Xunlei Releases 2025 Financial Report: Full-Year Revenue of $462.4 Million, Up 42.5% Year-on-Year

On March 12, Xunlei announced its unaudited financial report for the fourth quarter and full year ended December 31, 2025.

The financial report shows that total revenue for the full year of 2025 reached $462.4 million, up 42.5% year-on-year; fourth-quarter revenue hit $143.3 million, up 70% year-on-year; and net profit under Generally Accepted Accounting Principles (GAAP) for the full year was $1.0476 billion. Overseas business performed particularly well, with annual overseas revenue increasing by 97.5% year-on-year, accounting for 24.9% of total revenue.

Li Jinbo, Chairman and Chief Executive Officer of Xunlei Group, stated, 'We achieved robust financial performance growth in the fourth quarter and throughout 2025. This growth spanned all core business segments, particularly benefiting from the expansion of our overseas voice live-streaming business, which doubled in size.'

Membership services showed steady growth, with live streaming and other internet value-added services revenue becoming the second growth curve

As one of Xunlei's main sources of income, membership services achieved strong performance in 2025. Annual revenue from membership services reached 154.8 million USD, a year-over-year increase of 15.8%; fourth-quarter revenue was 42.1 million USD, growing by 22.4% year-over-year. In 2025, Xunlei upgraded its technology and products around the concept of universal acceleration, enhancing user experiences in downloading, cloud storage, and playback acceleration, which became new growth points for memberships. Specifically, Xunlei introduced features such as one-click download for large models tailored to specific scenarios, and integrated the MCP protocol allowing users to build their own download agents, delivering an exceptional product experience. In terms of marketing, Xunlei adopted more diverse customer acquisition strategies.

Live streaming and other internet value-added services also gained momentum, achieving year-over-year doubling growth by the fourth quarter of 2025. Full-year revenue amounted to 170.2 million USD, increasing by 97.5% year-over-year; fourth-quarter revenue was 55.1 million USD, up by 102.8% year-over-year. The revenue growth was primarily driven by increased income from overseas voice live streaming operations and advertising revenue following the acquisition of Hupu. It is understood that Xunlei's overseas voice live streaming business, leveraging its advantages in product optimization, user interaction, and operations, achieved significant growth in emerging markets with high growth potential such as Southeast Asia, the Middle East, and North Africa. Currently, this business's revenue-generating capacity is approaching the top tier.

Xunlei’s second growth curve has gradually become evident, transitioning from a single source of membership revenue to diversified income streams including overseas voice live streaming and strategic investments. This diversified revenue structure has made its earnings more stable while continuously strengthening its revenue generation capability.

Breakthroughs in decentralized storage technology drive strategic investments focused on business synergy

Xunlei increased its investment in research and development, adhering to a technology-first approach to create products with strong user reputation. Total R&D expenses for 2025 were 80 million USD, accounting for 17.3% of total revenue, with fourth-quarter R&D expenses reaching 21.9 million USD. In 2025, Xunlei released a decentralized technology solution that allows smoother video viewing in browsers. This solution has already secured partnerships with several mainstream mobile device manufacturers.

In terms of strategic investments, Xunlei demonstrated forward-looking layout vision. Its long-term investment in Insta360 has yielded substantial returns, while advertising revenue from the acquisition of Hupu has started contributing incremental growth. Recently, the company announced the sale of a 50% stake in its cloud computing business to focus strategically, optimize resource allocation, and reduce financial and operational risks. Meanwhile, Xunlei retained a 20% stake in Wangxin to continue sharing in its future growth potential.

Additionally, Xunlei maintains robust cash flow. As of December 31, 2025, the company held cash, cash equivalents, and short-term investments totaling 305.2 million USD, according to financial reports.

Li Jinbo stated: 'We believe 2026 will be a pivotal year for Xunlei's development. We will leverage a more focused business portfolio to deliver ultimate internet entertainment products and services to users. Looking ahead, we will harness our technological advantages and solid asset structure to continuously seek synergistic growth opportunities, enhance competitiveness, and create long-term value for shareholders.'

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