Xunlei Ltd-ADR · Q1 2026 earnings

Briefing

Xunlei Ltd-ADR reported strong revenue growth in Q1 2026 driven by subscription and live-streaming services, offset by a large GAAP net loss from investment fair value changes.

Xunlei Limited announced unaudited financial results for the first quarter ended March 31, 2026, showing total revenues of US$98.6 million, up 54.1% year-over-year. Operating income improved to US$4.3 million, but a US$195.1 million other loss from fair value changes in long-term investments led to a GAAP net loss from continuing operations of US$192.4 million. Non-GAAP net income from continuing operations was US$4.1 million, with non-GAAP diluted EPS per ADS of US$0.07.

• Total revenues reached US$98.6 million, a 54.1% increase YoY, with subscription revenues at US$45.0 million (+26.2%) and live-streaming/other at US$53.6 million (+89.3%).
• Gross profit was US$57.7 million (58.5% margin), up 45.8% YoY, while operating income turned positive at US$4.3 million.
• GAAP net loss from continuing operations was US$192.4 million due to US$195.1 million in investment fair value losses; non-GAAP net income was US$4.1 million.
• Cash, cash equivalents and short-term investments stood at US$303.6 million as of March 31, 2026, up from US$283.5 million at year-end 2025.

Headline financials

Revenue & EPS history

Management highlighted continued focus on user-centered DTC model, product improvements, and overseas expansion, with healthy liquidity supporting long-term value creation.