Xunlei (XNET) Q2 2026 Earnings Call Transcript

Xunlei reported Q2 2026 revenue of $102.7 million, up 38.9% year-over-year, driven by subscription and overseas audio live-streaming growth. However, the company posted an operating loss of $4.8 million and a net loss of $218.5 million, primarily due to fair value volatility in its Arashi Vision investment. Gross margins declined to 55.8% from 63% due to the lower-margin live-streaming business becoming a larger revenue component. The company initiated a $20 million share repurchase program and is working to reduce its 7.8% stake in Arashi Vision to comply with investment regulations.