Revenue slipped —
but margins, profit,
and cash all moved
the right way.
An operational turnaround you can see in the numbers.
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✦ The bottom line
Corsair's gross margin jumped 500 basis points to 32%, Adjusted EBITDA grew 58% to $35M, and cash increased — even as revenue dipped. The business got healthier while the top line did not.
↓ the brief below
✦ Teach me
Cents kept per dollar of sales
Of every $1 of revenue, the cents left after the cost of making the gear (before overhead). For a hardware company, even a few cents of margin improvement on a big revenue base means a lot more profit.
Wall Street calls this
Gross margin
Corsair's margin gained *5 cents* per dollar in a year. That alone explains most of the profit jump.
Margin recovery · gross margin
32
%
Gross margin expanded 500 basis points (~5 cents per dollar) — driven by the mix shift to higher-margin peripherals and better cost control.
Five cents of margin on $354M of revenue is meaningful money. Combined with disciplined operating costs, it shows up as a much bigger jump in profitability than the revenue picture suggests. The standard measure investors track is 'adjusted EBITDA' — essentially profit before the accounting noise. It grew sharply.
Profit, growing · Adjusted EBITDA
$35
M
Adjusted EBITDA jumped 58% year over year to $35M — Corsair's second straight quarter of double-digit EBITDA margins.
Profit on paper is one thing; cash in the bank is what keeps the business running. Despite the revenue dip, Corsair generated cash in the quarter — and the balance grew. That's the cleanest sign that the operational improvements are real, not just an accounting story.
Real money · cash generated
$30
M
About $30M of operating cash this quarter, and cash on hand grew $20M sequentially — the books and the bank account agree.
Source · 10-Q · Statements of Cash Flows (net cash from operations) · Q1 2026 · Filed May 7, 2026
✓
Strong
Margins +500bp, EBITDA +58%, cash building — operating discipline showing up in every line.