Xunlei Announces Unaudited Fourth Quarter and Full Year 2025 Financial Results

Core Viewpoint - Xunlei Limited reported strong financial performance for Q4 2025, with total revenues of $143.3 million, marking a 70.0% year-over-year increase, driven by growth in cloud computing and live-streaming businesses [2][4][5]. Financial Highlights Fourth Quarter 2025 - Total revenues reached $143.3 million, a 70.0% increase year-over-year, primarily due to cloud computing and live-streaming revenue growth [4][5]. - Subscription revenues were $42.1 million, up 22.4% year-over-year [5][6]. - Live-streaming and other IVAS revenues were $55.1 million, reflecting a 102.8% increase year-over-year [5][6]. - Cloud computing revenues were $46.1 million, representing a 102.7% increase year-over-year [5][7]. - Gross profit was $61.7 million, a 41.5% increase year-over-year, with a gross profit margin of 43.0% [10]. - Net loss was $228.9 million, compared to a net loss of $9.9 million in Q4 2024 [18][19]. - Non-GAAP net income was $4.8 million, down from $11.3 million in the same period of 2024 [18]. Full Year 2025 - Total revenues for the year were $462.4 million, a 42.5% increase from 2024 [21]. - Subscription revenues totaled $154.8 million, up 15.8% year-over-year [21]. - Live-streaming and other IVAS revenues were $170.2 million, a 97.5% increase year-over-year [22]. - Cloud computing revenues reached $137.4 million, a 31.4% increase year-over-year [23]. - Gross profit for the year was $217.5 million, a 29.8% increase year-over-year, with a gross profit margin of 47.0% [28]. - Net income was $1,047.6 million, compared to $0.7 million in the previous year [35]. - Non-GAAP net income was $18.5 million, down from $23.9 million in 2024 [35]. Cost Structure - Costs of revenues for Q4 2025 were $80.8 million, representing 56.4% of total revenues, up from 47.9% in Q4 2024 [8][24]. - Bandwidth costs were $46.0 million, accounting for 32.1% of total revenues, compared to 28.3% in the same period of 2024 [9][25]. - Research and development expenses for Q4 were $21.9 million, 15.3% of total revenues, compared to 22.2% in Q4 2024 [11]. - Sales and marketing expenses for Q4 were $23.2 million, 16.2% of total revenues, up from 14.8% in Q4 2024 [12]. Strategic Outlook - The company anticipates 2026 to be a pivotal year, focusing on internet pan-entertainment products and services for individual consumers [3]. - Plans include leveraging technical expertise and a strong balance sheet to pursue synergistic growth opportunities [3]. Cash Position - As of December 31, 2025, the company had cash, cash equivalents, and short-term investments of $305.2 million, an increase from $284.1 million as of September 30, 2025 [20][37]. Share Repurchase Program - The company has authorized a share repurchase program of up to $20 million, with $1.0 million spent on repurchasing 434,939 ADSs in 2025 [38].