Turtle Beach Corporation (HEAR) has made significant waves in the gaming industry with the recent acquisition of PDP, a premier gaming accessories provider, for an enterprise value of $118 million. This strategic move underscores Turtle Beach's commitment to fortifying its position in the gaming peripherals market.The acquisition brings together two powerhouse companies renowned for their innovative products and robust growth trajectories. PDP's expertise in designing and distributing aftermarket gaming acc ...

Turtle Beach (HEAR) came out with quarterly earnings of $0.47 per share, missing the Zacks Consensus Estimate of $0.64 per share. This compares to earnings of $0.10 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -26.56%. A quarter ago, it was expected that this audio technology company would post a loss of $0.26 per share when it actually produced a loss of $0.21, delivering a surprise of 19.23%.Over the last four quarters, t ...

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Turtle Beach Corporation (Nasdaq: HEAR) (“Turtle Beach” or the “Company”), a leading gaming accessories brand, announced today that following the Company's establishment of a Value Enhancement Committee in 2023, the Board of Directors (the “Board”) has approved comprehensive and value-creative changes to its business, capital allocation and senior leadership. In consultation with its financial and legal advisors over the past year, the Company considered a comprehensive ...

Market Overview - Turtle Beach Corporation has been the market share leader in console gaming headsets for 14 years, with a global market for console gaming headsets estimated at approximately $1.4 billion[27]. - The global gaming accessories market, including headsets, keyboards, mice, and controllers, is estimated to be an $8.4 billion business[23]. - The market for PC gaming headsets, mice, and keyboards is estimated to be approximately $3.2 billion, driven by popular AAA game launches and esports[29]. - Turtle Beach's gaming simulation accessories market is estimated to be approximately $1.2 billion, with the company launching its first racing simulation product, VelocityOne™ Race, in 2024[33]. Product Development and Innovation - Turtle Beach has over 400 patents related to current and future product development, emphasizing its commitment to innovation and intellectual property[37]. - The company has launched several new products, including the Stealth™ Ultra controller and VelocityOne™ Flightdeck, to enhance its market presence[35]. - The company plans to expand its product line in controllers and simulation markets, aiming to grow revenues from categories outside console gaming headsets[35]. - The company plans to expand its product lines in game controllers and gaming simulation accessories, including mobile controllers and racing simulation products[41]. Sales and Revenue - In 2023, net sales to North American retail customers reached $165.9 million, while European customers contributed $58.0 million[44]. - The company's five largest customers accounted for approximately 69% of gross sales in 2023, with Walmart, Target, Amazon, and Best Buy each contributing between 10% to 25%[45]. - More than 45% of revenues are generated during the holiday period from September through December, driven by new product launches and consumer shopping behavior[46]. - The company achieved net revenue of $258.1 million in 2023, despite a slight decline in the console gaming market[191]. - Net revenue for the year ended December 31, 2023 was $258.1 million, a 7.5% increase from $240.2 million in 2022[196]. Financial Performance - Gross profit margin increased to 29.3% in 2023 from 20.5% in 2022, driven by lower freight and promotional spending[197]. - Operating expenses decreased to $91.9 million in 2023 from $100.7 million in 2022, reflecting cost management initiatives[201]. - Selling and marketing expenses for 2023 were $43.5 million, or 16.8% of net revenue, down from $47.1 million, or 19.6% in 2022[202]. - Research and development investment was $17.1 million in 2023, a decrease from $19.1 million in 2022, indicating expense management[204]. - Net loss for 2023 was $17.7 million, an improvement from a net loss of $59.5 million in 2022[195]. - Adjusted EBITDA for 2023 was $6.5 million, compared to a loss of $29.9 million in 2022, showing operational improvement[213]. - The effective tax rate for 2023 was (1.9)%, significantly improved from (9.4)% in 2022, influenced by foreign and state taxes[208]. Supply Chain and Operational Efficiency - The company has improved its supply chain efficiency, with semiconductor availability and freight costs significantly better in 2023 compared to 2022[39]. - The company continues to face challenges in supply chain and logistics operations, including increased freight costs and component availability issues[189]. - The company has experienced significant supply chain disruptions, leading to increased costs and potential impacts on sales and operations[65]. Market Risks and Challenges - Inflationary pressures and potential recession concerns have adversely affected the company's financial condition and demand for its products[59]. - The gaming accessories business is influenced by the success of the PC gaming market and major gaming platforms, with potential losses if these platforms fail to innovate or maintain sales[73]. - The company faces challenges in accurately forecasting product demand, which could lead to excess inventory or missed sales opportunities[84]. - The electronics industry is characterized by volatility, with economic downturns potentially leading to reduced demand and lower average selling prices[87]. - The company is susceptible to counterfeiting, which may harm its reputation and lead to significant expenses in enforcing intellectual property rights[96]. - The company is dependent on Microsoft for proprietary chips and modules necessary for Xbox-compatible headsets, and any supply issues could negatively impact sales and revenues[103]. Strategic Initiatives - Turtle Beach aims to enhance its e-commerce platforms to drive profitable growth by expanding customer reach and creating differentiated customer experiences[41]. - The company is committed to maintaining strategic relationships and investing in partnerships to enhance brand presence and create opportunities for retailers[41]. - The company relies on partnerships with influencers and esports teams for market expansion, with risks if these partners do not perform as expected[81]. Legal and Compliance Issues - The company is involved in various legal proceedings, but it believes that any potential liabilities will not materially affect its financial position[153]. - The company is subject to various data privacy laws, and non-compliance could adversely affect its business and reputation[114]. - The company has experienced stockholder litigation, which could divert resources and result in substantial expenses[116]. Environmental and Social Governance (ESG) - Turtle Beach transitioned to sustainably sourced paper packaging for most gaming headsets in 2022 and launched its first carbon neutral products in March 2023[41]. - The company's ESG goals may result in additional costs and risks, potentially impacting reputation and employee retention[132]. - The company is subject to various environmental laws that could impose substantial costs and affect business operations[128]. Human Resources - As of December 31, 2023, Turtle Beach employed 252 individuals, with 223 being full-time salaried employees[47]. - The company’s future success depends on retaining key management and personnel, with intense competition for skilled employees in the technology sector[117].

Exhibit 99.1 TURTLE BEACH ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 EARNINGS RESULTS White Plains, NY – March 13, 2024 – Turtle Beach Corporation (Nasdaq: HEAR) ("Turtle Beach" or the "Company"), a leading gaming accessories brand, today reported financial results for the fourth quarter and full year ended December 31, 2023. drive growth and build on our innovative expansion of gaming categories and products while maintaining our leadership in gaming headsets. With our highly accretive acquisition of PDP ...

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Turtle Beach Corporation (Nasdaq: HEAR), a leading gaming headset and accessory brand, today announced it will report financial results for the fourth quarter and full year 2023 on Wednesday, March 13, 2024. In conjunction with reporting fourth quarter and full year 2023 results, Turtle Beach will host a conference call at 5:00 p.m. ET / 2:00 p.m. PT with the Company’s Interim CEO and SVP of Global Sales, Cris Keirn, and CFO, John Hanson. A live webcast of the call will ...

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Buckle-up, grab the wheel and floor it because best-selling gaming headset and accessory maker Turtle Beach Corporation (Nasdaq: HEAR), today announced its first-ever racing gaming simulation setup, the Turtle Beach® VelocityOne™ Race, is now available. Designed for Xbox and Windows PCs, this groundbreaking universal wheel & pedal system comes from the brand’s multi-award-winning VelocityOne simulation team and features the latest technologies and premium materials to he ...

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Flight sim fans should suit-up and get ready for action as best-selling gaming headset and accessories maker Turtle Beach Corporation (Nasdaq: HEAR) today announced the Turtle Beach® VelocityOne™ Flightdeck is now available. VelocityOne Flightdeck is Turtle Beach's premium combat HOTAS (Hands-On Throttle And Stick) flight simulation control system. It is designed to provide full-control mastery in today’s sophisticated flight and space combat games on Windows 10 & 11 PCs ...

Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, February 9:M.D.C. Holdings, Inc. (MDC) : This company that engages in the homebuilding and financial service businesses has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 2.6% over the last 60 days.M.D.C. Holdings' shares gained 48.2% over the last three months compared with the S&P 500’s advance of 12.7%. The company possesses a Momentum Score of A.Tu ...

Momentum investors typically don't time the market or "buy low and sell high." In other words, they avoid betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth potential fails to justify their swelled-up valuation. In that phase ...