CRSR · CIK 0001743759
What Corsair Gaming, Inc. told the SEC could break it.
Corsair's risks concentrate on an Asian supply base. Substantially all of its products and the components for its DRAM modules are made by third parties in China, Taiwan and Southeast Asia, and most of the advanced semiconductors used in gaming PCs are made in Taiwan — concentrating supply in a geopolitically tense, earthquake- and typhoon-prone region, and exposing it to evolving U.S. tariffs, including a new 10% Trade Act tariff on most imports effective February 24, 2026. That supply mix also drives a commodity exposure: DRAM modules were about 32% of 2025 net revenue and their prices move with DRAM integrated-circuit prices, so a decline there would hurt results. On the demand side it is concentrated in a few large retailers — two customers were 42.0% and 14.4% of accounts receivable at year-end 2025.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- China/Taiwan/SE-Asia manufacturing & Taiwan semiconductor concentrationhigh
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.”
Commodity & input dependence
- DRAM modules / DRAM IC prices (32% of revenue)medium
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.”
Customer concentration
- two customers = 42.0% and 14.4% of accounts receivablemedium
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.”
SEC filing →As of 2026
Regulatory & policy
- U.S. import tariffs on Asia-manufactured productsmedium
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.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“We currently ship to 74 countries across six continents, with our products being sold at leading retailers including Amazon, Best Buy and Walmart.”
Cited →“We currently ship to 74 countries across six continents, with our products being sold at leading retailers including Amazon, Best Buy and Walmart.”
Cited →“In 2024 and 2023, sales to Amazon accounted for 30.9% and 30.7% of our net revenue, respectively.”
Cited →
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