Turtle Beach Reports Strong First Quarter 2021 Results And Raises Full-Year Outlook

 
 

- Leading gaming accessory maker Turtle Beach Corporation (Nasdaq: HEAR), reported financial results for the first quarter ended March 31, 2021 .

 
 

  Turtle Beach (www.turtlebeach.com) is a leading gaming accessory brand offering a wide selection of cutting-edge, award-winning gaming headsets. Whether you're a professional esports athlete, hardcore gamer, casual player, or just starting out, Turtle Beach has the gaming headset to help you truly master your skills. Innovative and advanced technology, amazing high-quality gaming audio, crystal-clear communication, lightweight and comfortable designs, and ease-of-use are just a few features that make Turtle Beach a fan-favorite brand for gamers the world over. Designed for Xbox, PlayStation®, and Nintendo consoles as well as for PC, Mac®, and mobile/tablet devices, owning a Turtle Beach gaming headset gives you the competitive advantage. Hear Everything. Defeat Everyone.™ The Company's shares are traded on the Nasdaq Exchange under the symbol: HEAR. (PRNewsfoto/Turtle Beach Corporation) 

 
 

  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 accessories 1 .

 

"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 meaningfully to our growth this year and well beyond.

 

  First Quarter 2021 Financial Results  

 

Net revenue in the first quarter of 2021 was $93.1 million , a record for the first quarter, compared to $35.0 million in the year-ago quarter. The 166% increase was the result of continued strong demand for console headsets, fueled in part by the fourth quarter 2020 launches of new PlayStation and Xbox consoles and strong growth in the Company's PC accessories.

 

Gross margin in the first quarter of 2021 was 37.5% of net sales, a record for the first quarter, compared to 30.8% in the first quarter of 2020. The increase in gross margin was driven by lower than normal promotional spending and fixed cost leverage on higher revenues.

 

Operating expenses in the first quarter of 2021 were $22.6 million compared to $15.8 million in the 2020 period, with the increase reflecting the larger size of our business, R&D investments in new categories, and higher general and administrative costs resulting from the Neat acquisition in January of this year.

 

Net income in the first quarter of 2021 was $8.8 million , or $0.49 per diluted share (both of which are records for the March quarter), compared to a net loss of $(3.6) million , or $(0.25) per diluted share in the year-ago quarter. Excluding a number of adjustments to net income in both periods (as summarized below in Table 4), adjusted net income (as defined below in "Non-GAAP Financial Measures") in the first quarter of 2021 was $9.4 million , or $0.52 per diluted share, compared to a loss of $3.4 million or $(0.23) per diluted share. The weighted average diluted share count for the first quarter of 2021 was 18.1 million compared to 14.5 million in 2020, with the increase primarily due to the the fact that in periods where there is a net loss, certain dilutive securities are not included.

 

Adjusted EBITDA (as defined below in "Non-GAAP Financial Measures") in the first quarter of 2021 was $15.3 million compared to negative $2.7 million in the year-ago quarter.

 

  Balance Sheet and Cash Flow Highlights  

 

At March 31, 2021 , the Company had $63.0 million of cash and cash equivalents with no outstanding debt under its revolving credit facility. This compares to $8.7 million of cash and cash equivalents at March 31, 2020 , and $46.7 million of cash and cash equivalents at December 31, 2020 , with no outstanding revolving debt in either prior period. The Company generated $21.1 million of cash flow from operations in the first quarter 2021, compared to $17.5 million in the first quarter 2020.

 

  Revised   2021 Outlook  

 

For the full year 2021, the Company now expects revenue to be approximately $385 million , up seven percent from $360 million in 2020 and a $15 million increase to the prior guidance of approximately $370 million . This anticipated growth even above the record level of revenues in 2020 is driven by continued strong sell through of our core products, expansion of our PC accessories business, and additional revenues from new categories. Adjusted EBITDA is now expected to be approximately $50 million , compared to the prior guidance of approximately $45 million , reflecting a strong 13% EBITDA margin while accomodating continued investments to drive current and future growth. Adjusted net income per diluted share is expected to be approximately $1.50 , compared to the prior guidance of $1.35 , reflecting the aforementioned revenue and EBITDA forecasts. Per share figures for the full year 2021 assume approximately 18 million diluted shares outstanding.

 

For the second quarter of 2021, the Company expects revenue to be approximately $70 million , somewhat lower than the second quarter of 2020, when sales rose 93% as a result of sudden and significant increases in consumer demand caused in part by the stay-at-home orders. Adjusted EBITDA is expected to be approximately $2 million , reflecting alignment of staff and infrastructure with the significantly higher run-rate of the business, an expected return to more normal levels of promotional spending, and investments to supportINAL significant new product launches during second quarter. Adjusted loss per diluted share is expected to be approximately $(0.07) , reflecting the aforementioned revenue and EBITDA forecasts. Per share figures for the second quarter of 2021 assume approximately 15.5 million diluted shares outstanding.

 

   1 Source: The NPD Group/Retail Tracking Service/Video Games/Console & PC_Tech/ US/Dollar share/Jan- March 2021  

 

  With respect to the Company's adjusted EBITDA outlook for the second quarter and full year 2021, a reconciliation to its net income (loss) outlook for the same periods has not been provided because of the variability, complexity, and lack of visibility with respect to certain reconciling items between adjusted EBITDA and net income (loss), including other income (expense), provision for income taxes and stock-based compensation. These items cannot be reasonably and accurately predicted without the investment of undue time, cost and other resources and, accordingly, a reconciliation of the Company's adjusted EBITDA outlook to its net income (loss) outlook for such periods is not provided. These reconciling items could be material to the Company's actual results for such periods.  

 

  Conference Call Details  

 

Turtle Beach Corporation will hold a conference call today, May 5, 2021 , at 2:00 p.m. Pacific Time ( 5:00 p.m. Eastern Time ) to discuss its first quarter 2021 results.

 

Chairman and CEO Juergen Stark and CFO John Hanson will host the call, followed by a question and answer session.

 

   Conference Call Details:
 
  Date: Wednesday, May 5, 2021
Time: 5:00 p.m. ET / 2:00 p.m. PT  
Toll-Free Dial-in Number: (877) 303-9855
International Dial-in Number: (408) 337-0154
Conference ID: 7795124

 

For the conference call, please dial-in 5-10 minutes prior to the start time and an operator will register your name and organization. If you have any difficulty with the conference call, please contact Gateway Investor Relations at (949) 574-3860.

 

The conference call will be broadcast live and available for replay   here   and via the investor relations section of the Company's website at   www.turtlebeachcorp.com   .

 

A replay of the conference call will be available after 8:00 p.m. ET on the same day through May 12, 2021 .

 

  Toll-Free Replay Number: (855) 859-2056
International Replay Number: (404) 537-3406
Replay ID: 7795124

 

  Non-GAAP Financial Measures  

 

In addition to its reported results, the Company has included in this earnings release certain financial results, including adjusted EBITDA, and adjusted net income that the Securities and Exchange Commission defines 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. "Adjusted Net Income" is defined as net income excluding (i) integration and transaction costs related to acquisitions, (ii) the effect of the mark-to-market requirement of the financial instrument obligation, (iii) any change in fair value of contingent consideration and (iv) the release of valuation allowances on deferred tax assets. "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 items that we believe are not representative of core operations (e.g., the integration and transaction costs related to acquisitions, the mark-to-market adjustment for the financial instrument obligation and the change in fair value of contingent consideration). 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 Net Income and Adjusted EBITDA included below for each of the three months ended March 31, 2021 and 2020.

 

   About Turtle Beach Corporation
 
Turtle Beach Corporation ( https://corp.turtlebeach.com ) is one of the world's leading gaming accessory providers. The Turtle Beach brand ( www.turtlebeach.com ) is known for pioneering first-to-market features and patented innovations in high-quality, comfort-driven headsets for all levels of gamer, making it a fan-favorite brand and the market leader in console gaming audio for the last decade. Turtle Beach's ROCCAT brand ( www.roccat.com ) combines detail-loving German innovation with a genuine passion for designing the best PC gaming products. Under the ROCCAT brand, Turtle Beach creates award-winning keyboards, mice, headsets, mousepads, and other PC accessories. Turtle Beach's Neat Microphones brand ( www.neatmic.com ) creates high-quality USB and analog microphones for gamers, streamers, and professionals that embrace cutting-edge technology and design. Turtle Beach's shares are traded on the Nasdaq Exchange under the symbol: HEAR .

 

  Cautionary Note on Forward-Looking Statements
This press release 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 involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Forward-looking statements are based on management's current belief 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 capital markets activities, 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, the impact of the coronavirus (COVID-19) pandemic on consumer demands and manufacturing capabilities; delays or disruptions in the supply of components for our products; risks relating to, and uncertainty caused by or resulting from, the COVID-19 pandemic, general business and economic conditions, risks associated with the expansion of our business including acquisitions, the integration of any businesses we acquire and the integration of such businesses within our internal control over financial reporting and operations, our indebtedness, the Company's 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. 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.

 

All trademarks are the property of their respective owners.

 
 
                                                                                                                                                                                                                    
 

   Turtle Beach Corporation
  Condensed Consolidated Statements of Operations
(in thousands, except per-share data)
(unaudited)
 

 
 
 

   Table 1.   

 
 
 
 
 
 

   Three Months Ended   

 
 
 
 
 

   March     31,   

 
 
 
 

   March     31,   

 
 
 
 
 

   2021   

 
 
 
 

   2020   

 
 
 

  Net revenue  

 
 
 

  $  

 
 

  93,053  

 
 
 
 

  $  

 
 

  35,007  

 
 
 

  Cost of revenue  

 
 
 
 

  58,198  

 
 
 
 
 

  24,222  

 
 
 

  Gross profit  

 
 
 
 

  34,855  

 
 
 
 
 

  10,785  

 
 
 

  Operating expenses:  

 
 
 
 
 
 
 
 
 
 

  Selling and marketing  

 
 
 
 

  11,545  

 
 
 
 
 

  7,648  

 
 
 

  Research and development  

 
 
 
 

  3,993  

 
 
 
 
 

  2,427  

 
 
 

  General and administrative  

 
 
 
 

  7,037  

 
 
 
 
 

  5,723  

 
 
 

  Total operating expenses  

 
 
 
 

  22,575  

 
 
 
 
 

  15,798  

 
 
 

  Operating income (loss)  

 
 
 
 

  12,280  

 
 
 
 
 

  (5,013)  

 
 
 

  Interest expense  

 
 
 
 

  97  

 
 
 
 
 

  169  

 
 
 

  Other non-operating expense, net  

 
 
 
 

  579  

 
 
 
 
 

  197  

 
 
 

  Income (loss) before income tax  

 
 
 
 

  11,604  

 
 
 
 
 

  (5,379)  

 
 
 

  Income tax expense (benefit)  

 
 
 
 

  2,766  

 
 
 
 
 

  (1,824)  

 
 
 

  Net income (loss)  

 
 
 

  $  

 
 

  8,838  

 
 
 
 

  $  

 
 

  (3,555)  

 
 
 
 
 
 
 
 
 
 
 
 

  Net income (loss) per share  

 
 
 
 
 
 
 
 
 
 

  Basic  

 
 
 

  $  

 
 

  0.57  

 
 
 
 

  $  

 
 

  (0.25)  

 
 
 

  Diluted  

 
 
 

  $  

 
 

  0.49  

 
 
 
 

  $  

 
 

  (0.25)  

 
 
 

  Weighted average number of shares:  

 
 
 
 
 
 
 
 
 
 

  Basic  

 
 
 
 

  15,551  

 
 
 
 
 

  14,495  

 
 
 

  Diluted  

 
 
 
 

  18,076  

 
 
 
 
 

  14,495  

 
 
 
 

 

 

 

 
 
                                                                                                                                                                                                                                                                                                    
 

   Turtle Beach Corporation
  Condensed Consolidated Balance Sheets
(in thousands, except par value and share amounts)
 

 
 
 

   Table 2.   

 
 
 
 
 
 

   March     31,   

 
 
 
 

   December     31,   

 
 
 
 
 

   2021   

 
 
 
 

   2020   

 
 
 
 
 

   (unaudited)   

 
 
 
 
 
 
 

   ASSETS   

 
 
 

  (in thousands, except par value and share amounts)  

 
 
 

  Current Assets:  

 
 
 
 
 
 
 
 
 
 

  Cash and cash equivalents  

 
 
 

  $  

 
 

  62,965  

 
 
 
 

  $  

 
 

  46,681  

 
 
 

  Accounts receivable, net  

 
 
 
 

  32,370  

 
 
 
 
 

  43,867  

 
 
 

  Inventories  

 
 
 
 

  59,136  

 
 
 
 
 

  71,301  

 
 
 

  Prepaid expenses and other current assets  

 
 
 
 

  14,685  

 
 
 
 
 

  8,127  

 
 
 

  Total Current Assets  

 
 
 
 

  169,156  

 
 
 
 
 

  169,976  

 
 
 

  Property and equipment, net  

 
 
 
 

  7,089  

 
 
 
 
 

  6,575  

 
 
 

  Deferred income taxes  

 
 
 
 

  7,334  

 
 
 
 
 

  6,946  

 
 
 

  Goodwill  

 
 
 
 

  10,686  

 
 
 
 
 

  8,178  

 
 
 

  Intangible assets, net  

 
 
 
 

  6,760  

 
 
 
 
 

  5,138  

 
 
 

  Other assets  

 
 
 
 

  6,380  

 
 
 
 
 

  6,640  

 
 
 

  Total Assets  

 
 
 

  $  

 
 

  207,405  

 
 
 
 

  $  

 
 

  203,453  

 
 
 

   LIABILITIES AND STOCKHOLDERS   '   EQUITY   

 
 
 
 
 
 
 
 
 
 

  Current Liabilities:  

 
 
 
 
 
 
 
 
 
 

  Revolving credit facility  

 
 
 

  $  

 
 

  

 
 
 
 

  $  

 
 

  

 
 
 

  Accounts payable  

 
 
 
 

  27,761  

 
 
 
 
 

  42,529  

 
 
 

  Other current liabilities  

 
 
 
 

  44,011  

 
 
 
 
 

  36,122  

 
 
 

  Total Current Liabilities  

 
 
 
 

  71,772  

 
 
 
 
 

  78,651  

 
 
 

  Income tax payable  

 
 
 
 

  3,432  

 
 
 
 
 

  3,146  

 
 
 

  Other liabilities  

 
 
 
 

  5,079  

 
 
 
 
 

  5,257  

 
 
 

  Total Liabilities  

 
 
 
 

  80,283  

 
 
 
 
 

  87,054  

 
 
 

  Commitments and Contingencies  

 
 
 
 
 
 
 
 
 
 

  Stockholders' Equity  

 
 
 
 
 
 
 
 
 
 

  Common stock, $0.001 par value - 25,000,000 shares authorized; 15,653,644 and 15,475,504 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively  

 
 
 
 

  16  

 
 
 
 
 

  15  

 
 
 

  Additional paid-in capital  

 
 
 
 

  193,163  

 
 
 
 
 

  190,568  

 
 
 

  Accumulated deficit  

 
 
 
 

  (65,935)  

 
 
 
 
 

  (74,773)  

 
 
 

  Accumulated other comprehensive income (loss)  

 
 
 
 

  (122)  

 
 
 
 
 

  589  

 
 
 

  Total Stockholders' Equity  

 
 
 
 

  127,122  

 
 
 
 
 

  116,399  

 
 
 

  Total Liabilities and Stockholders' Equity  

 
 
 

  $  

 
 

  207,405  

 
 
 
 

  $  

 
 

  203,453  

 
 
 
 

 

 

 

 
 
                                                                                                                                                      
 

   Turtle Beach Corporation
  Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 

 
 
 

   Table 3.   

 
 
 
 
 

   Three Months Ended   

 
 
 
 
 

   March     31, 2021   

 
 
 
 

   March     31, 2020   

 
 
 
 
 
 
 
 
 
 
 
 

  CASH FLOWS FROM OPERATING ACTIVITIES  

 
 
 

  $  

 
 

  21,087  

 
 
 
 

  $  

 
 

  17,526  

 
 
 
 
 
 
 
 
 
 
 
 

  CASH FLOWS FROM INVESTING ACTIVITIES  

 
 
 
 

  (4,780)  

 
 
 
 
 

  (890)  

 
 
 
 
 
 
 
 
 
 
 
 

  CASH FLOWS FROM FINANCING ACTIVITIES  

 
 
 
 
 
 
 
 
 
 

  Borrowings on revolving credit facilities  

 
 
 
 

  97,032  

 
 
 
 
 

  48,426  

 
 
 

  Repayment of revolving credit facilities  

 
 
 
 

  (97,032)  

 
 
 
 
 

  (63,780)  

 
 
 

  Proceeds from exercise of stock options and warrants  

 
 
 
 

  911  

 
 
 
 
 

  18  

 
 
 

  Repurchase of common stock to satisfy employee tax withholding obligations  

 
 
 
 

  (215)  

 
 
 
 
 

  (48)  

 
 
 

  Net cash provided by (used for) financing activities  

 
 
 
 

  696  

 
 
 
 
 

  (15,384)  

 
 
 

  Effect of exchange rate changes on cash and cash equivalents  

 
 
 
 

  (719)  

 
 
 
 
 

  (768)  

 
 
 

  Net increase in cash and cash equivalents  

 
 
 
 

  16,284  

 
 
 
 
 

  484  

 
 
 

  Cash and cash equivalents - beginning of period  

 
 
 
 

  46,681  

 
 
 
 
 

  8,249  

 
 
 

  Cash and cash equivalents - end of period  

 
 
 

  $  

 
 

  62,965  

 
 
 
 

  $  

 
 

  8,733  

 
 
 
 

 

 

 

 
 
                                                                                                                                             
 

   Turtle Beach Corporation
  Reconciliation of GAAP and Non-GAAP Measures
(in thousands, except per-share data)
(unaudited)
 

 
 
 

   Table 4.   

 
 
 
 
 

   Three Months Ended   

 
 
 
 
 

   March     31, 2021   

 
 
 
 

   March     31, 2020   

 
 
 

   Net Income (Loss)   

 
 
 
 
 
 
 
 
 
 

  GAAP Net Income (Loss)  

 
 
 

  $  

 
 

  8,838  

 
 
 
 

  $  

 
 

  (3,555)  

 
 
 
 
 
 
 
 
 
 
 
 

  Adjustments, net of tax:  

 
 
 
 
 
 
 
 
 
 

  Non-recurring business costs  

 
 
 
 

  465  

 
 
 
 
 

  

 
 
 

  Acquisition integration costs  

 
 
 
 

  118  

 
 
 
 
 

  182  

 
 
 

  Non-GAAP Earnings  

 
 
 

  $  

 
 

  9,421  

 
 
 
 

  $  

 
 

  (3,373)  

 
 
 
 
 
 
 
 
 
 
 
 

  Diluted Earnings Per Share  

 
 
 
 
 
 
 
 
 
 

  GAAP- Diluted  

 
 
 

  $  

 
 

  0.49  

 
 
 
 

  $  

 
 

  (0.25)  

 
 
 
 
 
 
 
 
 
 
 
 

  Non-recurring business costs  

 
 
 
 

  0.03  

 
 
 
 
 

  

 
 
 

  Acquisition integration costs  

 
 
 
 

  0.01  

 
 
 
 
 

  0.02  

 
 
 

  Non-GAAP- Diluted  

 
 
 

  $  

 
 

  0.52  

 
 
 
 

  $  

 
 

  (0.23)  

 
 
 
 

 

 

 

 
 
                                                                                                                                                                                                                                                                                                                                                                    
 

   Turtle Beach Corporation
  GAAP to Adjusted EBITDA Reconciliation
(in thousands)
(unaudited)
 

 
 
 

   Table 5.   

 
 
 
 
 

   Three Months Ended   

 
 
 
 
 

   March     31, 2021   

 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Adj   

 
 
 
 
 
 
 
 
 
 
 

   As   

 
 
 

   Adj   

 
 
 

   Adj   

 
 
 

   Stock   

 
 
 
 
 
 

   Adj   

 
 
 
 
 

   Reported   

 
 
 

   Depreciation   

 
 
 

   Amortization   

 
 
 

   Compensation   

 
 
 

   Other (1)   

 
 
 

   EBITDA   

 
 
 

  Net revenue  

 
 
 

  $  

 
 

  93,053  

 
 
 

  $  

 
 

  -  

 
 
 

  $  

 
 

  -  

 
 
 

  $  

 
 

  -  

 
 
 

  $  

 
 

  -  

 
 
 

  $  

 
 

  93,053  

 
 
 

  Cost of revenue  

 
 
 
 

  58,198  

 
 
 
 

  (237)  

 
 
 
 

  -  

 
 
 
 

  (397)  

 
 
 
 

  -  

 
 
 
 

  57,564  

 
 
 

   Gross Profit   

 
 
 
 

   34,855   

 
 
 
 

   237   

 
 
 
 

   -   

 
 
 
 

   397   

 
 
 
 

   -   

 
 
 
 

   35,489   

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Operating expenses  

 
 
 
 

  22,575  

 
 
 
 

  (502)  

 
 
 
 

  (303)  

 
 
 
 

  (1,389)  

 
 
 
 

  (801)  

 
 
 
 

  19,580  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Operating income   

 
 
 
 

   12,280   

 
 
 
 

   739   

 
 
 
 

   303   

 
 
 
 

   1,786   

 
 
 
 

   801   

 
 
 
 

   15,909   

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Interest expense  

 
 
 
 

  97  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Other non-operating expense
(income), net
 

 
 
 
 

  579  

 
 
 
 
 
 
 
 
 
 
 
 
 

  -  

 
 
 
 

  579  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Income before income tax  

 
 
 
 

  11,604  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Income tax expense  

 
 
 
 

  2,766  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Net income   

 
 
 

   $   

 
 

   8,838   

 
 
 
 
 
 
 
 
 

   Adjusted EBITDA   

 
 
 

   $   

 
 

   15,330   

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 

  (1)  Other includes certain non-recurring business costs.  

 
 
 

 

 

 

 
 
                                                                                                                                                                                                                                                                                                                                                                                        
 

   Turtle Beach Corporation
  GAAP to Adjusted EBITDA Reconciliation
(in thousands)
(unaudited)
 

 
 
 

   Table 5. (continued)   

 
 
 
 
 

   Three Months Ended   

 
 
 
 
 

   March     31, 2020   

 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Adj   

 
 
 
 
 
 
 
 
 
 
 

   As   

 
 
 

   Adj   

 
 
 

   Adj   

 
 
 

   Stock   

 
 
 
 
 
 

   Adj   

 
 
 
 
 

   Reported   

 
 
 

   Depreciation   

 
 
 

   Amortization   

 
 
 

   Compensation   

 
 
 

   Other (2)   

 
 
 

   EBITDA   

 
 
 

  Net revenue  

 
 
 

  $  

 
 

  35,007  

 
 
 

  $  

 
 

  -  

 
 
 

  $  

 
 

  -  

 
 
 

  $  

 
 

  -  

 
 
 

  $  

 
 

  -  

 
 
 

  $  

 
 

  35,007  

 
 
 

  Cost of revenue  

 
 
 
 

  24,222  

 
 
 
 

  (590)  

 
 
 
 

  -  

 
 
 
 

  (58)  

 
 
 
 

  -  

 
 
 
 

  23,574  

 
 
 

   Gross Profit   

 
 
 
 

   10,784   

 
 
 
 

   590   

 
 
 
 

   -   

 
 
 
 

   58   

 
 
 
 

   -   

 
 
 
 

   11,433   

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Operating expenses  

 
 
 
 

  15,798  

 
 
 
 

  (443)  

 
 
 
 

  (222)  

 
 
 
 

  (941)  

 
 
 
 

  (281)  

 
 
 
 

  13,911  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Operating income (loss)   

 
 
 
 

   (5,013)   

 
 
 
 

   1,033   

 
 
 
 

   222   

 
 
 
 

   999   

 
 
 
 

   281   

 
 
 
 

   (2,478)   

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Interest expense  

 
 
 
 

  169  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Other non-operating expense
(income), net
 

 
 
 
 

  197  

 
 
 
 
 
 
 
 
 
 
 
 
 

  (21)  

 
 
 
 

  176  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Income (loss) before income tax  

 
 
 
 

  (5,377)  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Income tax benefit  

 
 
 
 

  (1,824)  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Net loss   

 
 
 

   $   

 
 

   (3,554)   

 
 
 
 
 
 
 
 
 

   Adjusted EBITDA   

 
 
 

   $   

 
 

   (2,654)   

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  (2) Other includes certain business acquisition costs and change in fair value of contingent consideration.  

 
 
 

 

 

 

 
 
 

 Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/turtle-beach-reports-strong-first-quarter-2021-results-and-raises-full-year-outlook-301284902.html  

 

SOURCE Turtle Beach Corporation

 
 

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Mobile Gaming Stocks: 10 Biggest Companies in 2025

According to market intelligence firm Newzoo, global gaming revenue came in at US$177.9 billion in 2024, with mobile gaming accounting for more than half of that amount at US$97.6 billion.

The firm states that the mobile gaming market has reached maturity but still achieved higher growth than the console and PC segments, with revenue up by 2.8 percent globally last year. The regions driving that growth are North America and Europe, where markets rebounded due to big releases and diversified revenue streams.

Mobile games are typically accessed through three core operating systems: Apple's (NASDAQ:AAPL) iOS, Microsoft's (NASDAQ:MSFT) Windows and Alphabet's (NASDAQ:GOOGL) Android. Notably, the iOS App Store generated nearly 37 percent of its revenue from mobile gaming apps in 2024, totaling US$3.83 billion. However, figures show that most mobile games on the market today are developed for Android, representing 75 percent of total mobile game downloads.

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NorthStar Gaming Announces Revocation of Management Cease Trade Order

NorthStar Gaming Announces Revocation of Management Cease Trade Order

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") is pleased to announce that effective May 16, 2025, the Ontario Securities Commission has revoked the temporary management cease trade order ("MCTO") it had previously granted to the Company on May 8, 2025 under National Policy 12-203 Management Cease Trade Orders, as the Company successfully completed the filing of its annual audited financial statements, management's discussion and analysis, and related certifications for the year ended December 31, 2024 (collectively, the "Annual Filings") on May 14, 2025.

The revocation of the MCTO means members of management are no longer prevented from trading the Company's securities. All of the Annual Filings are available under the Company's profile on SEDAR+ at www.sedarplus.ca.

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NorthStar Gaming Reports Year-End 2024 Results

NorthStar Gaming Reports Year-End 2024 Results

 

Annual Revenue Growth of 57%, Gross Margin up 91%

 

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announced its financial results for the three months and year ended December 31, 2024. The Company also announced that it will discuss the results on an investor webinar to be held Thursday, May 15, 2025 at 11:00am (please see below for details). All dollar figures are quoted in Canadian dollars.

 

"We delivered strong financial results in 2024, highlighted by 57% growth in revenue and a 91% increase in gross margin. At the same time, we held marketing expense to a 10% increase and reduced G&A expense, demonstrating the continually improving operating leverage built into our business model," said Michael Moskowitz, Chair and CEO of NorthStar. "Equally important, our team rolled out innovations in both our sportsbook and casino that have further differentiated NorthStar Bets as a premium offering and helped drive the retention of, and engagement with, our loyal customers."

 

Restatement of Results

 

The comparative results for the three months and twelve months ended December 31, 2023 have been restated in the financial statements and management's discussion & analysis ("FY2024 MD&A") for the year ended December 31, 2024 to include additional merchant fees and player bonus expenses which were not captured in the previously published financial statements (note 2 of the Financial Statements for the year ended December 31, 2024). The Company's payment processor deducted the additional merchant fee from the daily remittances to the Company, and the deductions were not accounted for by the Company. These additional fees were identified as part of the year-end reconciliation of the amount due from the payment processor, and the financial statements and FY2024 MD&A have been adjusted accordingly. These restatements did not impact the cash balances reported for the years ended December 31, 2022, 2023, or 2024. However, they did result in adjustments to the reported current asset balances for those periods.

 

Financial Highlights for the Fourth Quarter Ended December 31, 2024 ("Q4 2024"):

 
  •  Total Wagers1 at Northstarbets.ca were $303.0 million in Q4 2024, a 42% increase compared to $213.3 million in Q4 2023.
  •  
  •  Gross Gaming Revenue2 at Northstarbets.ca was $10.0 million in Q4 2024, a 31.6% increase from $7.6 million in Q4 2023.
  •  
  •  Revenue2 was $9.5 million in Q4 2024, a 51% increase from $6.3 million in Q4 2023. Revenue in Q4 2024 includes $1.5 million of managed services revenue, which compares to $0.2 million in Q4 2023.
  •  
  •  Gross Margin was $3.6 million, a 71% increase from $2.1 million in Q4 2023, while the Gross Margin percentage increased to 38.1%, up from 33.6% in Q4 2023.
  •  
  •  Profit/(loss) before marketing and other expenses1 was $0.6 million in Q4 2024 compared to a loss of $2.5 million in Q4 2023, indicating that gross margin is now sufficient to cover the Company's overhead expenses.
  •  

Financial Highlights for the Year Ended December 31, 2024 ("FY 2024"):

 
  •  Total Wagers2 at Northstarbets.ca were $980.0 million in FY 2024, a 51% increase compared to $648.8 million in the year ended December 31, 2023.
  •  
  •  Gross Gaming Revenue2 at Northstarbets.ca was $34.0 million in FY 2024, a 51% increase from $22.5 million in FY 2023.
  •  
  •  Revenue2 was $29.6 million in FY 2024, a 57% increase from $18.8 million in FY 2023. Revenue in FY 2024 includes $2.3 million of managed services revenue, which compares to $0.5 million in FY 2023.3
  •  
  •  Gross Margin was $10.5 million, marking a 91% increase from $5.5 million in FY 2023, with the Gross Margin increasing to 35.7%, up from 29.3% in FY 2023.
  •  
  •  Profit/(loss) before marketing and other expenses1 was $0.1 million in FY 2024 compared to a loss of $6.7 million in YTD 2023, an improvement of $6.8 million.
  •  

"Early in 2025, we completed our most significant fund-raising to date, with a $43.4 million debt financing. This capital gives us a long runway on which to continue our trajectory of growth in wagering, gross margins and improving operating leverage. This was a milestone event for our business," added Mr. Moskowitz.

 

2024 Operating Highlights:

 
  • Completed the inaugural Blackjack Championship tournament, an innovative online competition that helped drive the acquisition of new high-value players and engagement for existing customers while increasing Blackjack wagering activity.
  •  
  • Implemented a series of enhancements to the NorthStar Bets platform, highlighted by streamlined navigation in both the Casino and Sportsbook sections, a doubling of Casino game selection since the start of 2024, personalized prop bets and intelligent parlay suggestions.
  •  
  • Introduced the "NorthStar Elite" program and branded tables to help secure the loyalty and satisfaction of our most active players and reinforcing the Company's positioning as a premium offering.
  •  
  • Launched "Sports Insights 2.0," a robust suite of enhancements to our content vertical that includes a redesigned home page, comprehensive team and player statistics, injury and player news feeds, added coverage of popular sports and strengthened casino content.
  •  
  • Gained significant traction outside the Ontario market with managed services revenue from Northstarbets.com site, owned by the Abenaki Council of Wolinak, increasing from $0.5 million in FY 2023 to $2.3 million in FY 2024.
  •  
  • Outpaced the industry growth rates reported by iGaming Ontario in 2024 in both Total Wagers (51% for NorthStar vs. 33% for the industry) and Gross Gaming Revenue (51% for NorthStar vs. 31.5% for the industry).
  •  

Outlook

 

"We expect our consistent pattern of year-over-year revenue increases to continue throughout 2025, based on our ongoing success in attracting and engaging high-value players," said Mr. Moskowitz. "We will maintain disciplined control over costs so that incremental gross margin falls primarily to the bottom line. As we continue to focus on operational excellence, we remain confident that we have the capital necessary to reach profitability based on our current business platform."

 

FY 2024 Corporate Update Webinar

 

On May 15, 2025, Michael Moskowitz will present an in-depth Corporate Update, including a discussion of the Company's FY 2024 Earnings, current operations and strategic priorities. All investors and other interested parties are invited to register for the webinar at the link below.

 

Date: Thursday, May 15, 2025
Time: 11:00 am EDT
Register: Webinar Registration

 

Management will be available to answer your questions following the presentation on the webinar platform. You may also submit your question(s) beforehand in the registration form linked above.

 

Extension of Strategic Marketing Agreement

 

The Company also announced that its wholly owned subsidiary, NorthStar Gaming (Ontario) Inc. ("NorthStar Ontario"), has extended its strategic partnership with Playtech Software Limited ("Playtech Software") through the renewal of their previously announced strategic marketing agreement. Under the agreement, Playtech Software contributes services designed to accelerate NorthStar Ontario's player acquisition strategy in the province. The agreement was first implemented in June 2023 and has since been renewed several times. Pursuant to the latest renewal, Playtech Software will reimburse marketing expenses valued at a total of up to $1.5 million over a 3-month period through to March 31, 2025. Playtech Software will be compensated through a share of revenue from the income generated in connection with the marketing initiatives to which it contributes. The Transaction between Playtech and NorthStar Ontario is exempted from Multilateral Instrument 61-101 Protection of Minority Securityholders in Special Transactions.

 

"We are very pleased to renew the marketing services agreement with Playtech Software," said Michael Moskowitz, Chair and CEO of NorthStar. "The agreement serves to extend our marketing budget and has contributed to our tremendous growth in Ontario. Playtech plc continues to be a valuable strategic partner and we look forward to further collaboration."

 

Continuous Disclosure

 

Further to a review by the staff of the Ontario Securities Commission (the "OSC") of the Company's continuous disclosure, the FY2024 MD&A includes enhanced disclosures with respect to:

 
  • the Company's regulatory framework, licensing regimes applicable to its business operations and the legal authorizations necessary to conduct its business operations;
  •  
  • specific risk factors relating to the Company's business operations which include risks relating to operating in a heavily regulated industry, cyber security risks and risks relating to conflicts of interest with respect to directors and officers of the Company; and
  •  
  • the relationship between the Abenaki Council of Wolinak and the Company as well as its subsidiary, Slapshot Media Inc.
  •  

Such amended disclosure is being included in the FY2024 MD&A to address comments received from the OSC on its management's discussion & analysis, for the period ended September 30, 2024, and to improve the Company's disclosure.

 

As a result of having to include such enhanced disclosure after the OSC review, the Company will be placed on the public list of Refilings and Errors in accordance with OSC Staff Notice 51-711 (Revised) - Refilings and Corrections of Errors for a period of three (3) years.

 

Additional Information

 

For additional information, please refer to the Company's condensed consolidated financial statements for the year ended December 31, 2024, and the corresponding FY2024 MD&A. These documents are available on SEDAR+ at www.sedarplus.ca, and on the Company's corporate website at www.northstargaming.ca.

 

About NorthStar

 

NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.

 

As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.

 

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

 

Non-IFRS Financial Measures [/ Reconciliation of Non-IFRS Measures to IFRS Measures]

 

Throughout this document, management uses certain non-IFRS financial measures and supplementary financial measures to evaluate the performance of the Company. The terms "Gross Gaming Revenue" "Total Wagers" and "Profit/(Loss) before marketing and other expenses" are non-IFRS financial measures. These measures are not recognized measures under International Financial Reporting Standards ("IFRS") and do not have a standardized meaning prescribed by IFRS and are, therefore, not necessarily comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective and to discuss NorthStar's financial outlook. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. We believe that securities analysts, investors and other interested parties frequently use non-IFRS measures, including industry metrics, in the evaluation of companies in our industry. Management also uses non-IFRS measures and industry metrics in order to facilitate operating performance comparisons from period to period, the preparation of annual operating budgets and forecasts and to determine components of executive compensation.

 

Total Wagers

 

Total Wagers are calculated as the total amount of money bet by customers in respect of bets that have settled in the applicable period. Total Wagers does not include free bets or other promotional incentives, nor money bet by customers in respect of bets that are open at period end. Total Wagers is used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures.

 

Gross Gaming Revenue

 

Gross Gaming Revenue is calculated as dollar amounts bet by customers less the dollar amounts paid out to the customers in respect of such bets which have settled in the applicable period.

 

Reconciliation of Non-IFRS Measures to IFRS Measures

 
                                
 In Q4 2024, the Company reported $10.0 million of Gross Gaming Revenue ($34.0 million in FY 2024) and has provided a reconciliation to the most comparable IFRS financial measure (Revenue) as follows:
$ Millions (unaudited)
Unaudited Three
months ended
Year ended
 Dec 31,
2024 
 Dec 31,
2023 
 Dec 31,
2024 
 Dec 31,
2023 
Gross gaming revenue from wagered games$10.0$ 7.6$ 34.0$22.5
Bonuses, promotional costs and free bets(2.0)(1.5)(6.7)(4.2)
Sub-total Gaming revenue8.06.127.318.3
Other revenue from managed services1.50.22.30.5
Revenue$ 9.5$ 6.3$ 29.6$ 18.8
 

 

 

Operating Results

 

Marketing expenses are a key driver of the business but are completely discretionary. Management considers "Profit/(Loss) before marketing and other expenses" to be a good indication of the extent to which the business' Gross Margin is in excess of its overhead costs, and therefore offsetting some portion of marketing expenses, reflecting improving economies of scale.

 
                                                    
$ Millions (unaudited) Unaudited Three 
months ended 
Year ended
 Dec 31,
2024 
 Dec 31,
2023 
 Dec 31,
2024 
 Dec 31,
2023 
Revenue$ 9,478$ 6,275$ 29,556$ 18,845
Cost of Revenues5,8684,16719,01313,317
Gross Margin3,6102,10810,5435,528
General and administrative expenses3,0334,45210,45312,277
 Profit/(Loss) before marketing and other expenses (1) 577(2,344)90(6,749)
Marketing5,2495,47215,45614,094
Loss before other expenses (1) (4,672)(7,816)(15,366)(20,843)
Other expenses(1,070)1493,6456,547
Net loss$ (3,602)$ (7,965)$ (19,011)$ (27,390)
 

 

 

(1) These measures are not defined by IFRS, do not have standard meanings and may not be comparable with other industries or companies.

 

Cautionary Note Regarding Forward-Looking Information and Statements

 

This communication contains "forward-looking information" within the meaning of applicable securities laws in Canada ("forward-looking statements"), including without limitation, statements with respect to the following: expected performance of the Company's business, the Company's growth plans being fully funded, expansion into new markets and future growth opportunities, and expected benefits of transactions. The foregoing are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management's opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, among others, the following: risks related to the Company's business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the "Risk Factors" section of the Company's most recent annual information form, which is available under NorthStar's profile on SEDAR+ at www.sedarplus.ca. Many of these risks are beyond the Company's control.

 

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar's expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

 

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

 
 

For further information:

 

Company Contact:

 

Corey Goodman
Chief Development Officer 647-530-2387
investorrelations@northstargaming.ca

 

Investor Relations:
RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com

 
 

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NorthStar Gaming Announces Receipt of Management Cease Trade Order

NorthStar Gaming Announces Receipt of Management Cease Trade Order

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announces that its principal regulator, the Ontario Securities Commission, has granted its request for a management cease trade order ("MCTO") effective May 8, 2025.

As previously announced on April 29, 2025, the Company applied for the MCTO due to a delay in filing its annual audited financial statements, management's discussion and analysis and related certifications for the financial year ended December 31, 2024 (the "Annual Filings") which were required to be filed by April 30, 2025.

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NorthStar Gaming Announces Delay of Annual Filings

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NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announces an anticipated delay in the filing of its annual audited financial statements, management's discussion and analysis and related certifications for the financial year ended December 31, 2024 (collectively, the "Annual Filings"). The Company does not expect to file its Annual Filings by the regular filing deadline of April 30, 2025, as required, due to an unanticipated delay relating to the audit of the Annual Filings. The Company is working diligently with its auditor to finalize the Annual Filings and expects to file the Annual Filings no later than May 15, 2025.

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