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Turtle Beach (HEAR) investor relations material
Turtle Beach Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 revenue was $80.5 million, meeting expectations despite a year-over-year decline due to channel inventory reductions and softer market conditions.
Gross margin improved to 37.4%, up nearly 120 basis points year-over-year, reflecting operational discipline, cost management, and selective price increases.
Net income for Q3 2025 was $1.7 million, with Adjusted EBITDA of $11.0 million.
Over 40 new products were launched or announced since Q2, including licensed accessories for major platforms and top-selling products in several categories.
Repurchased $10 million in shares during Q3, totaling $17 million year-to-date and ~$45 million over seven quarters; completed refinancing of term loan and credit facility, reducing interest rate by over 450 basis points.
Financial highlights
Q3 2025 revenue: $80.5 million, down from $94.4 million in Q3 2024.
Gross margin: 37.4% (up from 36.2% in Q3 2024).
Operating expenses: $24.7 million, down from $27.7 million year-over-year.
Net income: $1.7 million, down from $3.4 million in Q3 2024.
Adjusted EBITDA: $11.0 million, down from $16.3 million in Q3 2024.
Cash position at quarter-end: $12.3 million; net debt: $78 million.
Outlook and guidance
Full-year 2025 revenue guidance reiterated at $340–$360 million.
Full-year Adjusted EBITDA guidance reiterated at $47–$53 million.
Expects significant improvement in operating cash flow over the next two quarters due to holiday seasonality.
Long-term targets include 10%+ revenue CAGR, mid-to-high 30s gross margin, and mid-to-high teens adjusted EBITDA margin.
Anticipates a new multi-year growth cycle in gaming driven by major game launches, Switch 2 momentum, and accessory replacement cycles.
Strategy for premium vs. mid-tier demand
Long-term impact of Vietnam production on margins?
Product strategy for Switch 2 and AAA titles?
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Next Turtle Beach earnings date
Q4 202510 Mar, 2026
Next Turtle Beach earnings date
Q4 202510 Mar, 2026
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Frequently asked questions
Turtle Beach Corporation is an audio technology company that designs and markets headsets, microphones, and gaming accessories. The company serves console and PC gamers, content creators, and professionals with products for immersive audio experiences. It distributes through retailers, e-commerce, and direct sales. Turtle Beach Corporation is headquartered in White Plains, New York, and its shares are listed on the NASDAQ.
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