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Turtle Beach Corp

For the period ended Mar 31, 2025. Filed May 8, 2025.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 8, 2025

TBCH$15.19-8.8%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31,2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number:001-35465

TURTLE BEACH CORPORATION

(Exact name of registrant as specified in its charter)

Nevada27-2767540
(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.)
15822 Bernardo Center Drive, Suite 105San Diego, California92127
(Address of principal executive offices)(Zip Code)

(914)345-2255

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolsName of each exchange on which registered
Common Stock, par value $0.001TBCHThe Nasdaq Global Market
Preferred Stock Purchase RightsN/AThe Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filer☒
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐ Yes☒ No

The number of shares of the registrant’s Common Stock, par value $0.001 per share, outstanding on April 30, 2025 was 20,146,401

INDEX

Page
PART I. FINANCIAL INFORMATION2
Item 1.Financial Statements (unaudited)2
Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 20242
Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three Months Ended March 31, 2025 and 20243
Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 20244
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 20245
Condensed Consolidated Statement of Stockholders' Equity for the Three Months Ended March 31, 2025 and 20246
Notes to Condensed Consolidated Financial Statements7
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations20
Item 3.Quantitative and Qualitative Disclosures About Market Risk26
Item 4.Controls and Procedures27
PART II. OTHER INFORMATION28
Item 1.Legal Proceedings28
Item 1A.Risk Factors28
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds29
Item 5.Other Information29
Item 6.Exhibits30
SIGNATURES31

PART I. FINANCIAL INFORMATION

Condensed Consolidated Statements of Operations

(unaudited, in thousands, except per-share data)

Three Months Ended
March 31,March 31,
20252024
Net revenue$63,901$55,848
Cost of revenue40,53438,062
Gross profit23,36717,786
Operating expenses:
Selling and marketing12,4539,013
Research and development3,9933,902
General and administrative8,2165,674
Insurance recovery(3,439)—
Acquisition-related cost6084,910
Total operating expenses21,83123,499
Operating income (loss)1,536(5,713)
Interest expense2,006150
Other non-operating expense, net303370
Loss before income tax(773)(6,233)
Income tax benefit(109)(6,388)
Net (loss) income$(664)$155
Net (loss) income per share
Basic$(0.03)$0.01
Diluted$(0.03)$0.01
Weighted average number of shares:
Basic20,50618,321
Diluted20,50619,389
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.