Asetek reported third-quarter revenue of $12.2 million compared with $20.5 million in the same period of 2023. Revenue for the first nine months was $37.1 million compared with $59.7 million in the same period of 2023. The change in both periods reflects fewer shipments of liquid cooling products, partly offset by an increase in shipments of SimSports products. Gross margin was 36% for the third quarter and 42% for the first nine months, compared with 46% and 45% in the respective periods of 2023. The change in gross margin reflects the write-off of certain inventory that was adversely affected by a supply chain quality issue that has since been rectified.
“Our SimSports business experiences strong traction with new acclaimed products, new strategically important distribution agreements and a clear pathway to millions of new simulation gamers in the console market. We are also taking action to stabilize the Liquid Cooling business and position for future growth with a lower cost base and a wider offering addressing the changing market preferences,” says André S. Eriksen, the CEO of Asetek.