Teleconferência de Resultados do 2º Trimestre de 2026 da Xunlei (XNET): Receita Sobe 38,9%

Principais Destaques

• A receita no 2T26 aumentou 38,9% na comparação anual, atingindo US$ 102,7 milhões, impulsionada por serviços de assinatura, transmissões de áudio ao vivo no exterior e maior receita publicitária da Hupu.
• A receita de assinaturas subiu 22,6%, para US$ 44,5 milhões. A receita de transmissões ao vivo e outros serviços aumentou 54,8%, alcançando US$ 58,2 milhões.
• O lucro bruto cresceu 23,1%, atingindo US$ 57,3 milhões, mas a margem bruta caiu de 63,0% para 55,8%, à medida que o segmento de transmissões ao vivo, de menor margem, passou a ter maior participação na composição da receita.
• A Xunlei registrou um prejuízo líquido das operações continuadas de US$ 218,5 milhões, principalmente devido a uma perda líquida em outros resultados de US$ 213,8 milhões relacionada à volatilidade do valor justo de seu investimento na Arashi Vision Inc.
• O prejuízo líquido não GAAP das operações continuadas foi de US$ 2,1 milhões, em comparação com o lucro líquido não GAAP de US$ 7,2 milhões no 2T25.
• Sob seu programa de recompra de ações de US$ 20 milhões, a Xunlei havia recomprado aproximadamente 1,07 milhão de ADSs por cerca de US$ 5,9 milhões até 12 de agosto de 2026.

Principais Dados Financeiros

Desempenho Operacional e de Negócios

Os serviços de assinatura permaneceram como a base estável de fluxo de caixa da Xunlei. A receita atingiu US$ 44,5 milhões, sustentada pela demanda por produtos premium, retenção resiliente e monetização constante. O crescimento trimestral desacelerou ligeiramente.

A empresa continuou a introduzir recursos baseados em IA, aprimorando funcionalidades existentes e expandindo a cooperação com fabricantes de smartphones domésticos. A administração afirmou que planeja refinar os benefícios de membros e ampliar as parcerias de dispositivos para apoiar a aquisição de usuários e o crescimento da receita durante o segundo semestre de 2026.

As transmissões de áudio ao vivo no exterior foram o principal motor de crescimento. A Xunlei continuou investindo no Sudeste Asiático, Oriente Médio e Turquia enquanto se expandia ainda mais na América Latina. O desenvolvimento de produtos concentrou-se em operações localizadas, interação social individual e salas de bate-papo com múltiplos usuários.

A Hupu contribuiu com US$ 9,1 milhões em receita durante o trimestre, beneficiando-se da alta temporada publicitária e de grandes eventos esportivos globais. A administração afirmou que novos recursos de IA aumentaram o engajamento e a interação dos usuários em toda a plataforma.

A diretoria pretende aprofundar a penetração em mercados externos já consolidados, entrar seletivamente em regiões adicionais e manter a disciplina de custos. O objetivo também é expandir as margens de lucro em todos os seus negócios enquanto prioriza a inovação em produtos de consumo e o crescimento internacional.

Riscos e Pontos de Atenção

• A margem bruta caiu porque as transmissões ao vivo, que possuem uma margem menor do que assinaturas e publicidade, representaram uma parcela maior da receita.
• A concorrência nos mercados de entretenimento no exterior continua intensa. A administração disse que priorizará operações localizadas de longo prazo em vez de buscar expansão de escala no curto prazo.
• Os gastos com vendas e marketing aumentaram à medida que a Xunlei investiu na aquisição de usuários e na visibilidade da marca para os serviços de assinatura e transmissões de áudio ao vivo no exterior.
• As despesas gerais e administrativas subiram em parte devido a provisões para litígios em andamento e custos mais elevados com funcionários.
• O investimento na Arashi Vision cria uma volatilidade relevante nos lucros porque é mensurado usando os preços do mercado público após o IPO da empresa em junho de 2025.
• O caixa e os investimentos de curto prazo diminuíram na comparação trimestral em meio a saídas de caixa operacionais, pagamentos de empréstimos bancários, recompras de ações e pagamentos diferidos pela aquisição da Hupu.

Destaques da Sessão de Perguntas e Respostas

O conselho de administração da Xunlei aprovou um novo programa de recompra de ações de US$ 20 milhões no final de junho, e as compras começaram em 1º de julho. Até 12 de agosto, a empresa havia recomprado aproximadamente 1,07 milhão de ADSs por cerca de US$ 5,9 milhões. O programa continua em andamento.

A Xunlei detém atualmente 7,8% da Arashi Vision Inc. A administração afirmou que a empresa está concluindo procedimentos para se preparar para reduzir a participação, mas não tinha um plano de desinvestimento específico no momento da teleconferência.

Com relação à Lei de Companhias de Investimento dos EUA de 1940, a administração disse que a Xunlei está consultando assessores e monitorando a composição de seus ativos. Se necessário, ela poderá ajustar gradualmente as participações para que os títulos de investimento não excedam 45% dos ativos totais, após a exclusão de títulos governamentais e itens de caixa. A administração enfatizou que a Xunlei pretende continuar focada em seus negócios operacionais voltados aos consumidores, em vez de se tornar uma companhia de investimentos.

Transcrição Completa da Teleconferência de Resultados

Transcrição completa da teleconferência de resultados

Comentários da administração

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.