Xperi (XPER) Q4 2025 earnings summary

Executive summary

• Achieved strong growth in TiVo One Ad Platform, AutoStage, and IPTV subscribers, with TiVo One monthly active users up over 250% year-over-year to 5.3 million and significant expansion in connected car and platform partnerships.

• Surpassed goals for TiVo One ad platform users and IPTV subscribers, and neared targets for connected car footprint, positioning for accelerated revenue through advertising and data monetization.

• Revenue for Q4 2025 was $117 million, with a GAAP net loss of $17 million and non-GAAP Adjusted EBITDA of $22 million (19% margin).

• Full-year 2025 revenue was $448.1 million, down 9% year-over-year, with declines in Pay TV and Consumer Electronics offset by growth in Media Platform, Connected Car, and IPTV.

• Reached an inflection point, expecting future growth to be driven by increased audience engagement and monetization.

Financial highlights

• Q4 2025 revenue was $117 million, down $6 million year-over-year, with growth in Media Platform and Connected Car offset by declines in Consumer Electronics and Pay TV.

• Adjusted EBITDA for Q4 was $22 million (19% margin); full-year adjusted EBITDA reached $77 million (17% of revenue), at the high end of guidance.

• Non-GAAP operating expense reduced by 13% in Q4 and 18% for the year, driven by workforce reductions and divestitures.

• Full-year revenue was $448.1 million, a 9% decrease year-over-year, mainly due to declines in Pay TV and Consumer Electronics.

• Operating cash flow was nearly neutral for the year, a significant improvement from $55 million usage in the prior year.

Outlook and guidance

• 2026 revenue expected between $440 million and $470 million, with media platform revenue projected to double.

• Adjusted EBITDA margin guidance is 17%-19%; operating cash flow expected at $15-$25 million, with positive free cash flow at midpoint.

• ARPU for TiVo One expected to exceed $10 by year-end 2026, with long-term potential above $20.

• Capital expenditures for 2026 are projected at $15-$20 million.

• Consumer electronics business faces challenging comparisons due to prior multi-year deals and ongoing supply chain risks.