Financial Performance - Q2 2025 revenue reached $56.8 million [4], but declined year-over-year due to dampened market conditions in the gaming accessories industry [6] - Gross margin improved to 32% in Q2 2025 from 30% in Q2 2024, a 200 basis point increase, driven by cost optimization and the PDP acquisition [4, 6] - Operating expenses decreased to 33% of revenue, compared to 36% in the prior year, reflecting operational leverage and a $6.0 million insurance recovery [6] - Net loss was $2.9 million, and adjusted EBITDA was a loss of $3.0 million [6] Capital Structure and Share Repurchase - The company refinanced its debt with a new $90 million revolving credit facility and a $60 million term loan [4] - The company repurchased $5.0 million in common shares during Q2, bringing the total to approximately $35 million over the past six quarters [4] Market Position and Product Performance - Turtle Beach gained market share in the improving gaming headset market in Q2 2025 [4] - While the overall gaming headset market was down in Q2 2025, Turtle Beach gained 130 basis points in revenue share [5] - Turtle Beach's PS5 Victrix Pro BFG was the second best-selling controller (3rd party market) and the top-selling wireless controller YTD & Q2 [5] Guidance and Long-Term Targets - The company maintains its 2025 revenue guidance of $340 million to $360 million and adjusted EBITDA guidance of $47 million to $53 million [7] - The company's long-term financial targets include revenue growth of 10%+ CAGR and adjusted EBITDA margins in the mid-to-high teens [8] Market Opportunity - The company aims to unlock potential in the $11.2 billion gaming accessories market [12]

Financial Performance - Q1 2025 revenue reached $64 million, a 14% increase compared to the previous year, primarily driven by PDP sales[4,8] - Gross margins improved by 470 basis points year-over-year in Q1 2025[4,8] - Adjusted EBITDA grew by 180% to $4.1 million in Q1 2025, reflecting higher revenue and improved cost structure[4,8] - The company repurchased $1.8 million in common shares during Q1 2025 and authorized a new stock repurchase program of up to $75 million over the next two years[5] Market Position - Turtle Beach gained 40 basis points in revenue share in the gaming headset market during Q1 2025, despite an overall market decline[7] - In March 2025, Turtle Beach gained 160 basis points in revenue share while the gaming headset market was down approximately 19%[7] - Turtle Beach's PS5 Victrix BFG is the second bestselling controller in the 3rd party market and the top selling wireless controller[7] - The Riffmaster wireless guitar on XBO and PS4 continues to be the dominant seller in the music controller's category with 95% share of music controller market[7,41,43] - Turtle Beach is the second largest third-party controllers brand with nearly 30% share[39,43] Future Outlook - The company's 2025 guidance projects net revenue between $340 million and $360 million, and adjusted EBITDA between $47 million and $53 million[9] - Long-term financial targets include revenue growth of 10%+ CAGR and Adjusted EBITDA margins in the mid-to-high teens[10]