Turtle Beach Corporation · NASDAQ:TBCH
Turtle Beach — Q4 2025 Earnings Presentation
24 slides from Turtle Beach's earnings presentation, Mar 12, 2026
Slide 1: Fourth Quarter & Full Year 2025 Earnings Presentation
FOURTH QUARTER & FULL YEAR 2025 EARNINGS PRESENTATION
Slide 2: Safe Harbor Statement & Important Information
SAFE HARBOR STATEMENT & IMPORTANT INFORMATION Forward - Looking Information and Statements This presentation, including the appendix, includes forward -looking information and statements within the meaning of the federal securities laws . Except for historical information contained in this release,
Slide 3: Fourth Quarter & Full Year 2025 Overview
FOURTH QUARTER & FULL YEAR 2025 OVERVIEW Q4 Revenue of $118.8 and FY25 Revenue of $319.9M Improved Gross Margins to 40.1% in Q4 & 37.3% in FY25 • Q4 gross margin expansion of 310 basis points YOY and FY25 gross margin expansion of 270 basis points YOY Q4 Net Income of $17.6M and FY25 Net Income of $
Slide 4: Q4'25 Financial Review
Q4'25 FINANCIAL REVIEW $ Millions Q4 25 Q4 24 Commentary (except per -share data) YOY decline driven by softness in gaming accessories market and a Revenue $118.8 $146.1 weaker than anticipated holiday season Gross Margin 40.1% 37.0% + 310 basis point expansion YOY Operating Expenses $26.7 $30.6 Rep
Slide 5: Full Year 2025 Financial Review
FULL YEAR 2025 FINANCIAL REVIEW $ Millions 2025 2024 Commentary (except per -share data) YOY decline driven by softness in gaming accessories markets, including Revenue $319.9 $372.8 US gaming headsets market down 13.5% (1) in 2025 Gross Margin 37.3% 34.6% + 270 basis point expansion YOY, the highes
Slide 6: Long-Term Growth Remains the Guiding Principle
LONG -TERM GROWTH REMAINS THE GUIDING PRINCIPLE 2026 GUIDANCE LONG -TERM FINANCIAL TARGETS Metric Target Net Revenue Adj. EBITDA Revenue 10%+ CAGR $335M – $355M $44M – $48 M Gross Margins % Mid -to -High 30’s Adjusted EBITDA Mid -to -High Teens Margins Guidance considers a return to growth for gamin
Slide 7: Balance Sheet Summary
BALANCE SHEET SUMMARY Balance Sheet Highlights $ Millions As of December 31, 2025 Cash & Cash Equivalents $17 Inventory $69 R evolving Credit Facility $29 Term Loan $56 Net Debt (debt less cash) $68 7
Slide 8: Unlocking Potential in the $11.2 Billion Gaming Accessories Market
UNLOCKING POTENTIAL IN THE $11.2 BILLION GAMING ACCESSORIES MARK ET STRENGTHENING TURTLE BEACH’S POSITION AS A LEADING 3RD PARTY GAM ING ACCESSORIES MAKER Headsets Controllers PC Peripherals Simulation $2.9B $3.0B $3.9B $1.4B Market Market Market Market Continue Leadership in Continue Growth in Cont
Slide 9: Appendix
APPENDIX 9
Slide 10: Recently Revealed Products & Highlights
RECENTLY REVEALED PRODUCTS & HIGHLIGHTS 10
Slide 11: Victrix by Turtle Beach Reloads the Pro BFG
VICTRIX BY TURTLE BEACH RELOADS THE PRO BFG RELOADED FOR PERFORMANCE, PRECISION, AND VICTORY FULLY CUSTOMIZABLE 11 interchangeable components & three modules to fit any play style Review Score: 100/100 “Phenomenal. The best got better ...Just buy a Victrix Pro BFG Reloaded, you won’t regret it.” MOD
Slide 12: Riffmaster Wireless Guitar for Nintendo Switch
RIFFMASTER WIRELESS GUITAR FOR NINTENDO SWITCH EXTENDING TURTLE BEACH’S MUSIC CONTROLLER ECOSYSTEM TO NINTENDO PLATFORMS GRIP IT & RIFF IT ON NINTENDO SWITCH Following strong performance on Xbox and PlayStation, Turtle Beach expanded the Riffmaster wireless guitar controller to Nintendo Switch and N
Slide 13: Officially Licensed for Mario & Donkey Kong Fans
OFFICIALLY LICENSED FOR MARIO & DONKEY KONG FANS NINTENDO SWITCH CONTROLLERS FEATURING INTERACTIVE LENTICULAR ARTWORK Review Score: 9/10 PLAYFUL DESIGNS. “One of the most exciting additions to DYNAMIC GAMEPLAY. the Switch accessory lineup this year.” Mario Bricks and Donkey Kong Rematch Wireless Con
Slide 14: Airlite Fit Arrives for Nintendo Switch
AIRLITE FIT ARRIVES FOR NINTENDO SWITCH 2 OFFICIALLY LICENSED FOR NINTENDO SWITCH 2 LIGHTWEIGHT COMFORT. POWERFUL SOUND. Original PDP Airlite was a top -3 best -selling gaming headset for Nintendo Switch . Introducing an updated, officially licensed Review Score: 8/10 Nintendo Switch 2 version with
Slide 15: Expanding PC Peripheral Portfolio
EXPANDING PC PERIPHERAL PORTFOLIO NEXT -GENERATION KEYBOARD AND MOUSE INNOVATIONS POWER TURTLE BEAC H’S ECOSYSTEM AWARD - WINNING FAMILIES The Vulcan II TKL combines hot - swappable mechanical switches, compact design, and sound dampened construction for fast, Review Score: 9.5/10 + Editor’s Choice
Slide 16: Designed for Xbox Controller Portfolio Expansion
DESIGNED FOR XBOX CONTROLLER PORTFOLIO EXSPANSION NEW WIRED CONTROLLERS BROADEN TURTLE BEACH’S XBOX & PC LINEUP EXCITING NEW DESIGNS AFTERGLOW IGNITE Wired RGB Controller EXPAND THED CATALOG Sleek faceplate stays subtle until powered on, revealing a vibrant time machine - Distinctive lighting and le
Slide 17: Officially Licensed Nintendo Switch 2 Controllers
OFFICIALLY LICENSED NINTENDO SWITCH 2 CONTROLLERS NEW WIRELESS & WIRED CONTROLLERS BRODEN NINTENDO SWITCH 2 Launched Dec. 2025 SWITCH 2 CONTROLLERS New Afterglow Wave wired and wireless controllers, plus the Rematch platform, extend Turtle Beach’s licensed Nintendo Afterglow Wave Wireless Controller
Slide 18: A Collection of Nintendo Switch 2 Cases
A COLLECTION OF NINTENDO SWITCH 2 CASES TRAVEL SAFELY WITH OFFICIALLY LICENSED PLAYTREK CASES TAKE YOUR SWITCH 2 WITH YOU In October, Turtle Beach introduced a lineup of officially licensed Nintendo Switch 2 travel cases, expanding its portable accessory portfolio. PlayTrek Travel Case Built for gam
Slide 19: Atlas 200 Expands Licensed Console Headset Portfolio
ATLAS 200 EXPANDS LICENSED CONSOLE HEADSET PORTFOLIO TURTLE BEACH'S FIRST OFFICIALLY LICENSED GAMING HEADSET FOR PLAY STATION Atlas Comfort Meets Recon Value Turtle Beach’s first PlayStation Officially Licensed gaming headset for PS5 & PS4. Blends Atlas Air's premium comfort and Recon's entry tier a
Slide 20: Expanding Racing Simulation Portfolio
EXPANDING RACING SIMULATION PORTFOLIO VELOCITYONE RACE LINEUP NOW SPANS MULTIPLE PERFORMANCE AND PRICE TIERS BUILDING A MULTI - TIER RACING ECOSYSTEM Review Score: 4.5/5 + Recommended “The best in the budget market. An incredible bundle for the money .” 2024 Established a premium entry into racing s
Slide 21: Introducing the Racer Wireless Wheel
INTRODUCING THE RACER WIRELESS WHEEL CONSOLE -READY PERFORMANCE WITH PRECISE CONTROL FOR AN IMMERSIVE TURTLE BEACH RACING EXPERIENCE LIFE IN THE FAST LANE Review Score: 4/5 + Recommended The Racer is built for fast, responsive gameplay, “The Turtle Beach Racer wheel impresses combining precise contr
Slide 22: GAAP Net Income to Adjusted EBITDA Reconciliation
GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION FOURTH QUARTER AND FULL YEAR 2025 COMPARED TO 2024 Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 (in thousands) (in thousands) (in thousands) (in thousands) Net income (loss) $17,609 $2
Slide 23: Contacts
CONTACTS Investor Relations: Turtle Beach: ICR Kim DeNapoli TBCH@icrinc.com SVP, Head of Brand Turtle Beach Corporation kim.denapoli@turtlebeach.com
Slide 24: Thank You
THANK YOU