Turtle Beach raises FY23 adjusted EBITDA view to $8M-$10M from $6M-$8M

Turtle Beach states: “The Company is pleased to report performance ahead of schedule and continues to execute on a number of initiatives to improve efficiency and profitability including SKU rationalization, portfolio optimization, platformed product development and more. As a result of the Company’s better than expected performance, the Company is raising its Adjusted EBITDA outlook for fiscal year 2023 and now expects to be in the range of $8 million to $10 million, versus the $6 million to $8 million range stated previously. Additionally, given the improving line of sight into the impact of various cost savings initiatives, the Company now expects to exit 2023 with a run rate Adjusted EBITDA in the range of $28 million to $33 million, an increase from a 2023 exit run rate Adjusted EBITDA range of $25 million to $30 million just a quarter ago.”