Corsair Gaming, Inc.

Good afternoon and welcome to Corsair's Gaming's fourth quarter and full year 2025 earnings conference call. As a reminder, today's call is being recorded and your participation implies consent to such recordings. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. With that, I'd like to turn the call over to David Pasquale with Investor Relations. Please proceed.

Thank you, Operator. Good afternoon, everyone, and thank you for joining us for Corsair's Financial Results Conference Call for the fourth quarter and full year ended December 31, 2025. On the call today, we have Corsair CEO, P. La, and CFO, Gordon Mattingly. P. will review highlights from the quarter and the year. Gordon 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, including our 2026 financial outlook and other statements that are not historical in nature, are predictive in nature, or depend upon or refer to future events or conditions such as our expectations, estimates, predictions, strategies, beliefs, or other statements that may be considered forward-looking. These forward-looking statements are based on management's current expectations and assumptions. 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 10-K has been filed, these numbers are preliminary and are subject to change. 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 prior to this call. With that, I'll 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. We closed 2025 with strong execution across the business and meaningful progress on the strategy we have been building over the past year. In the fourth quarter, revenue came in as expected, while profitability exceeded the upper range of our forecast. We deliver strong gross margin expansion and meaningful operating leverage despite a very dynamic operating environment. For the full year, revenue grew 12% to approximately $1.47 billion, gross profit increased 30%, and adjusted EBITDA grew more than 80%, reaching over $100 million. We also delivered our highest full-year gross margin as a public company. That combination of growth Margin improvement and discipline is what we set out to achieve in 2025. In addition, I am excited to welcome Gordon Mattingly as Corsair's new CFO. Gordon joined us in December 2025, and he is already making a positive impact with our leadership team. He brings deep experience in scaling global consumer technology businesses and leading successful transition toward platform and recurring revenue models. Just as importantly, as a public company CFO, Gordon shares our focus on building clear, transparent financial reporting and stronger investor communications for Corsair. You will hear directly from him in a few moments. Turning to our business performance, in gaming components and systems, we deliver strong growth for the full year, led by memory and core components. supported by solid demand for the segment as enthusiasts continue to upgrade their performance PCs. Corsair strategically invested in memory inventory to protect consumer demand, despite broader market concern about semiconductor supply constraints. In gamer and creator peripherals, we delivered full-year growth driven by demand from both creators and sim racing enthusiasts. Fanatec and Elgato were important contributors, and both brands continue to strengthen their position in their respective markets. In line with the broader market, we did see softer holiday demand in North America in gaming peripherals, offset by stronger international performance. We expect demand to improve as we move through 2026, especially with the highly anticipated GTA 6 launch in Q4. in particular is integrating extremely well. During 2025, we strengthened Fanatec's operations, improved quality and support, and advanced our roadmap with technologies that raised the bar for performance and usability. Product availability has improved, channel engagement is increasing, and consumer adoption continues to accelerate as we drive growth in one of the fastest expanding areas of our business. Looking forward, I want to spend a moment on what we showcased at CES 2026 because it directly reflects where Corsair is going. We had one of the strongest CES product lineups in our history, and the customer and partner response was extremely encouraging. At the center of our showcase was Stream Deck. which is positioned as a must-have control layer across gaming, content creation, productivity, and emerging AI workflows through voice control Stream Deck. We introduced the Galleon 100SD, our CES Innovation award-winning keyboard that integrates Stream Deck directly into a high-performance mechanical keyboard to deliver an immersive and customizable experience This has quickly become one of the most successful launches in our portfolio and represents early validation that our platform-based strategy can make an impact. We also demonstrated early support for AI-enabled workflows, deeper software integrations, and new local AI computing platforms through our workstation and edge AI systems. What stood out to us most at CES was how much our ecosystem strategy resonates with customers. We are reducing friction for users and making complex workflows, whether for gaming, streaming, production, or local AI easier to access and control. Another very important milestone for us this quarter was the opening of our first Corsair retail store. We opened our first experience-driven retail location at Westfield Valleyfair Mall in Santa Clara. This is not a traditional retail store. We designed a fully immersive and fun experience showcasing the Corsair ecosystem across gaming, sim racing, and creator workflows. The response has been outstanding with strong opening day demand and consistent healthy traffic and conversion since. Strategically, this store represents an important step in our plan to deepen consumer engagement and grow brand awareness. I'd like to share our top priorities for 2026. First, improving the quality of growth through mixed, integrated platforms and innovation. We are prioritizing growth in higher-margin gaming, sim racing, and creator categories and ecosystem platforms, supported by a steady cadence of innovative product launches. At the same time, we will continue to leverage both our scale and execution strength in the components and system segments to drive revenue and grow market share. Our foundation continues to be strengthening each quarter, giving us a diverse platform to scale and capture incremental opportunities. Second, driving margin expansion through operational discipline and create a marketplace. We are focused on driving margin expansion through smart inventory management to navigate a tight semiconductor landscape, combined with a nimble manufacturing strategy to improve cash flow. We also plan to scale the El Gato marketplace with the goal of growing recurrent revenue for both Corsair and our community of makers while tapping into new sources of revenue as we expand into new industry verticals. Third, scaling our direct-to-consumer business to deepening engagement. In 2025, we made strong progress, expanding our direct-to-consumer business to nearly 20% of our revenue, with double-digit growth in web traffic and impactful social engagement, alongside the launch of the immersive retail store. These efforts are strengthening consumer relationships, improving conversion rates, and generating insights that support product development, and go-to-market execution. With that, I'll turn it over to Gordon to walk through the financials.