The accompanying reconciliation tables at the end of this release include details on the reconciliations between GAAP financial measures that are most directly comparable to the non-GAAP financial measures the Company has presented. XUNLEI LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts expressed in thousands of USD, except for share, per share (or ADS) data) March 31,Dec 31, 20252024 US$US$Assets Current assets: Cash and cash equivalents163,136 177,329 Short-term investments111,436 110,209 Accounts receivable, net40,034 32,662 Inventories1,024 1,255 Due from related parties30,482 31,519 Prepayments and other current assets15,464 10,058 Total current assets361,576 363,032 Non-current assets: Restricted cash218 218 Long-term investments31,049 30,599 Deferred tax assets10,720 10,528 Property and equipment, net54,631 55,430 Intangible assets, net8,416 8,310 Long-term prepayments and other assets18,718 5,334 Operating lease assets532 450 Total assets485,860 473,901 Liabilities Current liabilities: Accounts payable24,900 22,964 Due to related parties, current17 17 Contract liabilities, current portion41,253 39,936 Lease liabilities331 253 Income tax payable10,466 9,386 Accrued liabilities and other payables61,242 52,093 Short-term bank borrowings and current portion of long-term bank borrowings697 2,087 Total current liabilities138,906 126,736 Non-current liabilities: Contract liabilities, non-current portion588 458 Lease liabilities, non-current portion174 161 Deferred tax liabilities1,090 1,154 Bank borrowings, non-current portion27,166 27,127 Other long-term payables711 480 Total liabilities168,635 156,116 Equity Common shares (US$0.00025 par value, 1,000,000,000 shares authorized, 375,001,940 shares issued and 307,351,196 shares outstanding as at December 31, 2024; 375,001,940 issued and 311,860,331 shares outstanding as at March 31, 2025)78 77 Treasury shares (67,650,744 shares and 63,141,609 shares as at December 31, 2024 and March 31, 2025, respectively)16 16 Additional paid-in-capital477,350 477,244 Statutory reserves8,718 8,718 Accumulated other comprehensive loss(21,412)(21,694)Accumulated deficits(147,105)(146,305)Total Xunlei Limited's shareholders' equity317,645 318,056 Non-controlling interests(420)(271)Total liabilities and shareholders' equity485,860 473,901 XUNLEI LIMITEDUnaudited Condensed Consolidated Statements of (Loss)/Income(Amounts expressed in thousands of USD, except for share, per share (or ADS) data) Three months ended Mar 31,Dec 31,Mar 31, 2025 2024 2024 US$US$US$Revenues, net of rebates and discounts88,764 84,302 80,359 Business taxes and surcharges(310)(313)(379)Net revenues88,454 83,989 79,980 Costs of revenues(44,350)(40,416)(37,139)Gross profit44,104 43,573 42,841 Operating expenses Research and development expenses(18,743)(18,716)(17,642)Sales and marketing expenses(15,522)(12,461)(10,061)General and administrative expenses(11,791)(12,102)(11,132)Credit loss write-back/(expenses), net65 (75)26 Impairment of goodwill- (20,748)- Total operating expenses(45,991)(64,102)(38,809) Operating (loss)/income(1,887)(20,529)4,032 Interest income1,072 1,173 1,221 Interest expense(220)(139)(242)Other income, net1,234 1,541 290 Income/(loss) before income taxes199 (17,954)5,301 Income tax (expense)/benefit(1,145)8,083 (1,663)Net (loss)/income (946)(9,871)3,638 Less: net loss attributable to non-controlling interest(146)(97)(1)Net (loss)/income attributable to common shareholders(800)(9,774)3,639 (Loss)/earnings per share for common shares Basic(0.0026)(0.0312)0.0113 Diluted(0.0026)(0.0312)0.0112 (Loss)/earnings per ADS Basic(0.0130)(0.1560)0.0565 Diluted(0.0130)(0.1560)0.0560 Weighted average number of common shares used in calculating: Basic306,082,940 313,664,089 323,341,607 Diluted306,082,940 313,664,089 323,491,768 Weighted average number of ADSs used in calculating: Basic61,216,588 62,732,818 64,668,321 Diluted61,216,588 62,732,818 64,698,354 XUNLEI LIMITEDReconciliation of GAAP and Non-GAAP Results(Amounts expressed in thousands of USD, except for share, per share (or ADS) data) Three months ended Mar 31,Dec 31,Mar 31, 2025 2024 2024 US$US$US$ GAAP operating (loss)/income(1,887)(20,529)4,032 Share-based compensation expenses1,058 390 901 Impairment of goodwill- 20,748 - Non-GAAP operating (loss)/income(829)609 4,933 GAAP net (loss)/income(946)(9,871)3,638 Share-based compensation expenses1,058 390 901 Impairment of goodwill- 20,748 - Non-GAAP net income 112 11,267 4,539 GAAP (loss)/earnings per share for common shares: Basic(0.0026)(0.0312)0.0113 Diluted(0.0026)(0.0312)0.0112 GAAP (loss)/earnings per ADS: Basic(0.0130)(0.1560)0.0565 Diluted(0.0130)(0.1560)0.0560 Non-GAAP earnings per share for common shares: Basic0.0008 0.0362 0.0140 Diluted0.0008 0.0362 0.0140 Non-GAAP earnings per ADS: Basic0.0040 0.1810 0.0700 Diluted0.0040 0.1810 0.0700 Weighted average number of common shares used in calculating: Basic306,082,940 313,664,089 323,341,607 Diluted306,082,940 313,664,089 323,491,768 Weighted average number of ADSs used in calculating: Basic61,216,588 62,732,818 64,668,321 Diluted61,216,588 62,732,818 64,698,354 CONTACT: Investor RelationsXunlei LimitedEmail: ir@xunlei.comTel: +86 755 6111 1571Website: __________________________1 Non-GAAP net income is a non-GAAP financial measure.
Subscription revenues were US$35.7 million, representing an increase of 7.7% year-over-year. Live-streaming and other services revenues were US$28.4 million, representing an increase of 66.0% year-over-year. Cloud computing revenues were US$24.7 million, representing a decrease of 18.0% year-over-year. Gross profit was US$44.1 million, representing an increase of 2.9% year-over-year, and gross profit margin was 49.7% in the first quarter, compared with 53.3% in the same period of 2024. Net loss was US$0.9 million in the first quarter, compared with net income of US$3.6 million in the same period of 2024. Non-GAAP net income1 was US$0.1 million in the first quarter, compared with non-GAAP net income of US$4.5 million in the same period of 2024. Diluted loss per ADS was US$0.01 in the first quarter, compared with diluted earnings per ADS of US$0.06 in the same period of 2024. Non-GAAP diluted earnings per ADS2 were US$0.004 in the first quarter, compared with non-GAAP diluted earnings per ADS of US$0.07 in the same period of 2024.
SHENZHEN, China, May 15, 2025 (GLOBE NEWSWIRE) -- Xunlei Limited ("Xunlei" or the "Company") (Nasdaq: XNET), a leading technology company providing distributed cloud services in China, today announced its unaudited financial results for the first quarter ended March 31, 2025. First Quarter 2025 Financial Highlights: Total revenues were US$88.8 million, representing an increase of 10.5% year-over-year.
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