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TBCH

Turtle Beach Corporation

TBCH

Turtle Beach Corporation • NASDAQ
$13.88 ▲ 2.28% (+0.31)
Market Cap $281.68 M
52w High $19.50
52w Low $8.78
Dividend Yield 0%
P/E 15.6
Volume 193.95K
Outstanding Shares 20.29M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $80.457M ▲ $24.691M ▲ $1.717M ▲ 2.134% ▲ $0.09 ▲ $8.775M ▲
Q2-2025 $56.777M ▼ $22.431M ▲ $-2.931M ▼ -5.162% ▼ $-0.14 ▼ $1.972M ▼
Q1-2025 $63.901M ▼ $21.831M ▼ $-664K ▼ -1.039% ▼ $-0.032 ▼ $4.359M ▼
Q4-2024 $146.077M ▲ $30.559M ▲ $20.139M ▲ 13.787% ▲ $1.01 ▲ $26.402M ▲
Q3-2024 $94.363M $27.708M $3.413M 3.617% $0.17 $9.493M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $12.257M ▲ $278.207M ▲ $167.556M ▲ $110.651M ▼
Q2-2025 $11.705M ▲ $240.181M ▼ $123.346M ▼ $116.835M ▼
Q1-2025 $11.684M ▼ $247.024M ▼ $126.15M ▼ $120.874M ▲
Q4-2024 $12.995M ▼ $298.861M ▼ $178.257M ▼ $120.604M ▲
Q3-2024 $13.803M $313.201M $211.382M $101.819M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.717M ▲ $-15.182M ▼ $-673K ▼ $17.27M ▲ $552K ▲ $-15.855M ▼
Q2-2025 $-2.931M ▼ $-3.149M ▼ $-330K ▼ $3.131M ▲ $21K ▲ $-3.479M ▼
Q1-2025 $-664K ▼ $40.452M ▲ $2.349M ▲ $-44.877M ▼ $-1.311M ▼ $40.286M ▲
Q4-2024 $20.139M ▲ $14.314M ▲ $-1.522M ▼ $-11.614M ▼ $-808K ▼ $12.792M ▲
Q3-2024 $3.413M $-23.166M $-1.425M $24.489M $1.341M $-24.591M

Five-Year Company Overview

Income Statement

Income Statement Turtle Beach’s income statement shows a business that went through a rough patch and has now swung back to profitability. Revenue dipped after the pandemic gaming boom but has recovered to roughly prior peak levels, helped by the PDP acquisition and new product lines. Profitability eroded in 2022 and 2023, when the company posted losses, but operating income and net income turned positive again in the most recent year. Margins have improved noticeably from the trough but remain below the unusually strong levels seen in 2020–2021, suggesting a more normalized, but healthier, business rather than a boom-time outlier. Overall, the trend is from high profits, to a downturn and losses, and now back to modest but positive earnings.

Balance Sheet

Balance Sheet The balance sheet looks stronger on size but more leveraged than before. Total assets have grown meaningfully, likely reflecting the PDP acquisition and a broader product portfolio. Shareholders’ equity has also moved up, which is a positive sign of rebuilding after the loss years. However, debt has risen substantially compared with prior years, while the cash balance is relatively modest. That combination points to higher financial risk and a greater need for steady cash generation. In short, the company is larger and has rebuilt its capital base, but it is now carrying more debt than in the past and depends more on consistent operating performance to stay comfortable.

Cash Flow

Cash Flow Cash flow has been volatile, mirroring the ups and downs in earnings. The company generated strong cash from operations during the pandemic, then slipped into negative territory in 2022, and has since moved back to positive but not spectacular cash inflows. Free cash flow follows the same pattern, helped by relatively low spending on capital investments, which keeps cash needs manageable. This light investment requirement is typical for a branded consumer electronics company but can also mean there is less buffer if demand softens. Overall, cash generation is back in positive territory, but the history shows that it can swing quickly with market conditions and inventory cycles.

Competitive Edge

Competitive Edge Turtle Beach holds a well-established position in gaming accessories, particularly console headsets, where it has strong brand recognition and long relationships with retailers and gamers. Its patents, especially around audio features like Superhuman Hearing, and its long track record in console-focused audio give it a noticeable edge with its core audience. The acquisition of PDP has expanded its presence in controllers and other peripherals, broadening its shelf space and customer reach. That said, the company competes in a crowded arena against larger, well-funded rivals such as Logitech, Razer, and SteelSeries. Its moat rests on brand strength, specialized console focus, and differentiated features rather than sheer scale, which means it must keep innovating and marketing effectively to maintain share.

Innovation and R&D

Innovation and R&D Innovation is a clear focal point for Turtle Beach. It has built distinctive audio technologies and pushed early into wireless headsets tailored to consoles. More recently, it has diversified into premium controllers with unique features like Hall Effect anti-drift sticks and built-in displays, and into high-end flight and racing simulation hardware with the VelocityOne line. These categories tend to carry higher margins and appeal to more committed gamers, which can deepen loyalty and reduce pure price competition. The company also leans on partnerships with content creators and specialist manufacturers to refine products and keep launches flowing. While exact R&D spending levels aren’t detailed here, the steady cadence of new, feature-rich products suggests meaningful ongoing investment in development rather than simply rebranding commodity hardware.

Summary

Turtle Beach today looks like a recovered, but more leveraged, gaming accessory company with a strong niche in console audio and a growing presence in controllers and simulation gear. Financially, it has moved from pandemic-era strength, through a downturn with losses and negative cash flow, to a renewed phase of moderate growth and profitability. Its balance sheet has expanded but now includes a more noticeable debt load, which increases the importance of stable cash generation. Competitively, the company’s brand, patents, and deep focus on console gamers form a real, though not unassailable, moat in a highly competitive space. The ongoing push into differentiated, higher-end products—especially controllers and simulation hardware—offers upside potential, but it also brings execution risk and continued pressure to innovate in a fast-moving market.

NEWS

November 6, 2025 · 4:01 PM UTC

Turtle Beach Corporation Announces Third Quarter 2025 Financial Results and Reiterates Full Year Guidance

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October 23, 2025 · 4:15 PM UTC

Turtle Beach Corporation to Report Third Quarter 2025 Financial Results on Thursday, November 6, 2025

Read more