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Turtle Beach Corporation reported a sharp downturn for the quarter ended March 31, 2026. Net revenue fell to $42.2 million from $63.9 million a year earlier as demand for gaming accessories softened amid macroeconomic pressures. Gross margin compressed to 26.8% from 36.6%, and the company swung to a net loss of $15.2 million, or $(0.78) per share, compared with a loss of $0.7 million, or $(0.03) per share, in the prior year period.
Adjusted EBITDA declined to a loss of $6.5 million from positive $4.1 million, reflecting lower revenue and higher operating costs such as research and development and professional fees. Despite the loss, operating cash flow remained positive at $29.4 million, helped by significant reductions in accounts receivable and inventories, and the company ended the quarter with $12.3 million in cash.
Turtle Beach reduced net debt under its 2025 credit facility during the quarter and subsequently refinanced with an $85.0 million term loan and a new asset-based revolving credit facility maturing in 2029. The company continued its $75 million stock repurchase program, buying 161,815 shares for $2.2 million. Management disclosed that disclosure controls and procedures remained ineffective due to previously identified material weaknesses in internal control over financial reporting.
Turtle Beach Corporation reported first quarter 2026 results with net revenue of $42.2 million, gross margin of 26.8%, and a net loss of $15.2 million. Adjusted EBITDA was $(6.5) million, while cash flow from operations totaled $29.4 million.
The company refinanced its debt into an $80 million asset-based lending facility and an $85 million term loan, replacing a prior $150 million credit agreement. It reaffirmed full year 2026 guidance for net revenue of $335–$355 million and Adjusted EBITDA of $44–$48 million, described as representing 5%–11% and 10%–20% year-over-year growth, respectively.
Turtle Beach highlighted a $75 million share repurchase program with about $56 million of capacity remaining and approximately $50 million of common stock repurchased since 2024. Management emphasized product launches, new retail placements, and anticipated industry catalysts in 2026.
Turtle Beach Corp Chief Financial Officer Mark Weinswig reported routine equity compensation activity involving restricted stock units (RSUs) and common stock. On May 3, 2026, RSUs were converted into 6,688 shares of common stock on a one-for-one basis, reflecting a standard derivative exercise at an exercise price of $0.00 per share.
Of the shares tied to this vesting, 2,404 common shares at $11.22 per share were withheld to satisfy tax withholding obligations, a non-market disposition. Following these transactions, Weinswig directly held 20,641 shares of common stock and 7,338 underlying shares associated with RSUs that continue to vest over time under previously granted awards.
Turtle Beach Corp General Counsel Megan S. Wynne reported routine equity compensation activity. On April 1, 2026 she acquired 1,450 shares of common stock through the exercise of performance stock units (PSUs), and 738 shares were withheld to satisfy tax obligations related to PSU vesting.
Separately, on May 1, 2026 she was granted 4,395 PSUs, which convert into common stock on a one-for-one basis upon meeting performance and time-based vesting conditions. Following these transactions, she directly holds 72,202 shares of common stock and multiple outstanding stock option, RSU, and PSU awards with various exercise prices and vesting schedules.
Turtle Beach Corp CEO Cris Keirn reported compensation-related equity activity. On May 1, 2026, performance stock units were converted into 4,266 shares of common stock, increasing his direct common stock holdings to 80,829 shares after these and earlier changes.
The filing also shows a new grant of 12,928 performance stock units, which may be earned based on stock price and Adjusted EBITDA performance criteria and then vest over time. Earlier, on April 1, 2026, 2,173 common shares were withheld at $11.22 per share to satisfy tax withholding obligations on vested PSUs, a non-market disposition. Keirn continues to hold stock options and multiple tranches of restricted stock units that vest in annual installments over future years.
Turtle Beach Corporation has completed a significant refinancing, entering an $85 million term loan with Blue Torch and a new asset-based revolving credit facility with Bank of America. The term loan matures on April 30, 2029, amortizes quarterly at 1.25% of the original principal, and bears interest at a base rate or SOFR plus margins tied to total leverage.
The ABL structure includes U.S. commitments of $50 million or $65 million and U.K. commitments of $10 million or $15 million based on seasonality, with interest at SOFR, the U.S. Base Rate, SONIA, or EURIBOR plus set margins. In the accompanying press release, the Company highlights a revolving ABL facility of up to $80 million and reiterates its $75 million share repurchase authorization, under which about $49 million of stock has been repurchased and approximately $56 million of capacity remains.
Haspel Lee reported acquisition or exercise transactions in this Form 4 filing.
Turtle Beach Corp director Lee Haspel received a stock award reported on a Form 4. On April 20, 2026, Haspel was granted 13,880 shares of Turtle Beach common stock at no cash cost as a compensation-related award.
These shares are restricted and will vest on April 1, 2027, meaning they cannot be freely sold until that date. After this grant, Haspel directly owns 13,880 shares of Turtle Beach common stock according to the filing. This is a routine equity grant to a board member rather than an open-market purchase or sale.
Kelley Daniela reported acquisition or exercise transactions in this Form 4 filing.
Turtle Beach Corp director Daniela Kelley received a grant of 13,880 shares of Common Stock as compensation. The shares were awarded at a stated price of $0.00 per share and are described as restricted shares that will vest on April 1, 2027. After this award, Kelley directly holds 13,800 Common Stock shares according to the filing. No derivative securities are reported in connection with this transaction.
Turtle Beach Corp filed an initial insider ownership report for director Lee Haspel on Form 3. This filing establishes Haspel as a reporting person subject to ongoing insider disclosure rules. The data provided shows no share purchases, sales, or other transactions in this filing.
Turtle Beach Corp director Daniela Kelley filed an initial Form 3, which is a statement of beneficial ownership for new insiders. The filing does not list any reportable transactions or holdings, indicating only that she is now subject to insider reporting requirements as a director.