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Turtle Beach Corporation (NASDAQ: HEAR) designs innovative, market-leading audio products that cater to a global audience. Under its award-winning Turtle Beach brand, the company offers a vast selection of highly acclaimed gaming headsets compatible with Xbox One, PlayStation®4, personal computers, and mobile/tablet devices. These headsets are recognized for their superior sound quality and ergonomic design, solidifying Turtle Beach as a leader in the gaming accessories market.
Beyond headsets, the company has expanded its product lineup to include game controllers, flight and racing simulation accessories, keyboards, mice, and high-quality microphones. Turtle Beach operates on a global scale, with products available through major retailers like Amazon, Argos, Best Buy, GAME, GameStop, EB Games, Media Markt, Saturn, Target, and Walmart. A substantial portion of the company's revenue is generated during the holiday season, with North America being its largest market.
Through its HyperSound brand, Turtle Beach markets pioneering directed audio solutions utilized in digital signage, kiosks, consumer electronics, and hearing healthcare. These innovative products are designed to offer a more focused and immersive audio experience, making significant strides in both commercial and consumer sectors.
With nearly five decades of expertise in audio technology, Turtle Beach continues to innovate and expand its product offerings. The company's commitment to delivering high-quality audio solutions is evident in its numerous partnerships and recent achievements. Turtle Beach's financial condition remains robust, with continuous efforts to develop new technologies and enhance user experiences.
Turtle Beach's ROCCAT brand has partnered with popular streamer Brennon "GoldGlove" O'Neill to enhance his gaming experience with their high-performance peripherals. GoldGlove, known for his extensive following of over 3 million fans, will utilize ROCCAT's Vulcan Pro keyboard, Burst Pro mouse, and Elo 7.1 USB headset during his streams. This partnership aims to boost GoldGlove's channel while showcasing ROCCAT's commitment to quality gaming products. The collaboration reflects ROCCAT's strategy to align with influential gamers to drive brand recognition and growth.
Turtle Beach's ROCCAT brand has announced a partnership with Gen.G Esports, making ROCCAT the official PC accessories partner for Gen.G's teams in games like Overwatch, League of Legends, and PUBG. Gen.G will use ROCCAT's innovative gaming products, including the highly acclaimed Elo headsets and Vulcan keyboards. The partnership aims to create engaging content and improve competitive insights, enhancing ROCCAT's presence in Korea's growing gaming market. ROCCAT is recognized for its award-winning products featuring cutting-edge Titan Optical Switch technology.
Turtle Beach's ROCCAT brand has established a multi-year partnership with the League Championship Series (LCS), North America's largest esports league. This collaboration positions ROCCAT as the exclusive mouse and keyboard partner, commencing with the Mid-Season Showdown Finals on April 10-11, 2021. The partnership will enhance fan experience through interactive integrations during key gameplay moments, showcasing ROCCAT’s latest gaming gear, including the Vulcan and Burst series. This initiative aligns ROCCAT with a passionate gaming community, expected to significantly elevate brand visibility.
Turtle Beach (Nasdaq: HEAR) has announced an expansion of its share repurchase program, now authorizing the purchase of up to $25 million in common shares, up from a previous $15 million. This decision, stemming from high cash flow and debt elimination, aims to enhance shareholder value. The program will run for two years, expiring on April 9, 2023, with timing subject to market conditions. CEO Juergen Stark expressed confidence in the company's growth and profitability, projecting an adjusted EBITDA of approximately $45 million in 2021, which shows a strong margin.
Turtle Beach Corporation (Nasdaq: HEAR) has introduced the Vulcan Pro Optical-Tactile RGB Gaming Keyboard, the latest addition to its acclaimed Vulcan series, as of March 29, 2021. This gaming keyboard features Titan Optical Switch technology, offering response rates up to 100 times faster than traditional mechanical switches. With a price point of $199.99, it is designed for speed and precision, boasting a 100 million keystroke lifecycle. The keyboard will be available in select EU regions later this year, complementing the existing Vulcan line.
Turtle Beach Corporation (Nasdaq: HEAR) announced a partnership with Chinese audio company Audfly Technology to commercialize its HyperSound directed audio technology. Audfly will develop HyperSound products for various markets, leveraging Turtle Beach's patented technology and brand. This partnership aims to enhance Turtle Beach's core gaming business by expanding into new sectors. Revenue sharing is part of the agreement, with the potential for Audfly to fully acquire HyperSound IP upon meeting specific objectives.
Turtle Beach's ROCCAT brand will sponsor the upcoming April Anarchy college esports tournament, featuring Fortnite. Set for April 17-18, 2021, this event will allow college students nationwide to compete for a total of $10,000 in prizes. The top three teams will receive ROCCAT gaming gear and a chance to participate in the prestigious Code Red event. The partnership aims to engage collegiate gamers, enhancing brand visibility while promoting a safe competitive environment for students during these challenging times.
Turtle Beach Corporation (Nasdaq: HEAR) reported exceptional financial results for the fourth quarter and full year 2020, with net revenue hitting $360.1 million, a 53% increase from 2019. Net income surged 116% to $38.7 million, or $2.37 per diluted share. Adjusted EBITDA grew 169% to $61.4 million. The company attributed growth to rising demand for gaming accessories and successful launches of new products. Looking ahead, Turtle Beach anticipates revenue of approximately $370 million for 2021, driven by further expansion in PC accessories and new product categories.
Turtle Beach Corporation (Nasdaq: HEAR), a leader in gaming accessories, will announce its financial results for Q4 and full year 2020 on March 4, 2021. The report will follow a conference call at 5:00 p.m. ET featuring the CEO and CFO. The company aims to share insights into its financial performance, expanding its presence in the gaming market. Investors can tune into the live conference and access a replay after 8:00 p.m. ET on the same day through here.
Turtle Beach Corporation (Nasdaq: HEAR) announced preliminary unaudited results for Q4 and full-year 2020, expecting sales between $358 million and $360 million, a 52% increase from $234.7 million in 2019. Q4 sales are projected at $130 million to $132 million, up 27% from $101.8 million in Q4 2019. Adjusted EBITDA is expected between $59 million and $61 million for 2020, a significant rise from $22.8 million in 2019. Despite record performances, the Q4 diluted EPS is projected to be lower than in 2019, reflecting a valuation allowance benefit last year.
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