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Turtle Beach Corporation Announces Second Quarter 2025 Financial Results and Reiterates Full Year Guidance

鈥揇elivered Net Revenue of $56.8 Million鈥�
鈥揋ross Margin Improved to 32.2%, an Increase of 200 Basis Points Compared to Prior Year鈥�
鈥揘et Loss of $2.9 Million Compared to Net Loss of $7.5 Million in Prior Year鈥�
鈥揂djusted EBITDA of ($3.0) Million鈥�
鈥揜efinanced Existing Debt Facilities, Lowering Cost of Capital on Prior Term Loan by Approximately 450 Basis Points鈥�
鈥揜eiterating Full Year Revenue & Adjusted EBITDA Guidance鈥�

SAN DIEGO, Aug. 07, 2025 (GLOBE NEWSWIRE) -- (Nasdaq: TBCH, the 鈥淐ompany鈥�), a leading gaming accessories brand, today reported financial results for the quarter ended June 30, 2025 and reiterated full year guidance for revenue and Adjusted EBITDA.

Second Quarter Highlights

• Net revenue was $56.8 million.
• Gross margin improved to 32.2%, an increase of 200 basis points compared to prior year.
• Net loss of $2.9 million compared to net loss of $7.5 million in prior year.
• Adjusted EBITDA of ($3.0) million.
• Refinanced the Company鈥檚 existing term loan and credit facilities, providing enhanced financial flexibility with a lower cost of capital on the term loan of approximately 450 basis points.
• Repurchased $5.0 million of stock under the company鈥檚 recently authorized $75 million stock repurchase program.
• Reiterating full year revenue and Adjusted EBITDA guidance ranges of $340 million - $360 million and $47 million - $53 million, respectively.
  
  

"I'm pleased to report Turtle Beach鈥檚 continued execution in a dynamic economic environment," said Cris Keirn, Chief Executive Officer, Turtle Beach Corporation. "Our second quarter results and confirmation of full year guidance reflects our organization鈥檚 agility in navigating the current challenges in the macro environment and gaming accessories markets. The swift actions we have taken on our ongoing cost optimization initiatives and rapid adaptation of our production strategy have significantly mitigated tariff impacts on our business. Year-over-year gross margin for the quarter improved to over 32% despite an approximate 150 basis point negative impact from tariffs. With the improvements seen in markets for Q2 expected to continue into the second half of the year, we expect revenue and profitability to recover in support of our full year guidance."

鈥淎dditionally, our recent strategic refinancing has meaningfully improved our cost of capital with reduced interest rates and enhanced financial flexibility, enabling us to continue investing in long-term growth while enhancing shareholder value. Looking ahead, we're encouraged by the market improvements we鈥檙e seeing in the gaming accessories space, and we remain well-positioned to capitalize on key industry growth drivers into 2026."

Debt Refinancing
Last week, Turtle Beach Corporation announced the refinancing of the Company鈥檚 existing debt facilities. The new $150 million facility is comprised of a $90 million revolving credit facility and a $60 million term loan. This significant milestone strengthens the Company鈥檚 capital structure through a lowered cost of capital and enhanced financial flexibility. Under the terms of the new loan agreement, Turtle Beach has lowered its cost of capital on the term loan by approximately 450 basis points relative to the prior term loan, resulting in an annual dollar cost savings of over $2.0 million. Additionally, this refinancing revises certain prior operational limitations, including on the Company鈥檚 ability to repurchase shares.

Share Repurchase Update
For the second quarter ended June 30, 2025, Turtle Beach Corporation repurchased $5.0 million of common stock under the recently announced $75 million share repurchase agreement. With the Company鈥檚 continued commitment to return capital to shareholders, and the enhanced flexibility to repurchase shares under the new debt agreements, Turtle Beach intends to remain opportunistic in share buybacks moving forward.

Financial Outlook
Turtle Beach Corporation is reiterating its financial outlook for the full year 2025. The Company currently expects net revenues in the range of $340 million and $360 million and Adjusted EBITDA in the range of $47 million and $53 million.

Earnings Conference Call and Webcast Details
Turtle Beach will host a conference call and audio webcast today, August 7, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time), during which management will discuss second quarter results and provide commentary on business performance and its current outlook for 2025. A question-and-answer session will follow the prepared remarks.

The conference call may be accessed by telephone by dialing 1-844-826-3035 or 1-412-317-5195.

A live audio webcast of the earnings conference call may be accessed on Turtle Beach鈥檚 website at , along with a copy of this press release and an updated investor presentation. A telephone replay of the call will be available through August 21, 2025, and can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and entering passcode 10200768. A replay of the webcast will also be available on the investor relations website for a limited time.

About Turtle Beach Corporation
Turtle Beach Corporation (the 鈥淐ompany鈥�) () is one of the world鈥檚 leading gaming accessory providers. The Company鈥檚 namesake Turtle Beach brand () is known for designing best-selling gaming headsets, top-rated game controllers, award-winning PC gaming peripherals, and groundbreaking gaming simulation accessories. Turtle Beach鈥檚 top-rated, fan-favorite Victrix brand is well-respected and favored by pro gamers in esports and the fighting game community. Innovation, first-to-market features, a broad range of products for all types of gamers, and top-rated customer support have made Turtle Beach a fan-favorite brand and the market leader in console gaming audio for over a decade. Turtle Beach鈥檚 shares are traded on the Nasdaq Exchange under the symbol: TBCH.

Non-GAAP Financial Measures
In addition to its reported results, the Company has included in this earnings release certain financial metrics, including Adjusted EBITDA, that the Securities and Exchange Commission define as 鈥渘on-GAAP financial measures.鈥� Management believes that such non-GAAP financial measures, when read in conjunction with the Company鈥檚 reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company鈥檚 results. Non-GAAP financial measures are not an alternative to the Company鈥檚 GAAP financial results and may not be calculated in the same manner as similar measures presented by other companies. 鈥淎djusted EBITDA鈥� is defined by the Company as net income (loss) before interest, taxes, depreciation and amortization, stock-based compensation (non-cash), and certain non-recurring special items that we believe are not representative of core operations, as further described in Table 4. These non-GAAP financial measures are presented because management uses non-GAAP financial measures to evaluate the Company鈥檚 operating performance, to perform financial planning, and to determine incentive compensation. Therefore, the Company believes that the presentation of non-GAAP financial measures provides useful supplementary information to, and facilitates additional analysis by, investors. The non-GAAP financial measures included herein exclude items that management does not believe reflect the Company鈥檚 core operating performance because such items are inherently unusual, non-operating, unpredictable, non-recurring, or non-cash. See a reconciliation of GAAP results to Adjusted EBITDA included as Table 4 below for the three and six months ended June 30, 2025, and June 30, 2024.

By providing full year 2025 Adjusted EBITDA guidance, the Company provided its expectation of a forward-looking non-GAAP financial measure. Information reconciling full year 2025 Adjusted EBITDA to its most directly comparable GAAP financial measure, net income (loss), is unavailable to the Company without unreasonable effort due to the variability, complexity, and lack of visibility with respect to certain reconciling items between Adjusted EBITDA and net income (loss), including other income (expense), provision for income taxes and stock-based compensation. These items cannot be reasonably and accurately predicted without the investment of undue time, cost and other resources and, accordingly, a reconciliation of the Company鈥檚 Adjusted EBITDA outlook to its net income (loss) outlook for such periods is not provided. These reconciling items could be material to the Company鈥檚 actual results for such periods.

Cautionary Note on Forward-Looking Statements
This press release includes forward-looking information and statements within the meaning of the federal securities laws. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions, or beliefs about future events. Statements containing the words 鈥渕ay鈥�, 鈥渃ould鈥�, 鈥渨ould鈥�, 鈥渟hould鈥�, 鈥渂elieve鈥�, 鈥渆xpect鈥�, 鈥渁nticipate鈥�, 鈥減lan鈥�, 鈥渆stimate鈥�, 鈥渢arget鈥�, 鈥済oal鈥�, 鈥減roject鈥�, 鈥渋ntend鈥� and similar expressions, or the negatives thereof, constitute forward-looking statements. Forward-looking statements are only predictions and are not guarantees of performance. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. The inclusion of such information should not be regarded as a representation by the Company, or any person, that the objectives of the Company will be achieved. Forward-looking statements are based on management鈥檚 current beliefs and expectations, as well as assumptions made by, and information currently available to, management.

While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward-looking statements made by the Company or on its behalf. Some of these factors include, but are not limited to, risks related to trade policies, including the imposition of tariffs on imported goods and other trade restrictions, the release and availability of successful game titles, macroeconomic conditions affecting the demand for our products, logistic and supply chain challenges and costs, dependence on the success and availability of third-parties to manufacture and manage the logistics of transporting and distributing our products, the substantial uncertainties inherent in the acceptance of existing and future products, the difficulty of commercializing and protecting new technology, the impact of competitive products and pricing, general business and economic conditions, risks associated with the expansion of our business including the integration of any businesses we acquire and the integration of such businesses within our internal control over financial reporting and operations, our indebtedness, liquidity, and other factors discussed in our public filings, including the risk factors included in the Company鈥檚 most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and the Company鈥檚 other periodic reports filed with the Securities and Exchange Commission. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, the Company is under no obligation to publicly update or revise any forward-looking statement after the date of this release whether as a result of new information, future developments or otherwise.

CONTACTS

Investors:

(646) 277-1285

Public Relations & Media:
MacLean Marshall
Sr. Director, Global Communications
Turtle Beach Corporation
(858) 914-5093