EVGA Corporation

Summary

Premium PC component brand famous for NVIDIA graphics cards, power supplies, and motherboards, known for exceptional customer service and enthusiast-focused products.

History Timeline

1999: Founded by Andrew Han in California. 2000s: Becomes top NVIDIA GPU partner. 2007: Enters power supply market. 2010s: Motherboards, monitors, peripherals. 2016: Step-Up upgrade program becomes fan favorite. 2022: Shocks industry by exiting GPU business (NVIDIA partnership ends). 2023: Re-focuses on PSUs, cases, and cooling. 2024: Surviving the GPU exit with loyal customer base.

Business Model

PC components: power supplies (SuperNOVA series), computer cases, cooling solutions (AIO liquid coolers), and peripherals. The graphics card business (formerly 70%+ of revenue) ended in 2022 when NVIDIA did not renew the partnership. EVGA remaining business focuses on PSU (where it is a top brand), cases, and cooling.

Moat Analysis

EVGA reputation for customer service was legendary in the PC community. The Step-Up program let customers upgrade to a better card for a small fee. The brand community loyalty survived the GPU exit. In PSU and cooling, EVGA competes on quality and warranty (10-year PSU warranty).

Key Data

Estimated $500M-800M revenue post-GPU exit (down from $1.5B+ with GPUs). Privately held. Founded by Andrew Han, who ran the company for 23 years before stepping down in 2022.

Interesting Facts

EVGA decision to leave the GPU market in 2022 was a bombshell. They were NVIDIA number 1 partner. CEO Andrew Han wrote a public letter explaining that the partnership terms had become unsustainable. Despite losing their biggest revenue source, the community respected the decision as principled.