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Turtle Beach Corporation (TBCH+1.13%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net revenue of $372.8 million, an increase from $258.1 million in the previous year, primarily due to the acquisition of Performance Designed Products (PDP).
Gross profit for the year was $128.9 million, with a gross margin of 34.6%, up from 29.3% in the prior year.
Operating expenses totaled $108.9 million, including $10.8 million in acquisition integration costs related to the PDP acquisition.
The company reported a net income of $16.2 million, compared to a net loss of $17.7 million in the previous year.
Cash provided by operating activities was $5.8 million, while cash used for investing activities was $82.2 million, primarily for the acquisition of PDP.
The company ended the year with $13.0 million in cash and cash equivalents, down from $18.7 million at the end of 2023.
Turtle Beach's revolving credit facility was amended to include the assets of PDP, extending the maturity date to March 13, 2027.
The company identified material weaknesses in its internal controls over financial reporting related to revenue recognition and order fulfillment processes.
Turtle Beach continues to focus on expanding its product lines and improving operational efficiencies to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Turtle Beach Corporation annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.