Turtle Beach Q1 revenue up 10% to $51.4M, narrows adjusted loss; raises FY outlook

Turtle Beach Corp

2023-Q1 EPS reported -$0.40 revenue$51,444,000

Net revenue $51.4M (+10% YoY); net loss $6.7M ($0.40 loss per diluted share) vs $6.5M loss a year ago.
Adjusted net loss improved to $4.4M ($0.27 per share) from $6.3M ($0.39) YoY; Adj. EBITDA loss narrowed to $2.3M from $5.7M.
Raises FY2023 outlook: targets 10%-12% revenue growth and return to positive adjusted EBITDA.
Console gaming headset market revenue up 7.7% per Circana; Turtle Beach console brand outperformed.
Gross margin 27.5% vs 30.1% YoY, pressured by promotional spend partially offset by lower freight costs.

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 first quarter ended March 31, 2023 results: revenue $51.4 million, net income $6.7 million, EPS $0.40 per diluted share. Guidance raised.

Period: first quarter ended March 31, 2023
Revenue: $51.4 million
Net income: $6.7 million
EPS: $0.40 per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

Net revenue was $51.4 million, an increase of 10% compared to $46.7 million a year ago; • Net loss was $6.7 million, or $0.40 per diluted share, compared to net loss of $6.5 million, or $0.40 per diluted share, a year ago;

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Source: SEC EDGAR

accession 0000950170-23-017877

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