Press release
Turtle Beach Reports First Quarter 2023 Results, Exceeding Expectations
Raises Full Year Outlook WHITE PLAINS, N.Y.--(BUSINESS WIRE)-- Leading gaming accessory maker Turtle Beach Corporation (Nasdaq: HEAR) (“Turtle Beach” or the
About this update from Turtle Beach Corporation
[{"type":"text","content":"\nRaises Full Year Outlook\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 first quarter ended March 31, 2023.\n\n\nFirst Quarter Summary vs. Year-Ago Quarter:\n\n\n\nNet revenue was $51.4 million, an increase of 10% compared to $46.7 million a year ago;\n\n\n\nNet loss was $6.7 million, or $0.40 per diluted share, compared to net loss of $6.5 million, or $0.40 per diluted share, a year ago;\n\n\n\nAdjusted net loss was $4.4 million, or $0.27 per diluted share, compared to adjusted net loss of $6.3 million or $0.39 per diluted share, a year ago;\n\n\n\nAdjusted EBITDA loss improved to $2.3 million compared to adjusted EBITDA loss of $5.7 million a year ago.\n\n\n\nManagement Commentary\n\n\n“Our solid first quarter results reflect a healthier console gaming headset market compared to a year ago and good business execution, as revenue and adjusted EBITDA were slightly above expectations and well on-track to our increased full year 2023 targets of 10 to 12% revenue growth and a return to positive adjusted EBITDA,” said Juergen Stark, CEO, Turtle Beach Corporation. “As anticipated, we’re seeing indicators of a progressive gaming market recovery, good product performance, and decreasing freight costs benefiting the business in the first quarter, and these are expected to continue throughout the year. While challenges such as high promotional activity in the PC category continue to impact the market, we’re encouraged by our start to 2023. We remain focused on outperforming the market in 2023 and delivering improved year-over-year financial results. Our solid first quarter is an important step ahead, and we look forward to building on our momentum and capitalizing on our exciting product launch plans throughout 2023 and into 2024.”\n\n\n“The operating environment, gaming market dynamics and macroeconomic conditions have improved compared to a year ago. Increased supply and strong sales performance of console hardware has contributed to market growth, and per Circana (formerly NPD), the console gaming headset market had a 7.7% revenue increase year-over-year. Our category-leading Turtle Beach console headset brand outperformed the broader headset market’s growth and continued to dominate the category ...