Thunder Releases 2025 Financial Report: Full-Year Revenue of $462.4 Million, a 42.5% Increase Year-over-Year

Sina Tech News, March 12 — Today, Xunlei announced its unaudited financial results for the fourth quarter and full year of 2025, ending December 31, 2025.

The financial report shows that total revenue for 2025 reached $462.4 million, a 42.5% increase year-over-year; revenue for the fourth quarter was $143.3 million, up 70% year-over-year; full-year GAAP net profit was $1.048 billion. The overseas business performed particularly well, with full-year overseas revenue growing 97.5% year-over-year, accounting for 24.9% of total revenue.

In membership services, Xunlei’s full-year revenue was $154.8 million, a 15.8% increase; fourth-quarter revenue was $42.1 million, up 22.4%.

In live streaming and other internet value-added services, Xunlei doubled its revenue in Q4 2025. Full-year revenue was $170.2 million, a 97.5% increase; Q4 revenue was $55.1 million, up 102.8%. The growth was mainly driven by increased revenue from overseas voice live streaming and advertising income from the acquisition of Hupu.

It is understood that Xunlei has achieved significant growth in emerging markets such as Southeast Asia, the Middle East, and North Africa, with its revenue capacity now approaching the top tier.

Regarding R&D investment, Xunlei’s full-year R&D expenses in 2025 were $80 million, accounting for 17.3% of total revenue; R&D expenses for Q4 were $21.9 million.

In strategic investments, Xunlei’s long-term investment in Yingstone Innovation has yielded substantial returns, and advertising revenue from the Hupu acquisition has begun contributing additional income. Recently, the company also announced the sale of a 50% stake in its cloud computing business to focus on strategic priorities. Meanwhile, Xunlei retains a 20% stake in Wangxin.

Additionally, Xunlei maintains ample cash flow. According to the financial report, as of December 31, 2025, the company held $305.2 million in cash, cash equivalents, and short-term investments.

Xunlei Group Chairman and CEO Li Jinbo stated, “We achieved strong financial growth in both Q4 and the full year of 2025. This growth covered all core business segments, especially benefiting from the expansion of our overseas voice live streaming business, which doubled in size.”