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We design and sell high-performance gaming and streaming peripherals, components and systems to enthusiasts globally.
−Removed: We have served the market for three decades and many of our products maintain leading market share positions, according to external market data and internal estimates.
+Added: We have served the market for three decades and we believe many of our products maintain leading market share positions, according to external market data and internal estimates.
We have built a passionate base of loyal customers due to our brand authenticity and reputation as a provider of innovative and finely engineered products that deliver a high level of performance.
1 unchanged sentence
Our product offering is enhanced by our two proprietary software platforms:
−Removed: iCUE for gamers and the Elgato streaming suite for content creators, including our Stream Deck control software.
+Added: iCUE for gamers and the Elgato software suite for content creators, including our Stream Deck control software.
These software platforms provide unified, intuitive performance, aesthetic control and customization across their respective product families.
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• Gamer and Creator Peripherals .
−Removed: Includes our high-performance gaming keyboards, mice, headsets, controllers, and streaming products, which includes capture cards, Stream Decks, microphones and audio interfaces, our Facecam streaming cameras, studio accessories, sim racing products, and gaming furniture, among others.
+Added: Includes our high-performance gaming keyboards, mice, headsets, controllers, and streaming products, which includes capture cards, Stream Decks, microphones, teleprompters, and audio interfaces, our Facecam streaming cameras, studio accessories, command center displays, sim racing products, and gaming furniture, among others.
• Gaming Components and Systems .
−Removed: Includes our high-performance power supply units (“PSUs”), cooling solutions, computer cases, and dynamic random access memory (“DRAM”) modules, as well as high-end prebuilt and custom-built gaming PCs and laptops, and gaming monitors, among others.
+Added: Includes our high-performance power supply units (“PSUs”), cooling solutions, computer cases, and dynamic random access memory (“DRAM”) modules, as well as high-end prebuilt and custom-built gaming PCs and laptops, and AI workstations, among others.
Our products are sold to end users worldwide through our retail channel or our direct-to-consumer channel.
In our retail channel, we distribute our products either directly to the retailer, such as Amazon and Best Buy, or through distributors.
−Removed: We believe our brand, scale and global reach provide significant competitive advantages and will allow us to continue to capture a growing share of the expanding gaming, streaming and sim racing market.
−Removed: We believe we can continue to grow by offering market-leading products to gamers, creators, and sim racing enthusiasts, expanding the breadth of our product suite to meet the needs of our customers, continuing to invest in marketing, product innovation and sales, and selectively pursuing accretive acquisitions, such as the ten acquisitions we have completed since 2018, including the recent Fanatec acquisition in September 2024.
−Removed: The Fanatec sim racing product line fully complements our gaming PCs, gaming and streaming peripherals, and monitors, is expected to expand our business in these markets.
−Removed: Based on the external analysts' and management's estimates, t he total addressable market for sim racing in 2024 is approximately $1 billion.
−Removed: Since the traditional arcade games of the 1970s, gaming has evolved into the mainstream and taken a central place in the global entertainment landscape.
−Removed: According to Activate Research, gaming today represents approximately 14% of all American consumer internet and media activity, surpassing activities such as social media and messaging.
−Removed: We believe this indicates that the majority of the gaming hardware total addressable market is still consumed by a small percentage of gamers, and as a result, there is significant potential opportunity for gaming hardware sales.
−Removed: The gaming hardware industry was negatively impacted in 2024 by continuing global macroeconomic challenges, such as the ongoing conflicts in Ukraine and the Middle East, volatility in exchange rates, inflationary trends, weak consumer confidence globally and evolving dynamics in the global trade environment, as well as a delay in the launch of new graphics cards beyond the typical two-year refresh cycle, and in the release of several new and awaited game titles to early 2025.
−Removed: There are a number of drivers we believe will fuel the gaming market’s growth in 2025.
−Removed: Primary among them is the launch of the new graphics cards in the first quarter of 2025, after an extended cycle of 2.5 years.
−Removed: The new cards are expected to use Blackwell artificial intelligence (“AI”) chips that will be able to hit high frame rate gaming at 4K and possibly 8K with ray tracing enabled, supported by AI frame generation for smoother gameplay.
−Removed: The video gaming industry has experienced a significant shift and we believe it is poised for continued growth
+Added: We believe our brand, scale, product ecosystem, and global reach provide significant competitive advantages and will allow us to continue to capture a growing share of the expanding gaming, streaming and sim racing market.
+Added: We believe we can continue to grow by offering market-leading products to gamers, creators, and sim racing enthusiasts, expanding the breadth of our product suite to meet the needs of our customers, continuing to invest in marketing, product innovation and sales, and selectively pursuing accretive acquisitions, such as the ten acquisitions we have completed since 2018, including the Fanatec acquisition in September 2024.
+Added: The Fanatec sim racing business is now fully integrated into the larger Corsair operational framework and is leveraging centralized procurement, logistics and an expanding sales channel.
+Added: Demand for sim racing products remains strong, driven by the growing popularity of Formula 1 (“F1”), new product launches, and channel expansion.
+Added: In 2025, we made several executive leadership changes, including the appointment of Thi La, our previous President and Chief Operating Officer, to serve as Chief Executive Officer, effective July 1, 2025, and the appointment of Gordon Mattingly as our new Chief Financial Officer, effective December 2, 2025.
+Added: Since the emergence of arcade games in the 1970s, gaming has evolved into a mainstream form of entertainment and now occupies a central role in the global media landscape.
+Added: According to the Activate Research 2025 report, gaming represents approximately 15% of total consumer internet and media time, exceeding categories such as social media and messaging.
+Added: We believe the continued growth in gaming engagement, together with the expansion of game streaming, esports, and content creation platforms, supports sustained demand for high-performance gaming and creator hardware.
+Added: While a significant portion of premium gaming hardware is currently purchased by a relatively small subset of highly engaged users, we believe broader participation across gaming and creator ecosystems presents a meaningful long-term opportunity for hardware adoption.
Corsair Gaming, Inc.
| 2025 Form 10-K | 2
−Removed: and innovation.
−Removed: The convergence of quality content, console availability, favorable regulatory developments, and the expanded implementation of AI are driving such growth and innovation.
−Removed: For instance, with machine learning, a more efficient framework can be generated to build games, which can shorten the game title release cycle.
−Removed: More human-like behavior in AI game characters can also make the gaming experience more immersive;
−Removed: making future games more advanced and compelling.
−Removed: Additionally, AI can be utilized to produce adaptive narrative generation that analyzes player choices and interactions, and adapt storylines, quests, and dialogues accordingly.
−Removed: The integration of Virtual Reality (“VR”) and Augmented Reality (“AR”) technology is taking game development to new heights as it blends real and virtual worlds in new ways.
−Removed: Audiences are progressively engaging more with gaming content across platforms and cloud gaming, and finally, there are decreasing barriers to gaming, with more gamers using mobile devices, and the console and PC platforms represent a natural upgrade path for those seeking a more immersive or competitive gaming environment.
−Removed: In parallel, the digital content creator economy continues to thrive, with more content creators monetizing their audiences.
−Removed: Gaming content creation and streaming is now ubiquitous, with many active gaming channels on YouTube, and live streaming on Twitch, YouTube and other platforms.
−Removed: The proliferation of gaming content is attracting new gamers and increasing the performance focus of existing gamers.
−Removed: Beyond success in gaming, applications for streaming products are proliferating across use cases including podcasting, video blogging, interactive fitness, remote learning, and work-from-home, among others.
−Removed: In 2024, YouTube with 2.7 billion monthly active users and Twitch with an average of 2.5 million concurrent viewers, provided creators with platforms to express themselves, connect with followers and earn an income on-line.
−Removed: These applications represent a promising avenue for continued expansion of the streaming hardware and software market opportunity.
−Removed: Inspiring gamers and creators aim to reach for the next level of performance and content quality, and we seek to meet this need with Corsair solutions.
+Added: The gaming hardware industry experienced a mixed operating environment in 2025.
+Added: While global macroeconomic conditions remained challenging, including elevated interest rates, persistent inflationary pressures, geopolitical uncertainty, and evolving global trade dynamics, industry demand began to stabilize and improve relative to 2024.
+Added: In addition, while consumer confidence remained uneven across regions, the gaming market benefited from technology refresh cycles, new product innovation, and continued and heightened engagement driven in part by high-profile game releases and continued strength in leading franchises, including first-person shooter titles such as Call of Duty, Counter-Strike 2, Valorant, and Apex Legends.
+Added: A key driver of improved industry momentum in 2025 was the launch of NVIDIA next-generation graphics cards in early 2025, following an extended refresh cycle of approximately 2.5 years.
+Added: These new 5000 series GPUs, incorporating advanced artificial intelligence (“AI”) architectures, delivered meaningful performance improvements, including higher frame rates at 4K resolution and enhanced ray-tracing capabilities supported by AI-driven frame generation.
+Added: This technology transition helped stimulate demand for high-performance gaming systems, components, and peripherals, particularly among enthusiasts seeking to upgrade aging hardware.
+Added: In addition, the release cadence of major game titles improved during 2025, following delays in 2024, which contributed to renewed engagement across PC and console gaming ecosystems.
+Added: The launch of the Nintendo Switch 2 in June 2025 also contributed to sustained consumer interest and activity and was associated with increased demand for related accessories, including Elgato video capture products, as new console content was streamed across online platforms.
+Added: Further, gaming engagement continues to broaden across platforms, including PC, console, cloud gaming, and mobile, with mobile gaming often serving as an entry point and PC and console platforms representing natural upgrade paths for users seeking higher performance and more immersive experiences.
+Added: As gaming becomes more accessible across a range of devices and price points, a broader base of users is introduced to interactive entertainment, which we believe expands the overall gaming audience and supports long-term demand for higher-performance gaming hardware and peripherals.
+Added: In parallel, the digital content creator economy remained strong in 2025, with gaming-related content creation and live streaming continuing to grow across major platforms.
+Added: Streaming has become an integral part of the gaming ecosystem, driving both audience engagement and monetization opportunities for creators.
+Added: Platforms such as YouTube, TikTok, and Twitch continue to provide global distribution, community building, and income generation opportunities for creators, reinforcing demand for professional-grade streaming hardware and software.
+Added: Beyond gaming, streaming and content creation applications have expanded across a wide range of use cases including podcasting, video blogging, interactive fitness, remote learning, and work-from-home, among others.
+Added: Leading platforms continue to operate at significant global scale, with YouTube reporting approximately 2.7 billion monthly active users and Twitch averaging approximately of 2.5 million concurrent viewers in 2025, each supporting a large and engaged global creator community.
+Added: Aspiring gamers and creators aim to reach for the next level of performance and content quality, and we seek to meet this need with Corsair solutions.
Competitive gaming rewards speed, precision and reliability.
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Similarly, creators' broadcast needs are being met with professional audio/visual products as audience demand for high-quality viewing experiences has grown, and continues to grow, significantly.
−Removed: Further, Stream Deck studio control interfaces have become a mainstay in broadcast setups as hardware and software integration has become critical for gamers and creators who need all their devices to work together harmoniously.
+Added: Further, Stream Deck studio control interfaces have become a mainstay in broadcast and gaming setups as hardware and software integration has become critical for gamers and creators who need all their devices to work together harmoniously.
Finally, gamers and creators need the ability to customize their products, which we believe is best delivered via a software platform that seamlessly unifies control across devices.
−Removed: Our two proprietary software ecosystems cover the broadest range of gaming components, peripherals, and streaming products, which we believe are unmatched by anything else in the market.
+Added: Our two proprietary software ecosystems, iCue and Elgato software suite, cover the broadest range of gaming components, peripherals, and streaming products, which we believe are unmatched by anything else in the market.
Our Competitive Strengths
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• Leading brand recognition for performance drives strong customer loyalty.
−Removed: Since our founding in 1994, we have shipped more than 304 million units of gaming and creator products as of December 31, 2024 and actively nurtured a passionate and engaged global customer base by maintaining a long history of delivering innovative, finely engineered products that have expanded the frontiers of gaming performance.
+Added: Since our founding in 1994, we have shipped more than 320 million units of gaming and creator products as of December 31, 2025, and actively nurtured a passionate and engaged global customer base by maintaining a long history of delivering innovative, finely engineered
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 3
+Added: products that have expanded the frontiers of gaming performance.
As a result, we believe we have established ourselves as a leading brand among gaming enthusiasts and creators, many of whom are active and prominent in esports and broadcasting, and act as ambassadors for our brands.
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Our focus on innovation and performance has earned us significant industry recognition.
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 3
• Differentiated software-driven ecosystem.
−Removed: Since our inception, we have concentrated our efforts on helping gamers succeed, which has led us to develop what we believe to be the most complete ecosystem of high-performance gaming products in the market, which are connected and controlled through our iCUE software.
−Removed: We have applied the same ethos to our product development for creator products, including the development of streaming software, which helps creators, particularly streamers, to optimize their products and maximize their content quality.
−Removed: This includes our Stream Deck software that streamlines creators' workflow with near infinite shortcuts and controls via fingertip action.
+Added: We have developed a software-driven ecosystem designed to integrate our hardware products, enhance user performance and workflow efficiency.
+Added: At the center of our creator and streaming ecosystem is the Stream Deck platform, which enables creators, streamers, and gamers to control applications, automate workflows, and access customizable commands through programmable hardware interfaces and an expanding set of third-party integrations.
+Added: Stream Deck functions as a scalable control layer across gaming, streaming, and content creation environments.
+Added: In addition, our iCUE software platform is designed for PC builders and performance-focused users, providing centralized system monitoring, performance optimization, cooling control, and RGB configuration across compatible Corsair components and peripherals.
+Added: iCUE functionality can also be accessed and controlled through Stream Deck integrations, enabling users to manage system settings and performance workflows within a unified interface.
+Added: • Elgato Marketplace.
+Added: The Elgato Marketplace is a digital platform that enables users to discover, download, and purchase plugins, digital assets, profiles, and workflow integrations designed primarily for use with Stream Deck and other Elgato products.
+Added: The marketplace also allows third-party developers and content creators to distribute and monetize compatible digital products and integrations.
+Added: By expanding available functionality and customization options, and by facilitating ongoing content and integration updates, the Elgato Marketplace enhances the extensibility of the Stream Deck ecosystem and supports continued user engagement over time.
• Global sales and distribution network.
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In this global network, we have established a multichannel sales model and have long-standing relationships with distributors and retailers globally, as well as direct-to-consumer sales channels.
−Removed: We currently ship to nearly 80 countries across six continents, with our products being sold at leading retailers including Amazon, Best Buy, JD.com, MediaMarkt and Walmart.
+Added: We currently ship to 74 countries across six continents, with our products being sold at leading retailers including Amazon, Best Buy and Walmart.
In 2025, sales to the Americas, EMEA and Asia Pacific represented 49.1%, 38.4% and 12.5% of net revenue, respectively.
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Our Growth Strategy
−Removed: We intend to grow our business by increasing value to our customers, expanding our market opportunity and further differentiating ourselves from competitors.
+Added: We intend to grow our business by improving the quality of our growth, expanding our market opportunity, and further differentiating our ecosystem of high-performance gaming and creator products.
Key components of our strategy include:
−Removed: • Advance as the global leader in high-performance gaming and creator products.
−Removed: The gaming and creator product category is benefiting from the growing popularity of competitive gaming and streaming, which are driving an increase in gaming and streaming participants as well as spend per participant on high-performance products.
−Removed: We will aim to increase our presence and reach in this category, thus increasing our mix of high margin products and expanding and diversifying our categories.
−Removed: We believe our brand name, high-performance products and market position will allow us to capture a large share of this market growth and we intend to continue to make significant marketing investments in leading creators, social media influencers and esports teams.
−Removed: • Continue to develop innovative, market-leading gaming and streaming products.
−Removed: We intend to prioritize investment in creating innovative gaming and streaming products and related software to enhance the customer experience by delivering cutting-edge technology.
−Removed: We have an exceptional engineering team and during 2024, approximately one-third of them, including contractors, were working on our software solutions.
−Removed: We believe this strong bench of engineering expertise has helped us introduce 78 new products to the market in 2024.
−Removed: • Expand into new products and services that grow our market opportunity.
−Removed: Since our inception, we have successfully entered a number of new product categories, including gaming PC peripherals, streaming and creator solutions, console controllers, prebuilt and custom-built gaming PCs and laptops, and sim racing cockpits, wheels, pedals and accessories.
−Removed: We launched our Corsair custom lab where we offer consumers the ability to customize their new purchase of systems, components and peripherals products in multiple patterns and genres.
−Removed: As the gaming and content creation landscape continues to evolve, we intend to continue to introduce new products and services to address our customers’ new and changing needs, and to grow our market opportunity.
−Removed: • Leverage our software platforms to sell more products to existing customers.
−Removed: Our software platforms integrate and enhance our ecosystem of gaming and streaming products, which drives customer loyalty and allows us to successfully sell additional products to existing customers.
−Removed: In 2023, we launched Elgato Marketplace (“Marketplace”) as a platform for consumers and makers to buy or monetize Stream Deck digital assets from plugins to profiles such as icon pack, emojis and voice effects, among others.
−Removed: The Marketplace is growing and has surpassed one million accounts as of December 31, 2024.
−Removed: It serves primarily as a free app marketplace, while allowing us and third-party creators to charge for certain downloads as needed.
−Removed: The launch of the Marketplace has enriched the experience for Stream Deck users which in turn has helped drive sales and installed base of Stream Deck hardware.
−Removed: We expect to be able to grow app sales as Corsair internal and third-party creators develop more compelling apps and content.
−Removed: • Expand our industry partnerships with other parts of the gaming ecosystem, including other hardware manufacturers and game publishers.
−Removed: We believe our partner ecosystem contributes to the overall customer experience, and has the potential to attract more customers to Corsair.
−Removed: We intend to deepen our relationships with our current partners and expand our partner ecosystem by collaborating with our partners in the area of product design, thereby providing our customers access to a more cohesive gaming ecosystem.
−Removed: As an example, in 2024, we were selected as the exclusive launch
+Added: • Improve the quality of growth through optimizing product mix, innovation, and platform expansion.
+Added: We are prioritizing products in our higher-engagement Gamer and Creator Peripherals segment, supported by a steady cadence of innovative product launches across premium categories.
+Added: At the same time, we continue to actively manage our Gaming Components and Systems segment as our core business, leveraging scale, operational expertise, and brand strength to drive revenue and expand market share.
+Added: We believe this balanced approach enhances margin profile, recurring engagement, and long-term customer lifetime value.
+Added: • Scale our software-driven ecosystem, led by Stream Deck.
+Added: At the center of our creator ecosystem is the Stream Deck platform, we plan to further expand the platform by enhancing its ability to enable users to control applications, automate workflows, and integrate third-party services through programmable hardware and software interfaces.
+Added: We intend to accelerate the growth of the Elgato Marketplace to further expand this ecosystem by incentivizing developers and creators to distribute and monetize compatible digital products and integrations.
+Added: Together, these platforms are designed to enhance functionality, increase user engagement, and capture new opportunities for recurring digital revenue.
+Added: Separately, we plan to broaden the capabilities of our iCUE software platform to better serves PC builders and performance-focused users through more advanced centralized system monitoring, optimization, cooling control, and RGB configuration and by enhancing integration between Stream Deck and iCUE allowing users to manage performance workflows across compatible products within a unified environment.
Corsair Gaming, Inc.
| 2025 Form 10-K | 4
−Removed: partner for the Activision Call of Duty Black Ops Six game title, a multi-year, multi-product partnership involving a strong collaboration on marketing activations and Corsair branded products.
−Removed: For the Black Ops Six game launch, we showcased Call of Duty-themed products from many of our product categories, and the success of the game title is helping drive product sales.
−Removed: • Strengthen relationships with end-users by increasing direct-to-consumer sales, while continuing to strengthen relationships with existing retail channel partners, through whom we currently sell most of our products.
−Removed: We are investing in our e-commerce capabilities and in-app experience to drive direct sales.
−Removed: Through our acquisitions of Origin and SCUF in 2019, Drop in 2023 and Fanatec in 2024, we acquired four companies whose sales are primarily generated through direct-to-consumer channels.
−Removed: While sales from these channels are a relatively small contributor to our revenue today, the percentage of such sales has grown to be more than 10% of our net revenue for each of the past three years, and we believe direct-to-consumer sales represent a significant avenue to drive growth by facilitating increased market penetration across our product categories.
−Removed: We also expect that our partnerships with third-party retailers will continue to be an important part of our ecosystem.
−Removed: We will continue to seek retail partners that can deliver differentiated in-store and e-commerce experiences to support customer demand for product demonstrations.
−Removed: In 2024, 2023 and 2022, we generated 57.4%, 56.8%, and 51.9%, respectively, of our total net revenue through channel partners.
−Removed: • Continue to grow market share globally.
−Removed: As a globally recognized brand, we have a footprint that reaches customers in nearly 80 countries.
−Removed: We will continue to invest in enhancing our sales and distribution infrastructure to expand our leadership position in the Americas and Europe.
−Removed: We view the Asia Pacific region as a long-term growth opportunity and recently invested in our local sales force and regional management to build out distributor networks and retail partnerships.
−Removed: • Leverage our brand, software integration and superior product quality to pursue market share in the higher-end categories of all our product segments, where we can command a premium on pricing and improve our margins, and quality of earnings.
−Removed: Our push into the sim racing category with our recent acquisition of Fanatec is part of this growth strategy.
−Removed: We expect that this acquisition will solidify Corsair’s position as a strong contender in this space, that is known for accelerating growth.
+Added: • Drive margin expansion through operational discipline and platform leverage.
+Added: We plan to continue to focus on disciplined inventory management, supply chain flexibility, and cost optimization to mitigate the impact of macroeconomic volatility, semiconductor constraints, and trade dynamics and regulations.
+Added: At the same time, we plan to scale higher-margin platforms, premium product categories, and digital ecosystem engagement enhances operating leverage and supports margin expansion over time.
+Added: • Expand our direct-to-consumer business model.
+Added: We intend to increase investment in digital and physical consumer touchpoints to deepen engagement and strengthen customer relationships.
+Added: Through e-commerce, social engagement, our first immersive retail experience store in California, and our direct brands including Origin, SCUF, Drop, and Fanatec, we continue to grow our direct-to-consumer presence.
+Added: We believe expanding direct engagement improves conversion, enhances brand loyalty, and provides insights that inform product development and go-to-market execution, while retail channel partners remain an important part of our distribution strategy.
+Added: • Expand into adjacent and premium categories.
+Added: We have successfully entered new categories, including streaming and creator solutions, console controllers, custom systems, and sim racing hardware.
+Added: Our acquisition of Fanatec expanded our presence in high-performance sim racing, and we intend to continue to pursue leadership positions in premium categories where performance differentiation supports pricing strength and margin improvement.
+Added: • Strengthen industry partnerships and ecosystem integration.
+Added: We collaborate with hardware manufacturers, game publishers, esports organizations, and creators to enhance ecosystem compatibility and product visibility.
+Added: Strategic partnerships and co-branded initiatives support engagement across gaming and creator communities and reinforce our brand positioning in performance-oriented segments.
+Added: • Continue global expansion.
+Added: We serve customers in more than 70 countries and we plan to continue investing in sales, marketing, and distribution infrastructure to expand our presence in the Americas, Europe, and Asia Pacific.
+Added: We view international expansion as a long-term growth opportunity.
• Selectively pursue complementary acquisitions.
−Removed: We plan to continue to evaluate and pursue acquisitions where we have an advantage over our smaller competitors in buying attractive M&A targets.
−Removed: Our acquisitions of Elgato, Origin, SCUF, Drop and recently Fanatec have strengthened our capabilities in existing segments as well as diversified our product offerings, broadened our end-user customer base and expanded our geographic presence.
+Added: We intend to continue evaluating and pursuing acquisitions that strengthen our ecosystem, that expand product capabilities, enhance software platforms or increase our presence in higher-growth or higher-margin categories.
+Added: Our prior acquisitions have diversified our offerings, broadened our customer base, and strengthened our brand and global footprint.
+Added: We will remain disciplined in evaluating potential opportunities.
Our Solutions
We design our high-performance products to address the needs of gamers and creators.
−Removed: To help our customers perform at their peak, whether in game or on camera, we have developed the industry’s most complete integrated ecosystem of gamer and creator peripherals and gaming components and systems.
−Removed: We have a diversified product portfolio, with 34 primary product lines.
+Added: To help our customers perform at their peak, whether at work, in game or on camera, we have developed the industry’s most complete integrated ecosystem of gamer and creator peripherals and high-performance gaming components and systems.
+Added: We have an extensive product portfolio, with 34 primary product lines.
• Gamer and Creator Peripherals .
Our gamer and creator peripherals seek to provide the fastest, highest fidelity, and most seamless interface between digital athletes and their game, and content creators and their viewers.
−Removed: Our solutions include our high-performance gaming keyboards, mice, headsets, controllers, and streaming products, which includes capture cards, Stream Decks, microphones and audio interfaces, our Facecam streaming cameras, studio accessories, sim racing products, and gaming furniture, among others.
+Added: Our solutions include our high-performance gaming keyboards, mice, headsets, controllers, and streaming products, which include capture cards, Stream Decks, microphones and audio interfaces, our Facecam streaming cameras, studio accessories, command center displays, sim racing products, and gaming furniture, among others.
• Gaming Components and Systems .
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Our prebuilt systems and user-built systems are designed to deliver maximum performance, while also providing our customers the aesthetic design and customizability they demand.
−Removed: Our solutions include our PSUs, cooling solutions, computer cases, SSD and DRAM modules, as well as high-end prebuilt and custom-built gaming PCs and laptops, and gaming monitors, among others.
+Added: Our solutions include our PSUs, cooling solutions, computer cases, SSD and DRAM modules, as well as high-end prebuilt and custom-built gaming PCs and laptops, and AI workstations, among others.
• PC Gaming Software .
−Removed: Our product offering is enhanced by our two proprietary software platforms:
−Removed: iCUE for gamers and Elgato streaming suite for content creators.
−Removed: These software platforms provide unified, intuitive performance, and aesthetic control and customization across their respective product families.
−Removed: Our iCUE software platform powers the full range of our products from a single intuitive interface, providing advanced performance tuning, user customization and system monitoring.
−Removed: By enabling our customers to fine tune the response of our gaming products to maximize performance and match their personal preferences and styles of play, we believe that iCUE provides a distinct competitive advantage.
+Added: Our product offering is supported by two primary proprietary software ecosystems:
+Added: iCUE, designed for gamers and PC performance enthusiasts, and the Elgato software suite, designed for content creators and streamers.
+Added: These platforms provide unified performance management, workflow control, and customization across compatible product families.
+Added: Our iCUE software platform enables centralized system monitoring, performance optimization, cooling control, and RGB configuration across supported Corsair components and peripherals through a single interface.
+Added: The Elgato software suite includes Stream Deck, Wave Link audio management, Camera Hub configuration software, and Elgato 4K Capture Utility.
+Added: Stream Deck software enables programmable workflow control and third-party integrations across gaming, streaming, and productivity environments.
+Added: Wave Link provides digital audio
Corsair Gaming, Inc.
| 2025 Form 10-K | 5
+Added: mixing and routing functionality for creators.
+Added: Camera Hub enables configuration and control of supported camera and lighting products.
+Added: The capture applications support video recording and streaming workflows across platforms.
+Added: Together, these software platforms enhance hardware integration, expand functionality over time, and support continued engagement within our gaming and creator ecosystems.
Product Development
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We have structured our marketing organization to achieve both product- and geography-specific coverage.
−Removed: In addition, our marketing personnel regularly meets with other key industry suppliers such as NVIDIA, Intel, AMD and game publishers in order to ensure that our product development efforts appropriately address the needs of their new products and also to discuss trends and changes in the computer technology market.
+Added: In addition, our marketing personnel regularly meets with other key industry suppliers such as NVIDIA, Intel, AMD and game publishers in order to ensure that our product development efforts appropriately address the needs of their new products and to discuss trends and changes in the computer technology market.
We build awareness of our products and brand through advertising campaigns, public relations efforts, marketing development funds and other financial incentives provided to retailers to promote our products, end-user rebates, online social media outreach, online and in-store promotions and merchandising, our website and other efforts.
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While we historically have sold our products directly to consumers through our website, following our acquisitions of Origin, SCUF, Drop, and Fanatec, the volume of direct-to-consumer sales has increased as all of these companies primarily generated sales through direct-to-consumer channels.
−Removed: We believe direct-to-consumer sales represent a significant avenue to increase engagement with our customers to drive growth by facilitating increased market penetration across our product categories.
+Added: We believe direct-to-consumer sales represent a significant avenue to increase engagement with our customers and to drive growth by facilitating increased market penetration across our product categories.
+Added: In addition, during 2025 we opened our first immersive retail experience store in California to further support direct customer engagement and showcase our product ecosystem.
We have structured our sales organization based on location, into four major geographic regions—Europe (including the Middle East and North Africa), North America, Latin America and Asia Pacific—and we have local language-speaking sales representatives in the countries that generate significant amounts of our net revenue.
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In 2025, 2024 and 2023, e-retailer Amazon accounted for more than 10% of our net revenue, at 27.4%, 30.9%, and 30.7%, respectively.
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 6
Production and Operations
We believe we have developed a global and scalable production and operations infrastructure that allows us to deliver our products promptly and cost-effectively.
−Removed: We operate a facility in Taiwan where we assemble, test, package and ultimately supply nearly all of our DRAM modules and a significant portion of our customized gaming controllers, liquid cooling products and prebuilt gaming systems.
−Removed: We also assemble, test, package and ultimately supply our custom-built PCs and our customized gaming controllers and fully built PCs from our U.S.
+Added: We operate a facility in Taiwan where we assemble, test, package and ultimately supply nearly all of our DRAM modules and a significant portion of our customized gaming controllers and liquid cooling products.
+Added: We also assemble, test, package and ultimately supply our custom-built PCs and fully built PCs from our U.S.
facility in Atlanta, Georgia.
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In addition, we outsource storage and shipping to several third-party logistics providers around the world which allows us to reduce order fulfillment time, reduce shipping costs and improve inventory flexibility.
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 6
In addition to our production capabilities, our corporate planning process places particular emphasis on driving efficiencies in demand forecasting, supply chain planning, procurement cycle times, freight costs and inventory management.
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We have experienced and expect to continue to experience seasonal fluctuations in sales due to the buying patterns of our customers and spending patterns of gamers.
−Removed: Our net revenue has generally been lower in the first and second calendar quarters due to lower consumer demand following the fourth quarter holiday season, and because of the decline in sales that typically occurs in anticipation of the introduction of new or enhanced CPUs, GPUs, and other computer hardware products.
−Removed: Further, our net revenue tends to be higher in the third and fourth calendar quarters due to seasonal sales such as “Amazon Prime Day”, “Black Friday” and “Cyber Monday,” as well as “Singles Day” in China, as retailers tend to make purchases in advance of these sales.
−Removed: Our sales also tend to be higher in the fourth quarter due to the introduction of new consoles and high-profile games in connection with the holiday season.
−Removed: As a consequence of seasonality, our net revenue for the second calendar quarter is generally the lowest of the year followed by the first calendar quarter.
−Removed: Historical seasonal patterns may not continue in the future and may be further impacted in the future, by macroeconomic factors, increasing supply constraints, GPU shortages, and shifts in customer behavior.
−Removed: For example, our revenue seasonality for the third quarter of 2024 was negatively impacted due to a lower demand for our products in the Gaming Components and Systems segment which was primarily attributable to the delayed launches of new and reasonably priced GPUs and CPUs, as well as the postponed releases of new and awaited game titles to early 2025.
+Added: Our net revenue has generally been lower in the first half of the year due to lower consumer demand following the fourth quarter holiday season and because of the decline in sales that typically occurs in anticipation of the introduction of new or enhanced CPUs, GPUs, and other computer hardware products.
+Added: Further, our net revenue tends to be higher in the second half of the year due to seasonal sales such as “Black Friday” and “Cyber Monday” as well as “Singles Day” in China, as retailers tend to make purchases in advance of these sales.
+Added: Our sales also tend to be higher in the fourth quarter due to the release of high-profile games, including the annual release of popular gaming franchises in connection with the holiday season.
+Added: As a consequence of seasonality, our net revenue for the second calendar quarter is generally the lowest of the year.
+Added: Historical seasonal patterns may not continue in the future and may be further impacted by macroeconomic factors, including trade policy and tariffs, increasing supply constraints, semiconductor shortages, delay in the anticipated launch of new or enhanced GPUs and CPUs, and shifts in customer behavior.
We face intense competition in the markets for all of our products.
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We believe we compete favorably based on these factors.
−Removed: In recent years, we have added new product categories and we intend to continue to introduce new product categories in the future.
+Added: Over the years, we have added new product categories and we intend to continue to introduce new product categories in the future.
To the extent we are successful in adding new product categories, we will confront new competitors, many of which may have more experience, better known brands and greater distribution capabilities in the new product categories and markets than we do.
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Many of our current and potential competitors, some of which are large, multi-national businesses, have substantially greater financial, technical, sales, marketing, personnel and other resources, and have greater brand recognition than we have.
+Added: Additionally, we are seeing an increase in the number of low-cost products in the market made by virtually unknown brands with established Asia-based factories that focus on eliminating marketing and distribution costs.
+Added: Such products appeal to consumers who place less value on brand reputation and associated reliability and accept the associated risks inherent in buying those options, which in turn can result in some share loss for certain of our non-critical components.
Our ability to compete successfully is fundamental to our success in existing and new markets.
−Removed: If we do not compete effectively, demand for our products could decline, our net revenues and gross margin could decrease and we could lose market share, which could seriously harm our business, results of operations and financial condition.
+Added: If we do not compete effectively, demand for our products could decline, our net revenues and gross margin could decrease and we could lose market share, which would seriously harm our business, results of operations and financial condition.
See the risk factor under the heading “Risks Related to our Business— We face intense competition, and if we do not compete effectively, we could lose market share, demand for our products could decline and our business may be seriously harmed” in Item 1A of this Form 10-K for further details and a summary of our key competitors.
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 7
Intellectual Property
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We rely on a combination of copyright, trademark, patent and other intellectual property laws and confidentiality procedures and contractual provisions such as non-disclosure terms to protect our intellectual property.
−Removed: We believe that our patents and trademarks and their applications are important for maintaining the competitive differentiation of our products and services, enhancing our freedom of action to sell our products and services in markets in which we choose to participate, and maximizing our return on research and development investments.
−Removed: The expansion of our business has required us to protect our trademarks, domain names, copyrights, and patents and, to the extent that we expand our business into new geographic areas, we may be required to protect our trademarks, domain names, copyrights, patents and other intellectual property in an increasing number of jurisdictions, a process that is expensive and sometimes requires litigation.
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 7
−Removed: For a discussion of risks attendant to intellectual property rights, see “Risk Factors—Risks Related to our Business—Our future success depends to a large degree upon our ability to defend the Corsair brand and product family brands such as SCUF, Vengeance, K70, Elgato and iCUE from infringement and, if we are unable to protect our brand and other intellectual property, our business may be seriously harmed” and “Risk Factors—Risks Related to our Business—We are, have in the past been, and may in the future be, subject to intellectual property infringement claims, which are costly to defend, could require us to pay damages or royalties and could limit our ability to use certain technologies in the future” in item 1A.
+Added: We believe that our patents and trademarks and their applications are important for maintaining the competitive differentiation of our products and services, enhancing our freedom to sell our products and services in markets in which we choose to participate, and maximizing our return on research and development investments.
+Added: The expansion of our business has required us to protect our trademarks, domain names, copyrights, and patents.
+Added: To the extent that we expand our business into new geographic areas, we may be required to protect our trademarks, domain names, copyrights, patents and other intellectual property in an increasing number of jurisdictions, a process that is expensive and sometimes requires litigation.
+Added: For a discussion of risks attendant to intellectual property rights, see “Risk Factors—Risks Related to our Business—Our future success depends to a large degree upon our ability to defend the Corsair brand and product family brands such as Fanatec, SCUF, Vengeance, K70, Elgato, Origin and iCUE from infringement and, if we are unable to protect our brand and other intellectual property, our business may be seriously harmed” and “Risk Factors—Risks Related to our Business—We are, have in the past been, and may in the future be, subject to intellectual property infringement claims, which are costly to defend, could require us to pay damages or royalties and could limit our ability to use certain technologies in the future” in item 1A.
Environmental Matters
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The contents of these websites are not incorporated into this filing.
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 8
Ris k Factor Summary
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Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below under the heading “Risk Factors” and should be carefully considered, together with other information in this Annual Report on Form 10-K and our other filings with the SEC before making investment decisions regarding our common stock.
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 8
• Our competitive position and success in the market depend to a significant degree upon our ability to build and maintain the strength of our brands among gaming enthusiasts and creators, and any failure to build and maintain our brands may seriously harm our business.
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• We depend upon the introduction and success of new third-party high-performance computer hardware, particularly graphics processing units (“GPUs”), and central processing units (“CPUs”), and sophisticated new video games to drive sales of our products.
−Removed: If newly introduced GPUs, CPUs and sophisticated new video games are not successful, if the rate at which those products are introduced declines, or if such products are not readily available, it may seriously harm our business.
+Added: If newly introduced GPUs, CPUs and sophisticated new video games are not successful, if the rate at which those products are introduced declines, or if such products are not readily available, our business may be harmed.
• We face intense competition, and if we do not compete effectively, we could lose market share, demand for our products could decline and our business may be seriously harmed.
−Removed: • Our growth prospects are, to a certain extent, connected with the ongoing growth of the gaming industry, including live game streaming and esports, and any decline or reduction in the growth or popularity of the gaming industry may seriously harm our business.
+Added: • Our growth prospects are, to a certain extent, connected with the ongoing growth of the gaming and content creation industries, including live game streaming and esports, and any restriction of or decline or reduction in the growth or popularity of the gaming or content creation industries may seriously harm our business.
+Added: • Changes in trade policy and regulations in the U.S.
+Added: and other countries, including changes in trade agreements and the imposition of tariffs, as well as retaliatory responses, may have adverse impacts on our business, results of operations and financial condition.
• Currency exchange rate fluctuations could increase our manufacturing costs or result in our products becoming relatively more expensive to our overseas customers, either of which may seriously harm our business.
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Unless otherwise indicated, references to our business being seriously harmed in these risk factors and elsewhere will include harm to our business, reputation, financial condition, results of operations, revenue and future prospects.
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 9
Risks Related to Our Business
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However, product development, marketing and other brand promotion activities may not yield increased net revenue and, even if they do, any increased net revenue may not offset the expenses incurred in building our brands.
+Added: In addition, we have relationships with celebrities, influencers and other individuals, any negative perception of these individuals on matters unrelated to our business may have a negative impact on our business.
Further, certain marketing efforts such as sponsorship of esports athletes, content creators or events could become prohibitively expensive, and as a result these marketing initiatives may no longer be feasible.
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 9
Additionally, the quality of our customer support is important to our customers, and if we fail to provide adequate levels of customer support or devote substantial resources to customer support, we could lose customers.
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In order to further grow our business, we also will need to quickly develop, manufacture and ship innovative and reliable new products and enhancements to our existing products in a cost-effective and timely manner to take advantage of developments in enabling technologies and the introduction of new computer hardware, such as new generations of GPUs and CPUs, and computer games, all of which drive demand for our products.
−Removed: In recent years, we have entered into several new markets, for example the cameras market for content creators and the sim racing market for gamers, and in the future, we intend to introduce other products designed to appeal to these markets.
+Added: In recent years, we have entered into several new markets, for example we have expanded our product ecosystem to include high-performance AI workstations designed for specialized AI workflows, the cameras market for content creators and the sim racing market for gamers, and in the future, we intend to introduce other products designed to appeal to these markets.
To the extent we do so, we will likely encounter competition from large, well-known consumer electronics and peripherals companies.
Some of these companies have significantly greater financial, manufacturing, marketing and other resources than we do and may be able to devote greater resources to the design, development, manufacture, distribution, promotion, sale and support of their products.
−Removed: We cannot predict whether we will be successful in developing or marketing new products and categories of products and, if we fail to do so, our business may be seriously harmed.
−Removed: If we do not continue to distinguish our products through distinctive, technologically advanced features and designs, our business may be seriously harmed.
+Added: If we are unable to anticipate future technological shifts, market needs, , or fail to develop and introduce and distinguish new products or product enhancements, our business, financial condition, and results of operations would be negatively impacted.
We depend upon the introduction and success of new third-party high-performance computer hardware, particularly GPUs and CPUs, and sophisticated new video games to drive sales of our products.
−Removed: If newly introduced GPUs, CPUs and sophisticated new video games are not successful, if the rate at which those products are introduced declines, or if such products are not readily available, it may seriously harm our business.
−Removed: We believe that the introduction of more powerful GPUs, CPUs and similar computer hardware that place increased demands on other system components, such as memory, PSUs or cooling solutions, has a significant effect on the demand for our products.
−Removed: The manufacturers of those products are large, public, independent companies that we do not influence or control.
−Removed: As a result, our business results can be materially affected by the timing and frequency with which new high-performance hardware products are introduced by these independent third parties, whether these products achieve widespread acceptance among gamers, whether such products are readily available at affordable prices and whether additional memory, enhanced PSUs or cooling solutions, new computer cases or other peripheral devices are necessary to support those products.
+Added: If newly introduced GPUs, CPUs and sophisticated new video games are not successful, if the rate at which those products are introduced declines, or if such products are not readily available, our business may be seriously harmed.
+Added: The introduction of more powerful GPUs, CPUs and similar computer hardware that place increased demands on other system components, such as memory, PSUs or cooling solutions, has a significant effect on the demand for our products.
+Added: The manufacturers of those products include large, public, independent companies that we do not influence or control.
+Added: As a result, our business results
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 10
+Added: have and may in the future be materially affected by the timing and frequency with which new high-performance hardware products are introduced by these independent third parties, whether these products achieve widespread acceptance among gamers, whether such products are readily available at affordable prices and whether additional memory, enhanced PSUs or cooling solutions, new computer cases or other peripheral devices are necessary to support those products.
Although we believe that, historically, new generations of high-performance GPUs and CPUs have positively affected the demand for our products, there can be no assurance that this will be the case in the future.
For example, the introduction of a new generation of highly efficient GPUs and CPUs that require less power or that generate less heat than prior generations may reduce the demand for both our PSUs and cooling solutions.
+Added: In addition, future GPU launches may increasingly cater towards artificial intelligence (“AI”) and data center sectors, which are designed for parallel processing of workloads and often strip out graphic-specific features essential to gaming.
In the past, semiconductor and computer hardware companies have typically introduced new products annually, generally in the second calendar quarter, which has tended to drive our sales in the following two quarters.
If computer hardware companies do not continue to regularly introduce new and enhanced GPUs, CPUs and other products that place increasing demands on system memory and processing speed, require larger PSUs or cooling solutions or that otherwise drive demand for computer cases and other peripherals, or if gamers do not accept those products, our business may be seriously harmed.
−Removed: In 2024 we were mid-cycle for new GPU platforms, and as a result, we did not experience a similar increase in demand driven by new GPU platforms.
−Removed: The slowdown in the self-built PC market activity in 2024 led to a decrease in demand for our products in the Gaming Components and Systems segment.
−Removed: We expect demand to pick up with the next substantial GPU launch in 2025.
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 10
−Removed: We also believe that sales of our products are driven by conditions in the computer gaming industry.
−Removed: In particular, we believe that our business depends on the introduction and success of computer games with sophisticated graphics that place greater demands on system processing speed and capacity and therefore require more powerful GPUs or CPUs, which in turn drives demand for our DRAM modules, PSUs, cooling solutions and other components and peripherals.
+Added: Sales of our products have also been historically driven by conditions in the computer gaming industry.
+Added: In particular, our business depends on the introduction and success of computer games with sophisticated graphics that place greater demands on system processing speed and capacity and therefore require more powerful GPUs or CPUs, which in turn drives demand for our DRAM modules, PSUs, cooling solutions and other components and peripherals.
Likewise, we believe that the continued introduction and market acceptance of new or enhanced versions of computer games helps sustain consumer interest in computer gaming generally.
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We provide a variety of financial incentive programs to our customers, including special pricing arrangements, promotions, rebates and volume-based incentives, among others.
−Removed: The reserves for such incentive programs are based on our judgment and estimates, using actual sales data, historical experience, forecasted incentives, anticipated volume of future purchases, and inventory levels in the channel.
+Added: The reserves for such incentive programs are based on our judgment and estimates, using actual sales data, historical experience, forecasted incentives, anticipated volume of future sales, and inventory levels in the channel.
There could be significant differences between the actual costs of such programs and our estimates.
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In addition, some of our competitors are small or mid-sized specialty companies that can react to changes in industry trends or consumer preferences or introduce new or innovative products more quickly than we can.
+Added: In addition, new companies may enter our existing or future markets with similar or alternative offerings, which may be less costly or provide additional features.
As a result, our product development efforts may not be successful or result in market acceptance of our products.
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Our primary competitors in the market for gaming keyboards and mice include Logitech and Razer.
−Removed: Our primary competitors in the market for headset and related audio products include Logitech, Razer, Steel Series and HP through its HyperX brand.
Our primary competitors in the gamer and creator streaming products market include Logitech through its Blue Microphones brand, and AverMedia.
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Our primary competitors in the sim racing market include Moza and Simucube.
+Added: Our primary competitors in the market for headset and related audio products include Logitech, Razer, Steel Series and HP through its HyperX brand.
Competitors in the gaming components and systems market.
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Our primary competitors in the market for custom-built gaming PCs and laptops include iBuypower and Cyberpower.
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 11
Our ability to compete successfully is fundamental to our success in existing and new markets.
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In either event, our business could be seriously harmed.
−Removed: Our growth prospects are, to a certain extent, connected with the ongoing growth of the gaming industry, including live game streaming and esports, and any decline or reduction in the growth or popularity of the gaming industry may seriously harm our business.
−Removed: Over the past three decades, gaming has grown from a relatively niche industry to a significant segment of the global entertainment industry with a wide following across various demographic groups globally.
−Removed: This growth includes, and has been driven
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 11
−Removed: by, the rapid expansion of live game streaming by content creators and the growing popularity of professional competitive gaming, also referred to as esports.
−Removed: However, the continued growth of the gaming industry will depend on numerous factors, many of which are beyond our control, including but not limited to:
+Added: Our growth prospects are, to a certain extent, connected with the ongoing growth of the gaming and content creation industries, including live game streaming and esports, and any restriction of or decline or reduction in the growth or popularity of the gaming or content creation industries may seriously harm our business.
+Added: Over the past three decades, gaming and content creation have grown from relatively niche industries to significant segments of the global entertainment industry with a wide following across various demographic groups globally.
+Added: This growth includes, and has been in part driven by, the rapid expansion of live game streaming by content creators and the growing popularity of professional competitive gaming, also referred to as esports.
+Added: However, the continued growth of the gaming and content creation industries will depend on numerous factors, many of which are beyond our control, including but not limited to:
• the continued growth of streaming, including its popularity among fans and aspiring content creators and how it impacts their desire to purchase high-performance gaming and streaming products;
• the continued growth of esports, including its increasing popularity among fans and amateur esports athletes and how it impacts their desire to purchase high-performance gaming products;
−Removed: • general economic conditions, particularly economic conditions adversely affecting discretionary consumer spending;
+Added: • general economic conditions, particularly economic conditions adversely affecting consumer sentiment and discretionary consumer spending;
• social perceptions of gaming, especially those related to the impact of gaming on health and social development;
−Removed: • the introduction of legislation or other regulatory restrictions on gaming and broadcast of live streaming or esports, including restrictions addressing violence in video games and addiction to video games, also referred to as Gaming Disorder by the World Health Organization;
+Added: • the introduction of legislation or other regulatory restrictions on social media, gaming and the broadcast of live streaming or esports, including restrictions addressing violence in video games and addiction to video games, also referred to as Gaming Disorder by the World Health Organization;
• economics or monetization of esports performing below expectations, ultimately causing a decrease in outside investments in esports;
−Removed: • reduced accessibility of streaming and other gaming video content, whether due to platform fragmentation, the erection of paywalls, or otherwise;
+Added: • reduced accessibility of streaming and other gaming video content, whether due to government regulation or restrictions, platform fragmentation, the erection of paywalls, or otherwise;
• the relative availability and popularity of other forms of entertainment which could result in diverting consumer interest away from watching live or streamed broadcasts of competitors playing video games;
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• esports amateurs and/or spectators not purchasing our products that are used and advertised by esports athletes and teams or streamers and content creators, including the esports athletes and teams, and streamers we sponsor;
−Removed: • the popularity of esports games that do not utilize many of our products, for example games that run on mobile devices or tablets that replace more traditional esports;
+Added: • the popularity of esports games that do not utilize many of our products, for example games that run on mobile devices or tablets that replace more traditional esports on PCs;
• our research and development and the products we sell failing to satisfy the increasing high-performance requirements of competitive gamers or streamers.
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 12
If one or more of the above factors are realized, our business may be seriously harmed.
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Further, if gamers’ interest in video games is diminished, this may seriously harm our business.
+Added: Changes in trade policy and regulations in the U.S.
+Added: and other countries, including changes in trade agreements and the imposition of tariffs, as well as retaliatory responses, may have adverse impacts on our business, results of operations and financial condition.
+Added: government has implemented and may continue to implement or propose changes to international trade policy through the renegotiation, and potential termination, of certain existing bilateral or multilateral trade agreements and treaties, along with the imposition of tariffs on a wide range of products and other goods from China, countries in EMEA (Europe, the Middle East and Africa) and other regions.
+Added: On February 20, 2026, the U.S.
+Added: Supreme Court held that the International Emergency Economic Powers Act does not authorize the President of the U.S.
+Added: to impose tariffs, invalidating some but not all of the recently imposed tariffs.
+Added: The President has responded to this ruling by implementing a new 10% tariff on most imports into the United States under the Trade Act of 1974 which will take effect February 24, 2026 and will last for 150 days.
+Added: Significant uncertainty remains regarding the potential for new tariffs that may be imposed under alternative authority.
+Added: It is also uncertain how China and other countries may respond to the recent and evolving trade actions, including the previously imposed and proposed additional tariffs and additional trade restrictions on certain imports from the U.S.
+Added: The current trade relations between the U.S.
+Added: and China remain volatile and uncertain.
+Added: We rely significantly on manufacturing facilities in Taiwan, China and Vietnam.
+Added: In addition, we and our manufacturers rely on the availability of raw materials and other components to produce a significant amount of our products.
+Added: The imposition of tariffs and any countermeasures have and may continue to increase the cost of our products, limit the availability of the raw materials or components we use, disrupt the global supply chain, increase market volatility, and create additional challenges to our operations.
+Added: As a result, the sales, cost, or gross margin of our products may be adversely affected, and the demand from our customers has and may continue to be diminished.
+Added: In addition, uncertainty surrounding international trade policy and regulations as well as disputes and protectionist measures could also have an adverse effect on consumer confidence and spending.
+Added: Moreover, our ongoing efforts to address these risks may not be effective and may have long-term adverse effects on our operations and operating results that we may not be able to reverse.
+Added: Such efforts may also take time to implement or to have an effect and may result in adverse financial results or fluctuations in our financial results.
+Added: In addition, these tariffs and retaliatory actions could affect our long-term strategies.
+Added: If we deem it necessary to alter all or a portion of our activities or operations in response to such policies, agreements or tariffs, our capital and operating costs may increase.
+Added: As a result, changes in trade policy and regulations in the U.S.
+Added: and other countries could adversely affect our business, results of operations and financial condition.
Currency exchange rate fluctuations could increase our manufacturing costs, or result in our products becoming relatively more expensive to our overseas customers, either of which may seriously harm our business.
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dollar relative to the applicable local currency, such as the Chinese Yuan or the New Taiwan dollar, may cause our suppliers and manufacturers to raise the prices they charge us.
−Removed: In addition, we generally pay our employees located outside the United States in the local currency and, as a result of our foreign sales and operations, we have other expenses, assets and
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 12
−Removed: liabilities that are denominated in foreign currencies and changes in the value of the U.S.
+Added: In addition, we generally pay our employees located outside the United States in the local currency and, as a result of our foreign sales and operations, we have other expenses, assets and liabilities that are denominated in foreign currencies and changes in the value of the U.S.
dollar could result in significant increases in our expenses that may seriously harm our business.
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From time to time, we have experienced product shortages due to both disruptions in supply from the third parties that manufacture or supply our products and our inability or the inability of these third-party manufacturers to obtain necessary components, and we may experience similar shortages in the future.
−Removed: A reduction or interruption in supply, including interruptions due to global pandemics or geopolitical unrest beyond our control, an inability to procure quality raw materials in a cost-effective manner and constrain volatile materials costs, a failure to monitor contract compliance to ensure and sustain sourcing savings, a failure to procure adequate inventory or raw materials from our suppliers or regulatory changes may lead to delays in manufacturing and increases in costs.
+Added: For example, there is currently a worldwide shortage of semiconductor, memory and other electronic components driven by the proliferation of AI infrastructure.
+Added: Our products are dependent
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 13
+Added: upon some of these components and a continued shortage may negatively impact our business by increasing lead times and prices from our suppliers, which could adversely affect our results of operations.
+Added: Increased memory component prices, which have been driven by global semiconductor shortages, may also impact demand in the self-built PC market by increasing costs of builds, which may in turn negatively impact our business and results of operations.
+Added: Further, a reduction or interruption in supply, including interruptions due to global pandemics or geopolitical unrest beyond our control, an inability to procure quality raw materials in a cost-effective manner and constrain volatile materials costs, a failure to monitor contract compliance to ensure and sustain sourcing savings, a failure to procure adequate inventory or raw materials from our suppliers or regulatory changes, including recent developments in trade regulations and tariff policies, may lead to delays in manufacturing and increases in costs.
Moreover, procurement of many components used in our products is generally the responsibility of the third parties that manufacture our products, and we therefore have limited or no ability to control or influence the procurement process or to monitor the quality of components.
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Component suppliers may suffer from poor financial conditions, which can lead to business failure for the supplier or consolidation within a particular industry, further limiting our ability to obtain sufficient quantities of components on commercially reasonable terms.
−Removed: Health crises, including pandemics, have led, and could lead, to quarantines or labor shortages, which may impact the output of key suppliers because of longer production and shipping times, higher product costs, and increased shipping and logistics costs, each of which have historically negatively impacted our gross margins, as well as the need to purchase long-lead time items ahead of demand due to supply constraints.
+Added: Health crises, including pandemics, have led, and could led to quarantines or labor shortages, which may impact the output of key suppliers because of longer production and shipping times, higher product costs, and increased shipping and logistics costs, each of which have historically negatively impacted our gross margins, as well as the need to purchase long-lead time items ahead of demand due to supply constraints.
Any disruption in or termination of our relationships with any of our manufacturers or suppliers or our inability to develop relationships with new manufacturers or suppliers as and when required would cause delays, disruptions or reductions in product shipment and may require product redesigns, all of which could damage relationships with our customers, seriously harm our brand, increase our costs and otherwise seriously harm our business.
−Removed: Likewise, shortages or interruptions in the supply of products or components, including disruptions of shipping lanes or divergence from shipping lanes due to geopolitical events, including recent disruptions in the Red Sea, or any inability to procure these products or components from alternate sources at acceptable prices in a timely manner, could delay shipments to our customers and increase our costs, any of which may seriously harm our business.
+Added: Likewise, shortages or interruptions in the supply of products or components, including disruptions of shipping lanes or divergence from shipping lanes due to geopolitical events, including recent disruptions in the Red Sea, and the surrounding areas, and the war between Russia and Ukraine, or any inability to procure these products or components from alternate sources at acceptable prices in a timely manner, could delay shipments to our customers and increase our costs, any of which may seriously harm our business.
If our customers experience delays or unavailability of our products due to our inability to obtain certain components, this may negatively impact our customers’ ordering patterns.
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We have experienced and expect to continue to experience seasonal fluctuations in sales due to the spending patterns of gamers who purchase our products.
−Removed: Our total unit shipments have generally been lowest in the first and second calendar quarters due to lower sales following the fourth quarter holiday season and because of the decline in sales that typically occurs in anticipation of the introduction of new or enhanced GPUs, CPUs and other computer hardware products, which usually takes place in the second calendar quarter, and which tends to drive sales in the following two quarters.
+Added: Our total unit shipments have generally been lowest in the first and second calendar quarters due to lower sales following the fourth quarter holiday season and associated high-profile game launches and because of the decline in sales that typically occurs in anticipation of the introduction of new or enhanced GPUs, CPUs and other computer hardware products, which usually takes place in the second calendar quarter, and which tends to drive sales in the following two quarters.
As a consequence of seasonality, our total unit shipments for the second calendar quarter are generally the lowest of the year, followed by total unit shipments for the first calendar quarter.
Our total unit shipments are thus subject to seasonal fluctuations, which may seriously harm our business.
−Removed: Historical seasonal patterns have been impacted in the past, and may be further impacted in the future, by macroeconomic factors, increasing supply constraints, GPU shortages, delay in the anticipated launch of new or enhanced GPUs and CPUs, and shifts in customer behavior.
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 13
+Added: Historical seasonal patterns have been impacted in the past, and may be further impacted in the future, by macroeconomic factors including trade regulations and tariffs, increasing supply constraints, semiconductor shortages, delay in the anticipated launch of new or enhanced GPUs and CPUs, and shifts in customer behavior.
+Added: If historical seasonal fluctuations in sales shift due to evolving spending patterns of gamers, our historical financial results may not be indicative of future performance.
Our results of operations are subject to substantial quarterly and annual fluctuations, which may adversely affect the market price of our common stock.
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These fluctuations may make financial planning and forecasting more difficult.
−Removed: In addition, these fluctuations may result in unanticipated decreases in our available cash, which could negatively impact our business.
+Added: In addition, these fluctuations may result in unanticipated decreases in our available cash, which could
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 14
+Added: negatively impact our business.
These fluctuations also could both increase the volatility and adversely affect the market price of our common stock.
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• fluctuations in average selling prices of and demand for our products;
−Removed: • change in demand for our products due to our products having higher price-points than products supplied by our competitors;
+Added: • change in demand for our products due to certain of our products having higher price-points than products supplied by our competitors;
• discounts and price reductions offered by our competitors;
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• changes in the frequency and timing with which new high-performance computer hardware, particularly GPUs and CPUs, and sophisticated new computer games that drive demand for additional DRAM modules, higher wattage PSUs, enhanced cooling solutions and peripherals are introduced;
−Removed: • fluctuations in the available supply of high-performance computer hardware resulting in the increased costs to gamers, which could ultimately lead to decreased demand for our gaming products, due to factors such as component supply shortages or consumers purchasing GPUs for non-gaming purposes such as cryptocurrency mining;
+Added: • fluctuations in the available supply of high-performance computer hardware resulting in the increased costs to gamers, which could ultimately lead to decreased demand for our gaming products, due to factors such as component supply shortages or consumers purchasing GPUs for non-gaming purposes such as cryptocurrency mining, the development of AI or in support of data center infrastructure;
• the war between Russia and Ukraine resulting in shipments of resources from these countries being delayed, or even ceasing, which could cause the GPU shortage to last longer as the production of GPUs requires resources that come from these countries such as highly purified neon gas and palladium, of which Ukraine and Russia, respectively, are the world’s leading exporters;
−Removed: • potential changes in trade relations or the implementation of export sanctions, in particular any sanctions between the United States and China;
+Added: • changes in trade relations or the implementation of tariffs or economic and trade sanctions and export restrictions, in particular any tariffs, sanctions or export restrictions affecting trade between the United States and China;
• unexpected changes in laws, including tax and trade laws, and regulatory requirements;
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• cost and adverse outcomes of litigation, governmental proceedings or any proceedings to protect our brand or other intellectual property.
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 14
General economic conditions .
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• global pandemics or other public health crises;
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 15
• the impact of political instability, natural disasters, war and/or events of terrorism, such as the military conflicts in Ukraine and the Middle East, and the corresponding tensions created from such conflict between Russia, the United States and countries in Europe as well as other countries such as China;
−Removed: • macro-economic fluctuations in the United States and global economies, including those that impact discretionary consumer spending, changes in interest rates or inflation;
+Added: • macro-economic fluctuations in the United States and global economies, including those that impact discretionary consumer spending, trade regulations and tariff policies, changes in interest rates or inflation;
• changes in business cycles that affect the markets in which we sell our products.
Technological factors .
−Removed: In addition to technological developments directly relating to our products, more generalized changes in technology may have a significant effect on our operating results.
+Added: In addition to technological developments directly relating to our products, more generalized changes in technology, including the adoption and proliferation of AI, may have a significant effect on our operating results.
For example, our business could be seriously harmed by rapid, wholesale changes in technology in or affecting the markets in which we compete or widespread adoption of cloud computing.
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In addition, our revenues are attributable to sales of high-performance gamer and creator peripherals and gaming components and systems, all of which are products that are geared to the computer gaming market which, like other consumer electronic markets, is susceptible to the adverse effects of poor economic conditions.
−Removed: Other significant negative effects could include limited growth or reductions in worldwide sales of products that incorporate DRAM modules, such as PCs, smartphones and servers, resulting in excess supply in the worldwide DRAM market and reduced demand for our products from our customers as they limit or lower their spending and inventory levels.
+Added: Other significant negative effects could include limited growth or reductions in worldwide sales of certain products that incorporate DRAM modules, such as PCs, smartphones and servers, resulting in reduced demand for our products from our customers as they limit or lower their spending and inventory levels.
Adverse economic conditions may also reduce our cash flow due to delays in customer payments, increase the risk of customer bankruptcy or business failures and result in increases in bad debt write-offs and receivables reserves.
1 unchanged sentence
• higher costs for promotions, customer incentive programs and other initiatives used to stimulate demand;
−Removed: • constraints on consumer spending caused by higher inflation, increased interest rates and exchange rate fluctuations, leading to weaker consumer demand for our products;
+Added: • constraints on consumer spending caused by higher inflation, including but not limited to the imposition of tariffs, increased interest rates and exchange rate fluctuations, leading to weaker consumer demand for our products;
• increased risk of excess and obsolete inventories, which may require write-downs or impairment charges;
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 15
• financial distress or bankruptcy of key suppliers or third-party manufacturers, resulting in insufficient product quantities to meet demand or increases in the cost of producing our products;
• financial distress or bankruptcy of key distributors, resellers or retailers.
−Removed: Depressed economic conditions, whether in our key regional markets or globally, could result in a decline in both product prices and the demand for our products, which may seriously harm our business.
−Removed: DRAM integrated circuits account for most of the cost of producing our DRAM modules and fluctuations in the market price of DRAM integrated circuits may have a material impact on our net revenue and gross profit.
+Added: Depressed economic conditions, whether in our key regional markets or globally, would result in a decline in both product prices and the demand for our products, which may seriously harm our business.
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 16
+Added: DRAM integrated circuits account for most of the cost of producing our DRAM modules and fluctuations in the market price and availability of DRAM integrated circuits may have a material impact on our net revenue and gross profit.
DRAM integrated circuits (“ICs”) account for most of the cost of producing our DRAM modules.
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These fluctuations have occurred in the past and we expect they will recur in the future, which could seriously harm our business.
−Removed: For example, changes in the selling prices of our DRAM modules can have a substantial impact on our net revenue as our performance memory products represents a significant portion of our overall net revenue.
−Removed: In addition, declines in the market price of ICs enable our competitors to lower prices and we will likely be forced to lower our product prices in order to compete effectively which could have an adverse effect on our net revenue.
+Added: For example, changes in the selling prices of our DRAM modules may have a substantial impact on our net revenue as our performance memory products represents a significant portion of our overall net revenue.
+Added: In addition, declines in the market price of ICs enable our competitors to lower prices and we will likely be forced to lower our product prices in order to compete effectively, which would have an adverse effect on our net revenue.
Further, because we carry inventory of DRAM ICs and DRAM modules, fluctuations in the market price of these ICs can have an effect on our gross margin.
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In addition, selling prices of our DRAM modules, on the one hand, and market prices of DRAM ICs, on the other hand, may rise or fall at different rates, which may also affect our gross margin.
−Removed: Any of these circumstances could materially adversely affect our net revenue and gross margins.
+Added: Any of these circumstances would materially adversely affect our net revenue and gross margins.
We use DRAM ICs produced by Samsung, Micron and Hynix in our DRAM modules.
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Further, there are a limited number of companies capable of producing the high-speed DRAM ICs required for our high-performance DRAM modules, and any inability to procure the requisite quantities and quality of DRAM ICs could reduce our production of DRAM modules and could seriously harm our business.
−Removed: The ongoing wars in Ukraine and the Middle East could adversely affect our business, financial condition and results of operations.
−Removed: In February 2022, Russian military forces invaded Ukraine, and in October 2023, Hamas, a U.S.-designated terrorist organization, launched a series of coordinated attacks from the Gaza Strip onto Israel.
−Removed: Although the length, impact and outcome of these wars are highly unpredictable, these wars have contributed to significant market and other disruptions, including significant volatility in commodity prices and supply of energy resources, instability in financial markets, supply chain interruptions, political and social instability, changes in consumer or purchaser preferences as well as an increase in cyberattacks and espionage.
+Added: Political instability, global conflict and ongoing wars or military actions could adversely affect our business, financial condition and results of operations.
+Added: Although the length, impact and outcome of global conflicts including in Ukraine and the Middle East are highly unpredictable, these conflicts have contributed to significant market and other disruptions, including significant volatility in commodity prices and supply of energy resources, instability in financial markets, supply chain interruptions, political and social instability, changes in consumer or purchaser preferences as well as an increase in cyberattacks and espionage.
We are continuing to monitor the situations in Ukraine and the Middle East and assessing the impacts on our business, including our suppliers and customers.
−Removed: Despite the recent ceasefire deal in the Middle East, we have no way to definitively predict the outcome of the wars in Ukraine and the Middle East or their impacts in Ukraine, Russia or Belarus, the Middle East, or the surrounding areas, as these wars, and any resulting government reactions, are constantly evolving and are beyond our control.
−Removed: The extent and duration of the military action, sanctions and any resulting market disruptions could be significant and could potentially have a substantial impact on the global economy and our business for an unknown period of time.
+Added: We have no way to definitively predict the outcome of the war in Ukraine and the conflict in the Middle East or their impacts in Ukraine, Russia or Belarus, the Middle East, or the surrounding areas, as these conflicts, and any resulting government reactions, are constantly evolving and are beyond our control.
+Added: The extent and duration of the military action, economic and trade sanctions and any resulting market disruptions could be significant and could potentially have a substantial impact on the global economy and our business for an unknown period of time.
Any of the abovementioned factors could affect our business, financial condition and results of operations.
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If we lose or are unable to attract and retain key management, our ability to compete could be seriously harmed and our financial performance could suffer.
−Removed: Our performance depends to a significant degree upon the contributions of our management team, particularly our co-founder, Chief Executive Officer and Director.
+Added: Our performance depends to a significant degree upon the contributions of our management team, particularly our Chief Executive Officer and Director.
If we lose the services of one or more of our key executives, we may not be able to successfully manage our business, meet competitive challenges or achieve our growth objectives.
To the extent that our business grows, we will need to attract and retain additional qualified management personnel in a timely manner, and we may not be able to do so.
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 16
We rely on highly skilled personnel and if we are unable to attract, retain or motivate key personnel or hire qualified personnel our business may be seriously harmed.
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If we do not succeed in attracting, retaining and motivating highly qualified personnel, our business may be seriously harmed.
+Added: In addition, our business may be adversely affected if legislative or administrative changes to immigration or visa laws and regulations
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 17
+Added: impair our hiring processes.
Further, we also face significant competition for employees, particularly in the San Francisco Bay Area where our headquarters are located, and as a result, skilled employees in this competitive geographic location can often command higher compensation and may be difficult to hire.
−Removed: In addition, Russia’s invasion of Ukraine, poor relations between the United States and Russia, and sanctions by the United States and the European Union against Russia could have an adverse impact on our research and development efforts as we outsource significant research and development activities to companies in Ukraine.
+Added: In addition, Russia’s invasion of Ukraine, the evolving and potentially difficult to anticipate state of relations between the United States and Russia, and economic and trade sanctions by the United States and the European Union against Russia could have an adverse impact on our research and development efforts as we outsource significant research and development activities to companies in Ukraine.
A significant portion of our net revenue is generated by sales of DRAM modules and any significant decrease in the average selling prices of our DRAM modules would seriously harm our business.
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Sales to a limited number of customers represent a significant portion of our net revenue, and the loss of one or more of our key customers may seriously harm our business.
+Added: A material portion of our net revenues depends on sales to global distributors and retailers.
In 2025 and 2024, sales to Amazon accounted for 27.4% and 30.9% of our net revenue, respectively.
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If the financial condition of a key customer weakens, if a key customer stops purchasing our products, or if uncertainty regarding demand for our products causes a key customer to reduce their orders and marketing of our products, our business could be seriously harmed.
−Removed: A decision by one or more of our key customers to reduce, delay or cancel its orders from us, either as a result of industry conditions or specific events relating to a particular customer or failure or inability to pay amounts owed to us in a timely manner, or at all, may seriously harm our business.
+Added: A decision by one or more of our key customers to change their business requirements or focus, reduce, delay or cancel its orders from us, either as a result of industry conditions or specific events relating to a particular customer or failure or inability to pay amounts owed to us in a timely manner, or at all, may seriously harm our business.
In addition, because of our reliance on key customers, the loss of one or more key customers as a result of bankruptcy or liquidation or otherwise, and the resulting loss of sales, may seriously harm our business.
+Added: Accordingly, unless and until we expand our customer base, our future success will depend upon the timing and volume of business from our largest customers.
We have limited manufacturing facilities that only assemble our DRAM modules, custom built PCs, custom cooling and controllers, we have no guaranteed sources of supply of products or components and we depend upon a small number of manufacturers, some of which are exclusive or single-source suppliers, to supply our products, each of which may result in product or component shortages, delayed deliveries and quality control problems.
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For example, each model of our gaming keyboards, gaming mice, gaming headsets, computer cases, PSUs and cooling solutions is produced by a single manufacturer.
−Removed: We do not have long-term supply agreements with most of our manufacturers and suppliers.
−Removed: In addition, we carry limited inventory of our products, and the loss of one or more of these manufacturers or suppliers, or a significant decline in production or deliveries by any of them, could significantly limit our shipments of products or prevent us from shipping the products entirely.
−Removed: If one of our exclusive or single-source manufacturers were to stop production, or experience product quality or shortage issues, we may be unable to locate or engage a suitable replacement on terms we
+Added: During periods when we are implementing new process technologies with our manufacturers, our manufacturers may not be fully productive and may experience higher than acceptable defect rates.
+Added: Any increases in defects could impact our relationships with customers, cause harm to our reputation in the marketplace, cause customers to move future business to our competitors or cause us to make financial concessions to customers, each of which would have a
+Added: material and adverse effect on our business and results of operations.
+Added: Further, we do not have long-term supply agreements with most of our manufacturers and suppliers.
+Added: In addition, we carry limited inventory of our products, and the loss of one or more of these manufacturers or suppliers, or a significant decline in production or deliveries by any of them, including as a result of the imposition of trade regulations or tariffs, could significantly limit our shipments of products or prevent us from shipping the products entirely.
+Added: If one of our exclusive or single-source manufacturers were to stop production, or experience product quality or shortage issues, we may be unable to locate or engage a suitable replacement on terms we consider acceptable and, in any event, there would likely be significant delays and considerable costs involved in transitioning production to a new manufacturer.
+Added: The process of qualifying a new manufacturer and commencing volume production is
Corsair Gaming, Inc.
| 2025 Form 10-K | 18
−Removed: consider acceptable and, in any event, there would likely be significant delays and considerable costs involved in transitioning production to a new manufacturer.
+Added: complex and time-consuming, and such transitions can be disruptive and costly.
+Added: Our inability to effectively manage the risks associated with our third-party manufacturers could materially adversely impact our business and results of operations.
If our proprietary iCUE software or Elgato streaming software suite have any “bugs” or glitches, or if we are unable to update the iCUE software or Elgato streaming software suite to incorporate innovations, our business may be seriously harmed.
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The fact that all of these facilities, manufacturers, suppliers and factories are concentrated in China, Taiwan and countries in Southeast Asia exposes us to geopolitical risks in these areas.
+Added: As a result, our business is and will continue to be subject to the risks generally associated with international business operations, including compliance with numerous changing, and sometimes conflicting legal regimes.
Production at facilities located in China, Taiwan or Southeast Asia, including our own facility in Taiwan, and deliveries from those facilities, may be adversely affected by tensions, hostilities or trade disputes involving China, Taiwan, the United States or other countries.
−Removed: There is potential for considerable political instability in Taiwan related to its disputes with China, including China’s threats to potentially annex Taiwan.
+Added: For example, tensions between the United States and China have led to the United States’ imposition of a series of tariffs, sanctions, and other restrictions on imports from China and sourcing from certain Chinese persons or entities, as well as other business restrictions.
+Added: In response, some foreign governments have threatened or instituted retaliatory tariffs on certain U.S.
+Added: goods and have indicated a willingness to impose additional tariffs on U.S.
+Added: products, which could increase tensions and create greater uncertainty and instability in our business dealings and negatively affect our business and operations.
+Added: Further, such tariffs could adversely impact our gross profits if we cannot pass the increased costs incurred as a result of these tariffs through to our consumers, or if the resulting increased prices result in a decrease in consumer demand.
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 19
+Added: There is also potential for considerable political instability in Taiwan related to its disputes with China, including China’s threats to potentially annex Taiwan.
In addition, political instability in countries in Southeast Asia such as Thailand where we source certain components, could result in delays in shipments or our inability to source certain critical components for our products.
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• the interpretation and enforcement of China’s laws continues to evolve, which may make it more difficult for us to obtain a reliable supply of our products at predictable costs;
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 18
• these facilities are located in regions that may be affected by earthquakes, typhoons, other natural disasters, pandemic outbreaks, political instability, military actions, power outages or other conditions that may cause a disruption in supply;
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In addition, the current U.S.
−Removed: presidential administration has implemented tariffs on imports from China.
−Removed: If other restrictions are placed on Chinese imports or any related counter-measures are taken by China, our business may be seriously harmed if such tariffs or counter-measures affect the manufacturing costs of any of our products.
+Added: presidential administration has implemented tariffs on imports from China, Taiwan, and other countries in Southeast Asia and has announced a formal investigation process to consider new national security-based tariffs on imports of semiconductors and semiconductor manufacturing equipment.
+Added: If other restrictions are placed on such imports or any related counter-measures are taken by China, Taiwan, or other countries subject to new U.S.
+Added: tariffs, our business may be seriously harmed if such tariffs or counter-measures affect the manufacturing costs of any of our products.
Further, such tariffs could adversely impact our gross profits if we cannot pass the increased costs incurred as a result of these tariffs through to our consumers, or if the resulting increased prices result in a decrease in consumer demand.
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Increases in our freight expenses, or any inability to ship our products as and when required, may seriously harm our business.
−Removed: Because our products must cross international borders, we are subject to risk of delay if our documentation does not comply with customs rules and regulations or for similar reasons.
+Added: Because our products must cross international borders, we are subject to risk of delay if our documentation does not comply with customs rules and regulations or for similar reasons or if geopolitical events close borders.
In addition, any increases in customs duties or tariffs, as a result of changes to existing trade agreements between countries or otherwise, could increase our costs or the final cost of our products to our retailer customers or gamers or decrease our margins.
−Removed: The laws governing customs and tariffs in many countries are complex, subject to many interpretations and often include substantial penalties for non-compliance.
+Added: The laws governing customs and tariffs in many
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 20
+Added: countries are complex, subject to many interpretations, are subject to changes which may be difficult to anticipate and often include substantial penalties for non-compliance.
Technological developments or other changes in our industry could render our products less competitive or obsolete, which may seriously harm our business.
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In addition, government authorities and industry organizations may adopt new standards that apply to our products.
−Removed: As a result, we may need to invest significant resources in research and development to
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 19
−Removed: maintain our market position, keep pace with technological changes and compete effectively.
−Removed: Our product development expenses were $67.5 million and $65.3 million for the years ended December 31, 2024 and 2023, respectively, representing 5.1% and 4.5% of our net revenue for these periods, respectively.
+Added: As a result, we may need to invest significant resources in research and development to maintain our market position, keep pace with technological changes and compete effectively.
+Added: Our product development expenses were $69.2 million and $67.5 million for the years ended December 31, 2025 and December 31, 2024, respectively, representing 4.7% and 5.1% of our net revenue for these periods, respectively.
Our failure to improve our products, create new and relevant categories of products and adapt to changing business models in a timely manner may seriously harm our business.
We order most of our products from third-party manufacturers based on our forecasts of future demand and targeted inventory levels, which exposes us to the risk of both product shortages, which may result in lost sales and higher expenses, and excess inventory, which may require us to sell our products at substantial discounts and lead to write-offs.
−Removed: We depend upon our product forecasts to make decisions regarding investments of our resources and production levels of our products.
+Added: Our growth and ability to meet customer demand depends in part on our ability to adequately plan and ensure appropriate supply chain capacity and inventory levels.
+Added: Accordingly, we depend upon our product forecasts to make decisions regarding investments of our resources and production levels of our products.
Because of the lead time necessary to manufacture our products and the fact that we usually have little or no advance notice of customer orders, we must order our products from third-party manufacturers, committing to substantial purchases prior to obtaining orders for those products from our customers.
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Claims for intellectual property infringement and product warranty claims may seriously harm our business.
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 21
From time to time, we pay licensing fees in settlement of certain intellectual property infringement claims made by third parties, which may not be available on commercially acceptable terms.
Therefore, there can be no assurance that licensing fees paid under these circumstances will not seriously harm our business.
−Removed: If we are unable to integrate our products and proprietary software with third-party hardware, operating system software and other products, the functionality of our products would be adversely affected, which may seriously harm our business.
−Removed: The functionality of some of our products depends on our ability to integrate those products with the hardware, operating system software and related products of providers such as Intel, AMD, NVIDIA, Microsoft, Sony and Asus, among others.
−Removed: We rely to a certain extent on the relationships we have with those companies in developing our products and resolving issues.
+Added: If we are unable to integrate our products and proprietary software with third-party hardware, operating system software, including open source systems, and other products, the functionality of our products would be adversely affected, which may seriously harm our business.
+Added: The functionality of some of our products depends on our ability to integrate those products with certain hardware, operating system software and related products, including those of providers such as Intel, AMD, NVIDIA, Microsoft, Sony and Asus, as well as those available via open source.
+Added: We rely to a certain extent on the relationships we have with certain providers in developing our products and resolving issues.
There can be no assurance that those relationships will be maintained or that those or other companies will continue to provide the necessary information and support to allow us to develop products that integrate with their products or that third party developers will continue to develop plugins for and integrations with our proprietary software.
−Removed: If integration with the products of those or other companies becomes more difficult, our products would likely be more difficult to use or may not be compatible with key hardware, operating systems or other products, which would seriously harm our reputation and the utility and desirability of our products, and, as a result, would seriously harm our business.
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 20
+Added: Additionally, as usage of open source gaming environments grows, fragmentation in these ecosystems as well as the supporting open source operating systems may increase our software development costs and limit our ability to provide a consistent user experience.
+Added: If integration with certain products or open source ecosystems become more difficult, our products would likely be more difficult to use or may not be compatible with key hardware, operating systems or other products, which would seriously harm our reputation and the utility and desirability of our products, and, as a result, would seriously harm our business.
One of our strategies is to grow through acquisitions, which could result in operating difficulties, dilution to our stockholders and other seriously harmful consequences.
One of our strategies is to grow through acquisitions and we may also seek to grow through other strategic transactions such as alliances and joint ventures.
−Removed: In particular, we believe that our future growth depends in part on our ability to enhance our existing product lines and introduce new products and categories of products through acquisitions and other strategic transactions.
+Added: In particular, we believe that our future growth depends in part on our ability to enhance our existing product lines, enhance software platforms, and introduce new products and categories of products through acquisitions and other strategic transactions.
+Added: To pursue this strategy successfully, we must identify attractive acquisition or investment opportunities and successfully complete transactions, some of which may be large and complex.
There is substantial competition for attractive acquisitions and other strategic transactions, and we may not be successful in completing any such acquisitions or other strategic transactions in the future.
If we are successful in making any acquisition or strategic transaction, we may be unable to integrate the acquired business effectively or may incur unanticipated expenditures, which could seriously harm our business.
−Removed: Acquisitions and strategic transactions can involve a wide variety of risks depending upon, among other things, the specific business or assets being acquired or the specific terms of any transaction.
+Added: Acquisitions and strategic transactions can involve a wide variety of risks depending upon, among other things, the specific business or assets being acquired or the specific terms of any transaction, including:
+Added: • failure to achieve the intended benefits or anticipated return on investment, including operational synergies;
+Added: • significant use of cash, assumption of debt, or dilution of stockholders;
+Added: • exposure to unexpected costs or liabilities;
+Added: • challenges integrating technology, operations and personnel, and loss of key employees;
+Added: • disruption or loss of relationships with customers, suppliers, or other business partners;
+Added: • diversion of management attention;
+Added: • challenges obtaining required regulatory or third-party approvals;
+Added: • adverse tax, internal control or financial reporting impacts.
In addition, we may finance acquisitions or investments, strategic partnerships or joint ventures by issuing common stock, which may be dilutive to our stockholders, or by incurring indebtedness, which could increase our interest expense and leverage, perhaps substantially.
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In addition, foreign acquisitions or strategic transactions with foreign partners involve additional risks, including those related to integration of operations across different geographies, cultures and languages, as well as risks related to fluctuation in currency exchange rates and risks associated with the particular economic, political and regulatory environment in specific countries.
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 22
Our sponsorship of individuals, teams and events within the gaming community is subject to numerous risks that may seriously harm our business.
11 unchanged sentences
However, notwithstanding the foregoing, there are instances when we are required to pay for products in advance of them being manufactured and delivered to us.
−Removed: We may also utilize borrowings under our revolving credit facility to provide working capital, and access to external debt financing has historically been and will likely continue to be very important to us.
+Added: We have and may continue to utilize borrowings under our revolving credit facility to provide working capital, and access to external debt financing has historically been and will likely continue to be very important to us.
As a result of any downturn in general economic conditions or conditions in the credit markets or other factors, manufacturers and suppliers may be reluctant to provide us with the same credit that they have in the past, which would require that we increase the level of borrowing under our revolving credit facility or obtain other external financing to provide for our substantial working capital needs.
Additional financing may not be available on terms acceptable to us or at all.
−Removed: In particular, our access to other debt financing is limited by the negative covenant in our credit agreement restricting our ability to incur other indebtedness, as well as the financial covenants therein prohibiting our Consolidated Total Net Leverage Ratio (“CTNL Ratio”) from exceeding 3.00 to 1.00 beginning 2024 and our Consolidated Interest Coverage Ratio (“CIC Ratio”) being less than 3.00 to 1.00 beginning 2024 (both tested quarterly on a trailing four fiscal quarter basis), with the provision that the maximum CTNL Ratio can be temporarily increased to 3.50 to 1.00 upon the occurrence of a Qualified Acquisition (as defined in, and subject to the requirements of the Credit Agreement (as defined below)).
+Added: In particular, our access to other debt financing is limited by the negative covenant in our credit agreement restricting our ability to incur other indebtedness, as well as the financial covenants therein prohibiting our Consolidated Total Net Leverage Ratio (“CTNL Ratio”) from exceeding 3.00 to 1.00 and our Consolidated Interest Coverage Ratio (“CIC Ratio”) being less than 3.00 to 1.00 (both tested quarterly on a trailing four fiscal quarter basis), with the provision that the maximum CTNL Ratio can be temporarily increased to 3.50 to 1.00 upon the occurrence of a Qualified Acquisition (as defined in, and subject to the requirements of the Credit Agreement (as defined below)).
As a result, such restrictions could limit, perhaps substantially, the amount of permitted indebtedness under other debt arrangements.
−Removed: To the extent we incur additional indebtedness under our revolving credit facility or are required to incur indebtedness from other sources (if available and if permitted by the credit facility) to provide working capital, it could increase our interest expense and
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 21
−Removed: expose us to other risks of leverage.
+Added: To the extent we incur additional indebtedness under our revolving credit facility or are required to incur indebtedness from other sources (if available and if permitted by the credit facility) to provide working capital, it could increase our interest expense and expose us to other risks of leverage.
Any inability to meet our working capital or other cash needs as and when required would likely seriously harm our business, results of operations and financial condition and adversely affect our growth prospects and stock price and could require, among other things, that we reduce expenses, which might require us to reduce shipments of our products or our inventory levels substantially or to delay or curtail the development, commercialization and marketing of our products.
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Adverse effect of financial and other covenants .
−Removed: The covenants and other restrictions in our credit facilities and any debt instruments we may enter into in the future may limit our ability to raise funds for working capital, capital expenditures, acquisitions, product development and other general corporate requirements, which may adversely affect our ability to finance our operations, any acquisitions or investments or other capital needs or engage in other business activities that would be in our interests.
+Added: The covenants and other restrictions in our credit facilities and any debt instruments we may enter into in the future may limit our ability to raise funds for working capital, capital expenditures, acquisitions,
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 23
+Added: product development and other general corporate requirements, which may adversely affect our ability to finance our operations, any acquisitions or investments or other capital needs or engage in other business activities that would be in our interests.
Restrictive covenants may also limit our ability to plan for or react to market conditions or otherwise limit our activities or business plans and place us at a disadvantage compared to our competitors.
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Restrictions under our credit facilities .
−Removed: We must comply with covenants under our current credit facilities, which require the maintenance of a maximum CTNL Ratio of 3.00 to 1.00 and a minimum CIC Ratio of 3.00 to 1.00 beginning 2024 (as defined in our credit facilities), with the provision that the maximum CTNL Ratio can be temporarily increased to 3.50 to 1.00 upon the occurrence of a Qualified Acquisition (as defined in, and subject to the requirements of the Credit Agreement).
+Added: We must comply with covenants under our current credit facilities, which require the maintenance of a maximum CTNL Ratio of 3.00 to 1.00 and a minimum CIC Ratio of 3.00 to 1.00 (as defined in our credit facilities), with the provision that the maximum CTNL Ratio can be temporarily increased to 3.50 to 1.00 upon the occurrence of a Qualified Acquisition (as defined in, and subject to the requirements of the Credit Agreement).
While we were in compliance with all applicable financial covenants under our credit facilities as of December 31, 2025, there can be no assurance that we will not breach these financial covenants in our existing and future credit facilities.
2 unchanged sentences
Our credit facilities also contain restrictions on our ability to pay dividends or make distributions in respect of our common stock or redemptions or repurchases of our common stock.
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 22
We conduct our operations and sell our products internationally and the effect of business, legal, geopolitical and economic risks associated with international operations may seriously harm our business.
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• difficulties enforcing our contractual and intellectual property rights, especially in those foreign countries that do not respect and protect intellectual property rights to the same extent as the United States and European countries;
−Removed: • the risk that trade to or from some foreign countries, or companies in foreign countries that manufacture our products or supply components that are used in our products, may be affected by political tensions, trade disputes and similar matters, particularly between China and Taiwan, China and the United States, Russia and Ukraine, the United States and Russia, and Israel and Hamas;
−Removed: • United States and foreign trade restrictions, including those that may limit the importation of technology or components to or from various countries or impose tariffs or quotas;
+Added: • the risk that trade to or from some foreign countries, or companies in foreign countries that manufacture our products or supply components that are used in our products, may be affected by political tensions, trade disputes, tariffs and similar
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 24
+Added: matters, particularly between China and Taiwan, China and the United States, Russia and Ukraine, the United States and Russia, and Israel and Hamas;
+Added: • United States and foreign trade restrictions, including those that may limit or otherwise regulate the importation or exportation of technology or components to or from various countries or impose tariffs or quotas on such technology or components;
• difficulties or increased costs in establishing sales and distribution channels in unfamiliar markets, with local market characteristics and competition;
13 unchanged sentences
research and experimental expenditures to be capitalized and amortized ratably over a five-year period.
−Removed: Any such expenditures attributable to research conducted outside the United States must be capitalized and amortized over a 15-year period.
−Removed: In addition, the Inflation Reduction Act of 2022 imposes a minimum tax of 15% on certain
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 23
−Removed: corporations with book income of at least $1 billion, subject to certain adjustments, and a 1% excise tax on certain stock buybacks and similar corporate actions.
+Added: While the Tax Cuts and Jobs Act of 2017 previously required a five-year amortization of domestic research costs starting in 2022, the One Big Beautiful Bill Act of 2025 has restored the immediate deduction for these domestic expenditures under Section 174A.
+Added: However, research expenditures attributable to research conducted outside the United States must still be capitalized and amortized ratably over a 15-year period.
+Added: In addition, the Inflation Reduction Act of 2022 imposes a minimum tax of 15% on certain corporations with book income of at least $1 billion, subject to certain adjustments, and a 1% excise tax on certain stock buybacks and similar corporate actions.
While certain other draft legislation has been proposed in the U.S., the likelihood of any proposed changes to the tax law being enacted or implemented is unclear, and we are currently unable to predict whether such changes will occur.
3 unchanged sentences
In addition, various other countries where we do business have implemented or plan to implement the “Pillar Two” global corporate minimum tax rate in 2024 and 2025 and are also actively considering changes to their tax laws to adopt certain parts of the OECD’s proposals.
−Removed: We have evaluated the impact from the OECD Pillar Two rules and determined that there is no impact to our financial position for the year of 2024.
+Added: We have evaluated the impact from the OECD Pillar Two rules and determined that there is no impact to our financial position for both 2024 and 2025.
Our effective tax rate could also increase due to several factors, including:
2 unchanged sentences
• changes to our assessment about our ability to realize our deferred tax assets that are based on estimates of our future results, the prudence and feasibility of possible tax planning strategies, and the economic and political environments in which we do business;
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 25
• the outcome of current and future tax audits, examinations, or administrative appeals;
14 unchanged sentences
In the event that we experience ownership changes due to future transactions in our stocks, the utilization of NOLs to reduce our future taxable income and tax liabilities may be limited, which could affect our profitability.
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 24
System security and data protection breaches, as well as cyber-attacks, could disrupt our operations, reduce our expected revenue and increase our expenses, which may seriously harm our business.
2 unchanged sentences
These threats are constantly evolving, making it increasingly difficult to successfully defend against them or implement adequate preventative measures.
−Removed: Threat actors may include experienced computer programmers, opportunistic hackers and hacktivists, state-sponsored organizations and employees who, due to malfeasance or error, may penetrate our security controls and misappropriate or compromise our Confidential Information or that of our employees or third parties, which in turn, may create disruptions to our IT Systems or cause shutdowns.
+Added: Threat actors who may include experienced computer programmers, opportunistic hackers and hacktivists, state-sponsored organizations and employees who, due to malfeasance or error, have in the past and may in the future penetrate our security controls and misappropriate or compromise our Confidential Information or that of our employees or third parties, which in turn, may create disruptions to our IT Systems or cause shutdowns.
These threat actors may also develop and deploy viruses, worms, bugs, ransomware and other malicious software programs that attack or otherwise exploit security vulnerabilities in our IT Systems using increasingly sophisticated techniques – including phishing and social engineering – and tools – including artificial intelligence – that can circumvent security controls, evade detection and remove forensic evidence.
4 unchanged sentences
For portions of our IT Systems, including business management and communication software products, we rely on products and services provided by third parties, a number of which process personal information on our behalf.
−Removed: There can be no assurance that the privacy and security related measures and safeguards we have put in place in relation to these third parties will be effective to protect us and/or the relevant personal information from the risks associated with the third-party storage, transmission and other processing of such information.
+Added: There can be no assurance that the privacy and security related measures and safeguards we have put in place in relation to these third parties will be effective to protect us and/or the relevant personal information from the risks associated with the third-party storage, transmission and other processing of
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 26
+Added: such information.
These providers may also experience breaches and attacks to their products which may impact our systems.
3 unchanged sentences
Due to concerns about data security and integrity, a growing number of legislative and regulatory bodies have adopted breach notification and other requirements in the event that information subject to such laws is accessed by unauthorized persons.
+Added: We have not been subject to any such notification requirement following any security events.
Complying with the numerous and complex regulations in the event of a data security breach could be expensive and difficult, and failure to comply with these regulations could subject us to regulatory scrutiny and additional liability.
9 unchanged sentences
and foreign governments and agencies may in the future enact new legislation and promulgate new regulations governing collection, use, disclosure, storage, transmission, destruction or other processing of personal data and other information.
−Removed: As such, and because various jurisdictions have different laws and regulations concerning the use, storage, transmission and other processing of such information, we may face
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 25
−Removed: requirements that pose compliance challenges in existing markets as well as new international markets that we seek to enter, potentially requiring additional investment in resources for compliance programs, and impacting business operations and availability of previously available data.
+Added: As such, and because various jurisdictions have different laws and regulations concerning the use, storage, transmission and other processing of such information, we may face requirements that pose compliance challenges in existing markets as well as new international markets that we seek to enter, potentially requiring additional investment in resources for compliance programs, and impacting business operations and availability of previously available data.
For example, certain states have adopted or modified data privacy and security laws and regulations that apply to our business.
9 unchanged sentences
and other jurisdictions.
−Removed: Although the U.K.
−Removed: currently has an adequacy decision from the European Commission, such that standard contractual clauses are not required for the transfer of personal data from the EEA to the U.K., that decision will sunset in June 2025 unless extended and it may be revoked in the future by the European Commission.
Adding further complexity for international data transfers, the U.K.
3 unchanged sentences
extension) have also been effective transfer mechanisms to self-certified US entities under the framework since July 2023 and October 2023, respectively.
−Removed: We rely on the newest standard contractual clauses of June 4, 2021, for our intragroup, customer and vendor agreements for transfers out of the EEA and on the international data transfer addendum to the standard contractual clauses for transfers out of the U.K.
+Added: We rely on the newest standard contractual clauses of June 4, 2021, for our intragroup, customer and vendor agreements for transfers out of the EEA and on the international data transfer addendum to the standard contractual clauses for
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 27
+Added: transfers out of the U.K.
Notwithstanding the above, we expect the existing legal complexity and uncertainty regarding international personal data transfers to continue.
5 unchanged sentences
These cybersecurity obligations are primarily imposed through EU Member States’ implementation of Directive (EU) 2022/2555 (the “NIS 2 Directive”) in the EU and the Product Security and Telecommunications Infrastructure Act 2022 (“PSTI”), and Cyber Resilience Act (the “CRA”) in the UK.
−Removed: The NIS 2 Directive imposes a robust range cybersecurity obligations, including a list of minimum cybersecurity measures that must be adopted and leaves the door open to EU Member States to impose more stringent requirements on in-scope entities with respect to cybersecurity than provided for under the text of the NIS 2 Directive.
+Added: The NIS 2 Directive imposes a robust range of cybersecurity obligations, including a list of minimum cybersecurity measures that must be adopted and leaves the door open to EU Member States to impose more stringent requirements on in-scope entities with respect to cybersecurity than provided for under the text of the NIS 2 Directive.
The PSTI, amongst other things, imposes obligations on manufacturers, importers and distributors of specific categories of consumer connectable products to comply with minimum security requirements with a view to securing such products against cyber-attacks.
7 unchanged sentences
and European court and regulator decisions are driving increased attention to cookies and tracking technologies.
−Removed: If the trend of increasing proceedings by litigants and enforcement by regulators of the strict approach in recent guidance and decisions continues, this could lead to substantial costs, require significant systems changes, limit the effectiveness of
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 26
−Removed: our marketing activities, divert the attention of our technology personnel, adversely affect our margins, increase costs and subject us to additional liabilities.
+Added: If the trend of increasing proceedings by litigants and enforcement by regulators of the strict approach in recent guidance and decisions continues, this could lead to substantial costs, require significant systems changes, limit the effectiveness of our marketing activities, divert the attention of our technology personnel, adversely affect our margins, increase costs and subject us to additional liabilities.
In light of the complex and evolving nature of privacy laws on cookies and tracking technologies, it may lead to broader restrictions and impairments on our marketing and personalization activities and may negatively impact our efforts to understand users.
2 unchanged sentences
We may also face civil claims including representative actions and other class action type litigation (where individuals have suffered harm), potentially amounting to significant compensation or damages liabilities, as well as associated costs, diversion of internal resources, and reputational harm.
−Removed: We use AI in our business, and challenges relating to the development and use of AI, including generative AI, could result in competitive harm, reputational harm, and legal liability, and adversely affect our results of operations.
+Added: We use AI in our business, and challenges relating to the development and use of AI, including generative AI, may result in competitive harm, reputational damage, and legal liability, and adversely affect our results of operations.
We use AI, machine learning, and automated decision-making technologies, including proprietary AI and machine learning algorithms and models, (collectively “AI Technologies”) throughout our business, and are making significant investments in this area.
−Removed: For example, we use AI Technologies for various internal business uses and in certain customer offerings, such as customer support.
−Removed: As with many technological innovations, there are significant risks involved in developing, maintaining and deploying these technologies and there can be no assurance that the usage of, or our investments in, such technologies will always enhance our products or services or be beneficial to our business, including our efficiency or profitability.
−Removed: For example, a number of aspects of intellectual property protection in the field of AI and machine learning are currently under development, and there is uncertainty and ongoing litigation in different jurisdictions as to the degree and extent of protection warranted for AI and machine learning systems and relevant system input and outputs.
−Removed: If we fail to obtain protection for the intellectual property rights concerning our AI Technologies, or later have our intellectual property rights invalidated or otherwise diminished, our competitors may be able to take advantage of our research and development efforts to develop competing products which could adversely affect our business, reputation and financial condition.
+Added: For example, we use AI Technologies for various internal business functions and in certain customer offerings, such as customer support.
+Added: There are significant risks involved in developing, maintaining and deploying AI Technologies, and there can be no assurance that their use, or our investments in them will always result in benefits to our business, products, services, efficiency, or profitability.
+Added: In addition, if our AI products or services fail to operate as anticipated or as well as competing products, or do not meet customer needs, our competitive position may be harmed and our business and reputation adversely affected.
+Added: Intellectual property protection for AI and machine learning remains uncertain and continues to evolve, with ongoing legislative and litigation developments in different jurisdictions.
+Added: If we fail to obtain or enforce adequate protection for the intellectual property rights concerning our AI Technologies, or if those rights are invalidated or otherwise diminished, our competitors or others may be able to leverage our research and
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 28
+Added: development efforts to develop competing products, which could impair our ability to compete effectively and adversely affect our business, reputation and financial condition.
In addition, the regulatory framework for AI Technologies is rapidly evolving as many federal, state and foreign government bodies and agencies have introduced or are currently considering additional laws and regulations.
−Removed: Existing laws and regulations may also be interpreted in ways that would affect the operation of our AI Technologies, or could be rescinded or amended as new administrations take differing approaches to evolving AI Technologies.
−Removed: For example, in the United States, the California Privacy Protection Agency is currently in the process of finalizing regulations under the CCPA regarding the use of automated decision-making and California regulators have enacted new laws that further regulate the use of AI Technologies and provide consumers with additional protections around companies’ use of AI Technologies while placing additional requirements on companies, including to disclose certain uses of generative AI.
−Removed: Other states have also passed AI-focused legislation, such as Colorado’s Artificial Intelligence Act, which will require developers and deployers of “high-risk” AI systems to implement certain safeguards against algorithmic discrimination and Utah’s Artificial Intelligence Policy Act, which establishes disclosure requirements and accountability measures for the use of generative AI in certain consumer interactions.
−Removed: In Europe, the EU Artificial Intelligence Act, for which the majority of requirements will apply beginning August 2, 2026, establishes a comprehensive, risk-based governance framework for AI in the EU market, setting requirements around transparency, assessments, human oversight and more for companies that develop, use and / or provide AI in the EU.
+Added: AI regulations may impose requirements related to transparency, accountability, and non-discrimination, and may change or be interpreted in ways that could directly affect our business operations.
+Added: For example, in the United States and Europe, recent and proposed laws regulate the use of automated decision-making and generative AI, and establish requirements for companies that develop, use, or provide AI technologies.
+Added: These developments create ongoing uncertainty regarding compliance and may require us to adapt our products, services, or practices as regulatory regimes evolve.
It is possible that further new laws and regulations (or interpretations of existing laws and regulations), including around intellectual property, data privacy, competition and antitrust laws, may limit our ability to use AI Technologies for our business, or require us to change the way we use AI Technologies in a manner that negatively affects the performance of our products, services and business.
−Removed: The cost to comply with such laws, including resources that may be needed to adjust our products or services, could be significant and increase our operating expenses.
−Removed: Such an increase in operating expenses, as well as any actual or perceived failure to comply with such laws and regulations, could adversely affect our business, financial condition and results of operations.
+Added: Compliance with these laws and regulations may require significant resources and increase our operating expenses, and any actual or perceived failure to comply could adversely affect our business, financial condition, results of operations, or competitive position.
We may be adversely affected by the financial condition of retailers and distributors to whom we sell our products and may also be adversely affected by the financial condition of our competitors.
2 unchanged sentences
In addition, a retailer or distributor experiencing financial difficulties generally increases our exposure to uncollectible receivables.
−Removed: Moreover, if one of our
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 27
−Removed: distributors or retailer customers experiences financial distress or bankruptcy, they may be required to liquidate their inventory of our products, or similar products that compete with our products, at reduced prices, which can result in substantial over-supply and reduced demand for our products over the short term.
+Added: Moreover, if one of our distributors or retailer customers experiences financial distress or bankruptcy, they may be required to liquidate their inventory of our products, or similar products that compete with our products, at reduced prices, which can result in substantial over-supply and reduced demand for our products over the short term.
If any of these circumstances were to occur, it could seriously harm our business.
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As a result of these initiatives, we could incur restructuring charges, lose key personnel and experience disruptions in our operations and difficulties in delivering our products.
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 29
We are required to test goodwill, intangible assets and other long-lived assets for recoverability and may be required to record charges if there are indicators of impairment, and we have in the past recognized impairment charges.
3 unchanged sentences
Impairment charges will adversely affect our operating results and could seriously harm our business.
−Removed: Our future success depends to a large degree on our ability to defend the Corsair brand and product family brands such as SCUF, Elgato, Fanatec and iCUE from infringement and, if we are unable to protect our brand and other intellectual property, our business may be seriously harmed.
+Added: Our future success depends to a large degree on our ability to defend the Corsair brand and product family brands such as SCUF, Elgato, Fanatec and iCUE from infringement and, if we are unable to adequately protect, enforce, or defend our brands and other intellectual property, our business, financial condition, or results of operations could be adversely affected.
We consider the Corsair brand to be one of our most valuable assets.
2 unchanged sentences
We rely on a combination of copyright, trademark, patent and other intellectual property laws and confidentiality procedures and contractual provisions such as nondisclosure terms to protect our intellectual property.
+Added: Failure to maintain, protect, or defend our brands or other intellectual property, or actions by third parties that negatively affect our brands, could adversely affect our business, reputation, and operating results.
We hold a limited number of patents and pending patent applications.
It is possible that any patent owned by us will be invalidated, deemed unenforceable, circumvented or challenged and that our pending or any future patent applications will not be granted.
−Removed: In addition, other intellectual property laws or our confidentiality procedures and contractual provisions may not adequately protect our intellectual property and trade secrets, and others may independently develop similar technology, duplicate our products, or design around any intellectual property rights we may have.
−Removed: Any of these events may seriously harm our business.
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 28
+Added: In addition, other intellectual property laws or our confidentiality procedures and contractual provisions may not adequately protect our intellectual property and trade secrets, or proprietary technology, and others may independently develop similar technology, duplicate our products, or design around our intellectual property rights.
+Added: Any of these events could adversely affect our business, financial condition, or results of operations.
Certain of the licenses pursuant to which we are permitted to use the intellectual property of third parties can be terminated at any time by us or the other party.
−Removed: If we are unable to negotiate and maintain licenses on acceptable terms, we will be required to develop alternative technology internally or license it from other third parties, which may be difficult and costly or impossible.
+Added: If we are unable to negotiate and maintain licenses on acceptable terms, we will be required to develop alternative technology internally or license it from other third parties, which may be difficult, costly, or impossible, and could adversely affect our business, financial condition, or results of operations.
The expansion of our business will require us to protect our trademarks, domain names, copyrights, patents, trade secrets and other intellectual property rights in an increasing number of jurisdictions, a process that is expensive and sometimes requires litigation or other enforcement proceedings.
−Removed: If we are unable to protect and enforce our trademarks, domain names, copyrights, patents, trade secrets and other intellectual property rights, or prevent third parties from infringing upon them, our business may be seriously harmed.
+Added: These enforcement efforts may increase our operating expenses.
+Added: If we are unable to protect and enforce our trademarks, domain names, copyrights, patents, trade secrets and other intellectual property rights, or prevent third parties from infringing upon them, our business could be adversely affected.
We have taken steps in the past to enforce our intellectual property rights and expect to continue to do so in the future.
However, it may not be practical or cost-effective for us to enforce our rights with respect to certain items of intellectual property fully, or at all, particularly in developing countries where the enforcement of intellectual property rights may be more difficult than in the United States.
−Removed: Additionally, there can be no assurance that we will be able to successfully enforce our intellectual property rights or obtain sufficient remedies if they are breached, against our competitors or third parties.
+Added: Additionally, there can be no assurance that we will be able to successfully enforce our intellectual property rights or obtain sufficient remedies if they are breached, against our competitors or third parties, which could adversely affect our competitive position or reputation.
Further, it is possible that, given the costs of obtaining patent protection, we may choose not to seek patent protection for certain items of intellectual property that may later turn out to be important.
If we fail to meaningfully establish, maintain, protect our proprietary information and enforce our intellectual property rights, our business, financial condition and results of operations could be adversely affected.
−Removed: Some of our products contain open source software, which may pose particular risks to our proprietary software and products.
+Added: Some of our products rely on open source software, which may expose us to additional risks and could impact our proprietary software and products.
Our products rely on software licensed by third parties under open source licenses, including as incorporated into software we receive from third-party commercial software vendors, and will continue to rely on such open source software in the future.
−Removed: Use of open source software may entail greater risks than use of third-party commercial software, as open source licensors generally do not provide support, updates, warranties or other contractual protections regarding infringement claims or the quality of the code, and the wide availability of source code for open source software components used in our products could expose us to security vulnerabilities.
−Removed: Further, the terms of many open source licenses have not been interpreted by U.S.
−Removed: courts, and there is a risk that such licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our ability to market or commercialize our products.
−Removed: As a result, we may face claims from third parties claiming ownership of what we believe to be open source software, and, under certain conditions, we could be required to release our proprietary source code, and to make our proprietary software available under open source licenses, including authorizing further modification and redistribution.
−Removed: These claims or requirements could result in litigation and could require us to purchase a costly license or cease offering the implicated products unless and until we can re-engineer them to avoid infringement or release of our proprietary source code.
−Removed: This re-engineering process could require significant additional research and development resources.
+Added: Use of open source software may expose us to greater risks compared to the use of third-party commercial software, including limitations on our ability to protect our proprietary technology, obligations to license or disclose our proprietary software, and increased potential for security vulnerabilities, as open source licensors generally do not provide support, updates, warranties or other contractual protections regarding infringement claims or the quality of the code.
+Added: Further, the terms of many open source licenses have not been extensively interpreted by courts, and there is a risk that such licenses may be construed in ways that impose unanticipated conditions or restrictions on our ability to market or commercialize our products or require us to make our proprietary software available to others, including for modification or redistribution.
+Added: As a result, we may be subject to claims from third parties alleging ownership of what we
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 30
+Added: believe to be open source software, and, under certain conditions, we could be required to release our proprietary source code, obtain costly licenses, re-engineer our products, or even cease offering products until compliance is achieved.
+Added: Such outcomes could result in increased litigation, additional research and development expenses, or otherwise adversely affect our ability to commercialize our product.
In addition, we have intentionally made certain software we have developed available on an open source basis, both by contributing modifications back to existing open source projects, and by making certain internally developed tools available pursuant to open source licenses, and we plan to continue to do so in the future.
−Removed: While we engage in a review process for any such contributions, which is designed to protect any code that may be competitively sensitive, it is still possible that our competitors or others could use this code for competitive purposes, or for commercial or other purposes beyond what we intended.
−Removed: Any of these risks could be difficult to eliminate or manage, and, if not addressed, could seriously harm our business.
+Added: While we engage in a review process for any such contributions, which is designed to protect any code that may be competitively sensitive, it is still possible that our contributions could still be used by competitors or others in ways beyond our intentions.
+Added: Any of these risks, if realized, could adversely affect our business, financial condition, or results of operations.
We are, have in the past been, and may in the future be, subject to intellectual property infringement claims, which are costly to defend, could require us to pay damages or royalties and could limit our ability to use certain technologies in the future.
6 unchanged sentences
If we cannot license or develop technologies for any infringing aspects of our business, we may be forced to halt sales of our products incorporating the infringing technologies and may be unable to compete effectively.
−Removed: Any of these results
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 29
−Removed: or any inquiry, allegation or claim of intellectual property infringement or misappropriation against us or any of our partners and/or suppliers, whether or not successful, could seriously harm our business, prospects, financial condition and operating results.
+Added: Any of these results or any inquiry, allegation or claim of intellectual property infringement or misappropriation against us or any of our partners and/or suppliers, whether or not successful, could seriously harm our business, prospects, financial condition and operating results.
We and our contract manufacturers may be adversely affected by seismic activity or other natural disasters, and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.
1 unchanged sentence
Both locations are known to experience earthquakes from time to time, some of which have been severe.
−Removed: In addition, typhoons and other severe weather systems frequently affect Taiwan.
+Added: In addition, typhoons and other severe weather systems frequently affect Taiwan and fires frequently affect California.
Most of the third-party facilities where our products and some of the components used in our products are manufactured are located in China, Taiwan, Southeast Asia and other areas that are known for seismic activity and other natural disasters.
10 unchanged sentences
Environmental laws and regulations could also require that we redesign our products or change how our products are made, any of which could seriously harm our business.
−Removed: The costs of complying with environmental laws and regulations or the effect of any claims or liability concerning or resulting from noncompliance or environmental contamination could also seriously harm our business.
+Added: The costs of complying with
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 31
+Added: environmental laws and regulations or the effect of any claims or liability concerning or resulting from noncompliance or environmental contamination could also seriously harm our business.
Under the Dodd-Frank Act, the SEC adopted disclosure and reporting requirements for companies that use “conflict” minerals originating from the Democratic Republic of Congo or adjoining countries.
11 unchanged sentences
As of December 31, 2025, EagleTree beneficially owned approximately 52.8% of our common stock and is able to control our affairs in all cases.
−Removed: Further, pursuant to the terms of an Investor Rights Agreement between us and EagleTree, EagleTree has the right, among other things, to designate the chairman of our board of directors, as well as the right to nominate up to five out of eight directors to our board of directors as long as affiliates of EagleTree beneficially own at least 50% of our common stock, four directors as long as affiliates of EagleTree beneficially own at least 40% and less than 50% of our common stock, three directors as long as affiliates of EagleTree beneficially own at least 30% and less than 40% of our common stock, two directors as long as affiliates of
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 30
−Removed: EagleTree beneficially own at least 20% and less than 30% of our common stock and one director as long as affiliates of EagleTree beneficially own at least 10% and less than 20% of our common stock.
+Added: In addition, if we repurchase any of our common stock pursuant to our previously announced stock repurchase program, EagleTree’s ownership could further increase.
+Added: Further, pursuant to the terms of an Investor Rights Agreement between us and EagleTree, EagleTree has the right, among other things, to designate the chairman of our board of directors, as well as the right to nominate up to five out of eight directors to our board of directors as long as affiliates of EagleTree beneficially own at least 50% of our common stock, four directors as long as affiliates of EagleTree beneficially own at least 40% and less than 50% of our common stock, three directors as long as affiliates of EagleTree beneficially own at least 30% and less than 40% of our common stock, two directors as long as affiliates of EagleTree beneficially own at least 20% and less than 30% of our common stock and one director as long as affiliates of EagleTree beneficially own at least 10% and less than 20% of our common stock.
As a result of the foregoing, EagleTree or its respective designees to our board of directors will have the ability to control the appointment of our management, the entering into of mergers, sales of substantially all or all of our assets and other extraordinary transactions and influence amendments to our amended and restated certificate of incorporation and bylaws.
11 unchanged sentences
• our board of directors have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee purpose and responsibilities;
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 32
• our director nominations be made, or recommended to the full board of directors, by our independent directors or by a nominations committee that is composed entirely of independent directors and that we adopt a written charter or board resolution addressing the nominations process.
12 unchanged sentences
• our failure or the failure of our competitors to meet analysts’ estimates or guidance that we or our competitors may give to the market;
−Removed: • additions and departures of key personnel;
+Added: • additions and departures of key personnel, including our Chief Executive Officer;
• strategic decisions by us or our competitors, such as acquisitions, divestitures, spin-offs, joint ventures, strategic investments or changes in business strategy;
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 31
• developments of new technologies or other innovations;
−Removed: • the passage of legislation or other regulatory developments affecting us or our industry;
+Added: • the passage of legislation or other regulatory or geopolitical developments affecting us or our industry;
• speculation in the press or investment community;
11 unchanged sentences
If our existing stockholders sell, or indicate an intention to sell, substantial amounts of our common stock in the public market, the trading price of our common stock could decline.
−Removed: Based upon the number of shares outstanding as of December 31, 2024, we had outstanding a total of 104.8 million shares of common stock.
+Added: Based upon the number of shares outstanding as of December 31, 2025, we had
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 33
+Added: outstanding a total of 106.6 million shares of common stock.
Of these shares, all of the shares of our common stock sold in the initial public offering, in the secondary offering in January 2021 and in the primary offering in November 2022, are freely tradable, without restriction, in the public market.
−Removed: In addition, in July 2022, approximately 54.2 million shares of our common stock that were held by EagleTree were registered pursuant to a Registration Statement on Form S-3.
+Added: In addition, in August 2025, approximately 56.3 million shares of our common stock that were held by EagleTree were registered pursuant to a Registration Statement on Form S-3.
If we sell shares of our common stock in future financings, stockholders may experience immediate dilution and, as a result, our stock price may decline.
9 unchanged sentences
• require that actions to be taken by our stockholders may only be taken at an annual or special meeting of our stockholders and not be taken by majority written consent when EagleTree owns less than a majority of our outstanding common stock;
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 32
• specify that special meetings of our stockholders can be called only by the Secretary at the direction of our board of directors or the Chairman of our board of directors and not by our stockholders or any other persons when EagleTree owns less than a majority of our outstanding common stock;
5 unchanged sentences
• require the affirmative vote by the holders of at least two-thirds of the combined voting power of all shares of our outstanding capital stock entitled to vote generally in the election of our directors (voting as a single class) in order to amend certain provisions of our certificate of incorporation or bylaws, including those provisions changing the size of the board of directors, the removal of certain directors, the availability of action by majority written consent of the stockholders or the restriction on business combinations with interested stockholders, among others;
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 34
• when EagleTree owns less than a majority of our outstanding common stock, require the affirmative vote by the holders of at least two-thirds of the combined voting power of all shares of our outstanding capital stock entitled to vote generally in the election of our directors (voting as a single class) for any amendment, alteration, change, addition, rescission or repeal of our amended and restated certificate of incorporation.
10 unchanged sentences
• we will not be obligated pursuant to our amended and restated bylaws to indemnify a person with respect to proceedings initiated by that person against us or our other indemnitees, except with respect to proceedings authorized by our board of directors or brought to enforce a right to indemnification;
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 33
• the rights conferred in our amended and restated bylaws are not exclusive, and we are authorized to enter into indemnification agreements with our directors, officers, employees and agents and to obtain insurance to indemnify such persons;
10 unchanged sentences
Moreover, if one or more of the analysts who cover our company downgrade our common stock or if our operating results or prospects do not meet their expectations, the market price of our common stock could decline.
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 35
Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
11 unchanged sentences
In addition, our amended and restated certificate of incorporation provides that, to the fullest extent permitted by law, no officer or director of ours who is also an officer, director, employee, managing director or other affiliate of EagleTree will be liable to us or our stockholders for breach of any fiduciary duty by reason of the fact that any such individual was presented with a corporate opportunity, other than specifically in their capacity as one of our officers or directors, and ultimately directs such corporate opportunity to EagleTree instead of us, or does not communicate information regarding a corporate opportunity to us that the officer, director, employee, managing director or other affiliate has directed to EagleTree.
−Removed: For instance, a director of our company who also serves as a director, officer or employee of EagleTree, or any of its respective portfolio companies, funds or other affiliates may pursue certain acquisitions or other opportunities that may be complementary to our business and, as a result, such acquisition or other
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 34
−Removed: opportunities may not be available to us.
+Added: For instance, a director of our company who also serves as a director, officer or employee of EagleTree, or any of its respective portfolio companies, funds or other affiliates may pursue certain acquisitions or other opportunities that may be complementary to our business and, as a result, such acquisition or other opportunities may not be available to us.
As of December 31, 2025, this provision of our amended and restated certificate of incorporation relates only to the EagleTree director designees.
10 unchanged sentences
An adverse outcome in any such litigation could require us to pay damages, which may include punitive damages, attorneys’ fees and costs.
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 36
As a result, noncompliance or any related enforcement or civil actions could result in governmental sanctions and possible civil or criminal litigation, which could seriously harm our business and result in a significant diversion of management’s attention and resources.
7 unchanged sentences
In addition, other applicable anti-corruption laws prohibit bribery of domestic government officials, and some laws that may apply to our operations prohibit commercial bribery, including giving or receiving improper payments to or from non-government parties, as well as so-called “facilitation” payments.
−Removed: In addition, our business must be conducted in compliance with applicable trade sanctions and export control laws and regulations, such as those administered and enforced by the U.S.
+Added: In addition, our business must be conducted in compliance with applicable economic and trade sanctions and export control laws and regulations, such as those administered and enforced by the U.S.
Department of Treasury’s Office of Foreign Assets Control (“OFAC”), the U.S.
5 unchanged sentences
Any violations of these anti-corruption and anti-bribery or economic and trade sanctions and export controls laws and regulations, or even allegations of such violations, can lead to an investigation and/or enforcement action, which could disrupt our operations, may expose us to reputational harm, involve significant management distraction and lead to significant costs and expenses, including legal fees.
−Removed: If we, or our employees, representatives, distributors or agents acting on our behalf, are found to have engaged in practices that violate these laws and regulations, we could suffer severe fines and penalties, profit disgorgement, injunctions on future conduct, securities litigation, bans on transacting government business, delisting from securities exchanges and other consequences that may seriously
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 35
−Removed: harm our business, financial condition and results of operations.
+Added: If we, or our employees, representatives, distributors or agents acting on our behalf, are found to have engaged in practices that violate these laws and regulations, we could suffer severe fines and penalties, profit disgorgement, injunctions on future conduct, securities litigation, bans on transacting government business, delisting from securities exchanges and other consequences that may seriously harm our business, financial condition and results of operations.
In addition, our brand and reputation, our sales activities or our stock price could be adversely affected if we become the subject of any negative publicity related to actual or potential violations of anti-corruption, anti-bribery or trade control laws and regulations.
10 unchanged sentences
Likewise, our independent registered public accounting firm is required to provide an attestation report on the effectiveness of our internal controls over financial reporting in our Annual Reports on Form 10-K.
−Removed: If our management is unable to certify the effectiveness of our internal controls or if our independent registered public accounting firm cannot deliver a report attesting to the effectiveness of our internal controls over financial reporting, or if we identify or fail to remediate material weaknesses in our internal controls, we could be subject to regulatory scrutiny and a loss of public confidence, which could seriously harm our reputation and the market price of our common stock.
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 37
+Added: management is unable to certify the effectiveness of our internal controls or if our independent registered public accounting firm cannot deliver a report attesting to the effectiveness of our internal controls over financial reporting, or if we identify or fail to remediate material weaknesses in our internal controls, we could be subject to regulatory scrutiny and a loss of public confidence, which could seriously harm our reputation and the market price of our common stock.
In addition, if we do not maintain adequate financial and management personnel, processes and controls, we may not be able to manage our business effectively or accurately report our financial performance on a timely basis, which could cause a decline in our common stock price and may seriously harm our business.
1 unchanged sentence
As a public company, we incur significant legal, accounting and other expenses.
−Removed: The Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Nasdaq rules and other applicable securities rules and regulations impose various requirements on public companies.
+Added: The Sarbanes-Oxley Act, the Dodd-Frank Act, Nasdaq rules and other applicable securities rules and regulations impose various requirements on public companies.
Our management and other personnel need to devote a substantial amount of time to compliance with these requirements.
3 unchanged sentences
Our business could be negatively impacted by corporate citizenship and ESG matters and/or our reporting of such matters.
−Removed: Institutional, individual, and other investors, proxy advisory services, regulatory authorities, consumers and other stakeholders are increasingly focused on environmental, social and governance (“ESG”) practices of companies.
−Removed: As we look to respond to evolving standards for identifying, measuring, and reporting ESG metrics, our efforts may result in a significant increase in costs and may nevertheless not meet investor or other stakeholder expectations and evolving standards or regulatory requirements, which may negatively impact our financial results, our reputation, our ability to attract or retain employees, our attractiveness as a service provider, investment, or business partner, or expose us to government enforcement actions, private litigation, and actions by stockholders or stakeholders.
+Added: Institutional, individual, and other investors, proxy advisory services, regulatory authorities, consumers and other stakeholders increasingly have divergent views on environmental, social and governance practices of companies.
+Added: As we look to respond to evolving standards our efforts may result in a significant increase in costs and may nevertheless not meet investor or other stakeholder expectations and evolving standards or regulatory requirements, which may negatively impact our financial results, our reputation, our ability to attract or retain employees, our attractiveness as a service provider, investment, or business partner, or expose us to government enforcement actions, private litigation, and actions by stockholders or stakeholders.
Unresolve d Staff Comments.
Cybersecurity.
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 36
Risk management and strategy
8 unchanged sentences
• the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls;
−Removed: • a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents.
+Added: • a cybersecurity incident response plan that includes procedures for responding to cybersecurity events.
Our work on developing and implementing a process to oversee and identify risks from using third-party service providers, suppliers and vendors who have access to our critical systems and information is ongoing.
+Added: Corsair Gaming, Inc.
+Added: | 2025 Form 10-K | 38
We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.
16 unchanged sentences
and alerts and reports produced by security tools deployed in the IT environment.
−Removed: Corsair Gaming, Inc.
−Removed: | 2024 Form 10-K | 37
Our current principal executive office is located in Milpitas, California and consists of approximately 118,000 square feet of space under a lease that expires in August 2035.
−Removed: We also lease manufacturing and warehousing facilities in Georgia, Florida, Netherlands and Taiwan, as well as properties in various parts of the United States, Europe and Asia for our product development, sales and service support and administrative functions.
+Added: We also lease manufacturing and warehousing facilities in Georgia, Florida, Netherlands, United Kingdom and Taiwan, as well as properties in various parts of the United States, Europe and Asia for our product development, sales and service support and administrative functions.
Our total property leases as of December 31, 2025, which expire at various dates through August 2035, are for an aggregate of approximately 743,000 square feet (including the Milpitas headquarters lease).
−Removed: In addition, we have approximately 327,000 square feet of space dedicated to us in our contracts with various third-party distribution centers in California and China for additional warehouses to store our inventory.
+Added: In addition, we have approximately 375,000 square feet of space dedicated to us in our contracts with various third-party distribution centers in California, Canada and China for additional warehouses to store our inventory.
Both our Gamer and Creator Peripherals segment and Gaming Components and Systems segment utilize substantially each of our leased facilities.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.