Turtle Beach Corporation · NASDAQ:TBCH
Turtle Beach — Q3 2025 Earnings Presentation
22 slides from Turtle Beach's earnings presentation, Nov 6, 2025
Slide 1: Third Quarter 2025 Earnings Presentation
THIRD QUARTER 2025 EARNINGS PRESENTATION NASDAQ: TBCH | NOVEMBER 6, 2025
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, stat
Slide 3: Third Quarter 2025 Overview
THIRD QUARTER 2025 OVERVIEW Q3 revenue of $80.5M, supporting Turtle Beach’s full-year guidance Improved Q3 gross margins YOY to 37% from 36% • Demonstrates the execution of ongoing cost optimization initiatives Refinanced prior debt facilities with new $90 million revolving credit facility and $60 m
Slide 4: Q3'25 Financial Review
Q3'25 FINANCIAL REVIEW $ Millions Q3 25 Q3 24 Commentary (except per-share data) YOY decline driven by channel inventory reductions and dampened Revenue $80.5 $94.4 market conditions in the gaming accessories industry in 2025 YTD ~120 basis point YOY improvement driven by execution of cost Gross Mar
Slide 5: Long-Term Growth Remains the Guiding Principle
LONG-TERM GROWTH REMAINS THE GUIDING PRINCIPLE 2025 GUIDANCE LONG-TERM FINANCIAL TARGETS Metric Target Net Revenue Adj. EBITDA Revenue 10%+ CAGR $340M – $360M $47M – $53M Gross Margins % Mid-to-High 30’s Adjusted EBITDA Mid-to-High Teens Margins Guidance consistent with prior quarter • Long-term fin
Slide 6: Balance Sheet Summary
BALANCE SHEET SUMMARY Balance Sheet Highlights $ Millions As of September 30, 2025 Cash & Cash Equivalents $12.3 Inventories $95.0 Revolving Credit Facility $33.5 Term Loan $57.0 Net Debt (debt less cash) $78.2 6
Slide 7: Unlocking Potential in the $11 Billion Gaming Accessories Market
UNLOCKING POTENTIAL IN THE $11 BILLION GAMING ACCESSORIES MARKET STRENGTHENING TURTLE BEACH’S POSITION AS A LEADING 3RD PARTY GAMING 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 Continue
Slide 8: Appendix
APPENDIX 8
Slide 9: Recently Revealed Products & Highlights
RECENTLY REVEALED PRODUCTS & HIGHLIGHTS 9
Slide 10: Turtle Beach & Victrix Reload the BFG
TURTLE BEACH & VICTRIX RELOAD THE BFG NOW WITH HALL EFFECT STICKS & TRIGGERS & AN UPDATED FIGHTPAD MODULE LAYOUT, PLUS A SPECIAL PC EDITION FULLY CUSTOMIZABLE 11 interchangeable components & three modules to fit any play style. Review Score: 100/100 “Phenomenal. The best got better...Just buy a Vict
Slide 11: Turtle Beach Riffmaster Wireless Guitar for Nintendo Switch
TURTLE BEACH RIFFMASTER WIRELESS GUITAR FOR NINTENDO SWITCH TURTLE BEACH BRINGS ITS BEST-SELLING GUITAR CONTROLLER TO GAMERS ON NINTENDO SWITCH & NINTENDO SWITCH 2 GRIP IT & RIFF IT ON NINTENDO SWITCH The Riffmaster wireless guitar controller launched for Xbox and PlayStation in 2024 right when Turt
Slide 12: Officially Licensed for Mario & Donkey Kong Fans
OFFICIALLY LICENSED FOR MARIO & DONKEY KONG FANS TURTLE BEACH’S NEW OFFICIALLY LICENSED MARIO BRICKS & DONKEY KONG WIRELESS CONTROLLER FOR NINTENDO SWITCH TIME FOR A REMATCH WITH DONKEY KONG & TO BREAK SOME BRICKS WITH MARIO Review Score: 9/10 Gamers can elevate their gameplay with “A power-up in ev
Slide 13: Turtle Beach Brings the Airlite Fit to Nintendo Switch 2
TURTLE BEACH BRINGS THE AIRLITE FIT TO NINTENDO SWITCH 2 A NEW COLORWAY FEATURING OFFICIALLY LICENSED FOR NINTENDO SWITCH 2 BADGES LIGHTWEIGHT COMFORT & POWERFUL SOUND FOR NINTENDO SWITCH 2 The original AirlIte was a top-3 best-selling gaming headset for Nintendo Switch under PDP. Review Score: 8/10
Slide 14: A New Turtle Beach Vulcan Keyboard & Burst Mouse
A NEW TURTLE BEACH VULCAN KEYBOARD & BURST MOUSE TWO GROUNDBREAKING NEW PC GAMING PERIPHERALS EXPAND TURTLE BEACH’S AWARD-WINNING KEYBOARD & MOUSE FAMILIES EXPANDING TURTLE BEACH’S AWARD-WINNING VULCAN KEYBOARD & BURST MOUSE FAMILIES The Vulcan II TKL is a tenkeyless hot-swappable mechanical gaming
Slide 15: An Expanding Roster of Designed for Xbox Controllers
AN EXPANDING ROSTER OF DESIGNED FOR XBOX CONTROLLERS MULTIPLE NEW WIRED CONTROLLERS DESIGNED FOR XBOX & WINDOWS A VARIETY OF EXCITING NEW DESIGNS FURTHER EXPANDS TURTLE BEACH’S CATALOG OF AFFORDABLE, DESIGNED FOR XBOX AND WINDOWS WIRED CONTROLLERS The new Rematch Advanced Wired Controller for Xbox A
Slide 16: Officially Licensed Nintendo Switch 2 Controllers
OFFICIALLY LICENSED NINTENDO SWITCH 2 CONTROLLERS MULTIPLE NEW WIRED & WIRELESS CONTROLLERS FOR THE NINTENDO SWITCH 2 NEW, OFFICIALLY LICENSED CONTROLLERS FOR NINTENDO SWITCH 2 Afterglow Wave Turtle Beach has Wireless Controller introduced a new (available in multiple clear/transparent colorways) Af
Slide 17: New Officially Licensed Nintendo Switch 2 Accessories
NEW OFFICIALLY LICENSED NINTENDO SWITCH 2 ACCESSORIES TURTLE BEACH IS THERE TO HELP PROTECT THAT WHICH MATTERS MOST WHEN GAMING ON THE GO WITH NINTENDO SWITCH 2 TAKE NINTENDO SWITCH 2 ON THE GO In October, Turtle Beach unveiled a variety of officially licensed Nintendo Switch 2 accessories, includin
Slide 18: Introducing the All-New Atlas 200 Wired Gaming Headset
INTRODUCING THE ALL-NEW ATLAS 200 WIRED GAMING HEADSET ATLAS 200 IS TURTLE BEACH’S FIRST OFFICIALLY LICENSED GAMING HEADSET FOR PLAYSTATION CONSOLES COMBINING THE BEST OF ATLAS AIR & RECON 200 The Atlas 200 is Turtle Beach’s first officially licensed by Sony gaming headset for PS5 & PS4 consoles. It
Slide 19: An Expanding Catalog of Racing Simulation Accessories
AN EXPANDING CATALOG OF RACING SIMULATION ACCESSORIES INTRODUCING THE VELOCITYONE RACE KD3 SYSTEM, VELOCITYONE F-RX WHEEL, & RACER WIRELESS WHEEL EXPANDING FURTHER INTO THE RACING CATEGORY Turtle Beach entered the racing simulation category in 2023 with the VelocityOne Race wheel & pedals system for
Slide 20: GAAP Net Income to Adjusted EBITDA Reconciliation
GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION THIRD QUARTER 2025 COMPARED TO 2024 Three Months Ended September 30, 2025 September 30, 2024 (in thousands) (in thousands) Net income $1,717 $3,413 Interest expense 3,718 2,712 Depreciation and amortization 3,086 3,322 Stock-based compensation 1,386
Slide 21: Contacts
CONTACTS Investor Relations: Turtle Beach: ICR MacLean Marshall 646.277.1285 Sr. Director, Global Communications TBCH@icrinc.com Turtle Beach Corporation +1 (858) 269-2137 maclean.marshall@turtlebeach.com
Slide 22: Thank You
oS unl, YOU