Turtle Beach posts strong cash flow, refinances debt, but Adjusted EBITDA falls 29% YoY

Filed March 12, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 17, 2025 · ~2 min read

Key Changes

• high

  Operating cash flow surged to $35.5M (up from $5.8M prior year), driven by $9.4M insurance recovery exceeding the original $3.4M inventory loss and improved working capital management.

  MD&A: Cash Flow verify on EDGAR →
• high

  August 2025 refinancing consolidated prior Blue Torch and Bank of America facilities into unified $150M credit agreement ($60M term loan, $90M revolver), extending maturity to 2028 and increasing excess availability to $41M.

  MD&A: Credit Agreement verify on EDGAR →
• high

  Adjusted EBITDA declined 29% to $40.1M from $56.4M, while net income held steady at $15.7M (vs $16.2M prior year). Interest expense rose 21% to $9.8M reflecting higher debt levels post-acquisition.

  MD&A: Financial Results verify on EDGAR →