Corsair Gaming, Inc.

Greetings and welcome to Course A Gaming's second quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star and then zero on your telephone keypad. As a reminder, this conference is being recorded. I'd now like to turn the conference over to your host, Mr. David Pascali with Investor Relations. Thank you, and you may proceed, sir.

Thank you, Operator. Good afternoon, everyone, and thank you for joining us for Corsair's Financial Results Conference Call for the second quarter, ended June 30, 2025. On the call today, we have Corsair CEO, T. Law, and CFO, Michael Potter. T. will review highlights from the quarter. Michael will then review the financials and our outlook. We will then have time for any questions. Before we begin, allow me to provide a disclaimer regarding forward-looking statements. This call, including the Q&A portion, may include forward-looking statements related to the expected future results for our company and are therefore forward-looking statements. Our actual results may differ materially from our projections due to a number of risks and uncertainties. The risks and uncertainties that forward-looking statements are subject to are described in our earnings release and other SEC filings. Note that until our 10Q has been filed, these numbers are preliminary. Today's remarks will also include references to non-GAAP financial measures. Additional information, including reconciliation between non-GAAP financial information to the GAAP financial information, is provided in the press release we issued after the market closed today. With that, let me now turn the call over to Corsair's CEO, Thi La. Please go ahead, Thi.

Thank you, David, and thank you all for joining us today. Q2 2025 was a strong quarter for Corsair. We delivered 23% year-over-year revenue growth with total revenue of $320 million and EBITDA of $8.1 million, exceeding consensus expectations on both the top and bottom line. Gross profit increased 36% year-over-year with improved margin performance across our portfolio due to favorable mix, channel execution, and continued operational discipline. What stood out this quarter was the strength across both our gaming components and system segment, where we grew revenue 30% year-on-year, and our gamer-creator peripheral segment, where we grew revenue 9% year-on-year. Supported by successful new product launches and according to third-party analysts, Corsair gained market share in both keyboard and headset categories. We saw a meaningful increase in system upgrades and new builds, driven by excitement around the launch of the latest powerful GPUs from NVIDIA and AMD. This was coupled with the release of graphically intensive games like DOOM The Dark Ages and Elder Scrolls IV Remastered, which required a high-performance graphics card. and are catalysts for PC enthusiasts to upgrade their hardware to get an enriched gameplay experience. Spending was concentrated in components as expected, particularly power supplies, cooling, and memory, as gamers sought to leverage new GPU capabilities such as real-time ray tracing, AI rendering, and generative AI support. We expect peripherals to follow this upgrade cycle, fueled by upcoming releases like Witcher 3 Remaster, Battlefield 6, and the highly anticipated GTA 6. This multi-stage refresh cycle is well aligned with our product roadmap across hardware and software. Adding to our confidence is the momentum of our El Gato business which continues to lead in the creative space. Demand for our award-winning Stream Deck and popular video capture products remains strong, particularly with the rise of new content driven by the Nintendo Switch 2 launch late Q2. We were also excited by the positive market response to our FaceCam 4K and the video capture 4Ks. both of which launched at the perfect time to deliver pro-grade 4K60 video resolution at a more accessible price point and better availability. We believe these solutions will extend our leadership position. Another Q2 highlight was our presence at Computex 2025, where we showcased several next-gen technologies and earned multiple awards. One of the most exciting was the launch of our virtual stream deck integration embedded into our Scimitar Elite gaming mouse and the Xenion Edge companion display. This feature allows users to display a fully interactive software stream deck directly on the user's monitor, enabling instant access to near unlimited powerful shortcuts for gamers and creators. You can expect to see more cross-brand tech synergy in upcoming launches to demonstrate the strength of our ecosystem as we focus on leveraging our IP and platforms to add value for customers and accelerate revenue growth. In the gaming category, we introduced the Maker 75 DIY keyboard family, which combines custom-built flexibility with gaming-grade performance Integrated with the Corsair web app for seamless online personalization, Maker 75 was honored with both a Red Dot Best of the Best and IF Design Award. On the system side, we announced the launch of our Origin PC AI Workstation 300, a compact 4.4 liter system powered by AMD Ryzen AI Max 300 series. This product is designed for quiet efficiency, supports local LLMs, creative workloads, and AI development straight out from the box. This small but powerful platform expands our reach into AI native applications and offers professionals, creators, and developers a compelling new productivity solution. We expect AI to be a major long-term catalyst across every aspect of our business, from both our own operation efficiency to all of our product categories. We are taking a thoughtful approach and integrating functionality where it is most compelling for our consumers. We also began ramping distribution of the desirable Fanatec branded sim racing products in late Q2 through our strategic channel partners. Early response was very encouraging and positioned us well in one of the fastest growing categories. Finally, I want to touch on tariffs. We continue to operate with flexibility across our supply chain and we have successfully minimized impact to date. That said, depending on how the semiconductor tariffs ultimately plays out, we may need to consider pricing adjustment to protect margins. Our goal remains to shield our customers as much as possible while staying nimble and efficient. Overall, I'm proud of how our teams executed this quarter. We saw strength in core demand, drove margin improvement, and advanced our innovation roadmap across hardware, software, and AI. Looking ahead, as the new CEO, my focus is centered on three strategic priorities. First, we are accelerating our new product innovation cadence to ensure we deliver high impact products for our customers. Second, We will continue to focus on margin expansion, drive more business efficiency, and expand synergies from our M&A portfolio. Third, we're focused on channel expansion, particularly in underserved markets like Asia and Latin America, where our recent investments are beginning to deliver strong returns year on year. We are also seeing continued momentum in our direct-to-consumer business, and we'll scale that model to strengthen our customer engagement and margin performance. With that, I will now turn it over to Michael to walk through the financials.