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Dec 31, 2024
Turtle Beach Q4 2024 Earnings Report
Turtle Beach achieved record revenue and Adjusted EBITDA for Q4 2024.
Key Takeaways
Turtle Beach reported Q4 2024 revenue of $146.1 million, a 47% increase from the prior year. Net income more than doubled to $20.1 million, while Adjusted EBITDA grew 156% to $35.7 million. Gross margin expanded by 500 basis points to 37.0%, driven by product innovation and operational efficiencies. The company continues to capitalize on strong gaming accessory demand and expects further growth in 2025.
Record quarterly revenue of $146.1 million, up 47% year-over-year.
Net income surged to $20.1 million from $8.6 million in the prior year.
Adjusted EBITDA reached $35.7 million, a 156% increase.
Gross margin expanded by 500 basis points to 37.0%.
Forward Guidance
Turtle Beach expects continued revenue growth in 2025, with net revenues projected between $395M and $405M, supported by new product innovations and increased market share.
Positive Outlook
- Expected revenue growth in 2025 driven by PDP acquisition synergies.
- Projected Adjusted EBITDA of $68M-$72M, a 21%-28% increase.
- Continued expansion of gaming accessories lineup.
- Share repurchase program continues with $18.8M remaining.
- Focus on strategic acquisitions to enhance product portfolio.
Challenges Ahead
- Potential headwinds in gaming accessories market in early 2025.
- Impact of new international tariffs on profitability.
- Inventory loss in Q4 may impact short-term margins.
- High operational expenses may pressure long-term margins.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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