美商海盜船 (CRSR) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to Corsair Gaming's first quarter 2026 earnings conference call. As a reminder, today's call is being recorded, and your participation implies consent to such recordings.

下午好，歡迎參加海盜船遊戲（Corsair Gaming）2026 年第一季財報電話會議。提醒各位，今天的電話會議將被錄音，您的參與即表示同意進行此類錄音。

With that, I would like to turn it over to David Pasquale with Investor Relations. Please proceed.

接下來，我想把電話交給投資人關係部的 David Pasquale。請開始。

Thank you, operator. Good afternoon, everyone, and thank you for joining us today. With me on the call are Thi La, our Chief Executive Officer and Gordon Mattingly, our Chief Financial Officer. Before we begin, I'd like to remind you that today's discussion contains forward-looking statements, including but not limited to our guidance for the second quarter of 2026 and other statements that are not historical in nature, are predictive in nature or depend upon or refer to future events or conditions.

謝謝，接線員。各位下午好，感謝大家今天加入我們。與我一同出席電話會議的有我們的執行長 Thi La，以及財務長 Gordon Mattingly。在開始之前，我想提醒各位，今天的討論包含前瞻性陳述，包括但不限於我們對 2026 年第二季的指引，以及其他非歷史性質、具有預測性或取決於／提及未來事件或狀況的陳述。

These forward-looking statements. Are based on our current assumptions and expectations. Actual results could differ materially. Please refer to the risk factors in our most recent annual report on Form 10-K filed with the SEC, as well as today's earnings press release for a full discussion of the factors that could cause our actual results to differ.

這些前瞻性陳述。係基於我們目前的假設與預期。實際結果可能會有重大差異。請參閱我們最近向美國證券交易委員會（SEC）提交的 Form 10-K 年度報告中的風險因素，以及今天的財報新聞稿，以完整了解可能導致實際結果不同的因素。

We undertake no obligation to update these forward-looking statements. Additionally, we will discuss certain non-GAAP financial measures today. Definitions and reconciliations to the most comparable GAAP measures are included in our earnings press release and the investor presentation posted to our Investor Relations website at ir.corsair.com.

我們不承擔更新這些前瞻性陳述的義務。此外，我們今天將討論若干非 GAAP 財務衡量指標。其定義以及與最可比 GAAP 指標的調節表，已包含於我們的財報新聞稿與投資人簡報中，並已發布於我們的投資人關係網站 ir.corsair.com。

With that, I'd like to turn the call over to our CEO, Thi La. Please go ahead, Thi.

接下來，我想把電話交給我們的執行長 Thi La。Thi，請開始。

Thank you, David, and good afternoon, everyone. We delivered a strong start to 2026. This quarter reflects real progress in the transformation of this business, and I will frame what the results show before Gordon takes you through the details.

謝謝你，David，各位下午好。我們在 2026 年取得了強勁的開局。本季反映出公司轉型的實質進展；在 Gordon 帶各位深入細節之前，我會先說明這些結果所呈現的重點。

The headline is this. First quarter record gross margin, both adjusted EBITDA and EPS well above the high end of our guidance and a meaningful improvement in profitability versus a year ago.

重點如下。第一季毛利率創新高，調整後 EBITDA 與每股盈餘（EPS）皆大幅高於我們指引區間的上緣，且相較一年前獲利能力有顯著改善。

We also generated strong cash flow, reduced net debt to near zero and returned capital to shareholders via our shared repurchase. What I want to convey is that this is more than one strong metric. It is the whole company moving in the right direction at the same time.

我們也創造了強勁的現金流，將淨負債降至接近零，並透過股票回購向股東返還資本。我想傳達的是，這不只是單一指標表現亮眼。而是整家公司同時朝正確方向前進。

In gamer and creative peripherals, we had another excellent quarter. Revenue grew 10% year-over-year, and we absorbed real tariff headwinds in the process. The growth is structural, not cyclical, and I want to explain why. Stream Deck, our solution that combines workflow controls. Software with a hardware-innovative interface puts powerful automation literally at your fingertips.

在玩家與創作者周邊產品方面，我們再度交出非常出色的一季。營收年增 10%，同時也在過程中吸收了實質的關稅逆風。這樣的成長是結構性的，而非景氣循環性的，我想解釋原因。Stream Deck 是我們結合工作流程控制的解決方案。其軟體搭配具創新性的硬體介面，讓強大的自動化真正「觸手可及」。

What we have built on top of that is a flywheel, a marketplace for plug-ins and digital products that connects developers with users, and it is working. Underscoring our success and momentum, our Elgato marketplace delivered double-digit sequential growth in new accounts and digital products this quarter.

我們在此之上打造的是一個飛輪效應：一個外掛與數位產品的市集，將開發者與使用者連結起來，而且運作良好。為了凸顯我們的成功與動能，本季 Elgato 市集在新帳戶與數位產品方面，皆實現了連續季的雙位數成長。

We are also excited to see the rise of AI-assisted development, accelerating that flywheel further, lowering the barrier for a new generation of builders.

我們也很高興看到 AI 輔助開發的興起，進一步加速這個飛輪，並降低新一代創作者的進入門檻。

Critically, Stream Deck is no longer just a stand-alone device. We have deployed the ecosystem across our product lines with keyboards, mice, and other Corsair peripherals now integrating directly with Stream Deck, turning the software layer into a connective tissue across our hardware portfolio.

關鍵的是，Stream Deck 已不再只是單一獨立裝置。我們已將此生態系擴展到各產品線，鍵盤、滑鼠及其他 Corsair 周邊產品如今都能直接與 Stream Deck 整合，使軟體層成為我們硬體產品組合之間的「連結組織」。

This integration alongside the Elgato Marketplace provides unique benefits to our customers, and the results show in our Q1 2026 market share gain. WaveNext is our most ambitious hardware-software integration to date.

這項整合再加上 Elgato 市集，為客戶帶來獨特效益，而成果也反映在我們 2026 年第一季的市占率提升。WaveNext 是我們迄今最具企圖心的軟硬體整合。

Unifying audio workflows into a single ecosystem with onboard DSP and intuitive tactile control. Sim Racing also had a strong quarter. We recently signed a strategic partnership with Formula One, naming Fanatec as a licensed F1 brand partner and F1 eSports official partner for the F1 Sim Racing World Championship.

透過內建 DSP 與直覺的觸覺控制，將音訊工作流程統一到單一生態系中。模擬賽車（Sim Racing）本季也表現強勁。我們近期與一級方程式（Formula One）簽署策略合作夥伴關係，指定 Fanatec 為授權的 F1 品牌合作夥伴，並成為 F1 模擬賽車世界錦標賽的 F1 eSports 官方合作夥伴。

Kanetek was showcased at the Miami Grand Prix recently. This validates our position at the top of the market and opens meaningful doors for brand reach and product authenticity going forward.

Fanatec 近期也在邁阿密大獎賽亮相。這驗證了我們在市場頂端的地位，並為未來的品牌觸及與產品真實性開啟重要機會。

In gaming components and systems, revenue declined 10% year-over-year, and I want to be direct about why. We are in a non-GPU upgrade cycle, compounded by challenging memory pricing dynamics.

在遊戲零組件與系統方面，營收年減 10%，我想直接說明原因。我們正處於非 GPU 的升級週期，同時又受到記憶體定價動態不利的影響。

Semiconductor supply constraints have added further headwinds on both availability and consumer demand. These are industry-wide dynamics, not Corsair-specific, and we expect them to persist through near-term. What I want you to focus on is how we manage through it. Despite the revenue decline, we grew gross profit 18% year-over-year to $65.7 million and expanded gross margin 670 basis points from 21.7% to 28.4%.

半導體供應限制在供給可得性與消費者需求兩端都帶來了進一步的逆風。這些是全產業的動態，而非 Corsair 特有，我們預期短期內仍將持續。我希望各位聚焦的是我們如何因應。儘管營收下滑，我們的毛利年增 18% 至 6,570 萬美元，毛利率也提升 670 個基點，從 21.7% 提升至 28.4%。

Gordon will give you the specifics, but the point is that our team delivered real margin improvement under dynamic pressure. That reflects operational discipline and a deliberate shift toward higher margin products.

Gordon 會提供具體細節，但重點是：在多變壓力下，我們的團隊仍實現了實質的毛利率改善。這反映出營運紀律，以及我們刻意轉向更高毛利產品的策略。

Within the segment, we're also seeing early but real demand for AI-focused workstations, particularly from prosumers and SMB customers who need high-performance, locally-run AI compute. This is a large and growing market, and it plays to Corsair's and Origin's PC strengths.

在該事業部內，我們也看到以 AI 為核心的工作站出現早期但真實的需求，特別來自需要高效能、可在本地端運行 AI 運算的專業消費者（prosumers）與中小企業（SMB）客戶。這是一個龐大且成長中的市場，也符合 Corsair 與 Origin 在 PC 領域的優勢。

We are encouraged by the early signals and believe this has the potential to become a more meaningful contributor as adoption matures, though we want to be measured in our expectations until semiconductor availability is more established.

我們對這些早期訊號感到鼓舞，並相信隨著採用成熟，它有潛力成為更重要的貢獻來源；不過，在半導體供應更為穩定之前，我們會對預期保持審慎。

Stepping back, the strategy we've been executing against is that Corsair's profitability improves as we continue to grow our higher-margin gaming and creator segment, leveraging our platform ecosystem and continue to exercise operational discipline. This quarter is a proof point that our strategy is working.

從更宏觀的角度來看，我們正在執行的策略是：隨著我們持續擴大高毛利的遊戲與創作者事業，運用平台生態系的槓桿效益，並持續維持營運紀律，Corsair 的獲利能力將隨之提升。本季就是我們策略奏效的有力佐證。

Our 2026 priorities are clear. First, improve the quality of growth, leaning into the higher margin categories and scaling our ecosystem where we see strong momentum. Second, grow the El Gato marketplace and recurring revenue to drive lifetime value engagement and margin enhancement.

我們 2026 年的優先事項很明確。第一，提升成長品質，聚焦更高毛利的品類，並在動能強勁之處擴大我們的生態系規模。第二，擴大 Elgato 市集與經常性收入，以提升客戶終身價值（LTV）的互動與毛利率改善。

Third, scale direct-to-consumer because higher margin channels and better customer data make other parts of the business smarter.

第三，擴大直面消費者（DTC）業務，因為更高毛利的通路與更好的客戶數據，能讓公司其他部分的決策更聰明。

With that, I will turn it over to Gordon to take you through the financials. Gordon.

接下來，我把電話交給 Gordon，請他帶各位檢視財務數字。Gordon。

Thank you, Thi, and good afternoon, everyone. Before I get into the numbers, I want to frame what this quarter's results represent.

謝謝你，Thi，各位下午好。在我進入數字之前，我想先說明本季結果所代表的意義。

We are working to transform Corsair into a consistently profitable cash-generative business underpinned by our diversified portfolio of market-leading brands.

我們正致力於將 Corsair 轉型為一家能持續獲利、並能產生現金流的企業，其基礎來自我們多元化的市場領先品牌組合。

This quarter, we saw several benefits of that transformation and diversification simultaneously contributing to our strong results.

本季，我們看到該轉型與多元化所帶來的多項效益同時發揮作用，並共同推動我們的強勁業績。

These include consistent market leadership in memory products, an accelerating pace of innovation in higher margin peripherals, platform growth in El Gaso, direct consumer expansion, and disciplined expense and working capital management. Our team will continue to prioritize progress and improvement across all these areas.

這些效益包括：在記憶體產品上的持續市場領導地位、更高毛利周邊產品的創新速度加快、El Gaso 平台成長、直面消費者（DTC）業務擴張，以及嚴謹的費用與營運資金管理。我們的團隊將持續優先推動並改善上述各領域的進展。

Now, turning to our results. Revenue for the first quarter was $354.5 million, above the midpoint of our guidance. Gross profit increased 13% year-over-year to $116 million, reflecting strong execution within both our segments, while gross margin expanded to a first-quarter record of 32.7%.

接下來談我們的業績。第一季營收為 3.545 億美元，高於我們指引區間的中點。毛利年增 13% 至 1.16 億美元，反映我們兩大事業部門皆有強勁執行力，同時毛利率擴張至第一季歷史新高的 32.7%。

Our Gamer and Creator Peripherals segment gross profit grew 8% to $50.3 million, despite year-over-year tariff-related headwinds, with segment gross margin of 40.8%.

我們的「玩家與創作者周邊」事業部門毛利成長 8% 至 5,030 萬美元，儘管面臨與去年同期相比的關稅相關逆風，該部門毛利率為 40.8%。

Our Gaming Components and Systems segment gross profit grew 18% to $65.7 million, with segment gross margin expanding significantly from 21.7% to 28.4%.

我們的「遊戲零組件與系統」事業部門毛利成長 18% 至 6,570 萬美元，該部門毛利率亦大幅由 21.7% 擴張至 28.4%。

This is an increase of 670 basis points, which was driven by our strong supply chain execution, favorable memory pricing, and sequential market share gains.

這相當於增加 670 個基點，主要受惠於我們強勁的供應鏈執行、有利的記憶體定價，以及市占率的連續提升。

Though we do expect margin normalization over time, we are very pleased with the expansion we delivered in Q1.

雖然我們確實預期毛利率將隨時間回歸常態，但我們對第一季所實現的擴張幅度感到非常滿意。

Our higher-margin gamer and creator peripheral segment also grew to 35% of our Q1 revenue mix, up from 30% a year ago, which helped lift our blended company gross margin, a trend that we expect to continue. I want to call out one additional driver of margin quality: our direct-to-consumer channel grew to 20% of Q1 revenue, up from 17% a year ago.

我們高毛利的玩家與創作者周邊事業部門在第一季營收組合中的占比也提升至 35%，高於一年前的 30%，這有助於拉升公司整體加權毛利率；我們預期此趨勢將持續。我也想特別指出另一項提升毛利品質的驅動因素：我們的直面消費者（DTC）通路在第一季營收占比成長至 20%，高於一年前的 17%。

That 3 point mix shift matters. Direct-to-consumer carries structurally higher margins than our wholesale and retail channels. As a result, this growth flowed directly into gross profit.

這 3 個百分點的組合移轉很重要。直面消費者（DTC）的結構性毛利率高於我們的批發與零售通路。因此，這項成長直接反映在毛利上。

It's a deliberate part of our strategy and we continue to make good progress on it. Disciplined operating expense management with flat year-over-year expenses enabled gross profit growth to flow entirely through to adjusted EBITDA. As a result, adjusted EBITDA grew to $35.8 million, up 58% year-over-year and above the high end of our guidance at 10.1% of revenue.

這是我們策略中刻意為之的一部分，我們也持續取得良好進展。在營業費用方面，我們以嚴謹管理使費用年對年持平，讓毛利成長得以完全轉化為調整後 EBITDA。因此，調整後 EBITDA 成長至 3,580 萬美元，年增 58%，且高於我們指引上緣，約占營收的 10.1%。

This marks our second consecutive quarter of double-digit adjusted EBITDA margin. Earnings per share improved significantly, coming in at $0.11 on a GAAP basis and $0.27 on a non-GAAP basis, compared to a loss in the prior year period. Turning to the balance sheet and cash flow.

這是我們連續第二季達成雙位數的調整後 EBITDA 利潤率。每股盈餘亦顯著改善：按 GAAP 計為每股 0.11 美元，按非 GAAP 計為每股 0.27 美元，相較去年同期為虧損。接下來談資產負債表與現金流。

We generated $29.7 million in cash from operations in Q1, driven by strong earnings with balanced working capital management. This translated into good progress on the balance sheet, with our cash and restricted cash increasing sequentially by $20.9 million to $119.7 million.

第一季我們的營運活動現金流入為 2,970 萬美元，主要由強勁獲利與均衡的營運資金管理所帶動。這也使資產負債表持續改善，我們的現金及受限制現金較前一季增加 2,090 萬美元至 1.197 億美元。

Importantly, we ended the first quarter with a near-zero net debt position. This will give us even greater flexibility to deploy our capital across the business and maximize future shareholder returns.

重要的是，我們在第一季末的淨負債幾乎為零。這將使我們在全公司資本配置上更具彈性，並最大化未來股東報酬。

In line with that, during the first quarter, we repurchased approximately $5 million of stock under our recent $50 million authorization. This reflects our view. Our shares represent a highly compelling investment opportunity.

與此一致地，在第一季期間，我們依據近期 5,000 萬美元的授權回購了約 500 萬美元的股票。這反映了我們的看法。我們認為公司股票代表極具吸引力的投資機會。

We intend to continue to deploy our capital optimally, whether investing in organic growth, executing M&A, deleveraging the business or returning capital to shareholders.

我們打算持續以最佳方式配置資本，無論是投資於內生成長、執行併購（M&A）、降低槓桿，或將資本回饋給股東。

Now, turning to our guidance. For the second quarter of 2026, we expect net revenue to be in the range of $295 million. To $320 million, adjusted EBITDA to be in the range of $12.5 million to $15.5 million, and non-GAAP EPS to be in the range of $0.05 to $0.07 per share.

接下來談我們的財測指引。針對 2026 年第二季，我們預期淨營收介於 2.95 億美元。至 3.20 億美元之間；調整後 EBITDA 介於 1,250 萬至 1,550 萬美元；非 GAAP 每股盈餘（EPS）介於每股 0.05 至 0.07 美元。

We expect revenue to be down by about 4% year-over-year at the midpoint of our guided range, with expected low-teens year-over-year growth in our gamer and creator peripheral segment, offset by a more cautious outlook for gaming components and systems, driven by the ongoing global semiconductor shortages and related demand dynamics. The sequential decline in our revenue from Q1 reflects the normal seasonal pattern of our business.

以指引區間中點計算，我們預期營收年對年約下降 4%；其中玩家與創作者周邊事業部門預期年對年將有低十位數成長，但將被遊戲零組件與系統較為審慎的展望所抵銷，該展望主要受持續的全球半導體短缺及相關需求動態影響。我們第二季相較第一季的營收下滑，反映的是公司業務正常的季節性型態。

Adjusted EBITDA is expected to grow more than 70% year-over-year at the assumed midpoint of our guided range as we continue to focus on margin expansion and operating expense management. We also reaffirm our previously issued full-year guidance, reflecting continued confidence in our outlook. To close, we delivered a strong first quarter with solid top-line performance relative to expectations, significant profit growth, together with meaningful balance sheet improvement and cash generation.

以指引區間假設中點計算，調整後 EBITDA 預期年對年成長超過 70%，因我們持續聚焦於毛利率擴張與營業費用管理。我們也重申先前發布的全年指引，反映我們對展望的持續信心。總結而言，我們第一季表現強勁：營收相對預期有穩健表現、獲利顯著成長，同時資產負債表明顯改善並帶來現金流入。

As we look ahead, our priorities remain clear: continued optimization of our product mix towards higher-margin categories and sales channels, disciplined cost management, and driving consistent, profitable growth across our diversified portfolio of market-leading brands. We believe the progress we've made positions us well to build on this momentum through the remainder of 2026. And we remain confident in our ability to execute against our strategy as we deploy our capital optimally to deliver long-term value for our shareholders.

展望未來，我們的優先事項依然明確：持續將產品組合優化至更高毛利的品類與銷售通路、嚴謹的成本管理，以及在多元化且具市場領導地位的品牌組合中，推動一致且可獲利的成長。我們相信目前取得的進展，使我們在 2026 年剩餘期間能夠在此動能上再接再厲。同時，隨著我們以最佳方式配置資本以為股東創造長期價值，我們仍對執行策略的能力充滿信心。

Operator, that concludes our formal remarks. You can now open the call for Q&A.

接線員，我們的正式發言到此結束。現在可以開放問答。

(Operator Instructions)

（接線員指示）

Aaron Lee, Macquarie.

Aaron Lee，Macquarie。

Hey, everyone. Thanks for taking the question and nice job on the quarter. I wanted to talk about, yeah, I wanted to talk about, yeah, maybe to start with guidance. So obviously you beat the high end of EBITDA guidance in the first quarter.

嗨，各位。謝謝讓我提問，本季表現也做得很好。我想談一下，對，我想談一下，對，或許先從財測指引開始。很明顯你們第一季的 EBITDA 超過了指引上緣。

So can you just talk a bit about the decision to keep the full-year outlook the same? Does that just kind of reflect it's early in the year, so no reason to kind of move that around or any other puts and takes that we should be mindful of?

所以能否談談為何決定維持全年展望不變？這是否只是因為年初時間尚早，所以沒有必要調整，或是還有其他我們需要留意的正負因素（puts and takes）？

You got it absolutely right. If you look at revenue for Q1, we're a little bit above the midpoint of guidance, but from a revenue perspective, no reason to change the annual guide, we're on track.

你說得完全正確。如果看第一季營收，我們略高於指引中點；但就營收而言，沒有理由調整全年指引，我們仍在軌道上。

From a profit perspective, you're absolutely right. It's pretty pleasing for us to have already banked 33% of the annual guide, 25% of the way through the year.

就獲利而言，你也完全正確。在年度進度僅 25% 的情況下，我們已經「入袋」了全年指引的 33%，這對我們來說相當令人欣慰。

But we just -- back to what you said at the outset, we're pretty early on through the year. The macro situation is a little bit uncertain, so we just feel that it's right to maintain the guide that we issued before, and we remain confident in that guidance.

但我們只是——回到你一開始所說的——今年才剛開始不久。總體環境仍有些不確定，因此我們認為維持先前發布的指引是恰當的，而且我們對該指引仍有信心。

Okay, perfect. Thank you. And then I wanted to ask about AI. You made some pretty interesting comments, about the opportunity there.

好的，完美。謝謝。接著我想問一下 AI。你對那裡的機會發表了一些相當有意思的看法。

Can you just talk about your strategy to penetrate this, TAM, and is this something that would require significant time or investment to unlock, or can you be pretty nimble? Thank you.

你能談談你們滲透這個 TAM 的策略嗎？以及要解鎖這個機會是否需要投入大量時間或資本，還是你們可以相當靈活迅速？謝謝。

Hey, Erin. AI Workstation, this is a product line that we launched about two quarters ago. And at the beginning, the category was still pretty new. There were a lot of education that needs to be done. Since then, a lot more LLM models became available to the market, and people are a lot more familiar with using AI to do their work, to establish very complex business model.

嗨，Erin。AI 工作站（AI Workstation）是我們大約在兩個季度前推出的一條產品線。一開始，這個品類仍然相當新。需要做很多教育市場的工作。自那之後，市場上出現了更多 LLM 模型，人們也更熟悉用 AI 來完成工作、建立非常複雜的商業模型。

And alongside with that, we started to see a much stronger awareness of the benefit of AI computing. And then furthermore, the concern around security and the ability to just do local computing with AI, it's a lot higher, and the demand started to surface for our particular solution.

同時，我們也開始看到市場對 AI 運算效益的認知明顯提升。此外，圍繞安全性的顧慮，以及能夠在本地端用 AI 進行運算的能力，重要性更高了，對我們特定解決方案的需求也開始浮現。

So a lot of the performance that we see in Q1 for the system side is really stemming from the awareness and the need of this new consumers, we call them prosumers as well as SMB wanting to invest in the category. The category itself, we share the TAM data in our earnings. It's a big market. It's just a question is, number one, the acceleration timeline and the availability of semiconductor.

因此，我們在第一季系統端看到的許多表現，確實源自於新一批消費者（我們也稱他們為 prosumers）以及中小企業（SMB）對該品類投資的認知與需求提升。至於這個品類本身，我們在財報中分享了 TAM 數據。這是一個很大的市場。問題只在於：第一，加速的時間表；第二，半導體的供應可得性。

Great. Thank you very much.

很好。非常感謝。

Drew Crum, Stifel.

Drew Crum，Stifel。

Thanks. Good afternoon, everyone. Just wanted to get your additional thoughts on update expectations for when you. Think semiconductor supply will improve for your business? I think the language that you used was it would be constrained near-term, but just any more detail there and how you're thinking about it beyond '26, and then I have a follow-up.

謝謝。各位下午好。想請教你們對於更新預期的更多看法：你們認為半導體供應何時會對你們的業務有所改善？你們用的措辭是短期仍會受限，但想請你們再多提供一些細節，以及你們如何看待 2026 年之後的情況；另外我還有一個追問。

At this point, the data that we use is pretty much very consistent with what the market is saying is sometime in '27. Although in terms of availability for us, we will continue to be able to have access to memory, especially DRAM, the big question is around pricing because you do see demand basically track ASP memory, for example. So for us.

就目前而言，我們使用的數據與市場的說法基本一致，也就是大約在 2027 年某個時間點。不過就我們的可得性而言，我們仍將能持續取得記憶體，尤其是 DRAM；更大的問題在於價格，因為你確實看到需求基本上會跟著記憶體 ASP（例如）走。所以對我們來說。

When we talk about availability of semiconductor, it just means that the supply-demand picture is more balanced, and you will see ASP normalized, and that's going to bring in, we believe, at this point, a much bigger acceleration in computing. And for our business, that's very beneficial to see people coming back into the market. I think we just see right now just this pent-up demand on waiting for. The ASP to normalize.

當我們談到半導體的可得性時，意思是供需狀況會更平衡，你會看到 ASP 正常化；而我們相信，這將在目前的判斷下帶來更大幅度的運算加速。對我們的業務而言，看到人們回到市場是非常有利的。我想我們現在看到的是這種被壓抑的需求，大家在等待。等待 ASP 正常化。

Got it. Okay, thank you. And then my follow-up is pertaining to the improvement mix from DTC at 20% of revenue. I think this has been a key initiative for the company for several years now. Are there specific drivers to move that percentage higher?

了解。好的，謝謝。接著我的追問是關於 DTC 佔營收 20% 所帶來的組合改善。我想這幾年來一直是公司的一項關鍵倡議。是否有特定的驅動因素可以把這個比例再往上推？

Do you have an intermediate or longer-term target in terms of what it can represent as a percentage of your total revenue? Thanks.

就它在總營收中可佔的比例而言，你們是否有中期或更長期的目標？謝謝。

Yes. We had made a deliberate goal to get the B2C business to 25%, and we communicated this a few quarters ago. And since then, we've grown from.

是的。我們曾設定一個明確目標，要把 B2C 業務提升到 25%，而且我們在幾個季度前就已對外溝通。自那之後，我們從。

18% now to 20% for exiting this Q1. That came from a number of activities or investments. The first one is M&A, right? A lot of our M&As companies are very strong in D2C. Number two is product strategy, where we put products on D2C versus the broader channel.

從 18% 成長到在第一季結束時的 20%。這來自多項活動或投資。第一是併購（M&A），對吧？我們許多併購的公司在 D2C 方面都非常強。第二是產品策略，我們把產品放在 D2C 渠道，而不是更廣泛的通路。

And we increased marketing investments for our D2C business. The store that we opened in the Bay Area is the first retail format that we have for Corsair and all of our brands, and that's shown to be very successful.

我們也增加了對 D2C 業務的行銷投資。我們在灣區開設的門市，是 Corsair 以及我們所有品牌的第一個零售店型，且已證明非常成功。

And we also kicked off AI commerce or AI e-commerce investment to basically adopt to consumers. Shopping behavior with the most recent change, and that's also been paying off. Thank you.

此外，我們也啟動了 AI 商務或 AI 電商的投資，以因應消費者購物行為的最新變化，而這也正在帶來成效。

(Operator Instructions)

（接線員指示）

Colin Sebastian, Baird.

Colin Sebastian，Baird。

Hey, this is Zach on. This is Zach on for Colin. Thanks for the question. So you disclosed up the double-digit sequential growth in a few KPIs for the Elgato Marketplace. So just stepping back, what type of applications are gaining the most traction with users and how are you thinking about the longer-term opportunity there? Thanks.

嗨，我是 Zach。我代表 Colin 發問，我是 Zach。謝謝提問機會。你們披露 Elgato Marketplace 的幾項 KPI 出現兩位數的季增。退一步來看，哪些類型的應用最受到用戶青睞？以及你們如何看待那裡的長期機會？謝謝。

Yeah, we actually see a pretty broad range of products that are being submitted recently, and it's ranging from content creation, expensive use of Adobe Photoshop, for example, to gaming applications, so different kind of profiles to help you gain better, and even broadcasting, voice, video control.

是的，我們最近其實看到提交上來的產品範圍相當廣，從內容創作、例如大量使用 Adobe Photoshop，到遊戲應用；也就是不同類型的設定檔，幫助你獲得更好的體驗，甚至還有廣播、語音與影像控制。

And including streaming software. And because the use case is so diverse and the StreamDeck platform is very flexible, I think people are very. Active in terms of adding content all the time. And the bottleneck is almost to where we can curate the content and make it published fast enough. So this is the beauty of the solution. This can be anything. I think we lost Zach. Are we still on?

也包括串流軟體。由於使用情境非常多元，而且 StreamDeck 平台非常彈性，我認為大家在新增內容方面非常。活躍，幾乎一直在加內容。瓶頸幾乎在於我們能否策展內容並且夠快地發布。這就是這個解決方案的美妙之處。它可以是任何東西。我想我們跟 Zach 斷線了。我們還在線上嗎？

Yes, that was my only question.

是的，那是我唯一的問題。

Thank you.

謝謝。

Oh, thank you, Zach.

喔，謝謝你，Zach。

Thanks.

謝謝。

Thank you. Once again, if you would like to ask a question, please press star, then one. There are no other questions at this time. This does conclude our question-and-answer session. I would now like to turn the conference back over to CEO Thi La for any closing remarks.

謝謝。再次提醒，若您想提問，請按星號再按 1。目前沒有其他問題。問答環節到此結束。現在我想把會議交回給執行長 Thi La 作結語。

Thank you all for joining us today. We're proud of the start that we make in 2026 and look forward to updating you on our continued progress when we report Q2 results. Have a good evening.

感謝各位今天加入我們。我們為 2026 年的良好開局感到自豪，並期待在我們公布第二季業績時，向各位更新我們持續的進展。祝各位晚安。