Second Quarter Financial Highlights
Turtle Beach Corporation (NASDAQ: HEAR), a leading gaming headset and accessories brand, has reported notable financial results for the second quarter ended June 30, 2024. Net revenue reached $76.5 million, marking a 59% increase over the same period last year. The company recorded a net loss of $(7.5) million, or ($0.35) per share, compared to a net loss of ($15.9) million, or ($0.93) per share, previously. Adjusted EBITDA showed a significant improvement, standing at $3.0 million, up by $8.7 million from an adjusted EBITDA loss of $(5.7) million one year ago.
CEO Commentary and Market Position
Cris Keirn, CEO of Turtle Beach Corporation, expressed satisfaction with the company’s continued strong performance. He emphasized the notable gross margin expansion and the success of cost-reduction initiatives. Furthermore, the integration of Performance Designed Products (PDP) is ahead of schedule, contributing to the company’s market leadership in gaming headsets and substantial share gains in gaming controllers.
Keirn noted, “Our results reflect the team’s unwavering commitment to execution. The rapid integration of a significant acquisition, coupled with our proactive cost management approach, is providing innovative products to our customers.”
Share Repurchase Program
During Q2 2024, Turtle Beach repurchased approximately 952,000 shares of common stock, totaling $15.2 million in aggregate purchase price. The company still has $31.4 million remaining in its repurchase program, which expires on April 9, 2025. The Board of Directors has enabled additional flexibility in the company’s credit agreements to support continued share repurchase plans, implementing a Rule 10b5-1 plan.
Outlook for 2024
The company has provided an updated outlook for 2024, maintaining its net revenue guidance between $370 million and $380 million. This revenue range signifies 43-47% growth year-over-year. Additionally, adjusted EBITDA is projected to be between $53 million and $56 million, an increase from the prior range of $51 million to $54 million. This outlook incorporates operations of PDP starting from March 13, 2024.
The financial results and strategic initiatives underscore Turtle Beach’s commitment to growth and profitability, positioning the company strongly in the competitive gaming equipment market.
 reports impressive financial results for Q2 2024, with a 59% increase in net revenue to $76.5 million and a reduced net loss of $7.5 million. CEO Cris Keirn highlights successful cost-reduction initiatives and the ahead-of-schedule integration of Performance Designed Products (PDP). The company repurchased 952,000 shares, valued at $15.2 million, and maintains a positive outlook for 2024 with projected net revenue of $370-$380 million and adjusted EBITDA of $53-$56 million. Turtle Beach demonstrates strong market leadership in gaming headsets.){kind=link}