Turtle Beach Investor Presentation
Download PDFViews: 1
NASDAQ: TBCH | MARCH 12, 2026
BFD TO GO HERE
INVESTOR
PRESENTATION
NASDAQ: TBCH | MAY 2026
2
SAFE HARBOR STATEMENT & IMPORTANT INFORMATION
Forward -Looking Information and Statements
This presentation, including the appendix, includes forward -looking information and statements within the meaning of the federal securities laws . Except for historical information
contained in this release, statements in this release may constitute forward -looking statements regarding assumptions, projections, expectations, targets, intentions or beliefs
about future events . Statements containing the words “may”, “could”, “would”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate”, “target”, “goal”, “project”, “intend” and
similar expressions, or the negatives thereof, constitute forward -looking statements . Forward -looking statements are only predictions and are not guarantees of performance .
Forward -looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward -looking
statement . The inclusion of such information should not be regarded as a representation by the Company, or any person, that the objectives of the Company will be
achieved .Forward -looking statements are based on management’s current beliefs and expectations, as well as assumptions made by, and information currently available to,
management . While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized .
Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward -looking statements
made by the Company or on its behalf . Some of these factors include, but are not limited to, risks related to trade policies, including the imposition of tariffs on imported goods
and other trade restrictions, the release and availability of successful game titles, macroeconomic conditions affecting the demand for our products, logistic and supply chain
challenges and costs, dependence on the success and availability of third -parties to manufacture and manage the logistics of transporting and distributing our products, the
substantial uncertainties inherent in the acceptance of existing and future products, the difficulty of commercializing and protecting new technology, the impact of competitive
products and pricing, general business and economic conditions, the expansion of our business including the integration of any businesses we acquire and the integration of such
businesses within our internal control over financial reporting and operations, our indebtedness, liquidity, and other factors discussed in our public filings, including the risk factors
included in the Company’s most recent Annual Report on Form 10 -K, Quarterly Report on Form 10 -Q and the Company’s other periodic reports filed with the Securities and
Exchange Commission . Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange
Commission, the Company is under no obligation to publicly update or revise any forward -looking statement after the date of this release whether as a result of new information,
future developments or otherwise . This presentation also contains trademarks and trade names that are property of their respective owners .
Non -GAAP Financial Measures
In addition to its reported results, the Company has included in this presentation, including in the appendix, certain financial metrics, including Adjusted EBITDA, that the
Securities and Exchange Commission define as “non -GAAP financial measures .” Management believes that such non -GAAP financial measures, when read in conjunction with the
Company’s reported results, can provide useful supplemental information for investors analyzing period -to-period comparisons of the Company’s results . Non -GAAP financial
measures are not an alternative to the Company’s GAAP financial results and may not be calculated in the same manner as similar measures presented by other
companies . “Adjusted EBITDA” is defined by the Company as net income (loss) before interest, taxes, depreciation and amortization, stock -based compensation (non -cash), and
certain non -recurring special items that we believe are not representative of core operations, as further described in the appendix hereto . These non -GAAP financial measures are
presented because management uses non -GAAP financial measures to evaluate the Company’s operating performance, to perform financial planning, and to determine incentive
compensation . Therefore, the Company believes that the presentation of non -GAAP financial measures provides useful supplementary information to, and facilitates additional
analysis by, investors . The presented non -GAAP financial measures exclude items that management does not believe reflect the Company’s core operating performance because
such items are inherently unusual, non -operating, unpredictable, non -recurring, or non -cash . See a reconciliation of GAAP results to Adjusted EBITDA included in the appendix
hereto for the three months ended March 31 , 2026 and March 31 , 2025 .
By providing full year 2026 Adjusted EBITDA guidance, the Company provided its expectation of a forward -looking non -GAAP financial measure . Information reconciling full year
2026 Adjusted EBITDA to its most directly comparable GAAP financial measure, net income (loss), is unavailable to the Company without unreasonable effort due to the
variability, complexity, and lack of visibility with respect to certain reconciling items between Adjusted EBITDA and net income (loss), including other income (expense), provision
for income taxes and stock -based compensation . These items cannot be reasonably and accurately predicted without the investment of undue time, cost and other resources and,
accordingly, a reconciliation of the Company’s Adjusted EBITDA outlook to its net income (loss) outlook for such periods is not provided . These reconciling items could be material
to the Company’s actual results for such periods .
3
NAMED A TOP 5 CONSUMER ELECTRONICS
BRAND FOR GAMING HARDWARE & PERIPHERALS
Time.com October 2024 / https:// time.com /collection/worlds -best -brands -2024 3
4
INVESTMENT HIGHLIGHTS
Continued Market Leadership
Operational Excellence in the Growing Games Industry
Brand Transformation Underway
Expanded Innovation Pipeline
Focused Capital Allocation Strategy
Experienced Leadership Committed to Enhancing Shareholder Value
4
5
1. Circana, LLC, Retail Tracking Service, US, Video Games, Gaming Accessories, Headsets and Headphones,
Turtle Beach & PDP Brands Combined, Dollar & Unit Sales, Jan 2010 – Dec 2025
2. Newzoo Peripheral Market Forecast, June 2023 & Internal Estimates updated July 2025
3. Circana, LLC, Retail Tracking Service, US, Video Games, Gaming Accessories, Flight Controllers, Dollar,
Jan – Mar 2026
TURTLE BEACH IS…
5
THE BEST -SELLING GAMING HEADSET BRAND for the
past 16 -years (1), and one of the most recognized brand names
in gaming.
A TOP 5 GAMING ACCESSORIES LEADER in the
$11.2B (2) multi -category global gaming accessories market.
• Gaming Headsets Life -To -Date ~86 -million Turtle Beach
headsets sold
• Controllers , a top 5 global brand
• PC Gaming Peripherals featuring award -winning
keyboards, mice, & more
• Simulation , including the best -selling flight simulation
model in the US (3)
• Expanding Brand Reach in key international growth
markets including Canada & Latin America
• Retail Strength with over 470K global points of
distribution
THE BEST -SELLING GAMING HEADSET BRAND for
the past 16 -years (1), and one of the most recognized
brand names in gaming.
A TOP 5 GAMING ACCESSORIES LEADER in the
$11.2B (2) multi -category global gaming accessories
market.
• Gaming Headsets Life -To -Date ~86 -million Turtle
Beach headsets sold
• Controllers , a top 5 global brand
• PC Gaming Peripherals featuring award -winning
keyboards, mice, & more
• Simulation , including the best -selling flight simulation
model in the US (3)
• Expanding Brand Reach in key international growth
markets including Canada & Latin America
• Retail Strength with over 470K global points of
distribution
5
6
INDUSTRY FUNDAMENTALS
• An Expanding Global Gaming Market: The global
gaming market is growing, fueling continued demand
for high -quality gaming accessories
• Technological Advancements: Continuous
advancements in technology are essential for
enhancing the gaming experience
• Customization & Personalization: Gamers seek
accessories that cater to their unique preferences,
requirements, and personalities
• Content Creators: As content creation grows, Turtle
Beach will continue to drive awareness and grow
fanbases through this medium
• Competitive Gaming: The rise of competitive gaming
increases the need for high -quality, high -performance
gaming accessories
• Supply Chain Management: Efficient supply chain
management is crucial for timely delivery and cost –
effective production
6
KEY DYNAMICS & GROWTH DRIVERS WITHIN GAMING & ACCESSORIES
Billy/Veenu to Review
66
7
THE GAMING MARKET CONTINUES GROWING
1. DFC intelligence November 2025 market Forecast . Forecasts are based on a 2028 launch for new consoles
2. Circana, US Video Games Spending/Hardware/Software/Accessories Jan – Mar 2026 7
EXPECTING STRONG GROWTH IN THE VIDEO GAME SECTOR (1)
MARKET GROWTH AND HIGHER SPENDING IN
2026 is driven by an IMPROVING CONSOLE AND
CONTENT ENVIRONMENT .
NINTENDO SWITCH 2 debuted in June 2025 and
was the best -selling hardware platform for Q1 2026.
Switch 2’s momentum will continue to accelerate in
2026. (2)
Launching in November 2026, GTA VI holds the
highest purchase intent ever recorded in Circana’s
tracking history, and is expected to boost gaming
hardware, accessories, and subscription demand. (2)
New consoles are expected around 2028, consistent
with previous cycles. Consumers are projected to
delay purchases of current systems as next –
generation hardware approaches. This creates a
temporary pre -transition slowdown in hardware
sales. The dip reflects a normal platform reset and
is typically followed by renewed growth.
GLOBAL VIDEOGAMES MARKET PROJECTIONS
8 Source: Newzoo Peripheral Market Forecast, June 2023 & Internal Estimates updated July 2025 8 Newzoo Peripheral Market Forecast, June 2023 and internal estimates updated July 2025
9
THE MARKET LEADER IN GAMING HEADSETS
FOR THE PAST 16 YEARS & COUNTING
1. Circana, LLC, Retail Tracking Service, US, Video Games, Gaming Accessories, Headsets and Headphones, Wired, Turtle Beach & PD P B rands Combined, Dollar Share, Jan – Dec 2025
2. Circana, LLC, Retail Tracking Service, US, Video Games, Gaming Accessories, Headsets and Headphones, Wireless, Turtle B eac h & PDP Brands Combined, Dollar Share, Jan – Dec 2025
U.S. GAMING
HEADSET
REVENUE SHARE
2025
#1 OVERALL SHARE POSITION (1)
HIGHEST REVENUE & UNIT SHARE
#1 GAMING HEADSET (1)
PROVIDER FOR XBOX & PLAYSTATION
OVER 27% REVENUE SHARE (2)
OF THE WIRED HEADSET MARKET
STRONG BRAND & REPUTATION
AMONG GAMERS, RETAILERS, GAMING INDUSTRY
PRODUCT INNOVATION
WITH UNIQUE FEATURES, MANY PATENTED
RETAIL STRENGTH
LEADERSHIP IN US POINTS OF DISTRIBUTION
STRONG PARTNERSHIPS
WITH LEADING INFLUENCERS & CONTENT CREATORS
WHY & HOW
OVER 24% REVENUE SHARE (2)
OF THE WIRELESS HEADSET MARKET
99
1010
11
Confidential
11
12
FINANCIALS &
INVESTOR HIGHLIGHTS
12
13
FIRST QUARTER 2026 FINANCIAL OVERVIEW
1. See appendix for a reconciliation of non -GAAP measures
$ Millions
(except per -share data) Q1 2026 Q1 2025
Revenue $42.2 $63.9
Gross Margin 26.8% 36.6%
Operating Expenses $25.4 $21.8
Net Loss $(15.2) $(0.7)
Diluted EPS $(0.78) $(0.03)
Adjusted EBITDA (1) $(6.5) $4.1
Diluted Shares 19.5 20.5
Q1 Revenue of $ 42.2M
YoY decline driven by:
▪ Continued softness in gaming accessories
markets that carried over from 2025
▪ Temporary dip in channel inventory ahead of
new product launches
Q1 Gross Margins of 26.8%
Margin compression due to:
▪ Lower revenue base from channel inventory
reduction
▪ Targeted promotional activity to reduce
channel inventory
▪ Moving of US -based warehouse
Q1 Net Loss of $(15.2M)
Q1 Adjusted EBITDA loss of $(6.5M)
Repurchased ~$50M in common shares
since 2024
In April 2026, refinanced credit facilities to
enhance capital return flexibility
1414
15
BALANCE SHEET SUMMARY
Balance Sheet Highlights
$ Millions
As of
March 31st, 2026
Cash & Cash Equivalents $12.3
Inventory $64.3
R evolving Credit Facility $0.0
Term Loan $53.6
Net Debt (debt less cash) $41.3
15
In April 2026, Turtle Beach refinanced credit facilities to enhance capital return flexibility
16
LONG -TERM GROWTH REMAINS THE GUIDING PRINCIPLE
Guidance considers a return to growth
for gaming accessories markets in 2026
and positive momentum for Turtle Beach
• Expanded product pipeline
• Confirmed new retail placements
• Brand transformation underway
• Advantageous position ahead of GTA VI
2026 GUIDANCE
Net Revenue
$335M – $355M
Adj. EBITDA
$44M – $48 M
16
LONG -TERM FINANCIAL TARGETS
Metric Target
Revenue 10%+ CAGR
Gross Margins % Mid -to -High 30’s
Adjusted EBITDA
Margins Mid -to -High Teens
17
MEET TURTLE BEACH’S LEADERSHIP TEAM
CFO
MARK
WEINSWIG
CRIS
KEIRN
GENERAL
COUNSEL
MEGAN
WYNNE
CMO,
GLOBAL
MARKETING
KATE
ZIBELL
SVP,
PRODUCT
MANAGEMENT
MATT
SEYMOUR
CEO
• 25 + years in financial leadership roles
at publicly traded tech companies
• 30 years in gaming accessories,
consumer electronics and automotive
• Nearly 20 years at I -Flow – a Kimberly -Clark
Health Care company, and with Morris Polich &
Purdy law firm
• 20 + years expertise in brand storytelling ,
DTC/eCommerce, digital marketing &
customer engagement
• 25 + years in the consumer electronics
industry
JOE
STACHULA SVP,
GLOBAL
OPERATIONS
JOSE
ROSADO
CTO & SVP,
PRODUCT
DEVELOPMENT
• 20+ years in consumer electronics
• 22 years of supply chain management with
Motorola, ON Semiconductor, HP, Cisco
Joined in 2013 & named CEO in 2024
following several years leading global sales
Joined in 2025 & and oversees all of Turtle
Beach’s finance operations
Joined in 2017 & ensures Turtle Beach stays
at the forefront of technology
Joined in 2014 as the head of Turtle Beach’s
Legal & oversees Human Resources
Joined in 2013 & leads the teams that design
and produce Turtle Beach accessories
Joined in 2014 & makes sure Turtle Beach
products can be found the world over
Joined in 2025 & drives Turtle Beach’s global
brand, marketing, communications, direct -to –
consumer, & go -to -market strategy
• 16 + years in video games and
consumer electronics
Joined in 2015 & leads the Turtle Beach’s
best -in-class global sales team
SVP,
GLOBAL
SALES
DREW
JOHNSON
VP,
BUSINESS
DEVELOPMENT
JESSICA
BENJAMIN • 20 years of gaming accessories licensing &
bus dev with PDP and PowerA
Joined in 2024 & manages Turtle Beach’s
global partner/licensor relationships
CSO
TOM
ROBERTS • 30 years working in video game accessories
touching all aspects of the business
Joined in 2024 & drives the strategy behind
the creation of new gaming accessories
17
18
APPENDIX
18
19
GAMING ACCESSORIES
MARKETS & PRODUCTS
19
20
TURTLE BEACH GAMING HEADSETS
20
The total addressable market for gaming headsets for consoles
and PC is roughly $2.9B (1).
Stealth Pro II redefines Turtle Beach’s premium headset tier,
blending elegant design, immersive audio, and exceptional
comfort into a flagship wireless experience. Built to elevate
every style of play, it delivers Hi -Res Audio through powerful
60mm drivers, seamless CrossPlay wireless switching, and
premium craftsmanship for high -end gaming.
$2.9B Gaming Headsets Market
Award -Winning Multiplatform Headsets
A New Flagship
1. Newzoo Peripheral Market Forecast, June 2023 and internal estimates updated July 2025
Turtle Beach is the leading maker of
multiplatform gaming headsets
Turtle Beach’s multiplatform gaming headsets are designed to
work across multiple devices, including consoles, PC, and mobile
devices, and the latest wireless Stealth and Atlas Air headsets
continue winning over fans and critics alike.
21
A COMPLETE PORTFOLIO OF GAMING HEADSETS
ENABLES CONSUMER CHOICE FROM ENTRY -LEVEL TO ULTRA -PREMIUM
Innovations that drive immersion, enjoyment,
& competitive advantages at every price point.
Wired
Multiplatform
Flip -To -Mute
Microphone
A.I. Based Mic
Noise Reduction
App -Based
Settings
Hi-Fidelity 24 -Bit
Audiophile Sound
Broadcast Quality
Microphone
Certified
Hi-Res Audio
Ultra -Premium
Everything
Wireless+
Bluetooth®
Superhuman
Hearing®
Memory
Foam
Glasses -Friendly
Cushions
40 mm
Speakers
Performance
Microphone
60mm Eclipse
Dual Drivers
CrossPlay Dual
Transmitters
II
21
22
Premium Wireless &
Wired Controllers
Groundbreaking, industry -leading
gamepad controllers designed to
help gamers win more
Officially Licensed
Controllers
Turtle Beach makes a full range
of officially licensed controllers
for Xbox, PC, Bluetooth Devices,
PS5/PS4, Nintendo Switch 2,
and Nintendo Switch
Music Controllers
& Fight Sticks
Continued leadership in the
specialty fight sticks category,
leading share of music
controller market (2)
GROWING TURTLE BEACH LEADERSHIP IN CONTROLLERS
Gaming Simulation
Controllers
Stunning realism is fueling the
$1.4B gaming simulation market
including flight and racing (1)
TURTLE BEACH CONTINUES EXPANDING IN THE GLOBAL $4.4B CONTROLLERS & SIM MARKET (1)
1. Newzoo Peripheral Market Forecast, June 2023 & Internal Estimates updated July 2025
2. Circana, LLC, Retail Tracking Service, US, Video Games, Gaming Accessories, Music Controllers, Dollars, Jan – Mar 2026
Turtle Beach is a leading brand in controllers with a broad
Catalog of products and licensed partnerships across
all gaming Platforms
22
23
GAMING SIMULATION ACCESSORIES
23
Flight Sim Community Engagement
In 2026, Turtle Beach is focused on strengthening community
engagement by showing up where our fans are. Through hands -on
event participation, including a booth at Flight Sim Expo with over
4,000 attendees, we’re building closer connections with a
passionate and dedicated community.
VelocityOne Flight Best -Seller
Turtle Beach’s VelocityOne Flight Universal Control System
launched in 2021 and became the industry’s market share leader for
flight controllers. Turtle Beach’s XBOX VelocityOne flight control
system was the best -selling SKU in the category in Q1 2026 (2) .
$1.4B Simulation Accessories Markets
The market for flight sim hardware makes up about $400M (1) in
global market opportunity. Racing sim adds about $I.0B (1).
1. Newzoo Peripheral Market Forecast, June 2023 and internal estimates updated July 2025
2. Circana, LLC, Retail Tracking Service, US, Video Games, Gaming Accessories, Flight Controllers, Dollar
Sales, Jan – Mar 2026
Racing Simulation
Turtle Beach entered the racing simulation market in 2024 with the
VelocityOne Race system, expanded the lineup in 2025 with
Multi -Shift, KD3, and F -RX.
24
PC GAMING ACCESSORIES
24
The total addressable market for PC gaming peripherals,
including keyboards, mice, and microphones is roughly $3.9B (1).
New Turtle Beach -branded PC gaming peripherals include a
variety of keyboards and mice, including from the brand’s
acclaimed Vulcan keyboard and Burst mouse product lines in
2025 to the recently revealed Command Series ecosystem.
Turtle Beach’s PC portfolio expands with the Command Series,
featuring two keyboards with Command Display technology, a
Command Display mouse, a modular keypad, and multiple
performance -focused mice. Your Command. Your Control.
$3.9B PC Gaming Accessories Market
Award -Winning Product Line
An All -New Command Ecosystem
1. Newzoo Peripheral Market Forecast, June 2023 and internal estimates updated July 2025
Turtle Beach continues to expand its line of
PC gaming peripherals
25
GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION
FIRST QUARTER 2026 COMPARED TO 2025
Three Months Ended
(in thousands)
March 31,
2026
March 31,
2025
Net Loss ($15,206) ($664)
Interest expense, net 1,369 2,006
Depreciation and amortization 2,893 3,126
Stock -based compensation 1,365 1,912
Income tax benefit (123) (109)
Restructuring expense (1) 224 5
Acquisition -related costs (2) — 608
Loss on inventory in transit and other costs (3) — 605
Professional fees, litigation and other (4) 2,978 —
Insurance recovery (5) — (3,439)
Adjusted EBITDA ($6,500) $4,050
1. Restructuring expenses are costs in connection with reorganization of operations. These costs primarily include severance and related benefits.
2. Costs in connection with reorganization of operations which primarily include severance, related benefits and post -acquisition c osts related to PDP
acquisition.
3. Loss of inventory while in transit.
4. Professional fees related to potential acquisition opportunities, warehouse relocation and certain litigation proceedings fee s.
5. Insurance proceeds from claims related to a loss of inventory while in transit that occurred primarily in the fourth quarter of 2024.
25
Investor Information:
ICR
TBCH@icrinc.com
Corporate Communications & Media:
Kim DeNapoli
SVP, Head of Brand
Turtle Beach Corporation
kim.denapoli@turtlebeach.com
CONTACTS
