Press release
Turtle Beach Announces Fourth Quarter and Full Year 2023 Earnings Results
WHITE PLAINS, N.Y.--(BUSINESS WIRE)-- Turtle Beach Corporation (Nasdaq: HEAR) (“Turtle Beach” or the “Company”), a leading gaming accessories brand, today
About this update from Turtle Beach Corporation
[{"type":"text","content":" WHITE PLAINS, N.Y.--(BUSINESS WIRE)--\nTurtle Beach Corporation (Nasdaq: HEAR) (“Turtle Beach” or the “Company”), a leading gaming accessories brand, today reported financial results for the fourth quarter and full year ended December 31, 2023.\n\n\nFourth Quarter Summary vs. Year-Ago Quarter:\n\n\n\nNet revenue was $99.5 million, a decrease of 1.3% compared to $100.9 million a year ago;\n\n\n\nNet income was $8.6 million, or $0.47 per diluted share, compared to net loss of $23.2 million, or $1.40 per diluted share, a year ago;\n\n\n\nAdjusted EBITDA improved to $14.0 million compared to $1.0 million a year ago.\n\n\n\n2023 Full-Year Summary vs. 2022:\n\n\n\nNet revenue was $258.1 million, an increase of 7.5% compared to $240.2 million a year ago;\n\n\n\nNet loss was $17.7 million, or $1.03 per diluted share, compared to $59.5 million, or $3.62 per diluted share, a year ago;\n\n\n\nAdjusted EBITDA improved to $6.5 million compared to an Adjusted EBITDA loss of $29.9 million a year ago.\n\n\n\nManagement Commentary\n\n\n“Turtle Beach’s resilience and adaptability have elevated our leadership position across gaming accessories,” said Cris Keirn, Chief Executive Officer, Turtle Beach Corporation. “Our 2023 full year net revenue increased by 7.5% year-over-year as a result of significant share gains across multiple categories and geographies, including our core business of console gaming headsets. With post-pandemic transitional effects to gaming markets and our business now behind us, we are looking forward to a strong era of exciting new products and growth.\n\n\n“We continued to execute against our strategic pillars and ongoing cost management initiatives, which drove margin improvements ahead of our expectations. These initiatives, including portfolio optimization, SKU rationalization, and platformed product development, come into full effect in 2024. We look forward to realizing these benefits with dramatically improved business performance and a 2024 portfolio that will showcase groundbreaking product launches across key categories. We anticipate that these new products, along with our continued focus on multiple cost management initiatives, will result in significant improvements in Turtle Beach’s performance in 2024.\n\n\n“We are incredibly optimistic about our 2024 prospects given our progress against optimizing the busine...