What Corsair Gaming, Inc. told the SEC could break it.

Substantially all Corsair products and DRAM components are made by third parties in China, Taiwan and Southeast Asia (plus Corsair's own Taiwan facility), and most advanced semiconductors used in gaming PCs are made in Taiwan — concentrating supply in a geopolitically tense, earthquake/typhoon-prone region.

“All of the other products we sell, including the components used to assemble our DRAM modules, are produced at factories operated by third parties located in China, Taiwan and countries in Southeast Asia. Further, a majority of the world's semiconductors, in particular the advanced ones often used in gaming PCs are manufactured in Taiwan. 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.”

DRAM modules were ~32% of 2025 net revenue, and their selling prices move with market prices of DRAM integrated circuits — so a decline in DRAM IC prices (or supply shifts) would materially harm Corsair's results.

“Net revenue generated by sales of DRAM modules accounted for a total of 32.3% and 29.2% of our net revenue for the years ended December 31, 2025 and 2024, respectively. As a result, any significant decrease in average selling prices of our DRAM modules, whether as a result of declining market prices of DRAM ICs or for any other reason, would seriously harm our business.”

Sales are concentrated in a few large retail customers — two customers represented 42.0% and 14.4% of accounts receivable at year-end 2025 — and a top customer represented roughly 27-31% of net revenue, concentrating revenue and credit risk.

“As of December 31, 2025, two customers represented 42.0 % and 14.4 % of our accounts receivable, net balance, respectively.”

Because substantially all products are made in Asia, Corsair is exposed to evolving U.S. tariffs — including a new 10% Trade-Act tariff on most imports effective Feb 24, 2026 — and potential Chinese retaliation, raising costs.

“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.”