Quick Summary:
XUNLEI LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts expressed in thousands of USD, except for share, per share (or ADS) data) December 31,December 31, 2024 2023 US$US$Assets Current assets: Cash and cash equivalents177,329 170,802 Short-term investments110,209 101,078 Accounts receivable, net32,662 31,210 Inventories1,255 2,219 Due from related parties31,519 12,644 Prepayments and other current assets10,058 9,423 Total current assets363,032 327,376 Non-current assets: Restricted cash218 - Long-term investments30,599 32,134 Deferred tax assets10,528 478 Property and equipment, net55,430 60,028 Intangible assets, net8,310 5,697 Goodwill- 20,826 Due from a related party, non-current portion- 19,619 Long-term prepayments and other assets5,334 1,953 Operating lease assets450 575 Total assets473,901 468,686 Liabilities Current liabilities: Accounts payable22,964 24,430 Due to related parties, current17 - Contract liabilities, current portion39,936 36,375 Lease liabilities253 276 Income tax payable9,386 6,391 Accrued liabilities and other payables52,093 53,708 Short-term bank borrowings and current portion of long-term bank borrowings2,087 6,906 Total current liabilities126,736 128,086 Non-current liabilities: Contract liabilities, non-current portion458 846 Lease liabilities, non-current portion161 229 Deferred tax liabilities1,154 513 Bank borrowings, non-current portion27,127 15,539 Other long-term payables480 - Total liabilities156,116 145,213 Equity Common shares (US$0.00025 par value, 1,000,000,000 shares authorized, 375,001,940 shares issued and 323,525,556 shares outstanding as at December 31, 2023; 375,001,940 issued and 307,351,196 shares outstanding as at December 31, 2024)77 81 Additional paid-in-capital477,244 482,484 Accumulated other comprehensive loss(21,694)(18,913)Statutory reserves8,718 8,142 Treasury shares (51,476,384 shares and 67,650,744 shares as at December 31, 2023 and December 31, 2024, respectively)16 12 Accumulated deficits(146,305)(146,944)Total Xunlei Limited's shareholders' equity318,056 324,862 Non-controlling interests(271)(1,389)Total liabilities and shareholders' equity473,901 468,686 XUNLEI LIMITEDUnaudited Condensed Consolidated Statements of (Loss)/Income(Amounts expressed in thousands of USD, except for share, per share (or ADS) data) Three months ended Year ended Dec 31,Sept 30,Dec 31, Dec 31,Dec 31, 2024 2024 2023 2024 2023 US$US$US$ US$ Revenues, net of rebates and discounts84,302 80,141 77,143 324,405 364,911 Business taxes and surcharges(313)(303)(287) (1,265)(1,189) Net revenues83,989 79,838 76,856 323,140 363,722 Cost of revenues(40,416)(39,380)(36,785) (155,567)(200,649) Gross profit43,573 40,458 40,071 167,573 163,073 Operating expenses Research and development expenses(18,716)(17,744)(19,497) (71,572)(74,201) Sales and marketing expenses(12,461)(11,453)(9,350) (44,842)(43,509) General and administrative expenses(12,102)(11,362)(11,618) (45,827)(46,875) Credit loss expenses, net(75)(73)(293) (288)(100) Impairment of goodwill(20,748)- - (20,748)- Total operating expenses(64,102)(40,632)(40,758) (183,277)(164,685) Operating loss(20,529)(174)(687) (15,704)(1,612) Interest income1,173 1,233 1,318 4,892 4,619 Interest expense(139)(165)(300) (729)(1,514) Other income, net1,541 4,817 3,523 9,183 16,904 (Loss)/income before income taxes(17,954)5,711 3,854 (2,357)18,397 Income tax benefit /(expense)8,083 (1,335)(137) 3,020 (4,131) Net (loss)/income(9,871)4,376 3,717 663 14,266 Less: net (loss)/income attributable to non-controlling interest(97)(219)12 (552)41 Net (loss)/income attributable to common shareholders(9,774)4,595 3,705 1,215 14,225 (Loss)/earnings per share for common shares Basic(0.0312)0.0145 0.0114 0.0038 0.0436 Diluted(0.0312)0.0145 0.0114 0.0038 0.0435 (Loss)/earnings per ADS Basic(0.1560)0.0725 0.0570 0.0190 0.2180 Diluted(0.1560)0.0725 0.0570 0.0190 0.2175 Weighted average number of common shares used in calculating continuing operations: Basic313,664,089 317,410,168 325,898,568 318,758,374 326,390,687 Diluted313,664,089 317,921,168 326,160,722 319,146,281 326,849,502 Weighted average number of ADSs used in calculating continuing operations: Basic62,732,818 63,482,034 65,179,714 63,751,675 65,278,137 Diluted62,732,818 63,584,234 65,232,144 63,829,256 65,369,900 XUNLEI LIMITEDReconciliation of GAAP and Non-GAAP Results (Excluding discontinued operations)(Amounts expressed in thousands of USD, except for share, per share (or ADS) data) Three months ended Year ended Dec 31,Sept 30,Dec 31, Dec 31,Dec 31, 2024 2024 2023 2024 2023 US$US$US$ US$US$ GAAP operating loss(20,529)(174)(687) (15,704)(1,612)Share-based compensation expenses390 531 787 2,453 9,676 Impairment of goodwill20,748 - - 20,748 - Non-GAAP operating income609 357 100 7,497 8,064 GAAP net (loss)/income(9,871)4,376 3,717 663 14,266 Share-based compensation expenses390 531 787 2,453 9,676 Impairment of goodwill20,748 - - 20,748 - Non-GAAP net income11,267 4,907 4,504 23,864 23,942 GAAP (loss)/earnings per share for common shares: Basic(0.0312)0.0145 0.0114 0.0038 0.0436 Diluted(0.0312)0.0145 0.0114 0.0038 0.0435 GAAP (loss)/earnings per ADS: Basic(0.1560)0.0725 0.0570 0.0190 0.2180 Diluted(0.1560)0.0725 0.0570 0.0190 0.2175 Non-GAAP earnings per share for common shares: Basic0.0362 0.0161 0.0138 0.0766 0.0732 Diluted0.0362 0.0161 0.0138 0.0765 0.0731 Non-GAAP earnings per ADS: Basic0.1810 0.0805 0.0690 0.3830 0.3660 Diluted0.1810 0.0805 0.0690 0.3825 0.3655 Weighted average number of common shares used in calculating: Basic313,664,089317,410,168 325,898,568 318,758,374 326,390,687 Diluted313,664,089317,921,168 326,160,722 319,146,281 326,849,502 Weighted average number of ADSs used in calculating: Basic62,732,81863,482,034 65,179,714 63,751,675 65,278,137 Diluted62,732,81863,584,234 65,232,144 63,829,256 65,369,900 CONTACT: Investor RelationsXunlei LimitedEmail: ir@xunlei.comTel: +86 755 6111 1571Website: _______________1 Non-GAAP net income is a non-GAAP financial measure.
Live-streaming and other internet value-added services ("Live-streaming and other IVAS”) revenues were US$27.2 million, representing an increase of 80.7% year-over-year.Gross profit was US$43.6 million, representing an increase of 8.7% year-over-year, and gross profit margin was 51.7% in the fourth quarter, compared with 51.9% in the same period of 2023.Net loss was US$9.9 million in the fourth quarter, compared with net income of US$3.7 million in the same period of 2023.
Live-streaming and other IVAS revenues were US$86.1 million, representing a decrease of 29.5% from 2023.Gross profit was US$167.6 million, representing an increase of 2.8% from 2023, and gross profit margin was 51.7%, compared with 44.7% in the previous year.Net income was US$0.7 million, compared with net income of US$14.3 million in the previous year.
