Turtle Beach Corporation Announces First Quarter 2026 Results

About this update from Turtle Beach Corporation

–Generated $29.4 Million in Cash Flow from Operations––Reaffirmed Full Year 2026 Net Revenue and Adjusted EBITDA Guidance– SAN DIEGO, May 07, 2026 (GLOBE NEWSWIRE) -- Turtle Beach Corporation (Nasdaq: TBCH), a leading gaming accessories brand, today reported financial results for the first quarter ended March 31, 2026 and reaffirmed full year 2026 guidance for net revenue and adjusted EBITDA. First Quarter Highlights "As we build momentum through our brand transformation and release of new products, our first quarter results reflect the continuation of challenging market environments that carried over from 2025," said Cris Keirn, Chief Executive Officer of Turtle Beach Corporation. “We saw a temporary dip in channel inventories, which we expect to rebound and act as a tailwind in the remaining quarters of 2026 as we ramp our new product placements at retail. “We have strong conviction in our forward trajectory and are reaffirming our full-year 2026 guidance. This outlook reflects an expanded innovation pipeline, with over 50% more product launches than last year, as well as accelerating momentum from confirmed new retail placements, including our expanding Nintendo Switch 2 lineup. We are also advantageously positioned ahead of the anticipated November 2026 launch of Grand Theft Auto VI. We remain focused on execution and driving meaningful shareholder value. "Additionally, we recently restructured our credit facilities to enhance our capital return flexibility. The new structure supports our existing $75 million authorization program for share repurchases with $56 million remaining, reflecting our confidence that there remains a significant disconnect between our stock price and the intrinsic value of Turtle Beach.” Debt Refinancing On May 4, 2026, the Company announced the restructuring of the Company’s existing debt facilities. The new credit structure consists of a revolving asset-based lending ("ABL") facility of up to $80 million provided by Bank of America, N.A., and an $85 million term loan facility provided by Blue Torch Capital LP. Together, these facilities replace the Company's prior $150 million credit agreement and provide the Company with increased operational and capital allocation flexibility. Balance Sheet and Cash Flow SummaryAt March 31, 2026, the Company had net debt of $41.3 million, comprised of $53.6 mi...

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