Turtle Beach reports Q4 loss $1.40/share, FY rev $240.2M; guides ~10% growth in FY2023

Turtle Beach Corp

Q4 net revenue $100.9M, down 7.8% YoY; net loss $23.2M ($1.40 diluted) vs net income $4.5M a year ago.
Full-year 2022 net revenue $240.2M, down from record $366.4M; net loss $59.5M ($3.62 diluted) vs net income $17.7M.
Q4 gross margin 19.8% vs 32.5% a year ago, impacted by promotional pricing, $4.5M inventory charge, and high freight costs.
FY2022 adjusted EBITDA loss $18.7M vs positive $36.6M in 2021; recurring operating expenses down ~13% YoY.
Management expects FY2023 net revenue to increase ~10%; cites recovering gaming market and return to positive EBITDA.

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 0.9

Turtle Beach Corp updated its the fourth quarter and full year ended December 31, 2022 guidance (reaffirmed).

Period: the fourth quarter and full year ended December 31, 2022
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Item 2.02 - Results of Operations and Financial Condition. On March 13, 2023, Turtle Beach Corporation (the "Company") issued a press release announcing its financial results for its year ended December 31, 2022. A copy of that press release and the attached financial schedules are attached as Exhibit 99.1 to this report and incorporated herein by reference.

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Source: SEC EDGAR

accession 0000950170-23-007584

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