Press release
Turtle Beach Corporation Announces Growth in Revenue, Adjusted EBITDA and Gross Margins in First Quarter 2025 Results and $75 Million Share Repurchase Program
–Net Revenue of $63.9 million, up 14% compared to prior year––Gross Margin improved to 36.6%, an increase of approximately 470 basis points compared to prior
About this update from Turtle Beach Corporation
[{"type":"text","content":"–Net Revenue of $63.9 million, up 14% compared to prior year––Gross Margin improved to 36.6%, an increase of approximately 470 basis points compared to prior year––Net Loss of $(0.7) million compared to Net Income of $0.2 million in prior year––Adjusted EBITDA of $4.1 million, up from $1.4 million in prior year––Generated $40.5 million in cash flow from operations, the highest level since 2019––Authorized a new $75 million stock repurchase program– SAN DIEGO, May 08, 2025 (GLOBE NEWSWIRE) -- Turtle Beach Corporation (Nasdaq: TBCH), a leading gaming accessories brand, today reported strong financial results, including growth in revenue, Adjusted EBITDA, and gross margins in the first quarter ended March 31, 2025. First Quarter Highlights Net revenue was $63.9 million, an increase of 14% compared to the prior year period.Gross margin improved approximately 470 basis points to 36.6% compared to 31.8% in the prior year.Net loss was $(0.7) million or ($0.03) per diluted share compared to net income of $0.2 million or $0.01 per diluted share in the prior year period.Adjusted EBITDA was $4.1 million, compared to $1.4 million in the prior year period.Generated $40.5 million in cash flow from operations, the highest level since 2019.Authorized a new $75 million stock repurchase program. “With incremental revenue and margin from our March 2024 acquisition of PDP, we delivered strong Q1 growth over the prior year, despite a year-to-date decline in gaming accessories markets due to current macroeconomic headwinds. Our Adjusted EBITDA growth reflects the benefits from our expanded portfolio of next-generation gaming accessories and highlights the accretive advantages of our M&A strategy and strong execution,” said Cris Keirn, CEO, Turtle Beach Corporation. “As we have entered into a dynamic and complex macroeconomic environment, we have rapidly adapted our operations to better position the Company for the future. We have been prepared for the potential shift in tariffs and have quickly responded. We proactively increased inventory levels at the start of the year, and following the announcement in early April of new tariffs, we took immediate and decisive action. We are pleased to report that because of our early planning and preparedness, we are transitioning significant production out of China. As such, following the first quarter, less tha...