Q1 2025 Turtle Beach Corp Earnings Call Transcript
Key Points
- First-quarter revenue grew by 14% year over year to $63.9 million.
- Adjusted EBITDA increased to $4.1 million, up from $1.4 million a year ago.
- Gross margins improved substantially by nearly 470 basis points year on year to 36.6%.
- The company executed the largest share repurchase program in its history, repurchasing nearly $30 million worth of stock.
- A new share repurchase program of up to $75 million has been authorized over the next two years.
- The US gaming accessories market declined by 16% year over year in Q1.
- The anticipated release of Grand Theft Auto 6 has been delayed to spring 2026, impacting expected demand for new accessories.
- Tariffs have introduced complexities and uncertainties, affecting the company's operations.
- Full-year 2025 revenue guidance has been revised down to $340 million to $360 million due to macroeconomic uncertainties.
- Gross margins are expected to face pressure in the second quarter due to lower revenue and tariff impacts.
Greetings. Welcome to Turtle Beach Q1 '25 earnings conference call.
(Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Mr. Jacques Cornet, Investor Relations. Thank you, Mr. Cornet. You may begin.
Thank you, operator.
On today's call, we'll be referring to the press release, filed this afternoon, that details the company's first-quarter 2025 results, which is available on the Press Releases pages of the company's Investor Relations website, corp.turtlebeach.com; where you'll also find the latest earnings presentation that supplements the information discussed on today's call.
Finally, a recording of the call will be available on the Events and Presentations section of the company's Investor Relations website, later today.
Please be aware that some of the comments made during this call may include forward-looking statements, within the meaning of the Federal Securities Laws. Statements about
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