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Xunlei Limited

XNET

Xunlei Limited • NASDAQ
$7.23 ▲ 3.14% (+0.22)
Market Cap $90.46 M
52w High $11.03
52w Low $1.90
Dividend Yield 0%
P/E -144.6
Volume 153.20K
Outstanding Shares 12.51M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $125.93M ▲ $57.816M ▲ $550.252M ▼ 436.951% ▼ $43.9 ▼ $552.717M ▼
Q2-2025 $103.545M ▲ $50.112M ▲ $727.59M ▲ 702.68% ▲ $58.25 ▲ $723.919M ▲
Q1-2025 $88.454M ▲ $45.991M ▼ $-800K ▲ -0.904% ▲ $-0.066 ▲ $2.042M ▲
Q4-2024 $83.989M ▲ $64.102M ▲ $-9.774M ▼ -11.637% ▼ $-0.8 ▼ $-17.815M ▼
Q3-2024 $79.838M $40.632M $4.595M 5.755% $0.072 $5.876M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $284.101M ▲ $1.831B ▲ $234.065M ▲ $1.598B ▲
Q2-2025 $275.596M ▲ $1.275B ▲ $230.192M ▲ $1.046B ▲
Q1-2025 $274.572M ▼ $485.86M ▲ $168.635M ▲ $317.645M ▼
Q4-2024 $287.538M ▲ $473.901M ▲ $156.116M ▲ $318.056M ▼
Q3-2024 $272.032M $471.984M $135.212M $336.999M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $550.252M ▼ $0 $0 $0 $0 $0
Q2-2025 $727.59M ▲ $0 $0 $0 $0 $0
Q1-2025 $-800K ▲ $0 $0 $0 $0 $0
Q4-2024 $-9.774M ▼ $0 $0 $0 $0 $0
Q3-2024 $-1.799M $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement Revenue has climbed meaningfully over the past few years, showing that the business has been able to grow beyond its legacy download-acceleration roots, though the most recent year shows a small step back. Gross profit has steadily improved, which suggests the core services are gaining scale and pricing power, but overall margins are still thin. Operating and net income hover around breakeven, moving between small profits and small losses, which points to a business that is not yet consistently profitable and remains sensitive to shifts in demand or spending. Overall, the income statement tells the story of a company in transition: growing, but still working to turn that growth into stable, durable earnings.

Balance Sheet

Balance Sheet The balance sheet looks conservative and relatively strong. Total assets have crept up gradually over time, while shareholder equity has also grown, indicating that the company has been preserving and modestly building its capital base. Cash levels are solid and comfortably exceed its small amount of debt, which limits financial risk and gives management some flexibility to invest or weather downturns. Leverage is low, so the company is not heavily dependent on borrowing, a positive for resilience but also a signal that growth has not relied on aggressive financing.

Cash Flow

Cash Flow Cash flow has improved meaningfully compared with several years ago. After a period of negative cash generation, the business has produced positive operating cash flow for several consecutive years, showing that its operations can now fund themselves. Free cash flow has also been positive recently, helped by modest capital spending, which suggests an asset-light model that does not require heavy ongoing investment in physical infrastructure. That said, the absolute cushion is not large, so while cash flows are trending in the right direction, they still leave limited room for major missteps or large new initiatives without tapping the balance sheet.

Competitive Edge

Competitive Edge Xunlei’s edge rests on its long history in peer-to-peer networking and the large user base built around its accelerator products. This user network feeds directly into its distributed cloud platform, creating a cost and scale advantage that is difficult for a new entrant to copy quickly. The company can offer content delivery and edge computing at lower infrastructure cost by tapping users’ idle computing resources instead of building only traditional data centers. However, it operates in intensely competitive arenas—cloud computing, content delivery, streaming, and blockchain—where it faces much larger and better-funded technology giants. Regulatory risk in China around internet services and blockchain also adds uncertainty. In short, Xunlei has a distinctive model and real technical strengths, but it competes in markets where differentiation and execution must be consistently strong just to maintain its position.

Innovation and R&D

Innovation and R&D Innovation is clearly central to Xunlei’s strategy. The company is pushing its StellarCloud distributed cloud platform, its ThunderChain blockchain ecosystem, and hardware devices that link users into its shared-computing network. It is also committing to artificial intelligence, planning a global AI hub and exploring AI-powered optimization of content delivery, security, analytics, and consumer applications. The combination of distributed cloud, blockchain, and AI is ambitious and gives Xunlei a differentiated story versus traditional advertising or basic internet firms. The key question is less about raw technology and more about commercial traction: how quickly these innovations can translate into stable, scalable, and recurring revenue in the face of strong competition and evolving regulation.

Summary

Xunlei appears to be a small but steadily evolving technology company shifting from a legacy download-acceleration business to a broader platform spanning distributed cloud, blockchain, and AI-enabled services. Financially, it has grown revenue over time and improved gross profit, but profitability remains fragile and inconsistent, with earnings hovering around breakeven. The balance sheet is a relative strength: good cash, very little debt, and slowly rising equity provide a buffer and some strategic flexibility. Cash flow generation has turned positive, supporting the idea that the underlying business is becoming more self-sustaining, though not yet robust. Competitively, Xunlei benefits from a large user network and a unique shared-computing cost structure, but it operates in very demanding markets dominated by big players and influenced by regulatory shifts. Its innovation agenda is bold and technically sophisticated, with meaningful bets on distributed infrastructure and AI. Overall, Xunlei looks like a company in the middle of a multi-year transformation: financially stable enough to keep investing, clearly differentiated in technology, but still needing to prove that its innovation pipeline can drive durable, high-quality profits.

NEWS

November 13, 2025 · 5:00 AM UTC

Xunlei Announces Unaudited Financial Results for the Third Quarter Ended September 30, 2025

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