# XNET earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/XNET) · [Earnings tab](https://www.lopjlb.com/stock/XNET?tab=earnings) Updated: 2026-08-13T06:42:34 Quarters analyzed: 8 ## Cross-quarter narrative Across seven quarters, Xunlei transitioned from a subscription-led growth story with declining legacy segments to a diversified platform benefiting from overseas live streaming expansion, a cloud computing turnaround, and significant investment gains. Subscription revenue grew consistently, reaching 6.4M subscribers by Q2 2025 with premium mix rising to 81%. Overseas audio live streaming emerged as a major growth driver, scaling ~80-100% YoY across Southeast Asia and MENA. Cloud computing reversed from double-digit declines and a $20.7M goodwill impairment (Q4 2024) to +102.7% YoY in Q4 2025, marking a delivered turnaround. The Arashi Vision IPO yielded a ~$720M pretax gain (Q2 2025) and a $545.8M fair-value gain (Q3 2025), boosting profits but introducing investment volatility. Hupu acquisition closed in Q2 2025, adding advertising revenue. Gross margin compressed from 51.1% (Q2 2024) to 43% (Q4 2025) due to lower-margin streaming and cloud mix, though Q1 2026 showed a rebound to 58.5%. Cash remained robust (~$275-305M) with modest buybacks ($6.5M total). New initiatives include AI-driven applications and manufacturer partnerships. Key risks persist: margin pressure from revenue mix, geographic concentration in overseas streaming, regulatory uncertainty, and integration execution for Hupu and OneThing stake sale. ## Latest CallCard · Q1 Xunlei Q1 2026 revenue $98.6M (+54% YoY) on subscription and live streaming; gross margin 58.5%; non-GAAP profit $4 **Guidance:** vague **Tone:** mgmt 0 · Q&A pressure 0 · divergence 0 ## Quarter one-liners - **2026 Q1:** Xunlei Q1 2026 revenue $98.6M (+54% YoY) on subscription and live streaming; gross margin 58.5%; non-GAAP profit $4 - **2025 Q4:** Xunlei delivered strong Q4/FY2025 results with 42.5% revenue growth, driven by subscription (+15.8%), cloud computing (+102.7% Q4), and overseas live streaming (+102.8% Q4); sold 50% OneThing stake to Kingsoft Cloud, acquired Hupu, and holds Arashi Vision gains; cash $305M, modest buybacks. - **2025 Q3:** Xunlei posted 57.7% YoY revenue growth to $126.4M in Q3 2025, driven by subscription, overseas audio streaming and cloud services, while a $545.8M fair‑value gain from Arashi Vision boosted profit; guidance is $131‑139M and no dividend plans were announced. - **2025 Q2:** Xunlei Q2 revenue +30.6% YoY to $104M driven by subscription (6.4M subs), overseas live streaming (+85.5%), and cloud recovery; Hupu acquired, Arashi Vision IPO yielded $720M gain; Q3 guidance $116-124M (~15% QoQ). - **2025 Q1:** Xunlei Q1 2025 revenue $88.8M (+10.5% YoY) driven by subscription (+7.7%) and overseas audio livestreaming (+79%); cloud computing -18%; operating loss $1.9M; Q2 guidance $91-96M (+5.3% QoQ); Hupu acquisition and AI apps in development; cash $274.6M. - **2024 Q4:** Xunlei Q4 revenue beat guidance at $84.3M (+9% YoY) driven by subscription growth to 6.38M subs; cloud computing goodwill fully impaired ($20.7M) amid pricing pressure; live-streaming pivot to overseas yields 81% YoY - **2024 Q3:** Xunlei Q3 revenue fell 4.9% YoY to $80.1M; subscription up 15.6% to $33.2M with 5.51M subs; cloud down 14.4%; live streaming down 16.7% YoY but up 6.7% QoQ; Q4 guidance $77-82M. - **2024 Q2:** Xunlei Q2 2024: subscription revenue +10.8% YoY to $32.9M (5.71M subs), cloud computing -13.8%, live streaming -53.9% from domestic downsizing; Q3 revenue guidance $81-86M (+4.9% QoQ midpoint); share buybacks $5.2M spent across two programs. ## Theme arcs - **Subscription growth** (improving): Subscribers grew from 5.71M to 6.4M; premium mix rose to 81%; revenue +15.8% YoY in Q4 2025. - **Overseas audio live streaming expansion** (improving): Revenue grew ~80-100% YoY across Q2-Q4 2025; early traction in Southeast Asia and MENA. - **Cloud computing turnaround** (improving): From -13.8% YoY (Q2 2024) and goodwill impairment to +102.7% YoY (Q4 2025); major client demand recovery. - **Gross margin trajectory** (deteriorating): Compressed from 51.1% to 43% due to lower-margin streaming/cloud mix; Q1 2026 rebounded to 58.5%. - **Investment gains volatility** (new): Arashi Vision IPO generated large fair-value gains ($720M pretax, $545.8M FV gain); lockup expiry creates uncertainty. - **Acquisition integration** (new): Hupu acquired (Q2 2025) and OneThing stake sold to Kingsoft Cloud (Q4 2025); integration and synergies ongoing. - **AI initiatives** (new): AI-driven applications and auto-editing tools under development; no launch timeline provided. - **Capital allocation** (stable): Cash ~$275-305M; modest buybacks ($6.5M total); proceeds directed to R&D, market expansion, potential shareholder returns. ## Guidance path 2024 Q2:maintained → 2024 Q3:vague → 2024 Q4:vague → 2025 Q1:maintained → 2025 Q2:maintained → 2025 Q3:maintained → 2025 Q4:vague → 2026 Q1:vague --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/XNET`