Corsair Gaming FY2026 Q1 Earnings Release

MAY 7 th 2026
INVESTOR PRESENTATION

CORSAIR INVESTOR PRESENTATION | MAY 2026
Forward Looking StatementsThis press release contains express and implied forward-looking statements within the meaning of the Private Securities Litigati on Reform Act of 1995, including, but not limited to, statements regarding the Company’s financial outlook for the fiscal qua rter ending June 30, 2026, and the full year 2026, the market
position and growth of the Company’s various products; the growth and rate of growth of gaming and creator peripherals; and t he Company’s positioning for profitable growth in Q2 2026. Forward -looking statements are based on our management’s beliefs, as we ll as assumptions made by, and information currently
available to them. Because such statements are based on expectations as to future financial and operating results and are not st atements of fact, actual results may differ materially from those projected. Factors which may cause actual results to differ materially from current expectations include, but are not limited to:
current macroeconomic conditions, including the impacts of high inflation and risk of recession, on demand for our products, consumer confidence and financial markets generally; changes in trade regulations, policies, and agreements and the imposition o f tariffs that affect our products or operations, including potential
new tariffs that may be imposed on U.S. imports and our ability to mitigate; the Company’s ability to build and maintain the strength of the Company’s brand among gaming, streaming and content creator enthusiasts and ability to continuously develop and successfully market new products and improvements to existing
products; the introduction and success of new third -party high -performance computer hardware, particularly graphics processing u nits and central processing units as well as sophisticated new video games; fluctuations in operating results; the loss or in ability to attract and retain key management; the impacts from
geopolitical events and unrest, including disruption in global supply chains and energy prices as a result of ongoing conflic t with Iran; delays or disruptions at the Company or third -parties’ manufacturing and distribution facilities; and the other factor s described under the heading “Risk Factors” in our Annual Report on
Form 10 -K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”) and our subsequent fili ngs with the SEC. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking
statements to reflect future events or circumstances. Our results for the quarter ended March 31, 2026 are also not necessari ly indicative of our operating results for any future periods.
Non -GAAP Financial MeasuresIncluded in this presentation are certain non -GAAP financial measures, including Adjusted Operating Income (Loss), Adjusted EBIT DA, Adjusted Net Income (Loss) and Adjusted Net Earnings (Loss) Per Share, which are not recognized under the generally accep ted accounting principles (“GAAP”) in the United States and
designed to complement the financial information presented in accordance with GAAP in the United States because management be lieves such measures are useful to investors. The non -GAAP measures have limitations as analytical tools and you should not conside r them in isolation of, or as an alternative to, measures
prepared in accordance with U.S. GAAP. The non -GAAP measures used by the Company may differ from the non -GAAP measures used by o ther companies. The Company urges you to review the reconciliation of its non -GAAP financial measures to the most directly compa rable U.S. GAAP financial measures set forth in
the Appendix to this presentation, and not to rely on any single financial measure to evaluate the Company’s business.
Market and Industry DataThis presentation also contains estimates and other statistical data made by independent parties and by the Company relating to the Company’s industry, the Company’s business and the market for the Company’s products and its future growth. This data inv olves a number of assumptions and limitations, and you are
cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of the Company’s f uture performance and the future performance of the market for its products are necessarily subject to a high degree of uncertai nty and risk.
DISCLAIMER

CORSAIR INVESTOR PRESENTATION | MAY 2026
CORSAIR’s mission is to design and deliver
high -quality, high -performance PC components,
peripherals, and Sim Racing gear that empower
gamers, creators, and enthusiasts worldwide.
Powered By Passion.
Dedicated To Play.
CORSAIR INVESTOR PRESENTATION | MAY 2026

CORSAIR AT A GLANCE
(1) See appendix for reconciliation of non-GAAP metrics to most comparable GAAP metrics
(2) Trailing 12 -month period ending 3/31/2026. YoY growth compared to same period ending 3/31/2025.
(3) Source: PCMag, CORSAIR brand net promoter score https://www.pcmag.com/articles/the- best-tech -brands -for -2026.
Products sold in
70+
countries
Founded in
1994
HQ: Milpitas, CA
NASDAQ
CRSR
NPS Score 3
64.5
Trailing 12 -month
GROSS PROFIT
2
$440M
+28% YoY
Trailing 12 -month
REVENUE
2
$1,457M
+8% YoY
Trailing 12 -month
ADJUSTED EBITDA
(1)(2)
$114M
+92% YoY
*Source: Circana 2025 US Market + CORSAIR internal data
Market Leader in
Gamer + Creator
Peripherals and
Performance PC Ecosystem

DOUBLE-DIGIT TAM GROWTH IN OUR CORE MARKETS
The global high -performance gaming and creator products market is projected to grow at a ~16% CAGR from ‘24 -30
~$107bn (2024)
Global Gaming PC and
Peripherals Market
$68bn
Hardware
Global Gaming RAM Market $10bn
Memory
Global Creator
Economy -in -Gaming Market
$29bn
Platform
CAGR: 12.9%
CAGR: 8.0%
CAGR: 23.2%
~$257bn (2030)
Global Gaming PC and Peripherals Market $141bn
CAGR: 12.9% Hardware
Global Gaming RAM Market $16bn
CAGR: 8.0% Memory
Global Creator
Economy -in -Gaming Market
$100bn
CAGR. 23.2% Platform
Demand for High -Performance
PC Hardware Growth in Gaming
and Esports Expansion of Content
Creation and Streaming Elgato
Marketplace Flywheel Rapid Hardware
Innovation Customization and
Upgradeability
KEY GROWTH DRIVERS
*Sources: Grand View Research, Market.us, Market Research Intellect with geometric interpolation

ADDITIONAL GROWTH OPPORTUNITIES IN EMERGING CATEGORIES
~$57bn (2024)
Racing Simulators$0.54bn
Broadcast Hardware Market $5.4bn
AI Workstations$51bn CAGR: 15.5%
CAGR: 6.8%
CAGR: 42.8%
~$439bn (2030)
Racing Simulators $1.28bn
CAGR: 15.5%
Broadcast Hardware Market $8bn
CAGR: 6.8%
AI Workstations Market$430bn
CAGR. 42.8%
AI Workstations Modern Control for
Broadcasting Sim Racing and
Hardware Growth AI Demand Acceleration
Among Prosumers and SMB Hardware
Customization
KEY GROWTH DRIVERS
*Sources: Grand View Research, Global Market Insights with geometric interpolation, Diligence InsightsRising Demand on Sim
Racing and Local AI

DIVERSIFIED PORTFOLIO OF LEADING BRANDS
Together, ourbrands form a powerful ecosystem for gamers, creators, and enthusiasts around the world.
GAMING COMPONENTS AND SYSTEMS GAMER AND CREATOR PERIPHERALS
Providing the tools for gamers to play at their best.
Limited releaseExclusive
Custom built performance for gaming
and creator PCs. Customizable, advanced
paddle gaming controllers Empowering creators
worldwide to produce
original premium content World renowned
in professional
sim racing solutions

OUR PRODUCT SEGMENTATION
GAMING COMPONENTS AND SYSTEMS
The CORSAIR ecosystem is a seamlessly connected range of high-performance components and systems,
gamer and creator peripherals, SIM Racing gear, and software designed to work better together.
Components and Systems
Memory Power Supply
Storage PC Cases
Liquid Cooling Fans
iCUE LINK Prebuilt Performance PCs
and AI Workstation
Gaming Peripherals
CORSAIR Custom Labs
Headset
Keyboard
Mice/Mouse Pads
Companion Display Gaming Controllers
Leverless Controller
Desks and Chairs
GAMER AND CREATOR PERIPHERALS
Creators, Streamers,
Broadcasting
Stream Deck Webcam
Capture Cards
Lighting
Prompter
Plugin Marketplace
Audio InterfaceMicrophones
SIM Racing
Wheels
Wheelbases Pedals
Cockpits
Handbrake Shifter

PC GAMING AND CONTENT CREATION
THE CORSAIR ECOSYSTEM

SIM RACING
THE CORSAIR ECOSYSTEM

THE STREAM DECK FLYWHEEL
›Control software + visual
hardware button interface
› Customizable LCD key display –
map any action to any key
› Cross deployed across
keyboards, mice and
CORSAIR peripherals
› Supported by 2MM+ active
users on Elgato Marketplace
› Plugin ecosystem spans
gaming, streaming, productivity,
AI workflows and more
WHAT IS STREAM DECK?
2MM+
Active users on Elgato Marketplace
Double digit sequential
marketplace account growth
AI assisted plugin dev expanding contributor base
Small improvements build momentum over time, leading to accelerated growth.
More
Developers
More
Users
Richer
Ecosystem
Marketplace Growth

ELGATO MARKETPLACE
Elgato Marketplace is a
flywheel and digital
platform where Creators,
Streamers, YouTubers, and
Professionals discover and
purchase thousands of
plugins, overlays, and
workflow tools that enhance
their content and
productivity. Meanwhile,
developers can monetize
the assets they build for the
Elgato ecosystem.

NPS SCORE*
64.5
Score Range Label What It Means
70+ World-class The brand now has loyal fan base
50 -70 Excellent The brand is delivering standout experiences
30 -50 Great The brand is delighting customers consistently
20 -30 Good The brand is a few critics but more brand advocates
0 and above Favorable The brand is beginning to be a crowd favorite
*Source: PCMag, CORSAIR brand net promoter score https://www.pcmag.com/articles/the-best-tech-brands -for-2026
TRUSTED BRAND
Our customers appreciate the value we deliver

OVER 100 AWARDS FOR INNOVATION, QUALITY AND PERFORMANCE
Our award -winning product portfolio is consistently recognized by experts.
Excellent

CORSAIR CONFIDENTIAL
BUSINESS AND INNOVATION UPDATE

F1 PARTNERSHIP
›CORSAIR recently signed a strategic
partnership with Formula 1
®, naming Fanatec as
a licensed F1
® brand partner and F1 ® Esports
Official Partner for the F1
® Sim Racing World
Championship.
“ Fanatec has helped elevate the competitive standard
of our F1 Sim Racing ecosystem, and this extension is
an exciting step forward in our long and successful
relationship. This state -of -the -art hardware brings fans
and racers even closer to the technology used in
Formula 1, giving our audience a more authentic and
accessible way to experience the sport.”
– E mily Prazer , Chief Commercial Officer at Formula 1

PARTNERSHIP
›Black Falcon Team will compete in Class AT
(alternative fuel) with a Porsche 992 GT3
Cup car ›Fanatec becomes the Official Sim Racing and
Technology Partner for Black Falcon, reinforcing a
shared commitment to blending real- world endurance
racing with cutting -edge Sim Racing technology

FAZE AND GUMAYUSI
ESPORTS PARTNERSHIP
›CORSAIR becomes the official mouse, keyboard, headset,
and mousepad partner of FaZe Esports with category
exclusivity across team integrations
› An exclusive partnership with legendary League of Legends
player Lee “ Gumayusi” Min -hyeong , one of the most
decorated athletes in the history of the game
› These partnerships also center on a shared mission:
co- developing the next generation of performance
peripherals designed for high -level, professional play

ELGATO WAVE NEXT
›Wave next brings together six integrated products.
Wave Link 3.0 software, Wave:3 MK.2, Wave XLR
MK.2, XLR Dock MK.2, Wave XLR Pro, and Stream
Deck + XL

›A cohesive ecosystem spanning audio capture,
processing, and control, built for how modern
creators and professionals actually work
› Wave FX Processor powers four devices forming a
new foundation of the Wave platform
› Wave Next forms Elgato audio, where software,
hardware, and control are designed as one
NEW PRODUCT LAUNCH

ELGATO STREAM DECK + XL
›With dozens of customizable controls and endless
integrations, Stream Deck + XL puts entire
productions and systems under your command —
all from one intuitive interface
› Coordinate cameras, lighting, graphics and more
right on cue
› Keep conversations flowing with full control over
your mix
› Access every tool without breaking
your flow
› Manage everything from prompts to agents
in one place
NEW PRODUCT LAUNCH

VANGUARD AIR 99
›A full -sized keyboard with 8kHz hyper -polling
and an LCD screen for next level personalization
› Allows you to map Stream Deck actions to the
G -keys and unlock Virtual Stream Deck
› Clickable shortcuts that can be freely positioned
on -screen or accessed via hotkey for productivity,
streaming or gaming scenarios
› A brilliant full -color 320 x 170 LCD screen that lets
you showcase your unique style on a whole
different level
› Display custom images, animations, system
specs, sync it with the rotary dial’s customizable
media controls, and more
NEW PRODUCT LAUNCH

AI WORKSTATION
TRACTION
›CORSAIR positioned as the dedicated local AI compute
brand, delivering private, on -device AI with minimal
cloud dependency
› AI300 launched July 2025 on AMD’s Ryzen AI Max
300 Series platform, with strong Q1’ 26 demand
momentum as local AI inference moves from
enthusiast to mainstream
› New CORSAIR Pro X -Class Grando (multi -GPU liquid –
cooled server, up to 6 × NVIDIA Pro 6000 Blackwell
GPUs) enters commercial availability in Q2 ’26,
expanding the AI workstation portfolio from desktop to
server -class

CORSAIR CONFIDENTIAL
FINANCIAL UPDATE

Revenue in $ MillionsAdjusted EBITDA in $ Millions
(1) See appendix for reconciliation of non
-GAAP metrics to most comparable GAAP metrics.
GROSS PROFIT
+13% YoY
$116.0M
REVENUE
-4% YoY
$354.5M
ADJUSTED EBITDA 1
+58% YoY
$35.8M
ADJUSTED EPS (diluted) 1
+$0.16 YoY
$0.27
Q1 2026 – STRONG PROFIT GROWTH
$354.0 $337.3
$369.8 $354.5
Q1 23 Q1 24 Q1 25 Q1 26
$20.6 $18.0
$22.6
$35.8
Q1 23 Q1 24 Q1 25 Q1 26

Trailing 12-month Revenue in $ Millions Trailing 12-month Adjusted EBITDA in $ Millions 1
MARGIN EXPANSION AND COST CONTROL DRIVE PROFIT GROWTH
$1,348 $1,390 $1,441 $1,460 $1,443 $1,379 $1,320 $1,316 $1,349 $1,408 $1,449 $1,472 $1,457
Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
$52
$80
$93 $95 $93
$74
$55 $55 $59
$69
$80
$101
$114
Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
(1) See appendix for reconciliation of non -GAAP metrics to most comparable GAAP metrics.

Trailing 12-month Revenue in $ Millions
Quarterly Gross Margin
Q1 26 REVENUE
+10% YoY
$123.3M
Q1 26 GROSS PROFIT
+8% YoY
$50.3M
GROWTH IN HIGHER MARGIN GAMER AND CREATOR PERIPHERALS
$393 $382 $376 $395 $413 $428 $440 $473 $478 $486 $497 $492 $503
Q1 23 Q2 2 3 Q3 23 Q4 2 3 Q1 24 Q2 2 4 Q3 24 Q4 2 4 Q1 25 Q2 2 5 Q3 25 Q4 2 5 Q1 26
30.0% 32.4% 33.1%
37.2%
40.8%
37.9% 38.3% 37.7%
41.5% 40.0% 39.3% 37.8%
40.8%
Q1 23 Q2 2 3 Q3 23 Q4 2 3 Q1 24 Q2 2 4 Q3 24 Q4 2 4 Q1 25 Q2 2 5 Q3 25 Q4 2 5 Q1 26

CONSISTENT LEADERSHIP IN GAMING COMPONENTS AND SYSTEMS
Trailing 12-month Revenue in $ Millions
Quarterly Gross Margin
Q1 26 REVENUE
– 10% YoY
$231.2M
Q1 26 GROSS PROFIT
+18% YoY
$65.7M
22.2% 23.2% 21.8%
18.5% 18.7%
16.4% 15.1%
18.1%
21.7% 20.6% 20.9%
30.2% 28.4%
Q1 23 Q2 2 3 Q3 23 Q4 2 3 Q1 24 Q2 2 4 Q3 24 Q4 2 4 Q1 25 Q2 2 5 Q3 25 Q4 2 5 Q1 26
$956 $1,008 $1,065 $1,065 $1,030
$951
$880 $844 $871 $922 $952 $980 $954
Q1 23 Q2 2 3 Q3 23 Q4 2 3 Q1 24 Q2 2 4 Q3 24 Q4 2 4 Q1 25 Q2 2 5 Q3 25 Q4 2 5 Q1 26

$18
$23
$8 $5
$16
$33
$54
$23
$36
Q1 24 Q1 25 Q2 2 4 Q2 2 5 Q3 24 Q3 25 Q4 2 4 Q4 2 5 Q1 25 Q1 26
+235% YoY +62%
YoY
Significant Adjusted EBITDA expansion
year- over-year from margin growth and
operating leverage
($ -1)
+58%
YoY
TTM Gamer and Creator Peripherals
Segment Revenue Growth (in $ Millions) Quarterly Gross Margin
Quarterly Adjusted EBITDA (1)
(in $ Millions)
FIVE CONSECUTIVE QUARTERS OF PROGRESS
Consistent growth in higher margin
Gamer and Creator Peripherals Segment Consistent gross margin expansion,
with quarterly records in past two quarters, despite tariff headwinds
(1) See appendix for reconciliation of non -GAAP metrics to most comparable GAAP metrics.
$413
$478
$428
$486
$440
$497 $473 $492 $478 $503
Q1 24 Q1 25 Q2 2 4 Q2 2 5 Q3 24 Q3 25 Q4 2 4 Q4 2 5 Q1 25 Q1 26
25.7% 27.7%
24.1%
26.8%
22.9%
26.9% 26.2%
33.1%
27.7%
32.7%
Q1 24 Q1 25 Q2 2 4 Q2 2 5 Q3 24 Q3 25 Q4 2 4 Q4 2 5 Q1 25 Q1 26
+26%
YoY

CORSAIR CONFIDENTIAL
FINANCIAL GUIDANCE

Financial MetricsQ2 2026 Guidance
Net Revenue $295 – $320 million
Adjusted EBITDA $12.5 – $15.5 million
Non -GAAP EPS $0.05 – $0.07
FINANCIAL GUIDANCE (1)
(1) Given the number of risk factors, uncertainties and assumptions, many of which are referenced in slide 2, actual results may differ materially. We do not intend to update our financial outlook until our next quarterly
results announcement. Estimates should not be viewed as a substitute for our full annual financial statement and are not necessa rily indicative of the results to be expected for any future period. Certain non-GAAP measures
included in our financial outlook were not reconciled to the comparable GAAP financial measures because the GAAP measures are no t accessible on a forward -looking basis. We are unable to reconcile these forward -looking
into non -GAAP measures to the most directly comparable GAAP measures without unreasonable effort because we are currently unable to predict with a reasonable degree of certainty the type and extent of certain items
that would be expected to impact GAAP measures for this period but would not impact the non -GAAP measures. Such items may include stock -based compensation charges, public offering related charges, depreciation and
amortization, and other items. The unavailable information could have a significant impact on our GAAP financial results.

Financial Metrics2026 Guidance
Net Revenue $1.33 – $1.47 billion
Adjusted EBITDA $100 – $115 million
Non -GAAP EPS $0.58 – $0.74
FINANCIAL GUIDANCE (1)
(1) Given the number of risk factors, uncertainties and assumptions, many of which are referenced in slide 2, actual results may differ materially. We do not intend to update our financial outlook until our next quarterly
results announcement. Estimates should not be viewed as a substitute for our full annual financial statement and are not necessa rily indicative of the results to be expected for any future period. Certain non-GAAP measures
included in our financial outlook were not reconciled to the comparable GAAP financial measures because the GAAP measures are no t accessible on a forward -looking basis. We are unable to reconcile these forward -looking
into non -GAAP measures to the most directly comparable GAAP measures without unreasonable effort because we are currently unable to predict with a reasonable degree of certainty the type and extent of certain items
that would be expected to impact GAAP measures for this period but would not impact the non -GAAP measures. Such items may include stock -based compensation charges, public offering related charges, depreciation and
amortization, and other items. The unavailable information could have a significant impact on our GAAP financial results.

APPENDIX

USE OF NON-GAAP FINANCIAL MEASURES
To supplement the financial results presented in accordance with GAAP, this presentation includes certain non -GAAP financial inf ormation,
including Adjusted Operating Income (Loss), Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted Net Earnings (Loss) Per Share. These are
important financial performance measures for us but are not financial measures as defined by GAAP. The presentation of this n on-GAAP financial
information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial informatio n prepared and presented in
accordance with GAAP.
We use these non -GAAP financial measures to evaluate our operating performance and trends and make planning decisions. We believ e that
these non -GAAP financial measures help identify underlying trends in our business that could otherwise be masked by the effect o f the expenses
and other items that we exclude in such non- GAAP financial measures. Accordingly, we believe that these non -GAAP financial measu res provide
useful information to investors and others in understanding and evaluating our operating results, enhancing the overall under standing of our past
performance and future prospects, and allowing for greater transparency with respect to the key financial metrics used by our management in our
financial and operational decision -making. We also present these non -GAAP financial measures because we believe investors, analy sts and rating
agencies consider them useful in measuring our ability to meet our debt service obligations.
Our use of these terms may vary from that of others in our industry. These non -GAAP financial measures should not be considered as an
alternative to net revenues, operating income (loss), net income (loss), cash provided by operating activities or any other m easures derived in
accordance with GAAP as measures of operating performance or liquidity. Reconciliations of these measures to the most directl y comparable
GAAP financial measures are presented in the appendix.
We encourage investors and others to review our financial information in its entirety, not to rely on any single financial me asure and to view these
non- GAAP financial measures in conjunction with the related GAAP financial measures.

Non-GAAP Operating Income (Loss) Reconciliations
(Unaudited, in thousands, except percentages)
GAAP TO NON -GAAP RECONCILIATIONS
Three Months Ended
March 31,
2026 2025
Operating income (loss) – GAAP $ 13,796 $ (2,263 )
Amortization 9,806 9,782
Stock -based compensation 6,694 9,322
Restructuring and other charges 1,580 1,095
Acquisition and related integration costs — 2,185
Acquisition accounting impact related to recognizing acquired inventory at fair value — 515
Adjusted Operating Income – Non- GAAP $ 31,876 $ 20,636
As a % of net revenue – GAAP 3.9 % -0.6 %
As a % of net revenue – Non -GAAP 9.0 % 5.6 %

Non-GAAP Net Income (Loss) and Net Income (Loss) Per Share Reconciliations
(Unaudited, in thousands, except per share amounts)
GAAP TO NON-GAAP RECONCILIATIONS
Three Months Ended
March 31,
2026 2025
Net income (loss) attributable to common stockholders of CORSAIR Gaming, Inc. (1) $ 11,864 $ (10,067 )
Less: Change in redemption value of redeemable noncontrolling interest (920 ) 392
Net income (loss) attributable to CORSAIR Gaming, Inc. 12,784 (10,459 )
Add: Net income attributable to noncontrolling interest 273 142
Net income (loss) – GAAP 13,057 (10,317 )
Adjustments:
Amortization 9,806 9,782
Stock -based compensation 6,694 9,322
Restructuring and other charges 1,580 1,095
Acquisition and related integration costs — 2,185
Reversal of bargain purchase gain on business acquisition — 2,581
Acquisition accounting impact related to recognizing acquired inventory at fair value — 515
Non -GAAP income tax adjustment (1,983 ) (2,844 )
Adjusted net income – Non- GAAP $ 29,154 $ 12,319
Diluted net income (loss) per share:
GAAP $ 0.11 $ (0.10 )
Adjusted, Non -GAAP $ 0.27 $ 0.11
Weighted -average common shares outstanding – Diluted:
GAAP 107,774 105,240
Adjusted, Non -GAAP 107,774 107,367
(1) Numerator for calculating net income (loss) per share -GAAP

Adjusted EBITDA Reconciliations
(Unaudited, in thousands, except percentages)
GAAP TO NON-GAAP RECONCILIATIONS
Three Months Ended
March 31,
2026 2025
Net income (loss) – GAAP $ 13,057 $ (10,317 )
Amortization 9,806 9,782
Stock -based compensation 6,694 9,322
Restructuring and other charges 1,580 1,095
Acquisition and related integration costs — 2,185
Reversal of bargain purchase gain on business acquisition — 2,581
Acquisition accounting impact related to recognizing acquired inventory at fair value — 515
Depreciation 3,551 3,373
Interest expense, net of interest income 1,270 2,046
Income tax (benefit) expense (157 ) 2,061
Adjusted EBITDA – Non- GAAP $ 35,801 $ 22,643
Adjusted EBITDA margin – Non -GAAP 10.1 % 6.1 %

TTM ADJUSTED EBITDA RECONCILIATIONS
(unaudited, in thousands)
GAAP TO NON-GAAP RECONCILIATIONS