SAN DIEGO, Nov. 06, 2025 — Leads & Copy — Turtle Beach Corporation (Nasdaq: TBCH) reported its third-quarter financial results, revealing a net revenue of $80.5 million and an improved gross margin of 37.4%, which is an increase of nearly 120 basis points year-over-year. The company’s net income for the quarter was $1.7 million, with an adjusted EBITDA of $11.0 million.
The company repurchased over $10 million of its shares during the quarter, with an average purchase price of $14.40 per share. Additionally, Turtle Beach refinanced its existing term loan and credit facility, reducing the cost of capital on the term loan by over 450 basis points.
Looking ahead, Turtle Beach is reiterating its full-year revenue guidance of $340 to $360 million and its full-year Adjusted EBITDA guidance of $47 to $53 million.
Cris Keirn, Chief Executive Officer of Turtle Beach Corporation, stated that the third-quarter performance reflects strong operational execution and continued momentum across the company. He noted that gross margins improved to over 37%, which shows the benefits of the company’s cost optimization initiatives. Keirn also noted that the refinancing earlier in the quarter strengthened the company’s balance sheet, providing flexibility for strategic investments in innovation and growth.
According to Keirn, Turtle Beach is delivering on its strategy to expand its gaming accessories portfolio across key platforms and categories. He reported that the company has launched or announced more than 40 new products since the second quarter, including officially licensed PlayStation headsets, a range of Nintendo-licensed accessories, and additions for PC gaming and simulation.
During the third quarter, Turtle Beach repurchased approximately 695,000 shares for $10 million from Diversis Capital. This brings the year-to-date share repurchases to approximately $17 million.
Turtle Beach completed a debt refinancing in the third quarter with a $150 million facility comprised of a $90 million revolving credit facility and a $60 million term loan. The refinancing lowered the company’s cost of capital on the term loan by about 450 basis points, which is expected to deliver over $2 million in annual interest savings, while also providing financial flexibility and removing prior operational limitations on share repurchases.
Turtle Beach will host a conference call and audio webcast on November 6 at 4:30 p.m. Eastern Time to discuss the third-quarter results and provide commentary on business performance and its outlook for 2025.
MacLean Marshall, Sr. Director, Global Communications, Turtle Beach Corporation, (858) 914-5093, maclean.marshall@turtlebeach.com
Source: Turtle Beach Corporation
