revenue, a 10.3% decline. Within that segment, memory products revenue rose 6.0% to $149.6M, while other component products fell 30.0% to $81.6M. Geographically, U.S. revenue was $146.0M (41.2% of total), Europe & Middle East $132.3M (37.3%), Asia Pacific $51.7M (14.6%), and Americas ex-US $24.6M (6.9%).
Operating cash flow (CFO) of $13.1 million significantly exceeded net income of $13.1 million (including noncontrolling interest), indicating strong cash conversion. The improvement from $2.0 million in Q1 2025 was driven by working capital management and higher profitability. Capital expenditures of $3.7 million were moderate, yielding free cash flow of $9.4 million, which fully covered share repurchases of $5.0 million. No dividends were paid. The company's cash flow profile shows solid operational health with ample liquidity for capital returns.