Razer had a banner year in 2020, according to the company's latest earnings results. In a filing released earlier this week, Razer noted that they're finally a billion dollar company in terms of annual revenue.
“2020 was a stellar year for Razer and one that marked an inflection point for the business," said Razer DEO Min-Liang Tan. "Despite the global market uncertainty caused by the COVID-19 pandemic, Razer crossed the US$1 billion revenue milestone and turned profitable on a GAAP basis, ahead of all expectations. This performance reflects our dominant brand position, compelling offerings across our ecosystem of hardware, software and services, and strong execution."
Razer actually made $1.2 billion in revenue last year, which is up 48% compared to 2019. Also, the computer peripheral maker and gamer brand turned profitable after technically losing money due to a financial strategy that involved some pretty hefty investments.
Net profits weren't anything to write home about at just $800,000, but some profit is better than no profit. Razer also had a positive cash flow position at $152.9 million, and best of all, no outstanding debt.
Hardware was the biggest driver of Razer's success last year with a revenue increase from sales of mice, keyboards, headsets, and more of 51.8%. Those increased sales also came from a lot of new customers as Razer noted a 53.8% increase in new user accounts compared to the year before, bringing their total monthly active user count to 123 million.
Razer Fintech is also a big deal, at least overseas. The company's transaction software handled $4.3 billion in commerce, which is more than double its 2019's number.
Razer isn't just making money, but they're also doing it while saving the planet. Razer's ten-year sustainability plan includes switching to renewable energy by 2025 and being 100% carbon neutral by 2030. The company also plans to save a million trees as part of its #GoGreenWithRazer campaign led by its new Sneki Snek mascot.