10-K · March 12, 2026
Turtle Beach positions itself as the long-time market leader in console gaming headsets ("market share leader in console gaming headsets for 16‑years running," per Circana) and has expanded its portfolio via…
Earnings analysis · 10-Q
TBCH earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Turtle Beach Corporation's Q1 2026 results showed significant declines in revenue and profitability, with net revenue at $42.2 million and an EPS of -$0.78, missing estimates. Despite reaffirming their full-year revenue…
Read full summary
Turtle Beach Corporation's Q1 2026 results showed significant declines in revenue and profitability, with net revenue at $42.2 million and an EPS of -$0.78, missing estimates. Despite reaffirming their full-year revenue guidance, management cited macroeconomic challenges and soft demand in the gaming accessory market as key factors affecting performance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.78
- Gross margin
- 26.8%
What stood out
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Revenue Decline
Net revenue was $42.2 million, down $21.7 million from $63.9 million in Q1 2025.
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Worsening Gross Margin
Gross margin decreased to 26.8% from 36.6% in Q1 2025, largely due to higher costs relative to declining revenues.
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Operating Cash Flow
Generated $29.4 million in cash flow from operations despite a loss of $15.2 million.
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Reaffirmed Full-Year Guidance
Management reaffirmed 2026 revenue guidance of $335 million to $355 million, unchanged from prior expectations.
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Cost Management
Research and development expenses increased by $0.6 million, highlighting ongoing investment in new product development.
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Decreased Interest Expense
Interest expense reduced by 31.8%, totaling $1.4 million, as a result of lower debt costs from refinancing.
What to watch
-
Significant Net Loss
The net loss widened to $15.2 million compared to a loss of $0.7 million in the prior year.
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Declining Sales Performance
Turtle Beach reported a significant year-over-year decrease in revenue, highlighting weak consumer demand in the gaming accessory market.
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Liquidity Challenges
Current cash and cash equivalents decreased to $12.3 million from $16.9 million at year-end, raising concerns over liquidity.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · November 6, 2025
Turtle Beach reported Q3 2025 net revenue of $80,457 (in thousands), down from $94,363 in Q3 2024, and diluted EPS of $0.08 versus $0.16 a year earlier. Gross margin improved modestly to ~37.4% from ~36.2% despite the…
10-Q · August 7, 2025
Turtle Beach reported Q2 net revenue of $56,777 (in thousands), down from $76,478 in Q2 2024, but showed margin and profitability improvement: gross margin expanded to ~32.2% and operating loss narrowed to $(329) from…
10-Q · May 8, 2025
Turtle Beach reported Q1 net revenue of $63,901,000, up $8,053,000 (14.4%) versus Q1 2024, with gross profit rising to $23,367,000 (36.6% margin) and operating income of $1,536,000 versus an operating loss of…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.