Turtle Beach acquisition target PDP reports $91.2M revenue, $7.0M net loss for FY2023

Turtle Beach Corp

PDP net sales $91.2M in FY2023, down 17% from $110.2M in FY2022; net loss widened to $7.0M from $3.7M.
Operating loss of $5.5M in FY2023 vs operating income of $2.4M in FY2022; gross margin fell to 21.7% from 24.9%.
As of March 31, 2023, PDP had $1.25M member's equity, $23.5M revolving loan, and $6.2M current portion of long-term debt.
Inventory reserve more than doubled to $3.4M, including $2.4M for obsolete component inventory.

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