Turtle Beach Corp

Listed Company

TBCHCIK 0001493761NasdaqAcceleratedCommunications Equipment, NecNevadaFY ends Dec 31

Period

FY 2025

Revenue

$319.91M

Net Income

$15.73M

Total Assets

$269.05M

Equity

$128.50M

Shares Out

19.60M

Op. Cash Flow

$35.46M

Business

Turtle Beach Corp designs, manufactures, and markets gaming accessories focused on delivering high-quality audio and control experiences for gamers. Its products include multiplatform gaming headsets, controllers, keyboards, mice, microphones, and flight and racing simulation hardware and peripherals. Key business segments comprise gaming accessories—console headsets, PC peripherals, controllers, and simulation products—along with brands acquired such as ROCCAT, Neat, PDP and Victrix. Turtle Beach distributes products globally through retailers and e-commerce channels, including major mass and specialty retailers and its TurtleBeach.com and PDP.com websites.

Summary from filing dated 2025-03-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net revenue	320	373	258	240	366
Cost of revenue	201	244	183	191	238
Gross profit	119	129	76	49	128
Selling and marketing	52	52	43	47	59
Research and development	17	17	17	19	17
General and administrative	30	28	31	33	32
Insurance recovery	−9	—	—	—	—
Acquisition-related costs	1	11	—	—	—
Total operating expenses	92	109	92	101	108
Operating income (loss)	28	20	−16	−51	20
Interest expense, net	10	8	504,000	1	—
Other expense, net	945,000	1	394,000	2	−101,000
Income (loss) before income tax	17	11	−17	−54	20
Income tax expense (benefit)	1	−6	338,000	5	2
Net income (loss)	16	16	−18	−60	18
Basic (per share)	0.78	0.81	−1.03	−3.62	1.11
Diluted (per share)	0.77	0.78	−1.03	−3.62	0.97
Basic (shares)	20	20	17	20	16
Diluted (shares)	20	21	17	20	18

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	17	13	19	11	38
Accounts receivable, net	77	93	54	43	36
Inventories	69	71	44	71	102
Prepaid expenses and other current assets	11	11	8	9	18
Total Current Assets	174	188	125	135	193
Property and equipment, net	3	6	5	6	7
Goodwill	50	53	11	11	11
Intangible assets, net	34	42	2	3	6
Other assets	7	9	8	9	8
Total Assets	269	299	150	163	231
Revolving credit facility	29	49	—	19	—
Accounts payable	25	35	27	20	40
Term Loan, current	9	1	—	—	—
Other current liabilities	25	38	29	25	38
Total Current Liabilities	88	124	56	64	78
Term Loan, non-current	46	46	—	—	—
Income tax payable	820,000	1	2	2	4
Other liabilities	6	8	7	8	7
Total Liabilities	141	178	65	74	89
Commitments and Contingencies	—	—	—	—	—
Common stock, $0.001 par value - 25,000,000 shares authorized; 19,185,869 and 19,961,696 shares issued and outstanding as of December 31, 2025 and 2024, respectively	19,000	20,000	18,000	17,000	16,000
Additional paid-in capital	229	240	220	207	198
Accumulated deficit	−102	−118	−134	−117	−57
Accumulated other comprehensive income (loss)	2	−1	−849,000	−1	127,000
Total Stockholders Equity	128	121	85	89	141
Total Liabilities and Stockholders Equity	269	299	150	163	231

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	4	4	4	5	4
Fair value step up adjustment to acquired inventory	—	2	—	—	—
Amortization of intangible assets	8	7	1	1	1
Amortization of debt financing costs	1	900,000	100,000	200,000	200,000
Loss on extinguishment of debt	2	—	—	—	—
Stock-based compensation	6	6	12	8	8
Deferred income taxes	115,000	−7	−44,000	6	1
Change in sales returns reserve	−824,000	784,000	632,000	−1	−2
Provision for doubtful accounts	—	—	−3,000	−23,000	468,000
Provision for obsolete inventory	3	6	810,000	5	2
Loss on impairment of assets	—	753,000	—	2	—
Accounts receivable	17	−16	−6	−5	10
Inventories	−983,000	−12	27	22	−32
Prepaid expenses and other assets	−529,000	−227,000	1	6	−6
Accounts payable	−10	−4	2	−23	−3
Income taxes payable	−2	−159,000	−283,000	727,000	−6
Other	−8	979,000	2	−9	7
Net cash provided by operating activities	35	6	27	−42	−327,000
Purchases of property and equipment	−1	−5	−2	−4	−6
Acquisition of a business, net of cash acquired	3	−77	—	—	−3
Net cash provided by (used for) investing activities	1	−82	−2	−4	−8
Borrowings on revolving credit facility	208	347	210	92	121
Repayment of revolving credit facility	−228	−297	−229	−73	−121
Proceeds from term loan	60	50	—	—	—
Repayment of term loan	−53	−1	—	—	—
Proceeds from exercise of stock options and warrants	2	3	2	653,000	5
Repurchase of common stock	−19	−28	−974,000	—	−5
Debt financing costs	−2	−3	−80,000	—	—
Net cash (used for) provided by financing activities	−33	71	−18	20	−56,000
Effect of exchange rate changes on cash and cash equivalents	−3,000	−335,000	291,000	−635,000	−457,000
Net increase (decrease) in cash and cash equivalents	4	−6	7	−26	−9
Cash paid for interest	7	7	500,000	979,000	194,000
Cash paid for income taxes, net of refunds	3	200,000	100,000	−2	7
Property and equipment purchases included in accounts payable and accrued liabilities	171,000	581,000	133,000	390,000	1

Filings

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