커세어 게이밍(CRSR) 2026년 3분기 실적 발표 콘퍼런스콜: 메모리 매출 43% 급증에 실적 전망 상향

커세어 게이밍(NASDAQ: CRSR)은 2026년 3분기 매출이 전년 동기 대비 6% 증가한 3억 6,700만 달러를 기록해 자체 가이던스 상단을 1,700만 달러 상회했다고 발표했다. 비용 절감 기조와 메모리 및 시스템 부문의 호조가 DIY 부품의 지속적인 부진을 상쇄하면서 조정 EBITDA는 38% 증가한 2,240만 달러를 기록했다.

핵심 요약

• 2026년 3분기 매출은 전년 동기 대비 6% 증가한 3억 6,700만 달러를 기록했으며, 조정 EBITDA는 38% 증가한 2,240만 달러로 집계됐다.
• GAAP 기준 순손실은 1,040만 달러에서 240만 달러로 축소됐다. Non-GAAP 희석 EPS는 0.06달러에서 0.13달러로 두 배 이상 증가했다.
• 메모리 매출은 견조한 수요, 가격 상승, 전분기 대비 점유율 확대에 힘입어 전년 동기 대비 43% 증가한 1억 6,730만 달러로 3분기 기준 사상 최대치를 기록했다.
• 게이머 및 크리에이터 주변기기 매출은 3% 증가한 1억 1,650만 달러를 기록했다. 물류 지연, 허브 이전, 제품 출시 지연 등으로 약 600만~800만 달러의 매출이 4분기로 이연됐다.
• 커세어는 2026년 연간 매출 전망치를 14억 5,600만~14억 8,600만 달러로, 조정 EBITDA 전망치를 1억 2,700만~1억 3,100만 달러로 상향 조정했다.
• 경영진은 4분기 주변기기 매출이 두 자릿수 성장률을 기록할 것으로 예상했으나, 주로 메모리 매출총이익률의 정상화로 인해 조정 EBITDA는 전년 동기 대비 감소할 것으로 전망했다.

핵심 재무 데이터

2026년 1~3분기 누적 매출은 10억 3,600만 달러로 전년 동기와 비슷한 수준을 유지했다. 매출총이익은 13% 증가한 3억 1,810만 달러를 기록했고, 매출총이익률은 27.2%에서 30.7%로 개선됐으며, 조정 EBITDA는 4,700만 달러에서 8,900만 달러로 두 배 가까이 증가했다.

사업 및 운영 실적

게이밍 부품 및 시스템

해당 부문 매출은 7% 증가한 2억 5,050만 달러를 기록했다. 매출총이익은 8% 증가한 5,280만 달러였으며, 매출총이익률은 20.9%에서 21.1%로 개선됐다.

메모리가 주요 성장 동력이었다. 견조한 수요, 판매 가격 상승, 전분기 대비 점유율 확대에 힘입어 매출은 43% 증가한 1억 6,730만 달러를 기록했다. 커세어는 예상되는 연말 연휴 수요에 대응하기 위해 이번 분기 메모리 재고를 3,700만 달러 늘렸다. 경영진은 메모리 생산 능력이 여전히 제한적이고 가격이 높은 수준을 유지하고 있으나, 향후 4~5개월간의 공급 능력에 대해서는 안정적인 수준이라고 밝혔다.

고성능 게임 및 AI 컴퓨팅을 위해 업그레이드하는 고객이 늘면서 완제품 시스템은 전 카테고리에 걸쳐 성장했다. 반면 높은 메모리 가격으로 인해 DIY PC 조립 수요는 계속 지연됐다. 경영진은 이러한 수요가 사라진 것이 아니라 이연된 것이라고 설명했다.

커세어 프로(Corsair Pro) AI 워크스테이션은 지속적으로 인지도를 높이고 있으나, 경영진은 해당 사업이 아직 초기 단계이며 CPU, GPU, 메모리 부족에 직면해 있다고 밝혔다. 반도체 수급이 정상화된다는 전제하에 2027년 하반기 이후에 보다 유의미한 매출 기여가 예상된다.

게이머 및 크리에이터 주변기기

매출은 3% 증가한 1억 1,650만 달러를 기록했다. 매출총이익은 2% 증가한 4,500만 달러였으나, 매출총이익률은 39.3%에서 38.7%로 하락했다.

물류 지연, 완료된 허브 이전, 4분기 초로 연기된 신제품 출시 등으로 인해 성장이 제약됐다. 커세어의 3분기 말 기준 주변기기 수주잔고는 전분기 대비 600만~700만 달러 증가했으며, 신제품 출시 관련 100만~200만 달러의 매출 역시 4분기로 이연됐다.

경영진은 심 레이싱(Sim Racing), 엘가토(Elgato), 스커프(SCUF)가 4분기 성장을 견인할 것으로 예상했다. 또한 커세어는 향후 출시될 GTA 6 관련 수요 전망, 특히 스커프 컨트롤러와 엘가토 제품에 대한 예약 주문이 강세를 보였다고 전했다.

회사는 파나텍(Fanatec)과 트랙 레이서(Trak Racer) 통합에 따른 시너지 효과가 4분기부터 나타나기 시작할 것으로 예상했다. 3분기 트랙 레이서의 기여도는 미미했다. 트랙 레이서의 시뮬레이터 모터바이크는 2027년 1분기 배송을 시작할 예정이며, 경영진은 사전 주문에 대한 관심이 높다고 설명했다.

엘가토 마켓플레이스는 전년 동기 대비 100만 개 이상의 계정을 추가했다. 또한 커세어는 최초의 노이즈 캔슬링 무선 마이크인 웨이브 고(Wave Go)와 커세어 게이밍 마이크에 엘가토의 웨이브 링크(Wave Link) 소프트웨어를 결합한 복사라(VOXARA)를 출시했다. 경영진에 따르면 D2C(소비자 직접 판매) 매출 비중은 약 13%에서 거의 20% 수준으로 증가했다.

경영진 가이던스

연간 매출 가이던스 중간값은 기존 14억~14억 7,000만 달러 범위 대비 약 3,600만 달러 상향됐다. 조정 EBITDA 중간값은 기존 1억 2,100만~1억 3,100만 달러 범위 대비 300만 달러 상향됐다.

경영진은 신제품, 수주잔고의 매출 전환, D2C 판매 성과에 힘입어 4분기 게이머 및 크리에이터 주변기기 부문이 전년 동기 대비 두 자릿수 성장을 기록할 것으로 예상했다. 희석 EPS 전망치는 약 1억 1,200만 주의 희석주식수를 가정한 수치다.

메모리 공급은 적정 수준을 유지할 것으로 예상되나, 커세어는 4분기 메모리 매출총이익률이 전년 동기의 약 35%에서 하락한 약 18~20%를 기록할 것으로 전망했다. 경영진은 전년 동기 이익률에 대해 재고 원가 반영에 앞서 이례적으로 가격이 급등했던 영향이라고 설명했으며, 2026년 4분기 전망치 범위는 회사의 과거 평균인 10%대 중반을 여전히 웃도는 수준이라고 덧붙였다.

리스크 및 주목할 점

• 높은 메모리 가격으로 인해 DIY PC 조립 수요가 지속적으로 지연되고 있으며, 메모리 공급은 여전히 수요를 밑돌고 있다.
• 4분기 조정 EBITDA는 주로 메모리 매출총이익률이 전년 동기의 이례적으로 높았던 수준에서 정상화됨에 따라 전년 동기 대비 감소할 것으로 예상된다.
• AI 워크스테이션의 성장은 시장 전반의 CPU, GPU, 메모리 부족으로 인해 제약을 받고 있다.
• 3분기 주변기기 부문의 실적 부진은 물류 지연, 일회성 허브 이전, 신제품 출시 연기 등이 반영된 결과로, 4분기 실행력과 수주잔고의 매출 전환의 중요성이 커졌다.
• 재고자산은 계획된 메모리 재고 확충과 트랙 레이서를 통해 추가된 약 1,300만 달러를 포함해 전분기 대비 8,000만 달러 증가한 3억 4,460만 달러를 기록했다.

애널리스트 Q&A 주요 내용

• 주변기기 매출 인식 시점: 경영진은 3분기에 발생한 예상치 못한 매출 이연 규모를 약 600만~800만 달러로 추산했다. 경영진은 해당 문제가 최종 고객 수요 악화 때문이 아니라 실행 및 물류와 관련된 사안이라고 설명했다.
• 연말 연휴 수요: 커세어는 유통 채널 재고가 안정적인 수준이며 블랙 프라이데이와 사이버 먼데이를 앞두고 주문이 예상대로 유입되고 있다고 밝혔다. 일부 유통 파트너의 경우 계획을 상회하는 실적을 기록 중이다.
• 메모리 공급: 경영진은 43%에 달하는 메모리 매출 성장률과 3,700만 달러의 재고 증가를 언급하며, 커세어의 공급망 실행력에 기반해 물량 배정이 지속될 것이라는 자신감을 표명했다.
• 메모리 수익성: 경영진은 4분기 매출총이익률 가이던스 범위인 18~20% 부근에서 단기 변동성은 제한적일 것으로 예상했으나, 메모리 가격 상승세가 둔화됨에 따라 다소 하방 압력이 존재한다고 전망했다.
• D2C 전략: D2C 매출 비중은 약 13%에서 거의 20% 수준으로 상승했으며, 경영진은 이를 더욱 확대할 계획이다.
• 2027년 모멘텀: 경영진은 신제품 출시, 트랙 레이서의 시뮬레이터 모터바이크, 엘가토 생태계 확장, GTA 6 관련 수요를 게이밍 매출의 잠재적 호재로 강조하면서도, GTA 6의 PC 버전 출시 시점에 대한 불확실성을 언급했다.

실적 발표 콘퍼런스콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Good afternoon, and welcome to the Corsair Gaming's Third Quarter 2026 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to David Pasquale with Investor Relations. Please go ahead.

David Pasquale

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 fourth quarter and full year 2026, potential future growth in certain product categories and other statements that are not historical in nature, are predictive in nature or depend upon or refer to future events or conditions.

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, our subsequent SEC filings and today's earnings press release for a full discussion of the factors that could cause our actual results to differ.

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. With that, I'd like to now turn the call over to Corsair's CEO, Thi La. Thi, please go ahead.

Thi La

Thank you, David, and good afternoon, everyone. We delivered third quarter results above the high end of our guidance in a dynamic market.

Revenue was $367 million, up 6% from a year ago. Operating expenses increased by less than $1 million year-over-year, including the recently acquired Trak Racer, and decreased slightly excluding it.

That discipline, along with our diversified portfolio helped adjusted EBITDA grow 38% to $22.4 million. Non-GAAP earnings per share was $0.13, more than double the $0.06 a year ago. Memory led the quarter, while the built systems grew in every category.

Together, they more than offset continued industry-wide weakness in DIY components. We also maintained a disciplined approach to managing our balance sheet. We ended the quarter with $136.2 million in cash and restricted cash, which is nearly double the year ago cash balance. That is after funding the Trak Racer acquisition and partnership investments and strategically building inventory to support expected holiday season demand.

Let me now give you color on our segments. I will start with the Gaming Components and Systems segment where revenue grew 7%, led by memory. Memory revenue was a record for third quarter at $167.3 million, up 43% year-over-year.

Demand was strong. Prices were higher and we gained market share sequentially. Our supply chain execution made that possible. It reflects our operational know-how and the strength of our product portfolio.

During the quarter, we built memory inventory by $37 million. We did that deliberately to be well positioned for the demand we expect in the fourth quarter. We feel good about our inventory position heading into the holiday season.

Moving on to prebuilt systems. We benefited from growth across all categories. Consumers are upgrading their platforms. They want to run more advanced games and AI compute. DIY components remain soft. Higher memory prices continue to delay builds. We believe that demand is deferred, not lost.

AI workstations under Corsair Pro family continue to gain momentum since their introduction in the second half of last year. These customers want local computing, protection of their data and lower cloud token consumption.

The enhanced security and lower token consumption cost of local computing are a big focus for businesses of all sizes. We expect these catalysts to help drive Corsair demand as we move forward.

To calibrate expectations, please note that the business is still in its early phase and is dealing with market-wide CPU, GPU and memory shortages. We expect a more meaningful revenue contribution in the latter part of 2027 and beyond when semiconductor availability normalizes.

Now turning to Gamer and Creator Peripherals segment. Revenue grew 3% to $116.5 million. Growth in the quarter was affected by timing. Several new product launches moved from the third quarter into the beginning of the fourth, logistics delays and the hub transition also led to a higher-than-planned backlog at quarter end.

Those products are now arriving. Our hub transition is completed, and we entered the fourth quarter with a healthy backlog. Accordingly, we expect double-digit growth in peripherals in the fourth quarter. Momentum also built ahead of the upcoming GTA 6 launch. We are seeing console gaming hardware demand reflected in sales of both SCUF controllers and Elgato products.

We expect more than that through the holiday season based on pent-up demand for the Evergreen GTA franchise. The SCUF Omega licensed controller also gives us broader premium offering for PlayStation 5. With Fanatec and Trak Racer, we can now outfit a sim Racer's complete setup. Fanatec supplies electronics, Trak Racer adds cockpits, seats and accessories, and we expect to begin seeing the benefit of integration in Q4.

Both of our brands have direct-to-consumer businesses, which will help us access even more sim drivers. At October SimRacing Expo, Fanatec and Trak Racer showed their products together and customers responded well.

Fanatec launched Podium Pedals Sport, which brings its premium pedal technology to a wider group of racers. Trak Racer also showed its sim motorbike, which we expect to ship in the first quarter of 2027. It is a new category for us. It opens another popular sim sport to esports enthusiasts and gives our customer a new way to race.

We were also very active on new product introductions, which we expect will drive growth over the coming quarters. We launched PureVector in its SABRE v3 PRO mouse in October. This is a very exciting technology with a lot of potential. Developed with our partner, Aimlabs, on a patented algorithm and billions of proprietary data points, PureVector personalizes mouse sensitivity to each player's own biomechanics.

In testing, it improved accuracy and aim speed by up to 33%. Pro players are already putting it to the test. Raptor of BNK FEARX recently played on PureVector at the Demacia Cup Global Invitational. This team went on to win the event and Raptor was also named MVP.

Elgato separately entered mobile streaming and recording in October with the introduction of Wave Go. It's our first noise-canceling wireless microphone, and it converts between clip-on and handheld use, so creators get Elgato audio quality away from their desk.

Social apps and short-form video have made remote recording the default for a growing share of creators. Wave Go gives us a strong product to win share in this important growth market. Reflecting our momentum, Elgato Marketplace added more than 1 million new accounts year-over-year.

New hardware launches brought many of those users in, and the wider Corsair ecosystem is pulling more of them onto the platform. Makers in our community are also using AI tools to ship digital products at an accelerating pace.

This is the important flywheel model we have discussed in prior quarters and demonstrates both our progress and long-term potential for Corsair. We are also continuing to connect capabilities across our brands.

You will recall, we outlined this as a priority a few quarters back, and we continue to execute on this initiative. In September, we launched VOXARA. It pairs a premium Corsair USB RGB gaming microphone with Elgato's Wave Link software.

This is a visually stunning device with high fidelity performance to match. Corsair's gamers get more control over their audio and Elgato software reaches a wider audience. Looking ahead, given the strong demand and catalysts I just detailed, we are raising our full year outlook.

The midpoint of our revenue guidance is increasing $36 million and the midpoint of adjusted EBITDA is moving up $3 million. Gordon will take you through the details. For the fourth quarter, we expect double-digit growth in gaming peripherals and creator segment.

In Components and Systems, we expect DIY demand to stay soft while memory prices remain high. We believe memory supply should remain adequate, and we expect to gain further share. Fourth quarter's adjusted EBITDA is anticipated to be below last year, mainly because we expect memory gross margin to return to a more normal level, but still above our historical average.

As you will recall, last year's fourth quarter memory gross margin was unusually high. Memory prices rose very quickly ahead of inventory cost, resulting in rapid margin expansion.

Overall, our priorities remain focused on expanding in Sim Racing, extending the Elgato and Stream Deck ecosystem, expanding Corsair Pro product lines, and deepening our direct-to-consumer relationships.

We will also consider acquisitions that add to our existing businesses, provided the valuation, earnings contribution and integration requirements fit our model. With that, I will turn it over to Gordon to take you through the financials. Gordon?

Gordon Mattingly

Thank you, Thi, and good afternoon, everyone. Third quarter revenue grew 6% year-over-year to $367 million, gross profit grew 5% and adjusted EBITDA grew 38% to $22.4 million.

We held expense growth below gross profit growth, which is what drove that operating leverage, and we narrowed our GAAP net loss to $2.4 million, an $8 million improvement. We also exceeded the high end of our guidance for revenue, adjusted EBITDA and non-GAAP earnings per share. As Thi noted, we are raising our full year outlook, and we used our cash position to build inventory ahead of our seasonally strongest fourth quarter.

We enter Q4 with confidence, and I'll now walk you through the details. Revenue for the third quarter was $367 million, up 6% year-over-year and $17 million above the high end of our guidance range of $320 million to $350 million. Gross profit increased 5% year-over-year to $97.8 million.

Gross margin was 26.7% compared with 26.9% a year ago. GAAP operating loss narrowed to $1.6 million from $5.6 million a year ago. GAAP net loss narrowed to $2.4 million from $10.4 million in the prior year quarter. GAAP diluted loss per share was $0.02 compared with a loss of $0.09 a year ago.

Adjusted EBITDA increased 38% to $22.4 million from $16.2 million a year ago, and adjusted EBITDA margin expanded to 6.1% from 4.7%. Non-GAAP diluted EPS increased to $0.13 from $0.06.

Both adjusted EBITDA and non-GAAP diluted EPS exceeded the high end of our guided ranges of $21 million and $0.12, respectively. For the first 9 months of 2026, while revenue was essentially flat at $1.036 billion, gross profit grew 13% to $318.1 million. Gross margin improved to 30.7% from 27.2% and adjusted EBITDA nearly doubled to $89 million from $47 million.

Turning to our segment performance. Gaming Components and Systems revenue grew 7% to $250.5 million. Gross profit increased 8% to $52.8 million, and gross margin rose to 21.1% from 20.9%. Memory revenue grew 43% to $167.3 million on strong demand, higher selling prices and sequential share gains supported by our supply chain execution.

Systems grew across every category. Together, these businesses more than offset continued market weakness in DIY builds and stand-alone components. Gamer and creator peripherals revenue grew 3% year-over-year to $116.5 million. Timing held back growth in the quarter as several new product introductions shifted into the fourth quarter. Logistics delays and the hub transition also led to a higher-than-planned backlog at quarter end.

Gross profit increased 2% to $45 million and gross margin was 38.7% compared with 39.3% a year ago. With those product launches now arriving and the backlog we carried out of the quarter, we expect double-digit growth in the fourth quarter.

Operating expenses were $99.5 million, up less than $1 million from $98.7 million a year ago. Excluding the recently acquired Trak Racer, operating expenses decreased slightly year-over-year. Because gross profit grew $4.7 million ahead of expense growth, we narrowed our GAAP operating loss by $4 million.

As Thi noted, we built inventory ahead of our seasonally strongest fourth quarter. Inventory grew $80 million sequentially to $344.6 million, including a $37 million increase in memory and approximately $13 million added through Trak Racer.

We will continue to manage inventory, collections and vendor terms closely. We ended the quarter with cash and restricted cash of $136.2 million, up $70.2 million year-over-year. That is down $57.6 million from $193.9 million at the end of the second quarter.

The decline reflects approximately $37 million used for the M&A transactions that closed during the quarter and our inventory build, partly offset by cash from operations and higher payables. Our first priority remains funding growth at attractive returns, including smaller acquisitions that fit our existing businesses.

We will also remain opportunistic on share repurchases and keep our balance sheet flexible. Now turning to our outlook. For the fourth quarter of 2026, we expect net revenue of $420 million to $450 million, adjusted EBITDA of $38 million to $42 million and non-GAAP diluted EPS of $0.26 to $0.31.

The fourth quarter outlook assumes double-digit year-over-year growth in gamer and creator peripherals, led by Sim Racing, Elgato and SCUF and supported by new product launches and the backlog we carried out of the third quarter.

We expect a higher margin mix and continued progress in direct-to-consumer sales to support consolidated gross margin. Gaming Components and Systems is expected to remain pressured by softness in DIY PC demand as elevated memory prices continue to delay builds across the industry.

Memory supply availability is expected to remain adequate. On memory margin, last year's fourth quarter was unusually high at about 35% due to average selling prices rising rapidly.

We expect memory gross margin of approximately 18% to 20% this year, which is still above our historical average. That decline is a primary factor in the estimated year-over-year change in fourth quarter adjusted EBITDA. The fourth quarter outlook for non-GAAP diluted EPS assumes approximately 112 million diluted shares outstanding.

For the full year 2026, we are raising our outlook. We now expect net revenue of $1.456 billion to $1.486 billion, adjusted EBITDA of $127 million to $131 million and non-GAAP diluted EPS of $0.89 to $0.94 compared with $0.85 to $0.94 previously.

The midpoint of our full year net revenue outlook is up approximately $36 million compared with our prior guidance range of $1.4 billion to $1.47 billion. The midpoint of our adjusted EBITDA outlook is up $3 million compared with our prior range of $121 million to $131 million.

To summarize, we again delivered results above expectations, narrowed our GAAP net loss and grew adjusted EBITDA 38% on revenue growth of 6%, a clear demonstration of our operating leverage. Our diversified product portfolio underpins that performance and combined with our strong cash position, it gives us the confidence to raise our full year outlook.

We remain focused on disciplined expense and working capital management and converting earnings into cash. Thank you for joining us today. Operator, we're ready to open the line for questions.

Operator

[Operator Instructions] Our first question is from Sean McGowan with ROTH Capital Partners.

질의응답

Sean McGowan

The first one is about the shift in revenue that you described. So how much of the timing shift was expected versus unexpected? And what specific products were affected by the logistics delays and hub transition? Was it general or did it affect a couple of products in particular?

Gordon Mattingly

Sean, it's Gordon here. Great to speak to you. Thanks for the question. The unexpected amount of the miss is around about probably $6 million to $8 million.

We exited Q3 with specifically peripherals-related backlog elevated by $6 million to $7 million sequentially. And that was associated with the logistics delays and the onetime hub transition. The hub transition is now complete.

The other thing on top of that was about $1 million to $2 million of new product introduction delays. It was not specific to any particular peripherals category.

It was kind of across the board, but that's the magnitude of it. And obviously, if you do the math, we guided double-digit peripherals growth year-over-year for Q3. And if you add back the kind of $6 million to $8 million I just mentioned, we would have been a double-digit growth. So it gives us confidence heading into Q4.

Sean McGowan

Right. And my follow-up is, can you talk a little bit about how the Trak Racer integration is going?

Thi La

Yes. The Trak Racer integration is going quite well. This is Thi. We are expecting to see contribution from the integration starting from Q4. Q3 contribution was nonmaterial, and we're pleased with the progress that we're making from the Trak Racer side, and we feel like right now, we're on track, no [indiscernible] Intended. So Q4 is looking...

Operator

Our next question is from Katherine Murphy with Goldman Sachs.

Katherine Campagna

Following up on your outlook for double-digit growth in the gamer and peripherals category for next quarter.

You just provided some helpful details thinking about some of the moving parts as we head into 4Q and the elevated backlog. But my question is, excluding some of those timing impacts, is there any change in your outlook or your expectations from an underlying demand perspective, thinking specifically around the environment or peripherals opportunity related to GTA 6 as well as some of these combined Sim Racing benefits that you highlighted on the call?

Gordon Mattingly

I'll start out and then hand it over to Thi. But no, nothing changed in our outlook of the underlying because we had the orders.

We had the backlog at the end of Q3. It was $6 million to $7 million more than we actually recognized in revenue. And on top of that, we had, as mentioned, $1 million to $2 million of NPI on top of that, that slipped into Q4.

So none of that is demand -- end customer demand related. That's more internal execution, coupled with some exogenous factors that we actually couldn't control. So nothing related to underlying consumer demand.

Thi La

I think that we did see an extended lead time from some of the logistic partners, and we made the adjustment for it.

So if we looked at Q4 right now, towards the end of Q3, we already saw elevated booking for GTA 6 related demand, meaning our console part of the business, such as SCUF controllers, PS5, Xbox, as well as the Elgato product family is already seeing some benefit from that. And we are expecting Q4, we will see more benefit from it.

Katherine Campagna

Okay. And just as a quick follow-up, I recognize that it's still only the heading into the calendar fourth quarter, but any preliminary thoughts you could share just on the demand outlook for the broader gamer and creator peripherals category as we look to '27, especially as you look to enter new categories like sim motorbike and continue to invest behind Elgato with the 1 million new adds to the platform this quarter.

Thi La

So I would say, if we look at where we are in terms of Q4 booking pace, it's on target. In a way, some of the numbers are even a little bit better than target.

We have some really nice product launch coming in Q1, and those are on preorder, for example, the motorbike, the preorder and the excitement around that is strong. And it's the high ASP product. We're just happy to see that there is still an appetite for a lot of enthusiasts to embrace new product categories. So from a GTA 6 and then if you look at the rumble around whether or not a PC version is becoming available earlier than planned. Some of the site comments were even talking about Q1 being available in terms of a PC version.

So all these things are pretty positive momentum. Whether or not that will come earlier than later is yet to be seen. But for us, 2027 has a lot of really good tailwind in order to drive more gaming sales.

Operator

Our next question is from Aaron Lee with Macquarie.

Aaron Lee

So you mentioned you're heading into 4Q with confidence. As we think about the holiday season, can you just provide some more detail on what you're seeing with channel inventory promotions and the competitive environment, please?

Thi La

With regards to our channel inventory, we would say that we're comfortable with where we are. So we're coming into October, looking at November as the Black Friday, Cyber Monday, channel partners are definitely feeling pretty optimistic about the sales coming up, and we're seeing order coming through as expected.

As I mentioned, if not, some of the channel partners are even moving ahead with a more positive momentum than planned. So right now, again, there's no really key concerns from our side with regards to holiday sales.

Aaron Lee

Okay. Great. And then just on the memory picture, nice to see you were able to increase your inventory there. Can you just talk about looking ahead, your confidence levels in continuing to get allocation from your partners going forward, just given all the moving pieces in that space?

Thi La

Yes. So we believe that we have demonstrated after so many quarters now in 2026 that we're able to manage the availability of memory chips and run our business in a way that we can stay ahead of the market and even demonstrated growth in Q3.

And for the holiday season, with the additional inventory that we invested in, we feel pretty good about the next 4 to 5 months and continue to use the same methodology to manage 2027. We still see that semiconductor, especially memory capacity to be short. There is really no change in pricing.

And you also heard that the big 4 are still staying with the same CapEx. So there is no shift in terms of the supply-demand situation on memory, right? Supply is still behind demand.

And if we look at some of the data center consumption and growth, they're all seeing triple-digit growth in terms of capacity consumption. So for us, the memory chip price will continue to be elevated. And we will continue to use the same operational excellence that we have on DRAM operation, something that we've been practicing and been driving for the past 30 years, we are not concerned that we cannot stay ahead of that game.

Gordon Mattingly

And just to -- Aaron, thanks for the question. This is Gordon. Just to add to that. We feel that growing memory 43% year-over-year in the quarter and growing the ending inventory by $37 million speaks pretty loudly to our ability to execute in this area.

Operator

Our next question is from Drew Crum with B. Riley.

Andrew Crum

Maybe one for Thi and one for Gordon. Thi, last year, when you started as CEO, you outlined a list of strategic priorities, one being channel expansion in underserved markets, including Asia.

I peeked at the Q and that business was up 30% year-on-year. Can you talk about what has worked thus far and where you see opportunities for further growth with the business? And then, Gordon, just on the Performance Memory gross margin, it's moved around quite a bit. I know you and I have discussed this in the past. There are several puts and takes here. But the 18% to 20% range that you shared for 4Q is above the historical trend. Is that where we should expect it to kind of settle out at going forward? Or is it going to continue to be volatile going forward?

Thi La

Drew, so with regards to your question on what is working, as outlined when I stepped into the role, we are focusing on controlling OpEx and improving cash flow and drive growth in the growth area, also really focusing on growing direct-to-consumers.

And since then, we've done a really good job from our perspective in terms of growing our cash flow, as you can see in the numbers. And we also are really controlling OpEx so that any additional revenue that we generated or margin that we generated would be additive and again, we demonstrated that the OpEx number is well under control even with acquisition.

We also continue to expand our direct-to-consumer business. We went from roughly 13% as a mix to now almost 20%, and our plan is to continue to grow that. So I think everything is working out the way we intended. The gaming segment is growing as well as the M&A activities is going to add to that in Q4 as well as 2027 and beyond.

And we will continue to investigate opportunities to either grow organically or bolt-on additional companies to service our business better. And I'm going to hand over to Gordon to talk about your other question.

Gordon Mattingly

Thanks, Thi. Yes. On the memory gross margin, we've always said that when prices are rising, we will benefit in terms of the gross margin. We saw that probably most acutely a year ago in Q4, where we saw roughly [ 67% ] increase in the price -- 67% increase in the price from the beginning of Q4 last year to the end, peaking out at kind of a 60% price range in a very short period of time towards the end of November last year.

Accordingly, we saw roughly 35% gross margin on memory in Q4 a year ago. And obviously, you've seen the recent trend, Q1 was still in the 30s, Q2 in mid-20s, Q3 most recently, 21.3%.

The guide for Q4, 18% to 20%. I think that's realistic for Q4 in terms of the long-term margin profile and where it's going to shake out in the kind of short to medium term. I don't think there's going to be a lot of movement.

I think it's probably more trended on the slight downside to the upside just because that speed of price changes slowed down somewhat on the memory side. But our long-term average is kind of mid-teens. We're guiding 18% to 20% for Q4. So we're kind of getting back to more normalized margin levels at this point. But I think Thi has got some additional color she can add to that.

Thi La

Yes. And I would say that we already mentioned as of last Q4, the acceleration was not norm because we are seeing as much as 60% to 70% ASP acceleration within the same quarter.

And naturally, when you have inventory in the quarter, you're going to benefit a lot more than not. And as that inventory normalizes, we now see what we consider as, I would say, an elevated inventory comparing to before, but it's something that is more sustainable at this time.

And the number that we forecasted for the full year since last year is basically coming in as what we said. So even if maybe the number seems like it's changing, but it was not unexpected.

Operator

[Operator Instructions] We have reached the end of the question-and-answer session. I would like to turn the floor back over to Thi La for closing comments. Please proceed.

Thi La

Thank you for joining us today's call and on your continued support. We entered the important holiday season with new products arriving in a clear plan. We have an opportunity to build on our Q3 results and our attention is on executing our growth strategy.

We look forward to sharing our progress when we report our fourth quarter results. Have a good evening, everyone.

Operator

This now concludes today's teleconference. You may now disconnect.