Xunlei Ltd-ADR · Q3 2025 earnings

Briefing

Xunlei Q3 revenue up 58% to $126M; GAAP net income inflated by Arashi Vision investment gain

Xunlei Limited reported Q3 2025 total revenue of $126.4 million, up 57.7% year over year, exceeding the high end of prior guidance as subscription, live-streaming and cloud computing businesses all accelerated. Subscription revenue rose 22.3% to $40.7 million on 6.56 million subscribers, live-streaming and other services grew 127.1% to $49.1 million, and cloud computing revenue increased 44.9% to $36.6 million. GAAP net income was $550.1 million, or $8.60 per ADS, primarily reflecting approximately $545.8 million in unrealized pre-tax gains from the company's investment in Arashi Vision after its IPO. Non-GAAP net income was $5.3 million, or $0.09 per ADS. Gross profit was $60.5 million with a 47.9% margin, and operating income was $2.7 million versus a small operating loss a year ago.

• Revenue $126.4M (+57.7% YoY); subscription $40.7M, live-streaming $49.1M, cloud computing $36.6M.
• GAAP net income $550.1M ($8.60/ADS) driven by ~$545.8M Arashi Vision fair-value gain.
• Non-GAAP net income $5.3M ($0.09/ADS); gross margin 47.9%; operating income $2.7M.
• Subscribers 6.56M vs 5.51M; cash and short-term investments $284.1M at quarter end.
• Q4 2025 revenue guidance $131M–$139M, implying ~6.8% sequential growth at midpoint.

Headline financials

Revenue & EPS history

Xunlei guided Q4 2025 total revenue between $131 million and $139 million, representing approximately 6.8% quarter-over-quarter growth at the midpoint.