Turtle Beach Corporation

corp.turtlebeach.com

What Do They Do?

Sells gaming headsets, controllers, and other gaming accessories to retailers, distributors, and gamers.

How Do They Make Money?

Revenue comes mainly from gaming accessories sold to wholesalers and retailers, with a smaller share from online customers. Customers pay when products ship or reach them, depending on the sale terms.

FY2025 revenue

Who Are Their Customers?

Large retailers and distributors, both domestic and international, are its main business customers. Products reach consumers through retailers and distributors, as well as through online sales.

Do Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2025 and turned 11 cents into free cash flow.

Operating income, FY2025

9% of revenue

▲ +37% vs FY2024 ($20M, 5%)

Net income, FY2025

5% of revenue

▼ −3% vs FY2024 ($16.2M, 4%)

Free cash flow, FY2025

11% of revenue

▲ +3919% vs FY2024 ($847K, 0%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −1%; vs $56.8M in Q2 FY2025
Net income: ▲ +149% (Loss); vs −$2.9M in Q2 FY2025

Aug 6, 2026 Reaffirmed full-year 2026 revenue and adjusted EBITDA guidance The company reaffirmed 2026 net revenue guidance of $335 million to $355 million and adjusted EBITDA guidance of $44 million to $48 million.
May 20, 2026 Mark Weinswig resigned as CFO; Andrew Clipsham became interim CFO The company began searching for a permanent CFO successor.

Shrinking. Revenue fell 13% in 4 years, from $366.4M in FY2021 to $319.9M in FY2025, about 3% a year.

Racing simulation The older report described flight simulation accessories and plans for adjacent simulation categories; the latest report describes a racing simulation product line.

Broader controller range The older report described Recon, React-R, and mobile-focused controllers; the latest report spans premium and value tiers and includes guitar and fight sticks.

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