NASDAQ: TBCH
Turtle Beach CorpCIK 0001493761 · SIC 3669 · Communications Equipment NEC
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Turtle Beach stockholders re-elect full board, approve executive pay at 2026 annual meeting
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Turtle Beach CFO Mark Weinswig resigns; Andrew Clipsham named Interim CFO
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Turtle Beach reports Q1 2026 earnings results
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Turtle Beach revenue plunges 34% to $42.2M; gross margin falls 980bp amid logistics shift
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Turtle Beach refinances debt with $85M term loan and $50-65M revolving credit facility
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revenue $319.9M, net income $15.7M. Turtle Beach posts strong cash flow, refinances debt, but Adjusted EBITDA falls 29% YoY
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Latest financial statements
From 10-Q filed Aug 6, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(unaudited, in thousands, except per-share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Net revenue | 56,365 | 56,777 | 98,537 | 120,678 |
| Cost of revenue | 34,502 | 38,515 | 65,380 | 79,049 |
| Gross profit | 21,863 | 18,262 | 33,157 | 41,629 |
| Operating expenses: | ||||
| Selling and marketing | 14,700 | 12,731 | 26,960 | 25,184 |
| Research and development | 4,813 | 4,471 | 9,387 | 8,464 |
| General and administrative | 5,401 | 7,354 | 13,922 | 15,570 |
| Insurance recovery | — | (5,965) | — | (9,404) |
| Acquisition-related cost | — | — | — | 608 |
| Total operating expenses | 24,914 | 18,591 | 50,269 | 40,422 |
| Operating (loss) income | (3,051) | (329) | (17,112) | 1,207 |
| Interest expense, net | 3,666 | 2,049 | 5,035 | 4,055 |
| Other expense (income), net | 73 | 799 | (28) | 1,102 |
| Loss before income tax | (6,790) | (3,177) | (22,119) | (3,950) |
| Income tax expense (benefit) | 521 | (246) | 398 | (355) |
| Net loss | (7,311) | (2,931) | (22,517) | (3,595) |
| Net loss per share | ||||
| Basic | (0.38) | (0.14) | (1.16) | (0.17) |
| Diluted | (0.38) | (0.14) | (1.16) | (0.17) |
| Weighted average number of shares: | ||||
| Basic | 19,182 | 20,667 | 19,339 | 20,587 |
| Diluted | 19,182 | 20,667 | 19,339 | 20,587 |
Condensed Consolidated Balance Sheets
(in thousands, except par value and share amounts)
| Description | June 30, 2026 (unaudited) | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current Assets: | ||
| Cash and cash equivalents | 19,565 | 16,963 |
| Accounts receivable, net | 37,941 | 76,797 |
| Inventories | 56,544 | 69,222 |
| Prepaid expenses and other current assets | 10,935 | 10,831 |
| Total Current Assets | 124,985 | 173,813 |
| Property and equipment, net | 2,372 | 2,995 |
| Goodwill | 50,428 | 50,428 |
| Intangible assets, net | 30,376 | 34,344 |
| Other assets | 7,006 | 7,474 |
| Total Assets | 215,167 | 269,054 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current Liabilities: | ||
| Revolving credit facility | — | 29,383 |
| Accounts payable | 27,863 | 24,934 |
| Term Loan, current | 4,250 | 8,571 |
| Other current liabilities | 20,435 | 24,789 |
| Total Current Liabilities | 52,548 | 87,677 |
| Term Loan, non-current | 76,439 | 46,339 |
| Income tax payable | 820 | 820 |
| Other liabilities | 4,644 | 5,720 |
| Total Liabilities | 134,451 | 140,556 |
| Commitments and Contingencies | ||
| Stockholders’ Equity | ||
| Common stock, $0.001 par value 25,000,000 shares authorized; 17,909,711 and 19,185,869 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 18 | 19 |
| Additional paid-in capital | 204,401 | 229,189 |
| Accumulated deficit | (124,880) | (102,363) |
| Accumulated other comprehensive income | 1,177 | 1,653 |
| Total Stockholders’ Equity | 80,716 | 128,498 |
| Total Liabilities and Stockholders’ Equity | 215,167 | 269,054 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(unaudited, in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net loss | (22,517) | (3,595) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization | 1,669 | 2,191 |
| Amortization of intangible assets | 3,968 | 4,033 |
| Amortization of debt financing costs | 486 | 553 |
| Stock-based compensation | 2,636 | 2,920 |
| Deferred income taxes | (227) | 231 |
| Change in sales returns reserve | 3,379 | 2,962 |
| Provision for obsolete inventory | 678 | 1,176 |
| Loss on extinguishment of debt | 1,755 | — |
| Changes in operating assets and liabilities, net of acquisitions: | ||
| Accounts receivable | 35,476 | 53,727 |
| Inventories | 12,000 | (6,731) |
| Prepaid expenses and other assets | 636 | (681) |
| Accounts payable | 2,515 | (990) |
| Income taxes payable | (821) | (3,367) |
| Other liabilities | (5,764) | (15,126) |
| Net cash provided by operating activities | 35,869 | 37,303 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Purchases of property and equipment | (848) | (496) |
| Cash acquired in business combination | — | 2,515 |
| Net cash (used in) provided by investing activities | (848) | 2,019 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Borrowings on revolving credit facilities | 33 | 140,346 |
| Repayment of revolving credit facilities | (29,416) | (169,819) |
| Proceeds from term loan | 82,450 | — |
| Repayment of term loan | (56,777) | (5,625) |
| Proceeds from exercise of stock options | 274 | 112 |
| Repurchase of restricted stock | (500) | — |
| Repurchase of common stock | (27,197) | (6,760) |
| Debt financing costs | (1,247) | — |
| Net cash used in financing activities | (32,380) | (41,746) |
| Effect of exchange rate changes on cash and cash equivalents | (39) | 1,134 |
| Net increase (decrease) in cash and cash equivalents | 2,602 | (1,290) |
| Cash and cash equivalents at the beginning of period | 16,963 | 12,995 |
| Cash and cash equivalents at the end of period | 19,565 | 11,705 |
| SUPPLEMENTAL DISCLOSURE OF INFORMATION | ||
| Property and equipment purchases included in accounts payable and accrued liabilities | 372 | 753 |
| Unpaid debt financing costs | 75 | — |
Amounts as printed on the EDGAR/iXBRL face — (unaudited, in thousands, except per-share data); (in thousands, except par value and share amounts); (unaudited, in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗