Turtle Beach Q4 profit $8.6M, rev down 1.3%; FY revenue up 7.5% to $258M; announces PDP acquisition

Turtle Beach Corp

Q4 2023 net revenue $99.5M (-1.3% YoY); net income $8.6M ($0.47 diluted EPS) vs. net loss $23.2M ($1.40 loss per share).
Full-year 2023 net revenue $258.1M (+7.5% YoY); net loss improved to $17.7M (-$1.03) from $59.5M (-$3.62) in 2022.
Adjusted EBITDA improved to $14.0M in Q4 vs. $1.0M; full-year $6.5M vs. -$29.9M. Gross margin expanded to 32.0% from 19.8%.
Management announced highly accretive acquisition of PDP, expected to diversify leadership and enhance scale. Non-headset revenue >40% in 2024.
Recurring operating expenses declined ~12.6% YoY in Q4; portfolio optimization and SKU rationalization benefits expected in 2024.

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 reported year ended December 31, 2023 results: revenue 258.1 million, net income -17.7 million, EPS -1.03.

Period: year ended December 31, 2023
Revenue: 258.1 million
Net income: -17.7 million
EPS: -1.03
Result: reported results

Exact text from the filing

Net revenue was $258.1 million, an increase of 7.5% compared to $240.2 million a year ago; • Net loss was $17.7 million, or $1.03 per diluted share, compared to $59.5 million, or $3.62 per diluted share, a year ago;

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Turtle Beach Corp reported fourth quarter ended December 31, 2023 results: revenue 99.5 million, net income 8.6 million, EPS 0.47.

Period: fourth quarter ended December 31, 2023
Revenue: 99.5 million
Net income: 8.6 million
EPS: 0.47
Result: reported results

Exact text from the filing

Net revenue was $99.5 million, a decrease of 1.3% compared to $100.9 million a year ago; • Net income was $8.6 million, or $0.47 per diluted share, compared to net loss of $23.2 million, or $1.40 per diluted share, a year ago;

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Source: SEC EDGAR

accession 0000950170-24-030793

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