HEAR - Turtle Beach Non-GAAP EPS of -$0.27 beats by $0.14 revenue of $51.44M beats by $5.39M
2023-05-04 16:14:46 ET
- Turtle Beach press release ( NASDAQ: HEAR ): Q1 Non-GAAP EPS of -$0.27 beats by $0.14 .
- Revenue of $51.44M (+10.2% Y/Y) beats by $5.39M .
- Adjusted EBITDA loss improved to $2.3 million compared to adjusted EBITDA loss of $5.7 million a year ago.
- At March 31, 2023, the Company had $20.6 million of cash and no outstanding borrowings on its revolver.
- Increased 2023 Outlook: In light of the aforementioned market and operational conditions, the Company now expects net revenues for fiscal year 2023 to be in the range of $265 million to $270 million, with the 10 to 12% growth driven primarily by expected out-performance of the gaming markets in specific categories based on the Company’s product plans for 2023 including the recent highly successful launch of the Stealth Pro headset.
- The Company is increasing its adjusted EBITDA outlook to a range of $6 million to $8 million, which still includes significant headwinds from competitive discounting and freight costs which are expected to abate as we progress through the year.
- The Company is maintaining its long-term goals of 10 to 20% annual growth and 10+% EBITDA margins.
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Turtle Beach Non-GAAP EPS of -$0.27 beats by $0.14, revenue of $51.44M beats by $5.39M