Turtle Beach Q3 net revenue $51.3M, down 40% YoY; net loss $12M

Turtle Beach Corp

2022-Q3 EPS reported -$2.21 revenue$139,266,000

Net revenue $51.3M vs $85.3M YoY; net loss $(12.0)M ($0.73 diluted loss) vs net income $2.6M ($0.14 EPS) YoY.
Adjusted EBITDA loss $(6.9)M vs positive $6.7M YoY; gross margin 14.1% (24.5% ex $5.3M inventory provision).
Operating expenses down 25% YoY from proactive cost management; recurring OPEX down 16%.
CEO expects return to revenue growth and positive EBITDA in 2023 as consumer and freight headwinds subside.
Non-console headset products expected to contribute ~30% of Q4 revenue as diversification continues.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Turtle Beach Corp reported the third quarter ended September 30, 2022 results: revenue $51.3 million, net income $(12.0) million, or $(0.73) per diluted share.

Period: the third quarter ended September 30, 2022
Revenue: $51.3 million
Net income: $(12.0) million, or $(0.73) per diluted share
Result: reported results

Exact text from the filing

Third Quarter Summary vs Year-Ago Period: • Third quarter net revenue was $51.3 million, compared to $85.3 million a year ago, where the Company reported its second-highest third quarter; • Third quarter net loss was $(12.0) million, or $(0.73) per diluted share, compared to net income of $2.6 million, or $0.14 per diluted share, a year ago; • Third quarter adjusted EBITDA loss was $(6.9) million compared to adjusted EBITDA of $6.7 million a year ago, including a $(2.3) million impact from foreign exchange; and • Third quarter recurring operating expenses were down 16% from proactive expense management the Company initiated earlier in the year.

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Source: SEC EDGAR

accession 0000950170-22-021930

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