Corsair Gaming (CRSR) as of March 31, 2026 shows a deeply negative liquidation recovery posture, consistent with the prior period. Applying standard haircuts to the asset side and holding liabilities at face value produces a negative equity recovery. Total assets of $1.18B are dominated by balance sheet items with significant liquidation haircuts: goodwill of $357.4M and net intangibles (finite-lived) of $79.8M, combined $437.2M, recover at zero under the lens. Inventory of $273.5M recovers at roughly $164M at 60%. AR net $178.4M recovers at roughly $160-170M at 90-95%. Cash and restricted cash of $119.7M recovers at par. PP&E net $31.2M recovers at $16-22M at 50-70%. Operating lease ROU assets of $56.6M are excluded as the corresponding ASC 842 lease obligation ($68.0M total: $17.3M current, $50.7M noncurrent) must be settled at face value. On the liability side: total liabilities of $516.5M held at face value. Term loan face value $120.3M, accrued liabilities and other current liabilities $204.6M ($180.3M AccruedLiabilitiesAndOtherLiabilities plus $24.3M OtherLiabilitiesCurrent), accounts payable $157.6M, deferred revenue $5.2M, operating lease liabilities $68.0M, and noncurrent liabilities $53.8M. The MFFAIS CLV of negative $269M reflects the full intangibles/goodwill write-off scenario. The liquid liquidation value of negative $91M strips goodwill and intangibles but retains other assets near par, consistent with TAG_CONTEXT values. The operating liquidation value of positive $183M reflects a going-concern-adjusted view and is not a liquidation number. Compared to the prior filing (10-K for year ended December 31, 2025), the Q1 2026 snapshot shows: (1) inventory declined from a prior build-up (MD&A references inventory reduction vs. prior quarter, and the Q1 2025 10-Q noted stocking up in anticipation of tariffs); (2) goodwill is essentially flat at $357.4M; (3) term loan face value at $120.3M reflects modest repayment ($1.6M in Q1 2026); and (4) operating lease liabilities total $68.0M representing a continued material face-value claim on liquidation. $80.8M in inventory-related purchase obligations and $84.3M in total operating lease obligations disclosed in the contractual obligations table do not extinguish on windup and are additive to the liability stack under this lens, though operating leases are partially reflected in the balance sheet. The full valuation allowance against U.S. deferred tax assets means the $12.9M DTA is unlikely to have liquidation value. Net intangible assets include $79.8M finite-lived and $35.4M indefinite-lived (total IntangibleAssetsNetExcludingGoodwill $115.3M less FiniteLivedIntangibleAssetsNet $79.8M = $35.4M indefinite), both zero under the lens. Filing discusses an internal IP restructuring and transfer in Q1 2026 MD&A (related to the discrete tax benefit) but does not separately XBRL-tag the restructuring charge or IP transfer value; no separate tag appears in TAG_CONTEXT.
▼ Community Notes