Xunlei announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025. The report reveals that total annual revenue for 2025 reached $462.4 million, representing a 42.5% increase compared to the previous year. Fourth-quarter revenue was $143.3 million, up 70% year-over-year. Full-year GAAP net profit amounted to $1.0476 billion. Overseas operations performed particularly well, with annual overseas revenue growing 97.5% year-over-year, now accounting for 24.9% of total revenue.
In terms of membership services, Xunlei generated annual revenue of $154.8 million, a 15.8% increase from the prior year. Fourth-quarter revenue for this segment was $42.1 million, up 22.4% year-over-year.
Live streaming and other internet value-added services saw significant growth, with revenue doubling in the fourth quarter of 2025 compared to the same period last year. Annual revenue for this segment reached $170.2 million, a 97.5% increase, while fourth-quarter revenue was $55.1 million, up 102.8%. This growth was primarily driven by increased revenue from overseas voice live streaming operations and advertising income following the acquisition of Hupu.
Xunlei achieved notable expansion in high-growth potential emerging markets such as Southeast Asia, the Middle East, and North Africa. The revenue capability of this business has now approached top-tier levels.
Research and development investment for the full year 2025 totaled $80 million, accounting for 17.3% of total revenue. Fourth-quarter R&D expenses were $21.9 million.
Regarding strategic investments, Xunlei's long-term investment in Insta360 yielded substantial returns, while the acquisition of Hupu has begun contributing incremental advertising revenue. The company recently announced the sale of a 50% stake in its cloud computing business to achieve strategic focus, while retaining a 20% equity interest in Wangxin.
Xunlei maintained strong liquidity, with cash, cash equivalents, and short-term investments totaling $305.2 million as of December 31, 2025.
Li Jinbo, Chairman and CEO of Xunlei Group, stated, "We delivered robust financial performance growth in both the fourth quarter and full year of 2025. This growth spanned all core business segments, with particular benefit from the expansion of our overseas voice live streaming operations, which achieved doubled growth."
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