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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 (Nasdaq: HEAR) has announced a partnership with Oakley to launch the Oakley x Turtle Beach Collection, which features gaming eyewear designed for enhanced performance. The collaboration combines Oakley's Prizm™ Gaming Lens Technology with Turtle Beach's ProSpecs™ glasses-friendly headset technology. The initial product line includes Metalink RX frames, compatible with headsets, and custom lenses tailored to gamers' prescriptions. This partnership aims to improve gamers' visual and auditory experiences while exploring further collaborative opportunities in product design and materials.
Turtle Beach Corporation (Nasdaq: HEAR) has acquired Neat Microphones, a company known for high-quality digital USB and analog microphones, allowing Turtle Beach to enter the $2.3 billion global microphone market. This acquisition is expected to enhance Turtle Beach's product offerings and reach in both gaming and broader audio markets, expanding their total addressable market from $5.1 billion to $7.4 billion. Neat's leadership, including founders from Blue Microphones, brings significant expertise to Turtle Beach's audio innovation.
Turtle Beach, a leading gaming accessory brand, announced its strongest product lineup to date for the 2020 holiday season. The new Stealth 600 & 700 Gen 2 headsets, priced at $99.95 and $149.95, are designed for Xbox Series X|S and PlayStation 5. Additionally, the Recon 70 headset offers a budget-friendly option at $39.95. ROCCAT's new Elo headsets and Vulcan keyboards further enhance their PC gaming offerings. CEO Juergen Stark highlighted the success of these products in meeting next-gen gaming demands.
Turtle Beach (Nasdaq: HEAR) has expanded its partnership with TIDAL, focusing on the intersection of gaming and music. This collaboration will introduce exclusive content, artist-curated playlists, and product giveaways, beginning with R.LUM.R. The initiative features a custom giveaway including a three-month TIDAL Premium subscription and the Elite Pro 2 gaming headset. TIDAL's Gaming Moods module will offer playlists designed for gamers, while Turtle Beach and ROCCAT will provide top-tier gaming accessories. This partnership emphasizes the synergy between gaming and music, enhancing user experience.
Turtle Beach (Nasdaq: HEAR) and its ROCCAT brand have become the title sponsor of the popular gaming program The Gamer Hour, set to launch on Nov. 17, 2020. The show, hosted by Chris Puckett, will feature interviews with celebrities discussing their gaming experiences, alongside game challenges offering prizes like Turtle Beach headsets and ROCCAT keyboards and mice. This collaboration aims to highlight the significance of gaming culture and promote Turtle Beach products.
Turtle Beach Corporation (Nasdaq: HEAR) reported exceptional financial results for Q3 2020, with net revenue soaring 141% to $112.5 million, supported by a strong demand surge in gaming. The gross margin rose 880 basis points to 41%, and net income improved to $17.8 million or $1.04 per diluted share from a net loss of $3.1 million last year. Adjusted EBITDA also increased significantly to $27.6 million. The company raised its full-year revenue guidance to approximately $330 million, attributing this growth to increased gaming engagement and anticipated demand from next-gen console launches.
Turtle Beach's ROCCAT brand introduces the Vulcan Pro and Vulcan TKL Pro keyboards, and the Burst Pro gaming mouse featuring the revolutionary Titan Optical Switch technology. This technology registers response rates over 100 times faster than traditional mechanical switches with a lifespan of 100 million clicks. The Vulcan Pro retails for $199.99, the Vulcan TKL Pro for $159.99, and the Burst Pro for $59.99, all available from October 30, 2020. The products witness strong pre-orders, indicating robust market demand.
Turtle Beach Corporation (Nasdaq: HEAR) will report its financial results for Q3 2020 on November 5, 2020. The announcement includes a conference call scheduled for 5:00 p.m. ET to discuss results and operational highlights, featuring CEO Juergen Stark and CFO John Hanson. Interested participants should dial in 5-10 minutes early to register. The call will also be available for replay until November 12, 2020. Turtle Beach is recognized for its innovative gaming audio products and leading market position.
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