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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion of our financial condition and results of operations in conjunction with the condensed consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q as well as in conjunction with the Risk Factors set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 25, 2026. The following discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those discussed under the heading “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 and below in Item 3, “Quantitative and Qualitative Disclosures about Market Risk”. Overview We are a leading global provider and innovator of high-performance products for gamers and digital creators, such as streamers, vloggers, broadcasters, and small and medium businesses, many of whom build their own PCs using our components. Our industry-leading gaming products help digital athletes, from casual gamers to committed professionals, perform at their peak across PC or console platforms, and our streaming products enable creators, particularly streamers, to produce studio-quality content to share with friends or to broadcast to millions of fans. Our PC component products offer our customers multiple options to build their customized gaming and workstation desktop PCs including AI workstations and servers. Our solution is the most complete suite of products that address the most critical components for both game performance and streaming. Our product offering is enhanced by our two proprietary software platforms: iCUE and the Elgato streaming suite for content creators, including our Stream Deck control software, which provide unified, intuitive performance, and aesthetic control and customization across our Corsair hardware ecosystem and Elgato streaming products. We also offer digital services to enhance the customer experience by integrating esports, Elgato's marketplace, customer care and extended warranty into our product offerings. We group our products into two categories (operating segments): •Gamer and Creator Peripherals. Includes our high-performance gaming keyboards, mice, headsets, controllers, and streaming products, which include 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. Includes our high-performance power supply units, cooling solutions, computer cases, and DRAM modules, as well as high-end prebuilt and custom-built gaming PCs and laptops, and AI workstations, among others. Summary of Financial Results Our net revenue was $314.3 million and $320.1 million for the three months ended June 30, 2026 and 2025, respectively. Our gross margin was 33.2% and 26.8% for the three months ended June 30, 2026 and 2025, respectively. We had net income of $9.1 million and net loss of $20.3 million for the three months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had cash and restricted cash, in the aggregate of $193.9 million and the principal balance outstanding on our June 2030 Term Loan was $118.8 million. Cash generated from operations was $104.6 million and $48.9 million for the six months ended June 30, 2026 and 2025, respectively. Key Factors Affecting Our Business Our results of operations and financial condition are affected by numerous factors, including those discussed under the heading “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, as well as those described below. Impact of Macroeconomic Conditions Our business and financial performance depend significantly on worldwide economic conditions. We continue to face global macroeconomic challenges, including evolving dynamics in the global trade environment, changes in laws or policies governing foreign trade, in particular tariffs, trade restrictions or taxes on imports or exports from or to countries Corsair Gaming, Inc. | Q2 2026 Form 10-Q | 21 Table of Contents where we manufacture or sell our products, inflationary trends, uncertainty in key financial markets, and volatility in exchange rates. Ongoing geopolitical developments, including conflicts and tensions in the Middle East, Ukraine, the Red Sea region, and between China and Taiwan, have contributed to volatility in global energy prices, transportation costs, and supply chains. These developments may increase our freight, logistics, and other input costs, and may affect consumer spending due to broader economic uncertainty. We continue to monitor these situations and implement mitigation actions; however, their duration, severity, and broader economic consequences remain uncertain. Since February 2025, the U.S. government has proposed and, in certain cases, implemented new, substantial tariffs on imports to the United States from various countries, including Taiwan, China, and Vietnam, where we manufacture or source our products. Following a February 2026 U.S. Supreme Court ruling invalidating certain tariffs previously imposed under the International Emergency Economic Powers Act (IEEPA) and a subsequent order by the Court of International Trade establishing a refund claims process, we submitted refund claims in April 2026 and have since received and recognized substantially all of the associated refunds totalling $18.1 million including interest earned, of which approximately $15.6 million was recorded as a reduction to cost of goods sold during the second quarter of 2026. Separately, the U.S. federal government has introduced additional trade measures and investigations resulting in new tariffs. While we have taken mitigating actions, including shifting production across jurisdictions, the extent to which these actions will offset the impact of ongoing trade and tariff developments remains uncertain. We also experience seasonality in the sale of our products, which may be affected by general economic conditions. The extent of the impact of macroeconomic conditions and geopolitical tensions on our business, sales, results of operations, cash flows and financial condition will depend on future developments, which are not within our control and are highly uncertain and cannot be predicted. We will continue to evaluate these risks and uncertainties and further our mitigation plans. We are exposed to fluctuations in foreign currency exchange rates. As a result of our foreign sales and operations, we have revenue, payroll and other operating expenses denominated in foreign currencies, in particular the Euro, British Pound, Taiwan Dollar, and Chinese Yuan. Unfavorable movement in the exchange rate between the U.S. dollar and the currencies we conduct sales or operate in may negatively impact our financial results. Impact of Industry Trends Our results of operations and financial condition are impacted by industry trends in the gaming market, including: •Increasing gamer and creators engagement. We believe that gaming’s increasing time share of global entertainment consumption will drive continued growth in spending on both games and gaming products. Gaming continues to become increasingly social, as streaming viewership becomes more widely adopted along with increasing numbers of content creators. More members of the younger generation are gamers and spend more time on gaming related activities than older generations. We believe these trends will over time bring more gamers and creators to purchase dedicated hardware and help grow the market for peripheral products. The growth of these markets will not be linear, as these markets are impacted by macroeconomic and consumer confidence, amongst other conditions. Our Gaming Components and Systems segment makes components used for self-built PCs and full gaming systems. The self-built PC market is heavily influenced by the timing of release of new game titles and next-generation CPUs and GPUs, as discussed in the bullet below. In our Gamer and Creator Peripherals segment, we expect continued contribution from our Fanatec product portfolio, which broadens our sim racing offerings and complements our broader ecosystem of gaming and streaming products. On August 3, 2026, we acquired substantially all of the assets of Trak Racer, which designs, manufactures, distributes and sells racing, flight, motorcycle and other simulation cockpits, chassis, rigs and related peripherals and accessories, pursuant to an asset purchase agreement. The acquisition expands our sim racing product offerings and provides us with immediate access to a larger addressable market. Trak Racer will operate as a sub-brand under Fanatec. In addition, we acquired a minority interest in Bitfocus AS, a Norwegian software company specializing in production automation and control software for streaming, broadcast, and live event workflows. This investment supports our strategy of deepening the integration between our hardware and software ecosystem, including through planned integration with our Stream Deck platform, and provides us with exposure to the broader professional streaming and content creation software market. See Note 14, Subsequent Events, for additional details. •Introduction of new high-performance computing hardware and sophisticated games. We believe that the introduction of more powerful CPUs and GPUs that place increased demands on other system components, such as memory, power supply units or cooling, has a significant effect on increasing the demand for our products. In addition, we believe that the introduction and success of games with sophisticated graphics that place increasing demands on system processing speed and capacity and therefore require more powerful Corsair Gaming, Inc. | Q2 2026 Form 10-Q | 22 Table of Contents CPUs or GPUs, drives demand for our high-performance gaming components and systems, such as power supply units and cooling solutions, and our gaming PC memory. Because our product portfolio is purpose-built to support high-performance CPUs and GPUs through advanced cooling and power delivery solutions, we believe we are well positioned to benefit from this ongoing market evolution toward more demanding computing and gaming workloads. Demand for our product and our operating results may be affected by the timing and pace of new CPU and GPU launches, as well as the introduction and adoption of new game titles that require higher levels of system performance. For example, following the early 2025 launch of the latest generation of GPUs, we experienced a period of elevated demand as enthusiasts upgraded their systems to support new architectures. In 2026, we expect demand to reflect mid-cycle conditions, as the market anticipates potential hardware refreshes and major software titles scheduled for release in late 2026 and 2027. However, the timing and market acceptance of these new products, as well as the ongoing impact of component costs on hardware affordability, may continue to influence the rate of consumer upgrades. •Global semiconductor shortage. We continue to observe significant constraints in the global supply of semiconductors, particularly memory components, driven in part by demand associated with the buildout of AI infrastructure, which are materially impacting the broader hardware market. These dynamics have resulted in a substantial increase in memory prices. We are both a seller of memory products and a purchaser of memory and other components from third-party suppliers. As a result, elevated pricing benefits net sales and margin on the memory products we sell, while also increasing our cost of components across our broader product offerings. In addition, elevated component costs have made it more difficult for cost-sensitive consumers to upgrade or build new systems, which we believe is negatively affecting overall demand within our Gaming Components and Systems segment. Our core market position remains centered on the enthusiast-level PC builder, a demographic that has historically demonstrated less price sensitivity than the broader market, which we believe partially mitigates this impact. Additionally, we believe these supply dynamics are occurring alongside a shift in the workstation market driven by the expanded implementation of AI. As the costs of running critical business tasks on public cloud-based Large Language Models (“LLMs”) increase, there is growing demand to operate local LLMs on private workstation hardware. We believe we are well positioned to address this emerging trend by delivering high-performance memory components and fully integrated, purpose-built systems necessary to support local AI processing workloads. For example, in May 2026, we launched CORSAIR PRO, a new portfolio of AI workstations and servers designed to support AI development, fine-tuning, inference, and deployment workloads. Impact of Customer Concentration and Shipping Costs We operate a global sales network that consists primarily of retailers (including e-retailers), as well as distributors, which we use to access certain retailers. Further, a limited number of retailers and distributors represent a significant portion of our net revenue, with e-retailer Amazon accounting for 25.7% and 29.2% of our net revenue for the six months ended June 30, 2026 and 2025, respectively, and sales to our ten largest customers accounting for approximately 47.9% and 50.7% of our net revenue for the six months ended June 30, 2026 and 2025, respectively. Our customers, including Amazon, typically do not enter into long-term agreements to purchase our products but instead enter into purchase orders with us. As a result of this concentration of revenue and the lack of long-term agreements with our customers, a primary driver of our net revenue and operating performance is maintaining good relationships with these retailers and distributors. To help maintain good relationships, we implement initiatives such as our updated packaging design which helps e-retailers such as Amazon process our packages more efficiently. Further, given our global operations, a significant percentage of our expenses relate to shipping costs. Our ability to effectively optimize these shipping costs, for example utilizing expensive shipping options such as air freight for smaller packages and more urgent deliveries and more cost-efficient options, such as ground or ocean freight, for other shipments, has an impact on our expenses and results of operations. Impact of New Product Introductions Gamers demand new technology and product features, and we expect our ability to accurately anticipate and meet these demands will be one of the main drivers for any future sales growth and market share expansion. We believe our net revenue for 2025 and for the six months ended June 30, 2026 was favorably impacted by the release of 105 and 45 new products, respectively. While we intend to continue to develop and release new products, there can be no assurance that our new product introductions will have a favorable impact on our operating results or that customers will choose our new products over those of our competitors. Impact of Seasonal Sales Trends 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. Our net revenue has generally been lower in the first half of the year Corsair Gaming, Inc. | Q2 2026 Form 10-Q | 23 Table of Contents 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. 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. 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. As a consequence of seasonality, our net revenue for the second calendar quarter is generally the lowest of the year. Historical seasonal patterns may not continue in the future and may be further impacted in the future 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. Impact of Product Mix Our Gamer and Creator Peripherals segment has a higher gross margin than our Gaming Components and Systems segment. As a result, our overall gross margin is affected by changes in product mix. External factors can have an impact on our product mix, such as popular game releases that can increase sales of peripherals and availability of new CPUs and GPUs that can impact component sales. In addition, within our Gamer and Creator Peripherals and Gaming Components and Systems segments, gross margin varies between products, and significant shifts in product mix within either segment may also significantly impact our overall gross margin. Impact of Fluctuations in Integrated Circuits Pricing Integrated circuits (“ICs”) account for most of the cost of producing our high-performance memory products. IC prices are subject to pricing fluctuations, which can affect the average sales prices of memory modules, and thus impact our net revenue, and can have an effect on gross margins. The impact on net revenue can be significant as our high-performance memory products, included within our Gaming Components and Systems segment, represent a significant portion of our net revenue. Results of Operations The following tables set forth the components of our condensed consolidated statements of operations, in dollars (thousands) and as a percentage of total net revenue, for each of the periods presented. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net revenue $ 314,335 $ 320,112 $ 668,847 $ 689,862 Cost of revenue 210,047 234,241 448,530 501,629 Gross profit 104,288 85,871 220,317 188,233 Operating expenses: Sales, general and administrative 81,233 85,280 166,221 172,272 Product development 15,447 17,514 32,692 35,147 Total operating expenses 96,680 102,794 198,913 207,419 Operating income (loss) 7,608 (16,923 ) 21,404 (19,186 ) Other (expense) income: Interest expense (1,674 ) (2,476 ) (3,365 ) (5,152 ) Interest income 1,404 580 1,825 1,210 Other (expense) income, net 1,781 (1,856 ) 2,155 (5,803 ) Total other expense (income), net 1,511 (3,752 ) 615 (9,745 ) Income (loss) before income taxes 9,119 (20,675 ) 22,019 (28,931 ) Income tax benefit (expense) 30 369 187 (1,692 ) Net income (loss) 9,149 (20,306 ) 22,206 (30,623 ) Less: Net income attributable to noncontrolling interest 306 556 579 698 Net income (loss) attributable to Corsair Gaming, Inc. $ 8,843 $ (20,862 ) $ 21,627 $ (31,321 ) Corsair Gaming, Inc. | Q2 2026 Form 10-Q | 24 Table of Contents Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net revenue 100.0 % 100.0 % 100.0 % 100.0 % Cost of revenue 66.8 73.2 67.1 72.7 Gross profit 33.2 26.8 32.9 27.3 Operating expenses: Sales, general and administrative 25.8 26.6 24.9 25.0 Product development 4.8 5.5 4.9 5.1 Total operating expenses 30.6 32.1 29.8 30.1 Operating income (loss) 2.6 (5.3 ) 3.1 (2.8 ) Other (expense) income: Interest expense (0.5 ) (0.8 ) (0.5 ) (0.7 ) Interest income 0.4 0.2 0.3 0.2 Other (expense) income, net 0.6 (0.5 ) 0.3 (0.8 ) Total other expense (income), net 0.5 (1.1 ) 0.1 (1.3 ) Income (loss) before income taxes 3.1 (6.4 ) 3.2 (4.1 ) Income tax benefit (expense) — 0.1 — (0.2 ) Net income (loss) 3.1 (6.3 ) 3.2 (4.3 ) Less: Net income attributable to noncontrolling interest — 0.2 0.1 0.1 Net income (loss) attributable to Corsair Gaming, Inc. 3.1 % (6.5 )% 3.1 % (4.4 )% Net Revenue Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) Net revenue $ 314,335 $ 320,112 $ 668,847 $ 689,862 Net revenue decreased by 1.8% and 3.0% for the three and six months ended June 30, 2026, respectively, as compared to the same periods last year. The decrease in net revenue in the three-month period was due to an 8.7% decrease in sales for our Gaming Components and Systems segment, partially offset by a 12.9% increase in sales for our Gamer and Creator Peripherals segment. The decrease in net revenue in the six-month period was due to a 9.6% decrease in sales for our Gaming Components and Systems segment, partially offset by a 11.5% increase in sales for our Gamer and Creator Peripherals segment. For further discussions specific to our Gaming Components and Systems and Gamer and Creator Peripherals segments, refer to “Segment Results” section below. Gross Profit and Gross Margin Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands, except percentages) Gross profit $ 104,288 $ 85,871 $ 220,317 $ 188,233 Gross margin 33.2 % 26.8 % 32.9 % 27.3 % Gross margin increased by 640 bps for the three months ended June 30, 2026 as compared to the same period last year. The increase was primarily attributable to a 480 bps benefit from lower tariff costs including refund of duties previously paid under tariffs imposed pursuant to the International Emergency Economic Powers Act (IEEPA), a 120 bps decrease in freight costs, a 115 bps improvement from favorable product mix, and a 60 bps decrease in promotional costs. Corsair Gaming, Inc. | Q2 2026 Form 10-Q | 25 Table of Contents These increases were partially offset by a 105 bps decrease from higher excess and obsolete inventory provisions and lower inventory absorption. Gross margin increased by 560 bps for the six months ended June 30, 2026 as compared to the same period last year. The increase was primarily attributable to a 365 bps improvement from favorable product mix, a 165 bps benefit from lower tariff costs including refund of duties previously paid under tariffs imposed pursuant to IEEPA, a 75 bps decrease in freight costs, and a 45 bps decrease in promotional costs. These increases were partially offset by a 90 bps decrease from higher excess and obsolete inventory provisions and lower inventory absorption. For further discussions specific to our Gaming Components and Systems and Gamer and Creator Peripherals segments, refer to the “Segment Results” section below. Sales, General and Administrative (SG&A) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) Sales, general and administrative $ 81,233 $ 85,280 $ 166,221 $ 172,272 SG&A expenses decreased by $4.0 million, or 4.7%, for the three months ended June 30, 2026 as compared to the same period last year primarily due to a $3.4 million decrease in stock-based compensation expense, a $3.2 million decrease in distribution costs, and a $1.4 million decrease in the provision for doubtful accounts. These decreases were partially offset by a $2.8 million increase in personnel-related costs and a $0.9 million increase in facilities and maintenance expense. SG&A expenses decreased by $6.1 million, or 3.5%, for the six months ended June 30, 2026 as compared to the same period last year, primarily due to a $6.1 million decrease in distribution costs, a $5.8 million decrease in stock-based compensation expense, and a $2.8 million decrease in the provision for doubtful accounts. These decreases were partially offset by a $6.1 million increase in personnel-related costs, a $1.4 million increase in facilities and maintenance expense, and a $0.7 million increase in marketing and advertising costs. Product Development Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) Product development $ 15,447 $ 17,514 $ 32,692 $ 35,147 Product development expenses decreased by $2.1 million, or 11.8%, for the three months ended June 30, 2026 as compared to the same period last year, primarily due to a $1.5 million decrease in consultant and contractor costs, a $0.8 million decrease in intangible amortization expense and a $0.4 million decrease in project material costs. These decreases were partially offset by a $0.9 million increase in personnel-related costs. Product development expenses decreased by $2.5 million, or 7.0%, for the six months ended June 30, 2026 as compared to the same period last year, primarily due to a $2.6 million decrease in consultant and contractor costs, a $1.5 million decrease in intangible amortization expense, and a $0.6 million decrease in project materials costs. These decreases were partially offset by a $2.2 million increase in personnel-related costs and a $0.5 million increase in restructuring costs. Interest expense, Interest income and Other (expense) income, net Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) Interest expense $ (1,674 ) $ (2,476 ) $ (3,365 ) $ (5,152 ) Interest income 1,404 580 1,825 1,210 Other (expense) income, net 1,781 (1,856 ) 2,155 (5,803 ) Interest expense decreased by 32.4% and 34.7% for the three and six months ended June 30, 2026, respectively, as compared to the same periods last year, primarily due to a lower principal balance on our term loans combined with lower interest rates. Corsair Gaming, Inc. | Q2 2026 Form 10-Q | 26 Table of Contents Interest income increased by 142.1% and 50.8% for the three and six months ended June 30, 2026, respectively, as compared to the same periods last year, primarily due to $0.6 million of interest income recognized in the second quarter of 2026 in connection with a refund of duties previously paid under the tariffs imposed pursuant to IEEPA, which the U.S. Supreme Court ruled invalid in February 2026. Other (expense) income, net for the three months ended June 30, 2026 and 2025 was primarily comprised of foreign exchange gains and losses on cash, accounts receivable, and intercompany balances denominated in currencies other than the functional currencies of our subsidiaries, and other non-operating income. Other (expense) income, net for the six months ended June 30, 2026 was primarily comprised of foreign exchange gains and losses on cash, accounts receivable, and intercompany balances denominated in currencies other than the functional currencies of our subsidiaries, and other non-operating income. In addition, other (expense) income, net for the six months ended June 30, 2025 included a $2.6 million reversal of a bargain purchase gain from the Fanatec Acquisition that was recognized in the prior year. Our foreign currency exposure was primarily driven by fluctuations in the foreign currency exchange rates of the Euro, British Pound, and Taiwan Dollar. Income tax benefit (expense) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands, except percentages) Income (loss) before income taxes $ 9,119 $ (20,675 ) $ 22,019 $ (28,931 ) Income tax benefit (expense) 30 369 187 (1,692 ) Effective tax rate 0.3 % 1.8 % 0.8 % (5.8 )% We are subject to income taxes in the United States and foreign jurisdictions in which we do business. These foreign jurisdictions have statutory tax rates different from those in the United States. Accordingly, our effective tax rates will vary depending on the relative proportion of foreign to U.S. income, the utilization of net operating loss and tax credit carry forwards, changes in geographic mix of income and expense, changes in management’s assessment of matters such as the ability to realize deferred tax assets, and changes in tax laws. Because the Company is unable to make a reliable estimate of its annual effective tax rate given the non-recurring nature of certain items affecting operating results in 2026, income tax expense for the three and six months ended June 30, 2026 was computed using the actual year-to-date effective tax rate method, rather than the estimated annual effective tax rate method, adjusted for discrete items. Our effective tax rates were tax benefit of 0.3% and 1.8% for the three months ended June 30, 2026 and 2025, respectively. The change in our effective tax rate for the three months ended June 30, 2026, compared to the prior year period, was primarily driven by changes in the geographic mix of income and losses across jurisdictions, partially offset by the release of a FIN 48 reserve upon the conclusion of our Netherlands income tax audit. Our effective tax rates were tax benefit and expense of 0.8% and (5.8)% for the six months ended June 30, 2026 and 2025, respectively. Our effective tax rate in both periods reflects the continued application of a full valuation allowance against our U.S. federal and state deferred tax assets, which limits the extent to which U.S. pre-tax results affect our consolidated provision. The change in our effective tax rate for the six months ended June 30, 2026, was primarily due to discrete tax benefits recognized upon the favorable resolution of a tax audit in the Netherlands and the transfer of intellectual property from the United Kingdom to the United States, partially offset by increased tax expense from shifting from a consolidated pre-tax loss in the prior-year period to consolidated pre-tax income in the current period. Corsair Gaming, Inc. | Q2 2026 Form 10-Q | 27 Table of Contents Segment Results Segment Net Revenue The following table sets forth our net revenue by segment expressed both in dollars (thousands) and as a percentage of net revenue: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Gamer and Creator Peripherals Segment $ 115,884 36.9 % $ 102,642 32.1 % $ 239,194 35.8 % $ 214,615 31.1 % Gaming Components and Systems Segment Memory Products 123,014 39.1 104,973 32.8 272,575 40.8 246,063 35.7 Other Component Products 75,437 24.0 112,497 35.1 157,078 23.4 229,184 33.2 198,451 63.1 217,470 67.9 429,653 64.2 475,247 68.9 Total Net Revenue $ 314,335 100.0 % $ 320,112 100.0 % $ 668,847 100.0 % $ 689,862 100.0 % Gamer and Creator Peripherals Segment Net revenue of the Gamer and Creator Peripherals segment increased by 12.9% and 11.5%, respectively, for the three and six months ended June 30, 2026 as compared to the same periods last year. The increase was primarily driven by higher sales within our peripherals, streaming and sim racing categories as a result of new product introductions and channel expansion. Gaming Components and Systems Segment Net revenue of the Gaming Components and Systems segment decreased by 8.7% and 9.6%, respectively, for the three and six months ended June 30, 2026 as compared to the same periods last year. The decrease was primarily driven by softer demand in the self-built PC market, reflecting the lack of a significant GPU-driven upgrade cycle and elevated memory pricing, partially offset by growth in demand for memory and systems products. Segment Gross Profit and Gross Margin The following table sets forth our gross profit expressed in dollars (thousands) and gross margin (which we define as gross profit as a percentage of net revenue) by segment: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Gamer and Creator Peripherals Segment $ 52,044 44.9 % $ 41,089 40.0 % $ 102,334 42.8 % $ 87,503 40.8 % Gaming Components and Systems Segment Memory Products 28,732 23.4 16,327 15.6 75,702 27.8 40,170 16.3 Other Component Products 23,512 31.2 28,455 25.3 42,281 26.9 60,560 26.4 52,244 26.3 44,782 20.6 117,983 27.5 100,730 21.2 Total Gross Profit $ 104,288 33.2 % $ 85,871 26.8 % $ 220,317 32.9 % $ 188,233 27.3 % Gamer and Creator Peripherals Segment The gross margin of the Gamer and Creator Peripherals segment increased by 490 bps for the three months ended June 30, 2026 as compared to the same period last year. The increase was primarily attributable to a 595 bps benefit from lower tariff costs, reflecting a refund of duties paid under tariffs imposed pursuant to the IEEPA and a 115 bps decrease in promotional costs. These increases were partially offset by a 125 bps decrease from higher excess and obsolete inventory provision as compared to the prior year period, a 70 bps decrease from higher licensing costs, and a 70 bps decrease from higher costs to process and rework inventory returns. The gross margin of the Gamer and Creator Peripherals segment increased by 200 bps for the six months ended June 30, 2026 as compared to the same period last year. The increase was primarily attributable to a 200 bps benefit from lower tariff costs related to the IEEPA tariff refund, and a 185 bps improvement from favorable product mix. These increases were partially offset by a 125 bps decrease from lower royalty income, a 35 bps decrease from lower inventory absorption, and a 30 bps decrease from higher freight costs. Corsair Gaming, Inc. | Q2 2026 Form 10-Q | 28 Table of Contents Gaming Components and Systems Segment The gross margin of the Gaming Components and Systems segment increased by 570 bps for the three months ended June 30, 2026 as compared to the same period last year. The increase was primarily attributable to a 405 bps benefit from lower tariff costs, reflecting a refund of duties paid under tariffs imposed pursuant to the IEEPA, a 180 bps decrease in freight costs, a 75 bps decrease in costs to process and rework inventory returns and warranty costs, and a 70 bps improvement from favorable product mix. These increases were partially offset by a 150 bps decrease from lower inventory absorption and higher product costs. The gross margin of the Gaming Components and Systems segment increased by 630 bps for the six months ended June 30, 2026 as compared to the same period last year. The increase was primarily attributable to a 295 bps improvement from favorable product mix, a 150 bps benefit from lower tariff costs related to the IEEPA tariff refund, a 140 bps decrease in freight costs, and a 120 bps decrease in promotional costs. These increases were partially offset by a 75 bps decrease from lower inventory absorption. Liquidity and Capital Resources Overview We have financed our operations and acquisitions through cash from operations, and when necessary, through debt facilities and issuance of equity securities. As of June 30, 2026, our principal sources of liquidity were cash and restricted cash, in aggregate of $193.9 million, and our borrowing capacity under the June 2030 Revolving Facility (as defined under “Capital Resources” below) of $99.6 million. Our principal uses of cash generally include purchases of inventory, payroll and other operating expenses related to the development and marketing of our products, capital expenditures, repayments of debt and related interest, income tax payments, share repurchases, future investments in business and technology, and selective mergers and acquisitions. We believe that the anticipated cash flows from operations based on our current business outlook, combined with our current levels of cash balances at June 30, 2026, supplemented with the borrowing capacity under our June 2030 Revolving Facility, if and as needed, will be sufficient to fund our principal uses of cash for at least the next twelve months. In the longer term, liquidity will depend to a great extent on our future revenues and our ability to appropriately manage our costs based on the demand for our products. We may require additional funding and need or choose to raise the required funds through borrowings or public or private sales of debt or equity securities. The sale of additional equity would result in additional dilution to our stockholders. The incurrence of debt financing would result in debt service obligations and the instruments governing such debt could require operating and financial covenants that would restrict our operations. There can be no assurance that any such equity or debt financing will be available on favorable terms, or at all. Cash Flows The following table summarizes our cash flows for the periods presented (in thousands): Six Months Ended June 30, 2026 2025 Net cash provided by (used in): Operating activities $ 104,566 $ 48,943 Investing activities (6,440 ) (5,785 ) Financing activities (2,592 ) (47,033 ) Cash Flows from Operating Activities Net cash provided by operating activities for the six months ended June 30, 2026 was $104.6 million and consisted of net income of $22.2 million, adjusted for non-cash items of $33.6 million and a net cash inflow of $48.8 million from changes in our net operating assets and liabilities. The non-cash adjustments primarily consisted of $18.6 million of amortization of intangibles, $12.6 million of stock-based compensation expense, and $7.2 million of depreciation, partially offset by a $6.4 million net deferred tax benefit. The net cash inflow from changes in our net operating assets and liabilities was primarily related to a $73.1 million decrease in accounts receivable and a $38.9 million decrease in inventories, partially offset by a $33.7 million decrease in accounts payable due to lower inventory purchases, the timing of vendor payments and mix of vendor terms, and a $29.5 million decrease in other liabilities and accrued expenses. Net cash provided by operating activities for the six months ended June 30, 2025 was $48.9 million and consisted of non-cash adjustments of $49.4 million, a net cash inflow of $30.1 million from changes in our net operating assets and liabilities, partially offset by a net loss of $30.6 million. The non-cash adjustments primarily consisted of amortization of Corsair Gaming, Inc. | Q2 2026 Form 10-Q | 29 Table of Contents intangibles, depreciation, stock-based compensation expense, and the reversal of the Fanatec Acquisition bargain purchase gain previously recognized in the year ended December 31, 2024. The net cash inflow from changes in our net operating assets and liabilities was primarily related to an increase in accounts payable due to timing of payments and higher inventory purchases, as well as a decrease in accounts receivable due to timing of collections, partially offset by cash outflows from an increase in inventories as we stocked up inventory in the United States in anticipation of tariffs, as well as a decrease in other liabilities and accrued expenses primarily due to a reduction in the accruals needed for customer incentives programs and sales returns with lower revenues in the quarter ended June 30, 2025 as compared to the quarter ended December 31, 2024. Cash Flows from Investing Activities Cash used in investing activities was $6.4 million for the six months ended June 30, 2026 for capital expenditures. Cash used in investing activities was $5.8 million for the six months ended June 30, 2025 for capital expenditures. Cash Flows from Financing Activities Cash used in financing activities was $2.6 million for the six months ended June 30, 2026 and consisted of $3.1 million repayment of debt and debt issuance costs, $5.0 million of repurchases of common stock, $0.8 million payment of taxes related to net share settlement of equity awards, and $0.2 million payment of dividends to noncontrolling interest, partially offset by $6.5 million proceeds received from the issuance of shares through employee equity incentive plans. Cash used in financing activities was $47.0 million for the six months ended June 30, 2025 and consisted of $49.0 million repayment of debt, $1.0 million payment of taxes related to net share settlement of equity awards, and $0.5 million payment of dividends to noncontrolling interest, partially offset by $3.4 million proceeds received from the issuance of shares through the employee equity incentive plans. Capital Resources On June 30, 2025, we entered into an Amended and Restated Credit Agreement (the “Amended and Restated Credit Agreement”) with Bank of America, N.A. (“BofA”) to refinance our prior first lien credit and guaranty agreement with BofA, entered into on September 3, 2021. The Amended and Restated Credit Agreement provides for total commitments of $225.0 million, consisting of a $100.0 million five-year revolving credit facility maturing on June 30, 2030 (the “June 2030 Revolving Facility”) and a $125.0 million five-year term loan facility maturing on June 30, 2030 (the “June 2030 Term Loan”). The Amended and Restated Credit Agreement also permits, subject to conditions stated therein, additional incremental facilities in a maximum aggregate principal amount not to exceed $125.0 million. The Amended and Restated Credit Agreement has a variable rate structure. According to the provisions of the Amended and Restated Credit Agreement, the June 2030 Term Loan and June 2030 Revolving Facility each bears interest at our election, at either (a) term Secured Overnight Financing Rate (“SOFR”) plus a percentage spread (ranging from 1.50% to 2.50%) based on our total net leverage ratio or (b) the base rate (as described in the Amended and Restated Credit Agreement as the greatest of (i) Bank of America’s prime rate, (ii) the federal funds rate plus 0.50% and (iii) one-month term SOFR plus 1.0%) plus a percentage spread (ranging from 0.50% to 1.50%) based on the total net leverage ratio. Share Repurchase Program On January 30, 2026, the Board of Directors authorized us to repurchase up to $50 million of our outstanding shares of common stock representing our first repurchase authorization. The repurchase program was effective immediately, does not have an expiration date and is subject to market conditions, applicable laws and regulatory guidelines. The timing and amount of any repurchases will depend on a variety of factors, and the program may be suspended or discontinued at any time and without prior notice. There were no share repurchases for the three months ended June 30, 2026. As of June 30, 2026, approximately $45.0 million remained available under this program. Corsair Gaming, Inc. | Q2 2026 Form 10-Q | 30 Table of Contents Contractual Cash and Other Obligations The following table summarizes our contractual cash and other obligations as of June 30, 2026 (in thousands): Payments Due by Period Total Less than 1 Year 1-3 Years 3-5 Years More than 5 Years Debt principal and interest payments (1) $ 141,999 $ 12,672 $ 24,119 $ 105,208 $ — Inventory-related purchase obligations (2) 85,476 85,476 — — — Operating lease obligations (3) 82,025 17,639 21,715 15,099 27,572 Other purchase obligations (4) 11,050 9,402 1,509 139 — Total $ 320,550 $ 125,189 $ 47,343 $ 120,446 $ 27,572 (1)Amounts represent the principal cash payments as of June 30, 2026 of our June 2030 Term Loan based on the repayment schedule according to the Amended and Restated Credit Agreement and the expected interest payments associated with the June 2030 Term Loan. See Note 6, “Debt” to our condensed consolidated financial statements for more information. (2)Amounts represent an estimate of purchase obligations related to inventory. (3)Amounts represent contractual obligations from our operating leases for offices and warehouse spaces. (4)Amounts represent non-cancelable obligations related to capital expenditures, software licenses, marketing and other activities. As of June 30, 2026, we had $1.2 million in non-current income tax payable, including interest and penalties, related to our income tax liability for uncertain tax positions. At this time, we are unable to make a reasonably reliable estimate of the timing of payments in individual years in connection with these tax liabilities; therefore, such amounts are not included in the contractual cash obligation table above. Critical Accounting Policies and Estimates A critical accounting policy is defined as one that has both a material impact on our financial condition and results of operations and requires us to make difficult, complex and/or subjective judgments, often as a result of the need to make estimates about matters that are inherently uncertain. Our condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which requires us to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the condensed consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting periods. Our estimates are based on our historical experience and on various other factors that we believe to be applicable and evaluate them on an ongoing basis to ensure they remain reasonable under current conditions. Actual results may differ significantly from those estimates, which could have a material impact on our business, results of operations, and financial condition. There have been no material changes to our critical accounting policies and estimates during the six months ended June 30, 2026 as compared to the critical accounting policies and estimates described in our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 25, 2026. Recent Accounting Pronouncements Refer to Note 2 to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for recent accounting pronouncements adopted and to be adopted. Corsair Gaming, Inc. | Q2 2026 Form 10-Q | 31 Table of Contents