Revenue and Top-Line
Q1 revenue of $354.5 million, coming in above the midpoint of guidance.
Record Gross Margin and Gross Profit Growth
Blended gross margin reached a Q1 record of 32.7%; gross profit increased 13% year-over-year to $116.0 million.
Segment Margin Expansion (Gaming Components & Systems)
Gaming Components & Systems gross profit grew 18% YoY to $65.7 million and segment gross margin expanded from 21.7% to 28.4% (670 basis points improvement).
Gamer & Creator Peripherals Growth and Margin
Gamer and Creator Peripherals revenue grew 10% year-over-year; segment gross profit grew 8% to $50.3 million with segment gross margin of 40.8%.
Adjusted EBITDA and EPS Improvement
Adjusted EBITDA was $35.8 million, up 58% year-over-year and 10.1% of revenue; GAAP EPS $0.11 and non-GAAP EPS $0.27 versus a loss in the prior-year period.
Cash Generation, Leverage and Capital Return
Operating cash flow of $29.7 million in Q1; cash and restricted cash rose to $119.7 million (+$20.9 million sequential); net debt reduced to near zero; repurchased ~$5 million of stock under a $50 million authorization.
Mix Shift to Higher-Margin Channels
Direct-to-consumer channel grew to 20% of revenue from 17% a year ago (3 percentage-point mix improvement); Gamer & Creator Peripheral mix rose to 35% of revenue from 30% a year ago, contributing to margin lift.
Product & Ecosystem Momentum
Elgato Marketplace showed double-digit sequential growth in new accounts and digital products; Stream Deck integration expanded across Corsair keyboards, mice and peripherals; new Wave Next audio ecosystem and Fanatec F1 partnership broaden brand reach.