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TURTLE BEACH REPORTS STRONG FIRST QUARTER 2021 RESULTS AND RAISES FULL - YEAR OUTLOOK Exhibit 99.1 White Plains , NY May 5 , 2021 Leading gaming accessory maker Turtle Beach Corporation ( Nasdaq : HEAR ) , reported financial results for the first quarter ended March 31 , 2021 . First Quarter Summary vs. Year - Ago Quarter : Net revenue was $ 93.1 million , an increase of 166 % compared to $ 35.0 million ; Net income of $ 8.8 million , or $ 0.49 per diluted share , compared to net loss of $ ( 3.6 ) million , or $ ( 0.25 ) per diluted share ; Adjusted EBITDA was $ 15.3 million , an increase of $ 18.0 million compared to $ ( 2.7 ) million ; and Cash flow from operations was $ 21.1 million , an increase of 20 % compared to $ 17.5 million . Management Commentary “ We turned in another stellar performance in the first quarter , with sales , gross margin , net income and adjusted EBITDA all reaching record high levels for the first quarter , " said Juergen Stark , CEO , Turtle Beach . “ Consumer demand for console headsets and PC gaming accessories remained at elevated levels , our category expansions are going well , and our operational excellence again allowed us to gain market share , leverage operating costs , and deliver better than expected results . " The strong secular trends that make gaming such a great category continue . According to NPD , U.S. retail sales of console headsets in the first quarter continued at record levels . During the quarter , the overall console market in the US rose 60 % in dollars while our retail sales exceeded that growth . US sales of PC headsets , keyboards , and mice rose more than 90 % and we more than doubled that reflecting the impact of our expanding line of PC accessories¹ . " We believe these results continue to underscore the strength of our brand , the innovation of our products and the superiority of our execution . Although a number of factors will drive a different phasing of our revenue this year , we believe the combination of our strong market share in console headsets , greatly expanded offering of PC gaming accessories and new product launches in several new categories will allow us to increase our annual sales and top a record 2020. In fact , we are raising our full year revenue and profit outlook to reflect the degree to which our first quarter results exceeded our prior outlook . " As previously announced , we have multiple new product initiatives planned for 2021 , including the continued significant expansion of our PC gaming accessories line , the launch of several new Neat Microphone products , and the entry into other new product categories . We are making the necessary investments to fuel these product launches , and believe they will contribute