# EDGAR Filing Document

**Accession Number:** 0001510593
**File Stem:** 0001104659-26-026698
**Filing Date:** 2026-3
**Character Count:** 32305
**Document Hash:** 70527095b82ad54a9423c85942eebe10
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-026698.hdr.sgml**: 20260312

**ACCESSION NUMBER**: 0001104659-26-026698

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260312

**FILED AS OF DATE**: 20260312

**DATE AS OF CHANGE**: 20260312

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Xunlei Ltd
- **CENTRAL INDEX KEY:** 0001510593
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35224
- **FILM NUMBER:** 26745598

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 3709 BAISHI ROAD, NANSHAN DISTRICT
- **CITY:** SHENZHEN
- **PROVINCE COUNTRY:** F4
- **ZIP:** 518000
- **BUSINESS PHONE:** 86-755 6111-1571

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 3709 BAISHI ROAD, NANSHAN DISTRICT
- **CITY:** SHENZHEN
- **PROVINCE COUNTRY:** F4
- **ZIP:** 518000

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16 UNDER**

**THE SECURITIES EXCHANGE ACT OF 1934**

For the month of March 2026

Commission File Number: 001-35224

**Xunlei Limited**

3709 Baishi Road

Nanshan District, Shenzhen, 518000

The People's Republic of China<br> (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

**<u>Exhibit Index</u>**

[Exhibit 99.1—Press Release— Xunlei Announces Unaudited Fourth Quarter and Full Year 2025 Financial Results](tm268655d1_ex99-1.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**Xunlei Limited**

---

| | |
|:---|:---|
| By: | /s/ Naijiang (Eric) Zhou |
| Name: | Naijiang (Eric) Zhou |
| Title: | Chief Financial Officer |

---

Date: March 12, 2026

## Exhibit 99.1

**Exhibit 99.1**

![](tm268655d1_ex99-1img001.jpg)

Xunlei Announces Unaudited Fourth Quarter and Full Year 2025 Financial Results

Shenzhen, China, March 12, 2026 (GLOBE NEWSWIRE) - Xunlei Limited ("Xunlei" or the "Company") (Nasdaq: XNET), a leading technology company providing distributed cloud services in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter 2025 Financial Highlights:

● Total revenues were US$143.3 million, representing an increase of 70.0% year-over-year.

● Subscription revenues were US$42.1 million, representing an increase of 22.4% year-over-year.

● Live-streaming and other internet value-added services ("Live-streaming and other IVAS") revenues were US$55.1 million, representing an increase of 102.8% year-over-year.

● Cloud computing revenues were US$46.1 million, representing an increase of 102.7% year-over-year.

● Gross profit was US$61.7 million, representing an increase of 41.5% year-over-year, and gross profit margin was 43.0% in the fourth quarter, compared with 51.7% in the same period of 2024.

● Net loss was US$228.9 million in the fourth quarter, compared with net loss of US$9.9 million in the same period of 2024.

● Non-GAAP net income<sup>1</sup> was US$4.8 million in the fourth quarter, compared with non-GAAP net income of US$11.3 million in the same period of 2024.

● Diluted loss per ADS was US$3.64 in the fourth quarter, compared with diluted loss per ADS of US$0.16 in the same period of 2024.

● Non-GAAP diluted earnings per ADS<sup>2</sup> were US$0.08 in the fourth quarter, compared with non-GAAP diluted earnings of US$0.18 in the same period of 2024.

Full Year 2025 Financial Highlights:

● Total revenues were US$462.4 million, representing an increase of 42.5% from 2024.

● Subscription revenues were US$154.8 million, representing an increase of 15.8% from 2024.

● Live-streaming and other IVAS revenues were US$170.2 million, representing an increase of 97.5% from 2024.

● Cloud computing revenues were US$137.4 million, representing an increase of 31.4% from 2024.

● Gross profit was US$217.5 million, representing an increase of 29.8% from 2024, and gross profit margin was 47.0%, compared with 51.7% in the previous year.

● Net income was US$1,047.6 million, compared with net income of US$0.7 million in the previous year.

● Non-GAAP net income<sup>1</sup> was US$18.5 million, compared with non-GAAP net income of US$23.9 million in the same period of 2024.

● Diluted earnings per ADS were US$16.56, compared with diluted earnings per ADS of US$0.02 in the previous

year.

● Non-GAAP diluted earnings per ADS<sup>2</sup> were US$0.30, compared with non-GAAP diluted earnings per ADS of US$0.38 in the previous year.

<sup>1</sup> Non-GAAP net income is a non-GAAP financial measure. For more information, please see the section of "About Non-GAAP Financial Measures" and the table captioned "Reconciliation of GAAP and Non-GAAP Results (Excluding discontinued operations)" set forth at the end of this press release.

<sup>2</sup> Non-GAAP earnings per ADS is a non-GAAP financial measure. For more information, please see the section of "About Non-GAAP Financial Measures" and the table captioned "Reconciliation of GAAP and Non-GAAP Results (Excluding discontinued operations)" set forth at the end of this press release.

"We finished 2025 with strong financial performance in the fourth quarter. Q4 revenue totaled $143.3 million, exceeding the high end of our guidance and representing a remarkable 70.0% increase year over year. This growth was broad-based across all core businesses, driven in particular by our ongoing expansion in the overseas audio live-streaming market," commented by Mr. Jinbo Li, Chairman and CEO of Xunlei

"Looking ahead, we believe 2026 will be a pivotal year for Xunlei—a strategic inflection point for our future development. With a more streamlined business portfolio, Xunlei will focus on delivering internet pan-entertainment products and services to individual consumers. Moving forward, we plan to leverage our technical expertise and strong balance sheet to pursue synergistic growth opportunities across our businesses, strengthen our overall competitiveness, and deliver long-term value to our shareholders," Mr. Li concluded.

**Fourth Quarter 2025 Financial Results**

**Total Revenues**

Total revenues were US$143.3 million, representing an increase of 70.0% year-over-year. The increase in total revenues was mainly attributable to the increase in our revenues from cloud computing and live-streaming businesses.

Revenues from subscription were US$42.1 million, representing an increase of 22.4% year-over-year. The increase in subscription revenues was mainly driven by the increase in demand for our subscription services.

Revenues from live-streaming and other IVAS were US$55.1 million, representing an increase of 102.8% year-over-year. The increase was mainly due to the growth of our overseas audio live-streaming businesses as well as advertising business mainly as a result of the acquisition of Hupu.

Revenues from cloud computing were US$46.1 million, representing an increase of 102.7% year-over-year. The increase in cloud computing revenues was mainly due to the increased demand from major customers for our cloud computing services.

**Costs of Revenues**

Costs of revenues were US$80.8 million, representing 56.4% of our total revenues, compared with US$40.4 million, or 47.9% of the total revenues, in the same period of 2024. The increase in costs of revenues was mainly attributable to the increase in revenue-sharing costs for our live-streaming business and higher demand of our cloud computing business, which led to additional costs in bandwidth.

Bandwidth costs, as included in costs of revenues, were US$46.0 million, representing 32.1% of our total revenues, compared with US$23.9 million, or 28.3% of the total revenues, in the same period of 2024. The increase was primarily due to the increased demand for our cloud computing services during the quarter.

The remaining costs of revenues mainly consisted of the costs related to the revenue-sharing from our live-streaming business and payment handling charges.

**Gross Profit and Gross Profit Margin**

Gross profit for the fourth quarter of 2025 was US$61.7 million, representing an increase of 41.5% year-over-year. Gross profit margin was 43.0% in the fourth quarter, compared with 51.7% in the same period of 2024. The increase in gross profit was mainly driven by the increased gross profit from our subscription and overseas audio live-streaming businesses. The decrease in gross profit margin was mainly attributable to the increased proportion of revenues from our overseas audio live-streaming and cloud computing businesses, which have lower gross profit margins, and the decreased proportion of subscription revenues in the Company's total revenues, which has a higher gross profit margin.

**Research and Development Expenses**

Research and development expenses for the fourth quarter were US$21.9 million, representing 15.3% of our total revenues, compared with US$18.7 million, or 22.2% of our total revenues, in the same period of 2024. The increase was primarily due to increased labor costs incurred during the quarter.

**Sales and Marketing Expenses**

Sales and marketing expenses for the fourth quarter were US$23.2 million, representing 16.2% of our total revenues, compared with US$12.5 million, or 14.8% of our total revenues, in the same period of 2024. The increase was primarily due to the expansion of our marketing campaign and related expenses incurred for our subscription and overseas audio live-streaming businesses.

**General and Administrative Expenses**

General and administrative expenses for the fourth quarter were US$12.4 million, representing 8.6% of our total revenues, compared with US$12.1 million, or 14.4% of our total revenues, in the same period of 2024. The increase was primarily due to increased litigation-related expenses incurred during the quarter.

**Impairment of Goodwill**

An impairment of goodwill of US$20.7 million was identified and recorded in the fourth quarter of 2024, primarily due to a significant decline in the revenue growth of our cloud computing business in late 2024.

**Operating Income/(Loss)**

Operating income was US$4.7 million, compared with operating loss of US$20.5 million in the same period of 2024. The increase in operating income was primarily attributable to the absence of goodwill impairment incurred in the same quarter of 2024.

**Other (Losses)/Income, Net**

Other losses, net was US$232.6 million compared with other income, net of US$1.5 million in the same period of 2024. The decrease was primarily due to the changes in the fair value of our long-term investment in Arashi Vision Inc., which completed its initial public offering in June 2025.

**Net Loss and (Loss)/Earnings Per ADS**

Net loss was US$228.9 million compared with net loss of US$9.9 million in the same period of 2024. The increase in net loss was primarily due to the increase in other losses, net as discussed above. Non-GAAP net income was US$4.8 million in the fourth quarter of 2025, compared with US$11.3 million in the same period of 2024.

Diluted loss per ADS in the fourth quarter of 2025 was US$3.64, compared with diluted loss per ADS of US$0.16 in the fourth quarter of 2024. Non-GAAP diluted earnings per ADS were US$0.08 in the fourth quarter, compared with non-GAAP diluted earnings of US$0.18 in the same period of 2024.

**Cash Balance**

As of December 31, 2025, the Company had cash, cash equivalents, and short-term investments of US$305.2 million, compared with US$284.1 million as of September 30, 2025. The increase was mainly due to the net cash inflow from operating activities and increase in proceeds from bank borrowings.

**Full Year 2025 Financial Results**

**Total Revenues**

Total revenues were US$462.4 million, representing an increase of 42.5% on a year-over-year basis. The increase in total revenues was mainly attributable to the increased revenues from all our businesses.

Revenues from subscription were US$154.8 million, representing an increase of 15.8% on a year-over-year basis. The increase was mainly due to the increased demand of our subscription services.

Revenues from live-streaming and other IVAS were US$170.2 million, representing an increase of 97.5% on a year-over-year basis. The increase in live-streaming and other IVAS was mainly due to the growth of our overseas audio live-streaming business as well as advertising business mainly as a result of the acquisition of Hupu.

Revenues from cloud computing were US$137.4 million, representing an increase of 31.4% on a year-over-year basis. The increase was mainly attributable to the increased demand for our cloud computing services.

**Costs of Revenues**

Costs of revenues were US$242.9 million, representing 52.5% of our total revenues, compared with US$155.6 million, or 48.0% of the total revenues, in 2024. The increase in costs of revenues was mainly due to the increased demand for our cloud computing services and increased revenue-sharing costs resulting from the expansion of our overseas audio live-streaming business.

Bandwidth costs, a major component of the costs of revenues, were US$142.8 million, representing 30.9% of our total revenues, compared with US$101.6 million, or 31.3% of the total revenues, in the previous year. The increase in bandwidth costs was mainly due to the increased demand for our cloud computing services, which was consistent with the increase in our cloud computing revenues.

The remaining costs of revenues mainly consisted of the costs related to the revenue-sharing costs for our live-streaming business and payment handling charges.

**Gross Profit and Gross Profit Margin**

Gross profit for the year was US$217.5 million, representing an increase of 29.8% on a year-over-year basis. Gross profit margin was 47.0%, compared with 51.7% in the previous year. The increase in gross profit was mainly driven by the increase in gross profit from our subscription and live-streaming businesses, partially offset by the decrease in gross profit from our cloud computing business. The decrease in gross profit margin was mainly attributable to the increased proportion of revenues from our overseas audio live-streaming and cloud computing businesses, which have lower gross profit margins, and a decreased proportion of subscription revenues in the Company's total revenues, which has a higher gross profit margin.

**Research and Development Expenses**

Research and development expenses for the year were US$80.0 million, representing 17.3% of our total revenues, compared with US$71.6 million, or 22.1% of our total revenues, in the previous year. The increase was primarily due to the increased labor costs as compared with the previous year.

**Sales and Marketing Expenses**

Sales and marketing expenses for the year were US$86.3 million, representing 18.7% of our total revenues, compared with US$44.8 million, or 13.8% of our total revenues, in the previous year. The increase was primarily driven by the expansion of our marketing campaign and related expenses incurred for our subscription and live-streaming businesses and increased labor costs.

**General and Administrative Expenses**

General and administrative expenses for the year were US$44.9 million, representing 9.7% of our total revenues, compared with US$45.8 million, or 14.1% of our total revenues, in the previous year.

**Impairment of Goodwill**

An impairment of goodwill of US$20.7 million was identified and recorded in the fourth quarter of 2024, primarily due to a significant decline in the revenue growth of our cloud computing business in late 2024.

**Operating Income/(Loss)**

Operating income was US$6.6 million in 2025, compared with operating loss of US$15.7 million in the previous year. The increase in operating income was primarily attributed to the increase in gross profit during the year and absence of one-time impairment of goodwill that recorded at the end of 2024, as discussed above.

**Other Income, Net**

Other income, net was US$1,038.1 million in 2025 compared with US$9.2 million in the previous year. The increase was primarily due to fair value changes from our long-term investment in Arashi Vision Inc., which completed its initial public offering in June 2025.

**Net Income and Earnings Per ADS**

Net income was US$1,047.6 million in 2025, compared with net income of US$0.7 million in the previous year. The increase in net income was primarily driven by the increase in gross profit and other income during the year. Non-GAAP net income was US$18.5 million in 2025, as compared with US$23.9 million as the previous year.

Diluted GAAP earnings per ADS were US$16.56, compared with diluted earnings per ADS of US$0.02 in the previous year. Non-GAAP diluted earnings per ADS were US$0.30, compared with non-GAAP diluted earnings per ADS of US$0.38 in the previous year.

**Cash Balance**

As of December 31, 2025, the Company had cash, cash equivalents, and short-term investments of US$305.2 million, compared with US$287.5 million as of December 31, 2024. The increase in cash and cash equivalents was mainly attributed to the net cash inflow from operating activities and the increase in proceed from bank borrowings, partially offset by the payment for the acquisition of Hupu.

**Share Repurchase Program**

On June 4, 2024, Xunlei announced that its Board of Directors had authorized a new plan for the repurchase of up to US$20 million of its ADSs or common shares over the 12 months that followed. As of December 31, 2025, the Company had spent US$1.0 million for 434,939 ADSs within the year of 2025 and US$6.5 million in total on share repurchases under this share repurchase program since inception.

**Conference Call Information.**

Xunlei's management will host a conference call at 8:00 a.m. U.S. Eastern Time on March 12, 2026 (8:00 p.m. Beijing/Hong Kong Time), to discuss the Company's quarterly results and recent business developments.

Participant Online Registration: https://register-conf.media-server.com/register/BI2ab521e31d0e4199a07749b2c9df3e5e

Please register to join the conference using the link provided above and dial in 10 minutes before the call is scheduled to begin. Once registered, the participants will receive an email with personal PIN and dial-in information, and participants can choose to access either via Dial-In or Call Me. A kindly reminder that "Call Me" does not work for China number.

The Company will also broadcast a live audio webcast of the conference call. The webcast will be available at http://ir.xunlei.com. Following the earnings conference call, an archive of the call will be available at https://edge.media-server.com/mmc/p/utgxw7f7

**About Xunlei**

Founded in 2003, Xunlei Limited (Nasdaq: XNET) is a leading technology company providing distributed cloud services in China. Xunlei provides a wide range of products and services across cloud acceleration, shared cloud computing and digital entertainment to deliver an efficient, smart and safe internet experience.

**Safe Harbor Statement**

This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "believes," "anticipates," "future," "intends," "plans," "estimates" and similar statements. Among other things, the management's quotations in this press release, as well as the Company's strategic, operational and acquisition plans, contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Forward-looking statements involve inherent risks and uncertainties, including but not limited to: the Company's ability to continue to innovate and provide attractive products and services to retain and grow its user base; the Company's ability to keep up with technological developments and users' changing demands in the internet industry; the Company's ability to convert its users into subscribers of its premium services; the Company's ability to deal with existing and potential copyright infringement claims and other related claims; the Company's ability to react to the governmental actions for its scrutiny of internet content in China and the Company's ability to compete effectively. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.

**About Non-GAAP Financial Measures**

To supplement Xunlei's consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Xunlei uses the following measures defined as non-GAAP financial measures by the United States Securities and Exchange Commission: (1) non-GAAP operating income, (2) non-GAAP net income, (3) non-GAAP basic and diluted earnings per share for common shares, and (4) non-GAAP basic and diluted earnings per ADS. The presentation of the non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

Xunlei believes that these non-GAAP financial measures provide meaningful supplemental information to investors regarding the Company's operating performance by excluding share-based compensation expenses, impairment of goodwill, and fair value changes of long-term investments, which are not expected to result in future cash payments, may recur from period to period but are subject to significant market volatility, and which are not indicative of our core operating results and business outlook. These non-GAAP financial measures also facilitate management's internal comparisons to Xunlei's historical performance and assist the Company's financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a recurring expense in Xunlei's results of operations. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying reconciliation tables at the end of this release include details on the reconciliations between GAAP financial measures that are most directly comparable to the non-GAAP financial measures the Company has presented.

The Company has not recast prior period non-GAAP measures in 2024 to exclude fair value changes of long-term investments, as such amounts in prior periods were immaterial and would not affect investors' understanding of period-to-period comparisons.

**XUNLEI LIMITED**

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts expressed in thousands of USD, except for share, per share (or ADS) data)

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2025** | **December 31,**<br>**2024** |
|  | **US$** | **US$** |
| **Assets** |  |  |
| **Current assets:** |  |  |
| Cash and cash equivalents | 157020 | 177329 |
| Short-term investments | 148155 | 110209 |
| Accounts receivable, net | 68413 | 32662 |
| Inventories | 403 | 1255 |
| Due from related parties | 12832 | 31519 |
| Prepayments and other current assets | 12850 | 10058 |
| **Total current assets** | **399673** | **363032** |
| **Non-current assets:** |  |  |
| Restricted cash | 806 | 218 |
| Long-term investments | 1070596 | 30599 |
| Deferred tax assets | 10083 | 10528 |
| Property and equipment, net | 54784 | 55430 |
| Intangible assets, net | 32722 | 8310 |
| Goodwill | 39164 |  |
| Due from a related party, non-current portion | 19826 |  |
| Long-term prepayments and other assets | 2326 | 5334 |
| Operating lease assets | 1943 | 450 |
| **Total assets** | **1631923** | **473901** |
| **Liabilities** |  |  |
| **Current liabilities:** |  |  |
| Accounts payable | 41965 | 22964 |
| Due to related parties, current | 8 | 17 |
| Contract liabilities, current portion | 43107 | 39936 |
| Lease liabilities | 487 | 253 |
| Income tax payable | 4340 | 9386 |
| Accrued liabilities and other payables | 81334 | 52093 |
| Short-term bank borrowings and current portion of long-term bank borrowings | 37209 | 2087 |
| **Total current liabilities** | **208450** | **126736** |
| **Non-current liabilities:** |  |  |
| Contract liabilities, non-current portion | 1624 | 458 |
| Lease liabilities, non-current portion | 1251 | 161 |
| Deferred tax liabilities | 6138 | 1154 |
| Bank borrowings, non-current portion | 38413 | 27127 |
| Other long-term payables | 3530 | 480 |
| **Total liabilities** | **259406** | **156116** |
| **Equity** |  |  |
| Common shares (US$0.00025 par value, 1,000,000,000 shares authorized, 375,001,940 shares issued and 307,351,196 shares outstanding as at December 31, 2024; 375,001,940 issued and 314,277,001 shares outstanding as at December 31, 2025) | 78 | 77 |
| Additional paid-in-capital | 480133 | 477244 |
| Accumulated other comprehensive loss | (17413) | (21694) |
| Statutory reserves | 9687 | 8718 |
| Treasury shares (67,650,744 shares and 60,724,939 shares as at December 31, 2024, and December 31, 2025, respectively) | 15 | 16 |
| Retained earnings/(accumulated deficits) | 900991 | (146305) |
| **Total Xunlei Limited's shareholders' equity** | **1373491** | **318056** |
| **Non-controlling interests** | **(974)** | **(271)** |
| **Total liabilities and shareholders' equity** | **1631923** | **473901** |

---

**XUNLEI LIMITED**<br> Unaudited Condensed Consolidated Statements of (Loss)/Income<br> (Amounts expressed in thousands of USD, except for share, per share (or ADS) data)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Year ended** | **Year ended** |
|  | **Dec 31,**<br>**2025** | **Sept 30,**<br>**2025** | **Dec 31,**<br>**2024** | **Dec 31,**<br>**2025** | **Dec 31,**<br>**2024** |
|  | **US$** | **US$** | **US$** | **US$** | |
| Revenues, net of rebates and discounts | 143276 | 126394 | 84302 | 462410 | 324405 |
| Business taxes and surcharges | (777) | (464) | (313) | (1982) | (1265) |
| Net revenues | 142499 | 125930 | 83989 | 460428 | 323140 |
| Cost of revenues | (80829) | (65387) | (40416) | (242886) | (155567) |
| **Gross profit** | **61670** | **60543** | **43573** | **217542** | **167573** |
| **Operating expenses** |  |  |  |  |  |
| Research and development expenses | (21873) | (21002) | (18716) | (80040) | (71572) |
| Sales and marketing expenses | (23245) | (25847) | (12461) | (86260) | (44842) |
| General and administrative expenses | (12386) | (10901) | (12102) | (44874) | (45827) |
| Credit loss expenses, net | 511 | (66) | (75) | 262 | (288) |
| Impairment of goodwill | - | - | (20748) | - | (20748) |
| **Total operating expenses** | **(56993)** | **(57816)** | **(64102)** | **(210912)** | **(183277)** |
| **Operating income/(loss)** | **4677** | **2727** | **(20529)** | **6630** | **(15704)** |
| Interest income | 511 | 640 | 1173 | 3262 | 4892 |
| Interest expense | (576) | (574) | (139) | (1698) | (728) |
| Other (losses)/income, net | (232596) | 547726 | 1541 | 1038131 | 9183 |
| **(Loss)/income before income taxes** | **(227984)** | **550519** | **(17954)** | **1046325** | **(2357)** |
| Income tax (expense)/benefit | (914) | (469) | 8083 | 1285 | 3020 |
| **Net (loss)/income** | **(228898)** | **550050** | **(9871)** | **1047610** | **663** |
|  |  | . |  |  |  |
| Less: net loss attributable to non-controlling interest | (121) | (202) | (97) | (655) | (552) |
| **Net (loss)/income attributable to common shareholders** | **(228777)** | **550252** | **(9774)** | **1048265** | **1215** |
| **(Loss)/earnings per share for common shares** |  |  |  |  |  |
| Basic | (0.7282) | 1.7569 | (0.0312) | 3.3659 | 0.0038 |
| Diluted | (0.7282) | 1.7205 | (0.0312) | 3.3125 | 0.0038 |
| **(Loss)/earnings per ADS** |  |  |  |  |  |
| Basic | (3.6410) | 8.7845 | (0.1560) | 16.8295 | 0.0190 |
| Diluted | (3.6410) | 8.6025 | (0.1560) | 16.5625 | 0.0190 |
| **Weighted average number of common shares used in calculating continuing operations:** |  |  |  |  |  |
| Basic | 314173741 | 313202000 | 313664089 | 311440748 | 318758374 |
| Diluted | 314173741 | 319827505 | 313664089 | 316458713 | 319146281 |
| **Weighted average number of ADSs used in calculating continuing operations:** |  |  |  |  |  |
| Basic | 62834748 | 62640400 | 62732818 | 62288150 | 63751675 |
| Diluted | 62834748 | 63965501 | 62732818 | 63291743 | 63829256 |

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**XUNLEI LIMITED**

Reconciliation of GAAP and Non-GAAP Results (Excluding discontinued operations) <br> (Amounts expressed in thousands of USD, except for share, per share (or ADS) data)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Year ended** | **Year ended** |
|  | **Dec 31,**<br>**2025** | **Sept 30,**<br>**2025** | **Dec 31,**<br>**2024** | **Dec 31,**<br>**2025** | **Dec 31,**<br>**2024** |
|  | **US$** | **US$** | **US$** | **US$** | **US$** |
| GAAP operating income/(loss) | 4677 | 2727 | (20529) | 6630 | (15704) |
| Share-based compensation expenses | 1209 | 1037 | 390 | 3840 | 2453 |
| Impairment of goodwill |  | - | 20748 |  | 20748 |
| **Non-GAAP operating income** | **5886** | **3764** | **609** | **10470** | **7497** |
| GAAP net (loss)/income | (228898) | 550050 | (9871) | 1047610 | 663 |
| Share-based compensation expenses | 1209 | 1037 | 390 | 3840 | 2453 |
| Impairment of goodwill |  |  | 20748 |  | 20748 |
| Fair value changes of long-term investments | 232534 | (545835) | - | (1032989) | - |
| **Non-GAAP net income** | **4845** | **5252** | **11267** | **18461** | **23864** |
| **GAAP (loss)/earnings per share for common shares:** |  |  |  |  |  |
| Basic | (0.7282) | 1.7569 | (0.0312) | 3.3659 | 0.0038 |
| Diluted | (0.7282) | 1.7205 | (0.0312) | 3.3125 | 0.0038 |
| **GAAP (loss)/earnings per ADS:** |  |  |  |  |  |
| Basic | (3.6410) | 8.7845 | (0.1560) | 16.8295 | 0.0190 |
| Diluted | (3.6410) | 8.6025 | (0.1560) | 16.5625 | 0.0190 |
| **Non-GAAP earnings per share for common shares:** |  |  |  |  |  |
| Basic | 0.0158 | 0.0174 | 0.0362 | 0.0614 | 0.0766 |
| Diluted | 0.0158 | 0.0171 | 0.0362 | 0.0604 | 0.0765 |
| **Non-GAAP earnings per ADS:** |  |  |  |  |  |
| Basic | 0.0790 | 0.0870 | 0.1810 | 0.3070 | 0.3830 |
| Diluted | 0.0790 | 0.0855 | 0.1810 | 0.3020 | 0.3825 |
| **Weighted average number of common shares used in calculating:** |  |  |  |  |  |
| Basic | 314173741 | 313202000 | 313664089 | 311440748 | 318758374 |
| Diluted | 314173741 | 319827505 | 313664089 | 316458713 | 319146281 |
| **Weighted average number of ADSs used in calculating:** |  |  |  |  |  |
| Basic | 62834748 | 62640400 | 62732818 | 62288150 | 63751675 |
| Diluted | 62834748 | 63965501 | 62732818 | 63291743 | 63829256 |

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**CONTACT:**

Investor Relations

Xunlei Limited

Email: ir@xunlei.com

Tel: +86 755 6111 1571

Website: http://ir.xunlei.com