TBCH on Nasdaq

Turtle Beach Corp

Turtle Beach Corp is an American communications equipment company based in Valhalla.2 Its shares trade on Nasdaq under the symbol TBCH.2

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Last updated Oct 21, 2026.

Overview

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  • TickerTBCH on Nasdaq2
  • IndustryCommunications Equipment, NEC2
  • HeadquartersValhalla, United States2
  • Incorporated inNV3
  • Business address15822 Bernardo Center Drive, Suite 105, San Diego, Ca 921273
  • Filer categoryAccelerated filer3
  • Legal formProfit Corporation2
  • LEI549300SZRV8U8PXSYI202
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O The Corporation Trust Company of Nevada, 89703 Carson City, United States2

Our mission is to deliver the ultimate experience to gamers by providing high-quality, high-performance gaming accessories, including headsets, controllers, keyboards, mice, flight and racing simulation hardware, microphones, and more. For over 50 years, we have been a pioneer and key innovator in audio technology, and today we are one of the most recognized brand names in gaming. Headquartered in San Diego, California, we were incorporated in the state of Nevada in 2010, and our stock is traded on the Nasdaq Global Market under the symbol TBCH.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

37.3%Gross margin6
8.6%Operating margin6
4.9%Net margin6
-14.2%Revenue growth, 20256
12.2%Return on equity6
0.36×Debt to equity6
$34.0MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Regions

United States brought in 74% of the revenue Turtle Beach Corp broke down this way in fiscal 2025.

  1. United States$235.7M674%down 17% from 2024
  2. Europe And Middle East$71.0M622%down 7% from 2024
  3. Asia Pacific$13.3M64%up 9% from 2024
Regions by year
Regions202320242025
United States$186.3M$284.3M$235.7M
Europe And Middle East$62.0M$76.3M$71.0M
Asia Pacific$9.8M$12.2M$13.3M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue63¢$200.6M
  • Research and development5¢$16.9M
  • Other costs27¢$85.6M
  • Income tax0¢$1.1M
  • Profit5¢$15.7M

Out of $319.9M in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Capital spending4¢$1.4M
  • Share buybacks53¢$19.0M
  • Kept or used elsewhere43¢$15.1M

Out of $35.5M of cash from operations.6

Financial statements

Revenue789106$319.9M in 2025+36% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $234.7M$234.7M20192020: $360.1M$360.1M2020+53%2021: $366.4M$366.4M2021+2%2022: $240.2M$240.2M2022−34%2023: $258.1M$258.1M2023+7%2024: $372.8M$372.8M2024+44%2025: $319.9M$319.9M2025−14%
Gross profit789106$119.3M in 2025+52% since 2019
0$50.0M$100.0M$150.0M2019: $78.7M$78.7M20192020: $133.8M$133.8M2020+70%2021: $128.4M$128.4M2021−4%2022: $49.2M$49.2M2022−62%2023: $75.5M$75.5M2023+54%2024: $129.0M$129.0M2024+71%2025: $119.3M$119.3M2025−8%
Operating income789106$27.5M in 2025+164% since 2019
-$100.0M-$50.0M0$50.0M2019: $10.4M$10.4M20192020: $49.2M$49.2M2020+372%2021: $20.4M$20.4M2021−58%2022: -$51.5M-$51.5M20222023: -$16.4M-$16.4M2023−68%2024: $20.0M$20.0M20242025: $27.5M$27.5M2025+37%
Net income789106$15.7M in 2025−12% since 2019
-$75.0M-$50.0M-$25.0M0$25.0M$50.0M2019: $17.9M$17.9M20192020: $38.7M$38.7M2020+116%2021: $17.7M$17.7M2021−54%2022: -$59.5M-$59.5M20222023: -$17.7M-$17.7M2023−70%2024: $16.2M$16.2M20242025: $15.7M$15.7M2025−3%

Every line of the income statement as filed: the last 4 fiscal years, latest first.6

Period ending2025-12-312024-12-312023-12-312022-12-31
Net revenue$319.9M$372.8M$258.1M
Cost of revenue$200.6M$243.8M$182.6M
Gross profit$119.3M$129.0M$75.5M
Selling and marketing$52.5M$52.4M$43.5M
Research and development$16.9M$17.3M$17.1M
General and administrative$30.4M$28.4M$31.3M
Insurance recovery-$9.4M
Acquisition-related costs$1.4M$10.8M
Total operating expenses$91.8M$109.0M$91.9M
Operating income (loss)$27.5M$20.0M-$16.4M
Interest expense, net$9.8M$8.1M$504.0K
Other expense, net$945.0K$1.3M$394.0K
Income (loss) before income tax$16.8M$10.7M-$17.3M
Income tax expense (benefit)$1.1M-$5.5M$338.0K
Net income (loss)$15.7M$16.2M-$17.7M
Basic$0.78$0.81-$1.03
Diluted$0.77$0.78-$1.03
Basic20.3M shares20.0M shares17.1M shares20.3M shares
Diluted20.5M shares20.8M shares17.1M shares20.5M shares

Compare Turtle Beach Corp with another company

Corporate structure

Turtle Beach Corp sits at the top of its group. 12 entities, 7 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Turtle Beach Corp

  • 22NW, LP Filed SCHEDULE 13G on Turtle Beach Corp, latest Sep 2, 2026
  • DC VGA LLC Filed SCHEDULE 13D/A on Turtle Beach Corp, latest Aug 27, 2026 (4 filings since Mar 21, 2024)
  • Hoak Public Equities, LP Filed SCHEDULE 13D/A on Turtle Beach Corp, latest Aug 11, 2026 (2 filings since Feb 24, 2026)
  • Albert Rabil Filed SCHEDULE 13G/A on Turtle Beach Corp, latest Aug 6, 2026 (7 filings since Apr 8, 2025)
  • Morgan Stanley Filed SCHEDULE 13G on Turtle Beach Corp, latest May 12, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Turtle Beach Corp, latest Mar 27, 2026 (7 filings since Feb 10, 2022)
  • GARNET EQUITY CAPITAL HOLDINGS, INC. Filed SCHEDULE 13G/A on Turtle Beach Corp, latest Aug 14, 2025 (4 filings since Aug 19, 2024)
  • Windward Management LP Filed SCHEDULE 13G/A on Turtle Beach Corp, latest May 13, 2025 (4 filings since Jul 10, 2024)
  • AWM Investment Company, Inc. Filed SCHEDULE 13G/A on Turtle Beach Corp, latest Feb 7, 2025 (4 filings since Feb 14, 2023)
  • BlackRock Filed SC 13G/A on Turtle Beach Corp, latest Nov 8, 2024 (5 filings since Feb 3, 2022)
  • CITADEL ADVISORS LLC Filed SC 13G/A on Turtle Beach Corp, latest Feb 14, 2024 (2 filings since Nov 20, 2023)
  • Shay Capital LLC Filed SC 13G/A on Turtle Beach Corp, latest Feb 14, 2024 (4 filings since Jul 5, 2022)
  • Turtle Beach Corp Valhalla, New York, United States
    • PDP France SARL Subsidiary · France
    • Performance Designed Products LLC Subsidiary · California, United States
    • TB Germany GmbH Subsidiary · Germany
    • TBC Holding Company LLC Subsidiary · Delaware, United States
    • Tide Acquisition Sub II, LLC Subsidiary · Delaware, United States
    • Turtle Beach Australia Pty. Ltd. Subsidiary · Australia
    • Turtle Beach Europe Limited Subsidiary · United Kingdom
    • Turtle Beach K.K. Subsidiary · Japan
    • Turtle Beach Netherlands B.V. Subsidiary · Netherlands
    • Voyetra Turtle Beach, Inc. Subsidiary · Delaware, United States
    • VTB Holdings, Inc. Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Turtle Beach Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$18.1M6 Dec 31, 2025$41.5M6 Dec 31, 2024−56.3%
Accumulated depreciation$15.1M6 Dec 31, 2025$35.7M6 Dec 31, 2024−57.5%
Property and equipment, net$3.0M6 Dec 31, 2025$5.8M6 Dec 31, 2024−48.8%
Operating-lease assets (leased space)$5.8M6 Dec 31, 2025$8.1M10 Dec 31, 2024−28.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$17.0M6 Dec 31, 2025$13.0M6 Dec 31, 2024+30.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$50.4M6 Dec 31, 2025$52.9M6 Dec 31, 2024−4.7%
Intangible assets, net (excluding goodwill)$34.3M6 Dec 31, 2025$42.4M6 Dec 31, 2024−19.0%
Accumulated amortization$22.7M6 Dec 31, 2025$15.3M6 Dec 31, 2024+48.9%
Finite-lived intangibles, net$34.3M6 Dec 31, 2025$42.4M10 Dec 31, 2024−19.0%

Inventory

ItemLatestA year beforeChange
Inventory, total$69.2M6 Dec 31, 2025$71.3M6 Dec 31, 2024−2.8%
Raw materials$5.2M6 Dec 31, 2025$4.1M6 Dec 31, 2024+27.0%
Finished goods$64.0M6 Dec 31, 2025$67.1M6 Dec 31, 2024−4.7%

Properties, in its own words

The table below describes our principal facilities as of December 31, 2025. Each of these facilities is leased. We believe our existing facilities are adequate to meet our current needs and that we can renew our existing leases or obtain alternative space on terms that would not have a material impact on our financial conditions.

Location · State or Country · Principal Business Activity · Approx.SquareFeet · Expiration Dateof Lease

The rest of Item 2

San Diego · California · Corporate Headquarters · 16,150 · 2029

White Plains · New York · Administration · 15,800 · 2031

New Taipei City · Taiwan · Administration · 14,800 · 2026

Basingstoke · United Kingdom · Administration · 7,030 · 2032

Item 2 of the 10-K filed Mar 12, 2026.5

Leadership

Who has led Turtle Beach Corp, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (30)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • PDP France SARL France4
  • Performance Designed Products LLC California, U.S.4
  • TB Germany GmbH Germany4
  • TBC Holding Company LLC Delaware, U.S.4
  • Tide Acquisition Sub II, LLC Delaware, U.S.4
  • Turtle Beach Australia Pty. Ltd. Australia4
  • Turtle Beach Europe Limited United Kingdom4
  • Turtle Beach K.K. Japan4
  • Turtle Beach Netherlands B.V. The Netherlands4
  • VTB Holdings, Inc. Delaware, U.S.4
  • Voyetra Turtle Beach, Inc. Delaware, U.S.4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Parametric Sound CorpJun 24, 2010 to May 22, 20143

Timeline

  1. Aug 6, 20268-K Results of operations53
  2. Aug 3, 20268-K Executive or director change54
  3. Jun 2, 20268-K Shareholder vote55
  4. May 20, 20268-K Executive or director change; Regulation FD disclosure56
  5. May 7, 20268-K Results of operations57
  6. May 4, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure58
  7. Apr 21, 20268-K Executive or director change59
  8. Mar 12, 20268-K Entered a material agreement60
  9. Mar 12, 20268-K Results of operations61
  10. Mar 6, 20268-K Executive or director change62
  11. Dec 30, 20258-K Entered a material agreement63
  12. Nov 6, 20258-K Results of operations64
  13. Jul 10, 2023New chief executive Cris Keirn becomes CEO14
  14. Jan 27, 2014New chief executive Juergen M. Stark becomes CEO15
  15. Aug 23, 2010New chief executive Elwood G. Norris becomes CEO16

Calendar

Coming up

  1. Nov 5, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.08 a share, on Nov 6, 2025.65

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results53
  2. May 7, 2026Reported quarterly or annual results57
  3. Mar 12, 2026Reported quarterly or annual results61
  4. Nov 6, 2025Reported quarterly or annual results64
  5. Aug 7, 2025Reported quarterly or annual results66
  6. May 8, 2025Reported quarterly or annual results67
  7. Mar 13, 2025Reported quarterly or annual results68
  8. Nov 7, 2024Reported quarterly or annual results69

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

402 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 67 major events, 133 insider forms, 75 large holders, 106 other. The latest 20:

  1. Sep 2, 2026SCHEDULE 13G EDGAR
  2. Aug 27, 2026SCHEDULE 13D/A EDGAR
  3. Aug 21, 2026144 EDGAR
  4. Aug 12, 20264 EDGAR
  5. Aug 12, 2026SCHEDULE 13D/A EDGAR
  6. Aug 11, 2026SCHEDULE 13D/A EDGAR
  7. Aug 6, 202610-Q EDGAR
  8. Aug 6, 20268-K EDGAR
  9. Aug 6, 2026SCHEDULE 13G/A EDGAR
  10. Aug 3, 20268-K EDGAR
  11. Jul 29, 20263 EDGAR
  12. Jul 20, 2026144 EDGAR
  13. Jun 16, 2026144 EDGAR
  14. Jun 12, 2026144 EDGAR
  15. Jun 9, 2026144 EDGAR
  16. Jun 3, 2026144 EDGAR
  17. Jun 2, 20268-K EDGAR
  18. May 29, 2026144 EDGAR
  19. May 29, 2026SD EDGAR
  20. May 29, 20264 EDGAR

The 402 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

41 open-market trades by officers, directors and large owners since October 2021: 20 buys and 21 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 12, 2026DC VGA LLC10% ownerSale5,671$13.00$73.7KForm 4
Aug 11, 2026DC VGA LLC10% ownerSale140,000$12.67$1.8MForm 4
Aug 10, 2026DC VGA LLC10% ownerSale140,000$12.70$1.8MForm 4
May 29, 2026Scherping Katherine LeeDirectorSale2,000$13.25$26.5KForm 4
May 27, 2026Scherping Katherine LeeDirectorSale6,845$13.10$89.7KForm 4
Mar 23, 2026Scherping Katherine LeeDirectorSale19,902$11.62$231.3KForm 4
Mar 20, 2026Scherping Katherine LeeDirectorSale98$11.50$1.1KForm 4
Aug 21, 2025Diversis Capital Partners I, L.P.10% ownerSale1,388,888$14.41$20.0MForm 4
Aug 14, 2025Wyatt William ZDirectorBuy693,962$14.41$10.0MForm 4
Nov 21, 2024Ballard Lloyd GregoryDirectorSale5,542$15.00$83.1KForm 4
Nov 20, 2024Keirn CrisCEOBuy3,000$14.86$44.6KForm 4
Aug 15, 2024Wyatt William ZDirectorBuy20,000$14.71$294.2KForm 4
Jun 11, 2024Jimenez TerryDirectorBuy2,250$15.07$33.9KForm 4
Jun 7, 2024Jimenez TerryDirectorBuy2,750$15.45$42.5KForm 4
May 31, 2024Ballard Lloyd GregoryDirectorSale5,042$16.53$83.3KForm 4
May 24, 2024Jimenez TerryDirectorBuy2,075$16.11$33.4KForm 4
May 20, 2024Jimenez TerryDirectorBuy2,025$15.90$32.2KForm 4
May 14, 2024Jimenez TerryDirectorBuy2,025$16.37$33.1KForm 4
May 9, 2024Wyatt William ZDirectorBuy12,500$16.26$203.2KForm 4
May 9, 2024Jimenez TerryDirectorBuy2,025$16.25$32.9KForm 4

All 41 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Mark WeinswigChief Financial Officer53$348.0K$2.4M88
2025Cris Keirn55$513.5K$2.1M88
2025Megan WynneGeneral Counsel and Secretary57$366.9K$923.7K88
2025John T. Hanson$238.5K$261.0K88
2024Chief Executive Officer$477.8K$2.4M88
2024FormerChief Financial Officer and Treasurer$410.2K$1.2M88
2023Chief Executive Officer$390.0K$1.2M88
2023FormerChief Financial Officer and Treasurer$389.6K$1.1M88

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Windward Management LP1,607,989$20.0M14.5%No change
Garnet Equity Capital Holdings, Inc.1,506,759$18.8M8.4%−7,200
BlackRock, Inc.1,174,452$14.6M0.0%+20,148
Morgan Stanley1,173,941$14.6M0.0%−7,156
Shay Capital LLC794,311$9.9M1.1%+153,694
Vanguard Capital Management LLC613,346$7.6M0.0%−37,181
Dimensional Fund Advisors LP527,869$6.6M0.0%+89,987
Goldman Sachs Group Inc514,574$6.4M0.0%−149,753
Ameriprise Financial Inc492,166$6.1M0.0%New
Geode Capital Management, LLC394,517$4.9M0.0%+21,402
State Street Corp344,430$4.3M0.0%+630
D. E. Shaw & Co., Inc.278,647$3.5M0.0%+87,851
CDC Financial, Inc.236,852$2.9M2.3%+82,870
Caption Management, LLC219,040$2.7M0.1%+92,546
North Star Investment Management Corp.207,000$2.6M0.1%−144
Susquehanna International Group, Llp182,807$2.3M0.0%+106,803
Northern Trust Corp161,684$2.0M0.0%+5,060
Pullen Investment Management, LLC160,568$2.0M0.9%+1,702
Jane Street Group, LLC151,889$1.9M0.0%−71,395
Formula Growth Ltd131,426$1.6M0.6%+76,351
Vanguard Portfolio Management LLC118,997$1.5M0.0%−183,010
Prentice Capital Management, LP114,293$1.4M2.7%+1,457
Jefferies Financial Group Inc.114,240$1.4M0.0%New
O'shaughnessy Asset Management, LLC110,217$1.4M0.0%−25,560
Vanguard Fiduciary Trust Co94,869$1.2M0.0%+3,106

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Turtle Beach Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARTurtle Beach Corp1
  • CIK0001493761
  • Employer ID (EIN)27-27675405
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inNevada5
  • Fiscal year endsDecember 311
  • Industry code (SIC)3669 Communications Equipment, NEC1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address15822 Bernardo Center Drive, Suite 105, San Diego, CA 921271
  • Phone914-345-22551
  • Shares outstanding17,909,711 as of Jul 30, 202612
  • Public float$233.5M as of Jun 30, 20255
  • AuditorErnst & Young LLP, New York, New York PCAOB ID 42; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceJun 24, 20101
  • Filings1,082 in all: 4 (364), 8-K (213), 3 (50), SC 13D/A (49), 10-Q (48), DEFA14A (44), 144 (30), SC 13G/A (28)1
    All 57 form types

    SC 13G (24), 10-K (16), DFAN14A (15), UPLOAD (15), DEF 14A (14), SCHEDULE 13G/A (14), SD (13), 4/A (12), SC 13D (11), CORRESP (10), 8-K/A (9), EFFECT (8), S-8 (8), 424B3 (6), 424B5 (6), SCHEDULE 13G (6), ARS (4), D (4), S-3 (4), SC TO-C (4), SC TO-I/A (4), SCHEDULE 13D/A (4), 10-12G/A (3), 8-A12B (3), DEF 14C (3), PRE 14A (3), PRE 14C (3), 10-Q/A (2), DEFC14A (2), NT 10-K (2), NT 10-Q (2), POS AM (2), PREC14A (2), S-1 (2), S-1/A (2), 10-12G (1), 10-K/A (1), 3/A (1), 424A (1), 424B1 (1), 424B7 (1), 8-A12B/A (1), CERTNAS (1), DEFM14A (1), PREM14A (1), PRER14A (1), PRRN14A (1), SC TO-I (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Mar 12, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 21, 2026
    Latest 8-K (8-K) Aug 6, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001TBCHThe Nasdaq Global Market

From the cover page of the 10-K filed Mar 12, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Turtle Beach Corp names in Item 1A of its 10-K filed Mar 12, 2026: 36 risks under these headings, as written.5

  • These risk factors may be important to understanding any statement in this Annual Report on Form 10-K or elsewhere. The following information should be read in conjunction with our financial statements and related notes in Part II, Item 8, “Financial Statements and Supplementary Data” and Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Report.
  • Because of the following factors, as well as other factors affecting the Company’s financial condition and operating results, past financial performance should not be considered to be a reliable indicator of future performance, and investors should not use historical trends to anticipate results or trends in future periods. Please also see “Statement Regarding Forward-Looking Disclosures” in the section immediately preceding Item 1 of this Report.
  • Risks Related to Our Operations
  • Our business has been, and continues to be, adversely impacted by inflationary pressures and potential recession concerns.
  • Changes in U.S. or foreign trade policies, including the imposition of tariffs on imported goods and other trade restrictions, as well as uncertainty over such actions, may adversely impact our business and financial performance.
  • We depend upon the success and availability of third-party gaming platforms and the release and availability of successful game titles to drive sales of our gaming accessories.
  • Our brands face significant competition from other consumer electronics companies and this competition could have a material adverse effect on our financial condition and results of operations.
  • The manufacture, supply and shipment of our products are subject to supply chain and logistics risks that could adversely impact our financial results.
  • The manufacture, supply and shipment of our products are dependent upon a limited number of third parties, and our success is dependent upon the ability of these parties to manufacture, supply and ship sufficient quantities of our products to us in a timely fashion, as well as the continued viability and financial stability of these third parties. In addition, many of our products use components with long
  • order lead times and constrained supply. Any disruption in supply of these components could materially impact the ability of our third-party manufacturing partners to produce our products.
  • The industries in which we operate are subject to competition in an environment of rapid technological change, and if we do not adapt to, and appropriately allocate our resources among, emerging technologies, our revenues could be negatively affected.
  • A significant portion of our revenue is derived from a few large customers, and the loss of any such customer, or a significant reduction in purchases by such customer, could have a material adverse effect on our business, financial condition and results of operations.
The other 25 risks
  • If our marketing efforts do not effectively raise the recognition and reputation of our brands, we may not be able to successfully implement our gaming accessory growth strategy.
  • Turtle Beach relies on its partnerships with influencers and esports teams to expand our market and promote our products, and our marketing and promotion partners may not perform to our expectations.
  • Our net sales and operating income fluctuate on a seasonal basis and decreases in sales or margins during peak seasons could have a disproportionate effect on our overall financial condition and results of operations.
  • Our results of operations and financial condition may be adversely affected by global business, political, operational, financial and economic conditions.
  • If we fail to maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be adversely impacted.
  • Our business could be negatively affected as a result of actions of activist stockholders.
  • The Company has entered into a Rights Agreement, and if the holders exercise their share purchase rights under such agreement, it could materially adversely affect the price of our common stock and cause dilution to our existing stockholders.
  • Risks Related to our Intellectual Property and Other Legal Matters
  • Our competitive position will be adversely damaged if our products are found to infringe on the intellectual property rights of others.
  • If we are unable to obtain and maintain intellectual property rights and/or enforce those rights against third parties who are violating those rights, our business could suffer.
  • We are dependent upon third-party intellectual property to manufacture some of our products.
  • We are dependent on license agreements with third-parties for the sale of some of our products.
  • Risks Related to Liquidity
  • We depend upon the availability of capital under our revolving credit facility and term loan to finance our operations. Any additional financing that we may need may not be available on favorable terms, or at all.
  • The Loan Documents provide our lender with a lien against substantially all of our working capital assets, including trade accounts receivable, inventories, and intellectual property and contain certain restrictions on our ability to take certain actions.
  • General Risk Factors
  • The market price of our common stock may continue to fluctuate significantly.
  • If we are unable to protect our information systems against service interruption, misappropriation of data, cyber-attacks or other or breaches of security, our operations could be disrupted, our reputation may be damaged, and we may be financially liable for damages.
  • We are subject to laws and regulations relating to data privacy, data protection, and other related matters, which are subject to change, and our failure to comply could negatively affect our business and reputation.
  • We have been party to stockholder litigation, and in the future could be party to additional stockholder litigation, which could harm our business, financial condition and operating results.
  • Loss of our key management and other personnel could impact our business.
  • Our business could be adversely affected by significant movements in foreign currency exchange rates.
  • Any acquisitions we pursue could disrupt our business and harm our financial condition and results of operations.
  • Our products may be subject to warranty claims, product liability and product recalls.
  • Changes in laws or regulations or the manner of their interpretation or enforcement could adversely impact our financial performance and restrict our ability to operate our business or execute our strategies.
  • We are subject to various environmental laws and regulations that could impose substantial costs on us and may adversely affect our business, operating results and financial condition.
  • Our goals and disclosures related to environmental, social and governance (“ESG”) matters have and will likely continue to result in additional costs and risks to us, which may adversely affect our reputation, employee retention, and willingness of our customers and partners to do business with us.
  • Our variable rate indebtedness will subject us to interest rate risk, which could cause our annual debt service obligations to increase significantly.

Legal proceedings

The Company is subject to various legal proceedings and claims that arise in the ordinary course of its business. Although the amount of any liability that could arise with respect to these actions cannot be determined with certainty, in the Company’s opinion, any such liability will not have a material adverse effect on its consolidated financial position, consolidated results of operations or liquidity.

Intellectual Property Dispute: On May 28, 2025, PDP filed an action for declaratory judgment of non-infringement of four patents purportedly owned by OKYN Holdings, Inc., d/b/a Nyko Technologies (“Nyko”) in the United States District Court for the Southern District of California. Nyko had written to PDP on October 31, 2024 asserting that PDP’s Ultra Slim Charge System for PlayStation 4 (“Ultra Slim”) infringed those patents. Nyko has responded to PDP’s complaint and filed counterclaims for patent infringement by the Ultra Slim. On June 12, 2025, Nyko filed a lawsuit in the Southern District of California asserting that PDP and Turtle Beach Corporation infringed the same four patents at issue in the declaratory judgment action filed by PDP. On July 8, 2025, PDP and Turtle Beach moved to dismiss Nyko’s complaint and that motion is pending. On September 30, 2025, PDP moved for judgment on the pleadings on multiple aspects of Nyko’s counterclaims and that motion is pending.

Intellectual Property Dispute: On October 3, 2025, Robert Lyden, an individual, filed a patent infringement lawsuit against PDP, VTB, and Turtle Beach Corporation ("TBC”) in the United States District Court for the District of Minnesota, asserting infringement of one patent by the Victrix™ Pro BFG™ Wireless Controller and Victrix™ Gambit Wireless Controller. On December 16, 2025, PDP, VTB, and TBC moved to dismiss the complaint for improper venue and that motion is pending.

The opening of Item 3, Legal Proceedings.5

Sources

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