Press release
Turtle Beach Corporation Announces Second Quarter 2024 Results and Raises Full Year Outlook
– Second Quarter Net Revenue of $76.5 million, up 59% Year-over-Year –– Raising Full Year 2024 Guidance on Continued Execution Strength –– Repurchased $15
About this update from Turtle Beach Corporation
[{"type":"text","content":"– Second Quarter Net Revenue of $76.5 million, up 59% Year-over-Year –– Raising Full Year 2024 Guidance on Continued Execution Strength –– Repurchased $15 Million of Common Shares in the Second Quarter –– Highlight Intention to Continue Share Repurchases at Attractive Price Levels – WHITE PLAINS, N.Y., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Turtle Beach Corporation (Nasdaq: HEAR), a leading gaming headset and accessories brand, today reported financial results for the second quarter ended June 30, 2024. Second Quarter Highlights Net revenue was $76.5 million, an increase of 59% compared to the prior year period.Net loss was $(7.5) million or ($0.35) per share compared to a net loss of ($15.9) million or ($0.93) net loss per share in the prior year period.Adjusted EBITDA was $3.0 million, an improvement of $8.7 million compared to an Adjusted EBITDA loss of ($5.7) million in the prior year period. “We're proud to report another quarter of strong performance for Turtle Beach, as we saw continued momentum in our business, significant gross margin expansion, further execution of our cost-reduction initiatives, and the integration of PDP that is ahead of schedule,” said Cris Keirn, CEO, Turtle Beach Corporation. “Our second quarter results reflect the team’s unwavering commitment to execution, as we have married the rapid integration of a significant acquisition with our ongoing focus on proactive cost management, all the while providing best-in-class and innovative products to our customers. In the quarter, Turtle Beach continued to demonstrate its market-leading position in gaming headsets while simultaneously overseeing meaningful share gains in gaming controllers. At the same time, the benefits of the PDP acquisition highlight a scale and diversification advantage that are paving the way for Turtle Beach to stand apart in the competitive gaming equipment market.” “Revenue for the quarter reached $76.5 million, a significant 59% increase year-over-year, bolstered by the successful ongoing integration of PDP and robust demand for our leading products. Even excluding PDP, we saw healthy organic growth of 15%. This growth, coupled with our ongoing efficiency initiatives, led to a substantial improvement in profitability, with Adjusted EBITDA reaching $3.0 million for the quarter. “The integration of PDP is already yielding synergies and e...