Turtle Beach Corporation Reports Strong Fourth Quarter and Year-End 2024 Performance
Turtle Beach Corporation, a prominent gaming accessories brand, achieved remarkable financial results for the fourth quarter and full year ending December 31, 2024. The company reported record-breaking net revenue of $146.1 million in the fourth quarter, marking a substantial 47% increase from the previous year. Net income for the quarter also saw significant growth, reaching $20.1 million compared to $8.6 million in the prior year. Adjusted EBITDA for the fourth quarter soared to $35.7 million, a substantial increase of 156% from the previous year.
In addition to the impressive fourth-quarter performance, Turtle Beach also announced its full-year results for 2024. The company reported its largest revenue year ever, with net revenue totaling $372.8 million, representing a substantial 44% increase from the previous year. Net income for the full year was $16.2 million, a significant improvement from the net loss of $(17.7) million the year before. Adjusted EBITDA for the full year was reported at $56.4 million, a substantial increase from $6.5 million in the prior year.
Cris Keirn, CEO of Turtle Beach Corporation, expressed satisfaction with the company’s performance, highlighting the significant revenue and Adjusted EBITDA growth driven by their acquisition of PDP. Keirn emphasized the strength of Turtle Beach’s core business and strategic focus on execution, particularly in the gaming accessories market. The company’s integration of PDP has proven highly beneficial, leading to increased scale and market reach.
Looking ahead to 2025, Turtle Beach Corporation has initiated guidance for the full year, expecting net revenues to fall between $395 million and $405 million. Despite anticipated challenges in the gaming accessories market in the first half of the year, the company projects strong revenue growth driven by contributions from PDP in the first quarter and an anticipated surge in the second half of the year. The company also anticipates Adjusted EBITDA to range between $68 million and $72 million, reflecting a year-over-year growth of between 21% and 28%.
Keirn reiterated Turtle Beach’s long-term goals, including a revenue compound annual growth rate (CAGR) of 10% or more. The company is now focusing on achieving a mid-to-high 30s gross margin percentage and has raised expectations for mid-to-high teens percentage Adjusted EBITDA margins.
In conclusion, Turtle Beach Corporation’s exceptional performance in 2024 showcases its commitment to driving growth and creating long-term value for shareholders and gaming customers worldwide. The company’s strategic initiatives, strong financial results, and focused approach position it for continued success in the competitive gaming accessories market.
