Press release
Turtle Beach Announces Q2 FY2023 Earnings Results
Revenue and Adjusted EBITDA Increased 16% and 54% Year-over-Year, Respectively Maintains Full Year 2023 Revenue and Adjusted EBITDA Guidance Provides
About this update from Turtle Beach Corporation
[{"type":"text","content":"\nRevenue and Adjusted EBITDA Increased 16% and 54% Year-over-Year, Respectively\n\n\nMaintains Full Year 2023 Revenue and Adjusted EBITDA Guidance\n\n\nProvides Line-of-Sight to Exit 2023 with $25 - $30 million Adjusted EBITDA Run-Rate, In-Line with Long-Term Adjusted EBITDA Margin Target of 10+%\n\n\nPreviously Announced Value Enhancement Committee Continues to Review Broad Range of Opportunities to Maximize Value\n\n\n WHITE PLAINS, N.Y.--(BUSINESS WIRE)--\nLeading gaming accessory maker Turtle Beach Corporation (Nasdaq: HEAR) (“Turtle Beach” or the “Company”) reported financial results for the second quarter ended June 30, 2023.\n\n\nSecond Quarter Summary vs. Year-Ago Quarter:\n\n\n\nNet revenue was $48.0 million, an increase of 16% compared to $41.3 million a year ago;\n\n\n\nNet loss was $15.9 million, or $0.93 per diluted share, compared to net loss of $17.8 million, or $1.08 per diluted share, a year ago;\n\n\n\nAdjusted net loss was $7.0 million, or $0.41 per diluted share, compared to adjusted net loss of $12.7 million or $0.77 per diluted share, a year ago;\n\n\n\nAdjusted EBITDA loss improved to $5.6 million compared to adjusted EBITDA loss of $12.1 million a year ago.\n\n\n\nManagement Commentary\n\n\n“In the second quarter, we delivered sales and adjusted EBITDA results in-line with our expectations, and up significantly compared to the year ago period,” said Cris Keirn, Interim CEO and SVP, Global Sales, Turtle Beach Corporation. “During the quarter, the Board and management team have worked to accelerate and focus our initiatives to innovate and create value for our shareholders. These initiatives include portfolio optimization, SKU rationalization, platformed product development for a range of cost improvements and more. In addition to normalizing recurring operational expenses, these are projected to improve our overall mix and margin while continuing to support our growth strategy.\n\n\n“The operating environment and gaming markets have improved significantly compared to a year ago, and our strategy continues to track to plan. Operationally, we have experienced a stabilization in channel inventories as retailers are returning to pre-pandemic levels and strategies, and as we expected, the frequency and scope of the aggressive competitive discounting has decreased. With respect to our products, we announced upg...