쉰레이(XNET) 2026년 2분기 실적 발표 콜: 매출 38.9% 증가

핵심 요약

• 2026년 2분기 매출은 구독 서비스, 해외 오디오 라이브 스트리밍 및 후푸(Hupu) 광고 매출 호조에 힘입어 전년 동기 대비 38.9% 증가한 1억 270만 달러를 기록했습니다.
• 구독 매출은 22.6% 증가한 4,450만 달러를 기록했습니다. 라이브 스트리밍 및 기타 서비스 매출은 54.8% 증가한 5,820만 달러를 기록했습니다.
• 매출총이익은 23.1% 증가한 5,730만 달러를 기록했으나, 마진이 상대적으로 낮은 라이브 스트리밍의 매출 비중이 커지면서 매출총이익률은 63.0%에서 55.8%로 하락했습니다.
• 쉰레이(Xunlei)는 주로 아라시 비전(Arashi Vision Inc.) 투자에 대한 공정가치 변동성과 관련된 2억 1,380만 달러의 기타순손실로 인해 계속영업 순손실 2억 1,850만 달러를 기록했습니다.
• Non-GAAP 기준 계속영업 순손실은 210만 달러로, 2025년 2분기의 Non-GAAP 순이익 720만 달러와 대비됩니다.
• 2,000만 달러 규모의 자사주 매입 프로그램에 따라 쉰레이는 2026년 8월 12일 기준 약 590만 달러에 약 107만 ADS를 매입했습니다.

주요 재무 데이터

사업 및 운영 성과

구독 서비스는 쉰레이의 안정적인 현금 흐름 기반으로 유지되었습니다. 프리미엄 제품 수요, 견조한 고객 유지율, 꾸준한 수익화에 힘입어 매출은 4,450만 달러에 달했습니다. 전분기 대비 성장세는 소폭 둔화되었습니다.

회사는 AI 기반 기능을 지속적으로 도입하고 기존 기능을 개선하는 한편, 중국 국내 스마트폰 제조업체들과의 협력을 확대했습니다. 경영진은 2026년 하반기 신규 사용자 유치와 매출 성장을 지원하기 위해 멤버십 혜택을 개편하고 단말기 파트너십을 확장할 계획이라고 밝혔습니다.

해외 오디오 라이브 스트리밍이 주요 성장 동력이었습니다. 쉰레이는 동남아시아, 중동, 튀르키예에 대한 투자를 지속하는 동시에 라틴 아메리카로 시장을 더욱 확장했습니다. 제품 개발은 현지화된 운영, 일대일 소셜 상호작용 및 다자간 채팅방에 중점을 두었습니다.

후푸는 광고 성수기와 주요 글로벌 스포츠 이벤트의 수혜를 입어 이번 분기 동안 910만 달러의 매출을 기록했습니다. 경영진은 새로운 AI 기능이 플랫폼 전반에서 사용자 참여와 상호작용을 높였다고 설명했습니다.

경영진은 기존 해외 시장에서 침투율을 높이고, 추가 지역에 선별적으로 진출하며, 비용 규율을 유지할 계획입니다. 또한 소비자가 직접 사용하는 제품의 혁신과 국제적 성장을 최우선 과제로 삼으면서 전사적인 이익률 확장을 목표로 하고 있습니다.

리스크 및 주시 영역

• 구독 및 광고보다 마진이 낮은 라이브 스트리밍의 매출 비중이 높아지면서 매출총이익률이 감소했습니다.
• 해외 엔터테인먼트 시장의 경쟁은 여전히 치열합니다. 경영진은 단기적인 규모 확장을 추구하기보다는 장기적인 현지화 운영을 최우선으로 할 것이라고 밝혔습니다.
• 쉰레이가 구독 및 해외 오디오 라이브 스트리밍 서비스의 사용자 유치와 브랜드 인지도 제고를 위해 투자함에 따라 영업 및 마케팅 지출이 증가했습니다.
• 일반관리비는 진행 중인 소송에 대한 충당금 설정과 인건비 관련 비용 증가 등으로 인해 상승했습니다.
• 아라시 비전 투자는 2025년 6월 IPO 이후 공개 시장 가격으로 평가됨에 따라 실적에 상당한 변동성을 유발하고 있습니다.
• 현금 및 단기 투자 자산은 영업 활동 현금 유출, 은행 대출 상환, 자사주 매입 및 후푸 인수 관련 이연 대금 지급 등으로 인해 전분기 대비 감소했습니다.

Q&A 주요 내용

쉰레이 이사회는 6월 말 2,000만 달러 규모의 신규 자사주 매입 프로그램을 승인했으며, 매입은 7월 1일에 시작되었습니다. 8월 12일 기준 회사는 약 590만 달러에 약 107만 ADS를 매입했습니다. 이 프로그램은 현재 진행 중입니다.

쉰레이는 현재 아라시 비전의 지분 7.8%를 소유하고 있습니다. 경영진은 지분 축소를 준비하기 위한 절차를 완료하는 중이라고 밝혔으나, 전화 회의 당시 구체적인 매각 계획은 가지고 있지 않다고 덧붙였습니다.

1940년 미국 투자회사법과 관련하여, 경영진은 쉰레이가 자문역들과 논의 중이며 자산 구성을 모니터링하고 있다고 말했습니다. 필요한 경우 정부 채권 및 현금성 자산을 제외한 투자 증권이 총자산의 45%를 초과하지 않도록 보유 자산을 단계적으로 조정할 수 있다고 덧붙였습니다. 경영진은 쉰레이가 투자회사가 되기보다는 소비자 대상 영업 사업에 계속 집중할 의도임을 강조했습니다.

실적 발표 전화 회의 전문(Full Transcript)

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Welcome, ladies and gentlemen, and thank you for your patience. You've joined Xunlei's Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to turn the call over to your host, Investor Relations Manager, Ms. Luhan Tang.

Luhan Tang

Good morning, and good evening, everyone, and thank you for joining Xunlei's Q2 2026 Earnings Conference Call. With me today are Eric Zhou, CFO; and Lee Li, Vice President of Finance.

Our IR website has our earnings press release to supplement our prepared remarks during the call. Today's agenda includes prepared opening remarks from Chairman and CEO, Mr. Jinbo Li, on Q2 operational highlights, followed by CFO, Eric Zhou's presentation of financial results details of Q2 before we open up the floor to your questions in the Q&A session. Please note that this call is recorded and can be replayed on our Investor Relations website at ir.xunlei.com.

Before we get started, I'd like to take this opportunity to remind you that the discussion today will contain certain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements are based on our management's current expectations under existing market conditions that are subject to risks and uncertainties that are difficult to predict, which may cause actual results to differ materially from those made in the forward-looking statements.

Please refer to our SEC filings for a more detailed description of the risk factors that may affect our results. Xunlei assumes no obligation to update any forward-looking statements, except as required under applicable law. On this call, we'll be using both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to comparable GAAP measures can be found in our earnings press release. Please note that all numbers are in U.S. dollars unless otherwise stated.

Now the following is prepared statements by Mr. Jinbo Li, Chairman and CEO of Xunlei Limited:

Good morning, and good evening, everyone. Thank you for joining our Q2 2026 earnings call. We're pleased to report continued top line growth this quarter, building on the solid consumer-focused growth foundations we established in Q1. These results serve as clear validation that our strategic pivot towards a consumer-centric business model is delivering tangible results. Our 2 primary growth drivers, subscription services and overseas audio live streaming, each posted steady year-over-year increase in revenue. Let me walk you through the performance of these core consumer-facing businesses individually.

First, our subscription business remains our stable cash flow foundation and reliable growth anchor. Q2 subscription revenue reached $44.5 million, up 22.6% year-over-year, while the growth rate softened marginally on the sequential basis. This segment maintained resilient user retention and steady monetization performance. During the quarter, we continued upgrading premium user experiences by rolling out new AI-powered features, optimizing existing functionality, deepening long-term cooperation with leading domestic smartphone partners and scaling our ecosystem user acquisition channels as planned. Looking ahead, we will continue refining our differentiated member perks to boost user penetration and expand end device cooperation coverage, capturing incremental user acquisition and revenue growth in the second half of the year.

Second, our overseas audio live streaming business once again emerged as our primary growth engine. In Q2, this segment generated $58.2 million in revenue, representing a significant 54.8% year-over-year increase. We continued deploying targeted investments in high-potential emerging markets, including Southeast Asia, the Middle East, Turkey and further expansion into Latin America. Concurrently, we enhanced localized product iteration and operational capabilities, optimizing our product matrix across one-on-one social interaction scenarios and multi-person chat rooms.

Additionally, we saw notable quarterly momentum for our Hupu business, which contributed $9.1 million in Q2 revenue, benefiting from the peak advertising season and the slate of major global sporting events. User discussion activity across the platform reached new highs. Our newly rolled out AI-powered features also meaningfully boosted user engagement and deepened interactive activity, creating an additional stream of incremental revenue across our consumer ecosystem.

As we communicated in our previous quarterly reports, competition in the overseas entertainment market remains intense. Accordingly, we will stick to our long-term localized operational and marketing strategies instead of chasing near-term scale expansion, fostering sustainable business growth across all our core consumer verticals. Beyond operational performance, to further reinforce market confidence and deliver long-term shareholder returns, we announced a new $20 million share repurchase program at the end of June. We believe that this initiative demonstrates our unwavering confidence in the company's solid fundamentals and long-term growth potential. We will maintain disciplined capital allocation, prioritizing investment in core consumer product innovation and international market expansion while returning excess capital to shareholders when appropriate.

Looking ahead, we will stay firmly committed to our user-centric development strategy. We will further accelerate feature iteration for our subscription offerings, deepen market penetration within our established overseas markets, selectively pursue new regional growth opportunities and uphold strict cost discipline to expand profit margins across all business lines.

By balancing growth with profitability and through rigorous capital and operational management, we aim to promote balanced and sustainable corporate development. Against the backdrop of an evolving global market landscape, our targeted consumer positioning, 2 core business structure, advanced technological strength and localized operations serve as our key competitive edges. We are optimistic about delivering sustained long-term value to our users and shareholders alike.

With that overview, I will now turn the call over to our CFO, Eric Zhou, who will walk you through our Q2 financial metrics in detail.

Eric Zhou

Thank you, Luhan, and thank you all for participating in today's conference call. I will now walk you through our financial results for the second quarter of 2026. For Q2 2026, total revenues came in at $102.7 million, up 38.9% year-over-year. This steady top line growth was primarily driven by rising revenues from our subscription business and our overseas audio live streaming business as well as improved Hupu's advertising business.

Breaking down our revenue performance. Subscription revenues reached $44.5 million, a 22.6% year-over-year increase. This performance reflected the sustained user demand for a full suite of our premium product offerings. Revenue from live streaming and other services totaled $58.2 million, representing a 54.8% year-over-year increase. This strong performance was driven chiefly by rapid expansion of our overseas audio live streaming operations alongside the growth in advertising revenue from our sports community during the peak sports season.

Cost of revenues was $44.8 million during the quarter, accounting for 43.6% of total revenues. By comparison, in Q2 2025, cost of revenues came to $27 million, or 36.6% of total revenues. The uptick in our cost base largely aligned with the expansion of our live streaming revenue, driven mainly by increased revenue sharing expenses for our overseas audio live streaming operations.

Turning to profitability. We generated $57.3 million in gross profit during the second quarter of 2026, up 23.1% year-over-year. Gross margin stood at 55.8%, compared with 63% in the prior year period. The gross profit improvement was fueled by both our subscription business and the Hupu advertising revenue. The notable margin decline stems from a structural revenue mix shift. Since live streaming carries a lower gross margin than subscription and advertising business, its larger share of total revenue mix modestly compressed our overall gross margin.

On the expense front, R&D expenses were $21.4 million in Q2 2026, representing 20.8% of total revenues compared with $16.6 million or 22.4% of total revenues in Q2 2025. The year-over-year increase was mainly due to higher labor costs. Sales and marketing expenses rose to $27.9 million during the second quarter of 2026, representing 27.2% of revenue compared with $20.7 million or 28% of total revenues in Q2 2025. The increase in absolute marketing spending reflected ramp-up promotional investment across our subscription and overseas audio live streaming operations as we continued to proactively prioritize acquisition and brand visibility.

G&A expenses came in at $12.7 million, equal to 12.4% of total revenues, versus $8.5 million or 11.6% of total revenue in Q2 2025. The increase was primarily driven by provision for ongoing legal litigations and higher employee-related costs year-over-year. At the operating level, we posted an operating loss of $4.8 million this quarter, a reversal from operating income of $0.3 million in the same period last year. This swing was largely due to the sequential and year-over-year rise in our selling, marketing and general and administrative expenses outlined above.

We posted a net other loss of $213.8 million for the quarter versus net income of $721.5 million in Q2 2025. The dramatic swing was mainly driven by fair value volatility on our long-term investment in Arashi Vision Inc., which is accounted for on a mark-to-market basis using public stock prices after the company's IPO in June 2025. Unlike Q1, there were no discontinued operations to report for Q2 2026, following the disposal of our Shenzhen Onething business last quarter. Our net loss from continuing operations was $218.5 million this quarter compared with net income of $726.4 million in Q2 2025.

The net loss was mainly due to the material net other loss just mentioned, partially offset by positive gross profit growth in our core consumer-facing business. On a non-GAAP basis, we posted a non-GAAP net loss from continuing operations of $2.1 million, down from non-GAAP net income of $7.2 million in the prior year period. On a per share basis, diluted loss per ADS from continuing operations was $3.43 for the quarter compared with diluted EPS of $11.47 in Q2 2025. Our non-GAAP diluted loss per ADS from continuing operations came to $0.03 versus non-GAAP diluted earnings of $0.12 per ADS in the same period last year.

Finally, on our balance sheet. As of June 30, 2026, cash, cash equivalents and short-term investments totaled $276.9 million, down from $303.6 million as of March 31, 2026. The sequential decrease was primarily driven by net operating cash outflows, bank loan repayments, disbursements related to our newly announced share repurchase program and deferred consideration payments related to our Hupu acquisition.

This concludes our prepared remarks. Operator, we are now ready to open the line for questions.

Operator

[Operator Instructions] First question comes from the line of [ Zoe Zhang ], retail investor.

Unknown Attendee

[Foreign Language]

Eric Zhou

The question is the company announced a share repurchase program at the end of June, but she didn't see any share repurchase information in our press release and she'd like to know what's going on with the buyback program.

Thanks for asking. The Board of Directors of the company approved a new share repurchase program of $20 million at the end of June, and the repurchase officially commenced on July 1. And as of August 12, we bought back approximately 1.07 million shares of ADS and spent approximately $5.9 million, and the repurchase program remains ongoing, and more details will be disclosed in our third quarter financial report. Thank you.

Luhan Tang

[Foreign Language]

Operator

[Operator Instructions] Next, we have [ X. J. ], individual shareholder.

Unknown Attendee

[Foreign Language]

Eric Zhou

Okay. Basically, his question is surrounding our stake in [indiscernible] Arashi Vision Inc. And he'd like to know our progress in reducing our stake in this investment and what our plans for the proceeds for the future. And thank you for the question. And currently, we hold more than 5% of shareholders or exactly 7.8% of Vision's equity stake. And we need to follow certain regulatory rules and regulations when we began to sell the stock and do it in an ordinary manner and make timely disclosure. And for the time being, we are following -- going through certain procedures to get ready to reduce our stake in the company. But at this time, we have no specific plans for the share disposal for the time being.

And he also asked a question regarding the 1940 Investment Company Act. And according to that, 1940 Investment Act, a listed company needs to follow certain regulations to be in compliance with the requirements of the Investment Act. And we will continue to monitor our holdings of our operated assets, and we've been consulting with relevant advisers. And if needed, we will gradually seek to adjust our holdings so that Xunlei holds investment securities with a value not exceeding 45% of the company's total assets, excluding government securities and cash items. In line with the company's intention to mainly engage in the core business, which is the consumer-facing business, 2C business, we never intend to be an investment company. Thank you.

Luhan Tang

[Foreign Language]

Operator

Thank you. I see no further questions at this time. I will now turn the conference back to Eric for closing remarks.

Eric Zhou

Thank you again your time and participation. For any follow-up inquiries, please visit our website at ir.xunlei.com or contact our Investor Relations team. Have a good day.

Operator, we conclude today's conference call. Thank you.

Operator

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.