Turtle Beach Q3 revenue up 15% YoY to $59.2M; raises FY2023 adjusted EBITDA guidance to $8-10M

Turtle Beach Corp

2023-Q3 EPS reported -$1.54 revenue$158,584,000

Net loss of $3.6M ($0.21 diluted loss) vs $12.0M loss a year ago; adjusted EBITDA improved to $1.0M from -$6.9M.
Gross margin expanded to 29.9%, highest in six quarters, from 14.1% a year ago (14.1% included $5.3M inventory provision).
Operating expenses fell 7% YoY to $20.2M on continued expense management.
Full-year 2023 adjusted EBITDA guidance raised to $8-10M; exit run-rate EBITDA outlook increased to $28-33M.
Revenue growth driven by console headset share gains and flight sim accessories (US flight sim business up >20% YoY).

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 third quarter ended September 30, 2023 results: revenue $59.2 million, net income $3.6 million, EPS $0.21 per diluted share. Guidance raised.

Period: third quarter ended September 30, 2023
Revenue: $59.2 million
Net income: $3.6 million
EPS: $0.21 per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

HEAR) (“Turtle Beach” or the “Company”) reported financial results for the third quarter ended September 30, 2023. Third Quarter Summary vs Year-Ago Quarter: • Net revenue was $59.2 million, an increase of 15.3% compared to $51.3 million a year ago; • Net loss was $3.6 million, or $0.21 per diluted share, compared to net loss of $12.0 million, or $0.73 per diluted

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Source: SEC EDGAR

accession 0000950170-23-060292

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