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THIRD QUARTER 2025 EARNINGS PRESENTATION NASDAQ: TBCH | NOVEMBER 6, 2025
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2 SAFE HARBOR STATEMENT & IMPORTANT INFORMATION Forward-Looking Information and Statements This presentation, including the appendix, includes forward-looking information and statements within the meaning of the federal securities laws. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events. Statements containing the words “may”, “could”, “would”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate”, “target”, “goal”, “project”, “intend” and similar expressions, or the negatives thereof, constitute forward-looking statements. Forward-looking statements are only predictions and are not guarantees of performance. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. The inclusion of such information should not be regarded as a representation by the Company, or any person, that the objectives of the Company will be achieved. Forward-looking statements are based on management’s current beliefs and expectations, as well as assumptions made by, and information currently available to, management. While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward-looking statements made by the Company or on its behalf. Some of these factors include, but are not limited to, risks related to trade policies, including the imposition of tariffs on imported goods and other trade restrictions, the release and availability of successful game titles, macroeconomic conditions affecting the demand for our products, logistic and supply chain challenges and costs, dependence on the success and availability of third-parties to manufacture and manage the logistics of transporting and distributing our products, the substantial uncertainties inherent in the acceptance of existing and future products, the difficulty of commercializing and protecting new technology, the impact of competitive products and pricing, general business and economic conditions, risks associated with the expansion of our business, including the integration of any businesses we acquire and the integration of such businesses within our internal control over financial reporting and operations, our indebtedness, liquidity, and other factors discussed in our public filings, including the risk factors included in the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q and the Company's other periodic reports filed with the Securities and Exchange Commission. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, the Company is under no obligation to publicly update or revise any forward-looking statement after the date of this release whether as a result of new information, future developments or otherwise. This presentation also contains trademarks and trade names that are property of their respective owners. Non-GAAP Financial Measures In addition to its reported results, the Company has included in this presentation, including in the appendix, certain financial metrics, including Adjusted EBITDA, that the Securities and Exchange Commission define as “non-GAAP financial measures.” Management believes that such non-GAAP financial measures, when read in conjunction with the Company's reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company's results. Non-GAAP financial measures are not an alternative to the Company’s GAAP financial results and may not be calculated in the same manner as similar measures presented by other companies. “Adjusted EBITDA” is defined by the Company as net income (loss) before interest, taxes, depreciation and amortization, stock-based compensation (non-cash), and certain non-recurring special items that we believe are not representative of core operations, as further described in the appendix hereto. These non-GAAP financial measures are presented because management uses non-GAAP financial measures to evaluate the Company’s operating performance, to perform financial planning, and to determine incentive compensation. Therefore, the Company believes that the presentation of non-GAAP financial measures provides useful supplementary information to, and facilitates additional analysis by, investors. The presented non-GAAP financial measures exclude items that management does not believe reflect the Company’s core operating performance because such items are inherently unusual, non-operating, unpredictable, non-recurring, or non-cash. See a reconciliation of GAAP results to Adjusted EBITDA included in the appendix hereto for the three months ended September 30, 2025 and September 30, 2024.
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3 THIRD QUARTER 2025 OVERVIEW Q3 revenue of $80.5M, supporting Turtle Beach’s full-year guidance Improved Q3 gross margins YOY to 37% from 36% • Demonstrates the execution of ongoing cost optimization initiatives Refinanced prior debt facilities with new $90 million revolving credit facility and $60 million term loan • Strengthens the Company's capital structurethrough a lower cost of capital and enhanced financial flexibility • Reduced base interest rate on the term loan by approximately 450 basis points Repurchased ~$10M in common shares during Q3, bringing total to ~$45M over the past seven quarters Revealed over 40 new gaming accessories since Q2’25 Turtle Beach headsets gained share amidst an improving gaming headset market YTD September and Q3 (1) • While the overall gaming headset market was down Q3 2025, Turtle Beach gained 50bps in revenue share • While the overall gaming headset market was down YTD 2025, Turtle Beach gained 160bps in revenue share Turtle Beach products are top-sellers in the broader gaming peripherals market (2) • 9 of the top 20 best-selling gaming headsets were Turtle Beach YTD Sept. • Turtle Beach's PS5 Victrix Pro BFG (black & white) is the best-selling wireless controller (3rd party market) in Q3 & YTD Sept. • Turtle Beach's XBOX Stealth Ultra was the next best-selling wireless controller (3rd party market)in Q3 • Turtle Beach's XBOX VelocityOne flight control system is the best-selling SKU in the category YTD Sept. • Riffmaster wireless guitars on XBOX and PS dominate the music controller category YTD & Q3 1. Circana, Retail Tracking Service, US, Video Games, Headsets and Headphones, Dollar & Unit Share, Jan – Sept 2025 (includes all Turtle Beach-branded gaming headsets) 2. Circana, Retail Tracking Service, US, Video Games, Gamepads, Music Controllers, Flight Controllers, Headsets and Headphones/By Item/ Jan – Sept 2025, & July – Sept 2025
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4 Q3'25 FINANCIAL REVIEW 1. See appendix for a reconciliation of non-GAAP measures $ Millions (except per-share data) Q3 25 Q3 24 Commentary Revenue $80.5 $94.4 YOY decline driven by channel inventory reductions and dampened market conditions in the gaming accessories industry in 2025 YTD Gross Margin 37% 36% ~120 basis point YOY improvement driven by execution of cost optimization initiatives and selective price increases which have offset impact of tariffs in Q3 Operating Expenses $24.7 $27.7 Decreased from the prior year due to lower sales and marketing costs in Q3 2025 from lower revenues and fewer acquisition and integration costs associated with the PDP acquisition Net Income (Loss) $1.7 $3.4 Decreased from the prior year due to lower revenue Diluted EPS $0.08 $0.16 Adjusted EBITDA(1) $11.0 $16.3 Decreased from the prior year due to lower revenue Diluted Shares 20.4M 21.5M Lower shares due to stock repurchases
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5 LONG-TERM GROWTH REMAINS THE GUIDING PRINCIPLE Guidance consistent with prior quarter 2025 GUIDANCE Net Revenue $340M – $360M Adj. EBITDA $47M – $53M 5 • Long-term financial targets remain unchanged from prior outlook • Maintain leadership in gaming headsets • Continue driving growth in controllers and adjacent accessories categories • Proactively manage operating expenses • Drive inorganic growth via M&A LONG-TERM FINANCIAL TARGETS Metric Target Revenue 10%+ CAGR Gross Margins % Mid-to-High 30’s Adjusted EBITDA Margins Mid-to-High Teens
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6 BALANCE SHEET SUMMARY Balance Sheet Highlights $ Millions As of September 30, 2025 Cash & Cash Equivalents $12.3 Inventories $95.0 Revolving Credit Facility $33.5 Term Loan $57.0 Net Debt (debt less cash) $78.2 6
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7 UNLOCKING POTENTIAL IN THE $11 BILLION GAMING ACCESSORIES MARKET Continue Leadership in Gaming Headsets Continue Expanding Turtle Beach Brand in PC Gaming Peripherals Continue Growth in Gamepads/Controllers Source: Newzoo Peripheral Market Forecast, June 2023 & Internal Estimates updated July 2025 STRENGTHENING TURTLE BEACH’S POSITION AS A LEADING 3RD PARTY GAMING ACCESSORIES MAKER Continue Growth in Gaming Simulation Accessories $3.0B Market Headsets Controllers PC Peripherals Simulation $2.9B Market $3.9B Market $1.4B Market
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8 APPENDIX
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9 RECENTLY REVEALED PRODUCTS & HIGHLIGHTS
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10 TURTLE BEACH & VICTRIX RELOAD THE BFG 10 NOW WITH HALL EFFECT STICKS & TRIGGERS & AN UPDATED FIGHTPAD MODULE LAYOUT, PLUS A SPECIAL PC EDITION Review Score: 100/100 “ Phenomenal. The best got better ...Just buy a Victrix Pro BFG Reloaded, you won’t regret it.” Revealed: Aug. 2025 Launched: Sept. 2025 ( PS|Xbox ) Launched: Oct. 2025 (PC Edition) FOR THE FGC! FOR VICTORY! Regarded in the fighting game community as THE gamepad controller of choice for serious competitive gamers, Turtle Beach has reloaded the newest iteration of the award - winning BFG controller with the latest technologies. In September, Turtle Beach launched the new Victrix Pro BFG Reloaded for PlayStation & Xbox, which now features Hall Effect sticks & triggers and a reoriented Fightpad module. In October, Turtle Beach launched a special PC Edition of the controller. FULLY CUSTOMIZABLE 11 interchangeable components & three modules to fit any play style.
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11 TURTLE BEACH RIFFMASTER WIRELESS GUITAR FOR NINTENDO SWITCH 11 TURTLE BEACH BRINGS ITS BEST - SELLING GUITAR CONTROLLER TO GAMERS ON NINTENDO SWITCH & NINTENDO SWITCH 2 Review Score: 9/10 + Editor’s Choice “With its excellent button feel, terrific battery life, and smart design cues, the PDP Riffmaster rocks.” Revealed/Launched: Oct. 2025 GRIP IT & RIFF IT ON NINTENDO SWITCH The Riffmaster wireless guitar controller launched for Xbox and PlayStation in 2024 right when Turtle Beach acquired PDP, with each going on to become best - selling controllers in their categories. In October, Turtle Beach brought the Riffmaster to Nintendo, so gamers on Nintendo Switch and Nintendo Switch 2 can shred guitar riffs as they experience Fortnite Festival in an entirely new and immersive way. Riffmaster wireless guitar controllers for Xbox and PlayStation are the top sellers in the music controller category YTD & Q3 (1) . 1. Circana, Retail Tracking Service, US, Video Games, Music Controllers/By Item/Jan – Sept 2025, & Apr – Sept 2025
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12 OFFICIALLY LICENSED FOR MARIO & DONKEY KONG FANS 12 TURTLE BEACH’S NEW OFFICIALLY LICENSED MARIO BRICKS & DONKEY KONG WIRELESS CONTROLLER FOR NINTENDO SWITCH Review Score: 9/10 “A power-up in every sense. For fans of Mario or those seeking a reliable and visually stunning controller, this is one of the most exciting additions to the Switch accessory lineup this year.” Revealed: July 2025 (Donkey Kong) Revealed: Sept. 2025 (Mario Bricks) Launched: Oct. 2025 TIME FOR A REMATCH WITH DONKEY KONG & TO BREAK SOME BRICKS WITH MARIO Gamers can elevate their gameplay with the Mario Bricks and Donkey Kong Rematch Wireless Controllers for Nintendo Switch, Nintendo Switch Lite, and Nintendo Switch – OLED Model. These controllers also work with Nintendo Switch 2. Featuring lenticular designs that shift as gamers move, the controllers reveal new visuals that bring the controllers to life.
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13 TURTLE BEACH BRINGS THE AIRLITE FIT TO NINTENDO SWITCH 2 13 A NEW COLORWAY FEATURING OFFICIALLY LICENSED FOR NINTENDO SWITCH 2 BADGES Review Score: 8/10 “GREAT. Turtle Beach has given us a very sturdy, tidy, and nicely designed budget headset.” Revealed: Aug. 2025 Launched: Sept. 2025 LIGHTWEIGHT COMFORT & POWERFUL SOUND FOR NINTENDO SWITCH 2 The original AirlIte was a top - 3 best - selling gaming headset for Nintendo Switch under PDP. Turtle Beach's new Airlite Fit is the evolution of the original. The officially licensed for Nintendo Switch Airlite Fit is a lightweight and comfortable over - ear headset available in three bold colorways, including Red and Blue, Black and White, and Ghost Purple. In August, Turtle Beach debuted a fourth Charcoal Black colorway as the officially licensed for Nintendo Switch 2 model, which is the same great headset, now with Nintendo Switch 2 badges. Now also available in Black & White for Nintendo Switch 2, with Ghost Purple for Nintendo Switch 2 coming soon. With an affordable $27.99 MSRP, the Turtle Beach Airlite Fit wired gaming headset is an easy choice for Nintendo fans and gamers on Nintendo Switch 2 and Nintendo Switch systems.
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14 A NEW TURTLE BEACH VULCAN KEYBOARD & BURST MOUSE 14 TWO GROUNDBREAKING NEW PC GAMING PERIPHERALS EXPAND TURTLE BEACH ’S AWARD - WINNING KEYBOARD & MOUSE FAMILIES Review Score: 95/100 “If you demand precision, comfort, and reliability without compromise, the Burst II Pro is one of the best gaming mice of 2025.” Review Score: 9.5/10 + Editor’s Choice “For anyone who values performance and precision wrapped in minimalist style, this keyboard stands out as one of the best options in its class.” Revealed: Sept. 2025 Launched: Oct. 2025 EXPANDING TURTLE BEACH’S AWARD - WINNING VULCAN KEYBOARD & BURST MOUSE FAMILIES The Vulcan II TKL is a tenkeyless hot - swappable mechanical gaming keyboard that’s built to deliver years of PC gaming. It features Turtle Beach’s TITAN HS hot - swappable pre - lubed switches for easy maintenance, sound dampening foam, and a brushed aluminum top plate to deliver quiet, precise control. The Turtle Beach Burst II Pro is a high - performance 8K wireless esports gaming mouse designed for pro gamers. It features true 8K polling rate wireless with 0.125ms latency which is 8x faster tracking than standard gaming mice.
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15 AN EXPANDING ROSTER OF DESIGNED FOR XBOX CONTROLLERS 15 Revealed: Sept. 2025 Launched Oct. 2025 MULTIPLE NEW WIRED CONTROLLERS DESIGNED FOR XBOX & WINDOWS A VARIETY OF EXCITING NEW DESIGNS FURTHER EXPANDS TURTLE BEACH’S CATALOG OF AFFORDABLE, DESIGNED FOR XBOX AND WINDOWS WIRED CONTROLLERS The new Rematch Advanced Wired Controller for Xbox designs feature always - on (when plugged in) Everglow lighting (Blue Kitsune), or glow - in - the - dark (after exposure to light) (Cotton Candy), or lenticular designs (Dark Cosmos & Kyoto Bloom) that shift and reveal something more as players move the controller around. The Afterglow Ignite’s sleek faceplate stays subtle until powered on, revealing a vibrant time machine - inspired design with seven lighting zones and four dynamic effects. Afterglow Ignite Wired RGB Controller
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16 OFFICIALLY LICENSED NINTENDO SWITCH 2 CONTROLLERS 16 Afterglow Wave Wireless Controller (available in multiple colorways) MULTIPLE NEW WIRED & WIRELESS CONTROLLERS FOR THE NINTENDO SWITC H 2 Revealed: Oct. 2025 Launching Nov/Dec. 2025 Rematch Wireless Controller NEW, OFFICIALLY LICENSED CONTROLLERS FOR NINTENDO SWITCH 2 Turtle Beach has introduced a new clear/transparent Afterglow controller (available in wired or wireless models), as well as multiple colorways of the Afterglow Wave (also in wired or wireless models), and the new Rematch Controller in black (also in wired or wireless). The Afterglow’s translucent design bares all , with adjustable RGB lighting and four preset lighting modes, plus TMR thumbsticks for smooth, accurate gameplay. Afterglow Wireless Controller for Nintendo Switch 2
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17 NEW OFFICIALLY LICENSED NINTENDO SWITCH 2 ACCESSORIES TURTLE BEACH IS THERE TO HELP PROTECT THAT WHICH MATTERS MOST WH EN GAMING ON THE GO WITH NINTENDO SWITCH 2 17 The PlayTrek 2-in-1 Case has ample room to safely transport your entire Nintendo Switch 2 setup. The PlayTrek Travel Case comes in Charcoal Black or Stellar White, and in lenticular designs for Mario Bricks & Donkey Kong. Revealed: Oct. 2025 Launched Oct/Nov. 2025 TAKE NINTENDO SWITCH 2 ON THE GO In October, Turtle Beach unveiled a variety of officially licensed Nintendo Switch 2 accessories, including different sized travel cases as well as the Nintendo Switch 2 Screen Protector Kit. The PlayTrek Slim Case is perfect for transporting the essentials. Focus on winning; not scratches, thanks to the Screen Protector Kit for Nintendo Switch 2.
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18 INTRODUCING THE ALL - NEW ATLAS 200 WIRED GAMING HEADSET 18 ATLAS 200 IS TURTLE BEACH’S FIRST OFFICIALLY LICENSED GAMING HEA DSET FOR PLAYSTATION CONSOLES Revealed: Aug. 2025 Launched Sept. 2025 COMBINING THE BEST OF ATLAS AIR & RECON 200 The Atlas 200 is Turtle Beach’s first officially licensed by Sony gaming headset for PS5 & PS4 consoles. It combines the best features from Turtle Beach’s lightweight and comfortable Atlas Air premium wireless PC gaming headset, and the entry - level Recon 200 wired gaming headset. The Atlas 200 delivers powerful, immersive game audio through Turtle Beach’s exclusive, large and powerful 50mm Nanoclear drivers – the same drivers found on some of Turtle Beach’s premium wireless models. Review Score: 10/10 + Editor’s Choice “ Budget gamers and newcomers alike would be well - served choosing the Atlas 200 , and at a price of $59.99 USD, one really can’t go wrong.” Available in black or white for PS5 & PS4, as well as in black with grey accents for the multiplatform and PC Edition models.
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19 AN EXPANDING CATALOG OF RACING SIMULATION ACCESSORIES 19 INTRODUCING THE VELOCITYONE RACE KD3 SYSTEM, VELOCITYONE F - RX WHEEL, & RACER WIRELESS WHEEL Revealed: Aug. 2025 Launched Sept. 2025 EXPANDING FURTHER INTO THE RACING CATEGORY Turtle Beach entered the racing simulation category in 2023 with the VelocityOne Race wheel & pedals system for $649.99 MSRP. VelocityOne Race was followed by the VelocityOne Multi - Shift which can be used as a shifter or handbrake. In September, Turtle Beach introduced the VelocityOne Race KD3 as a more affordable premium wheel & pedals system for $449.99 MSRP. Additionally, the new VelocityOne F - RX formula - style racing wheel can be used with the KD3 and original VelocityOne Race wheel and pedals systems. For more casual racing gamers, the new Racer Wireless Wheel for $179.99 MSRP can be mounted at the desk or taken to the couch for enhanced driving in racing games and other games with prominent driving gameplay. Review Score: 4.5/5 + Recommended “The best in the budget market. An incredible bundle for the money.”
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20 GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION THIRD QUARTER 2025 COMPARED TO 2024 Three Months Ended September 30, 2025 (in thousands) September 30, 2024 (in thousands) Net income $1,717 $3,413 Interest expense 3,718 2,712 Depreciation and amortization 3,086 3,322 Stock-based compensation 1,386 1,496 Income tax expense 254 46 Restructuring expense(1) 347 910 Acquisition-related expense(2) 476 3,510 Fair value step-up adjustment to acquired inventory(3) — 833 Litigation proceedings and other(4) (9) 26 Adjusted EBITDA $10,975 $16,268 1. Restructuring expenses are costs in connection with reorganization of operations. These costs primarily include severance and related benefits. 2. Acquisition-related costs include costs we incurred in connection with the PDP acquisition, including warehouse lease impairment, professional fees such as legal and accounting along with other integration related costs. 3. Costs relate to the step-up of acquired finished goods inventory to fair market value as required under purchase accounting. This step-up in value over original cost is recorded as a charge to cost of revenue as such inventory is sold. 4. Litigation proceedings and other primarily includes one-time legal and other professional fees associated with certain proceedings and settlements. STRONG FINANCIAL PERFORMANCE
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Investor Relations: ICR 646.277.1285 TBCH@icrinc.com Turtle Beach: MacLean Marshall Sr. Director, Global Communications Turtle Beach Corporation +1 (858) 269-2137 maclean.marshall@turtlebeach.com CONTACTS
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THANK YOU