Turtle Beach Corp 8-K/A, filed Aug 8, 2025
Turtle Beach Corp (TBCH)
About this 8-K/A
Turtle Beach Corp filed this 8-K/A on August 8, 2025, reporting on events of August 7, 2025.
Items reported
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report:
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(Commission File Number)
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(I.R.S. Employer Identification Number) |
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(Address of principal executive offices) |
(Zip Code) |
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(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
Trading Symbols |
Name of each exchange on which registered |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Explanatory Note
On August 7, 2025, Turtle Beach Corporation (the “Company”) filed a Current Report on Form 8-K (the “Initial Form 8-K”) related to the issuance of a press release announcing its financial results for its quarter ended June 30, 2025.
Subsequent to that filing, the Company identified a typographical error in table 3 of the press release denoting that the table presented the cash flow statement as of the three months ended June 30, 2024 and June 30, 2025 rather than the cash flow statement as of the six months ended June 30, 2024 and June 30, 2025. This error has been corrected. This change did not affect any other tables or texts. As a result, the Company is filing this Current Report on Form 8-K/A.
The information in this report (including Exhibit 99.1) is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01 — Financial Statements and Exhibits
(d) Exhibits
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Exhibit No. |
Description |
99.1 104 |
Condensed Consolidated Statements of Cash Flows, dated August 8, 2025 (corrected) Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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TURTLE BEACH CORPORATION |
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Date: |
August 8, 2025 |
By: |
/s/ MARK WEINSWIG |
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Mark Weinswig Chief Financial Officer |
Exhibit 99.1
Turtle Beach Corporation
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Table 3.
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Six Months Ended |
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June 30, 2025 |
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June 30, 2024 |
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CASH FLOWS FROM OPERATING ACTIVITIES |
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Net loss |
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$ |
(3,595 |
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$ |
(7,369 |
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Adjustments to reconcile net loss to net cash provided by operating activities: |
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Depreciation and amortization |
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2,191 |
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2,084 |
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Fair value step-up adjustment to acquired inventory |
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— |
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1,251 |
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Amortization of intangible assets |
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4,033 |
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2,698 |
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Amortization of debt financing costs |
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553 |
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348 |
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Stock-based compensation |
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2,920 |
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1,951 |
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Deferred income taxes |
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231 |
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(6,339 |
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Change in sales returns reserve |
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2,962 |
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(3,209 |
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Provision for obsolete inventory |
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1,176 |
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2,081 |
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Changes in operating assets and liabilities, net of acquisitions: |
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Accounts receivable |
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53,727 |
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32,616 |
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Inventories |
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(6,731 |
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(11,238 |
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Accounts payable |
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(990 |
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11,281 |
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Prepaid expenses and other assets |
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(681 |
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(1,300 |
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Income taxes payable |
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(3,367 |
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192 |
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Other liabilities |
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(15,126 |
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(10,434 |
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Net cash provided by operating activities |
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37,303 |
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14,613 |
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CASH FLOWS FROM INVESTING ACTIVITIES |
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Purchases of property and equipment |
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(496 |
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(1,967 |
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Acquisition of a business, net of cash acquired |
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2,515 |
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(77,294 |
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Net cash provided by (used for) investing activities |
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2,019 |
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(79,261 |
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CASH FLOWS FROM FINANCING ACTIVITIES |
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Borrowings on revolving credit facilities |
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140,346 |
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80,288 |
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Repayment of revolving credit facilities |
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(169,819 |
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(56,259 |
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Proceeds from term loan |
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— |
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50,000 |
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Repayment of term loan |
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(5,625 |
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(417 |
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Proceeds from exercise of stock options |
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112 |
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2,941 |
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Repurchase of common stock |
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(6,760 |
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(15,207 |
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Debt financing costs |
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— |
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(3,170 |
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Net cash (used for) provided by financing activities |
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(41,746 |
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58,176 |
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Effect of exchange rate changes on cash and cash equivalents |
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1,134 |
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208 |
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Net decrease in cash and cash equivalents |
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(1,290 |
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(6,264 |
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Cash and cash equivalents - beginning of period |
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12,995 |
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18,726 |
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Cash and cash equivalents - end of period |
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$ |
11,705 |
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$ |
12,462 |
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