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Xunlei (NASDAQ: XNET), a leading technology company specializing in distributed cloud services in China, has announced the filing of its annual report on Form 20-F for the fiscal year ended December 31, 2024. The company submitted the report to the Securities and Exchange Commission (SEC) on April 24, 2025.
Investors and interested parties can access the annual report through Xunlei's investor relations website at http://ir.xunlei.com or directly from the SEC's website at www.sec.gov.
Xunlei (NASDAQ: XNET) reported mixed Q4 2024 and full-year financial results. Q4 total revenues increased 9.3% YoY to $84.3 million, driven by growth in subscription (+9.0%) and live-streaming (+80.7%) revenues, while cloud computing declined 25.6%. The company recorded a Q4 net loss of $9.9 million, compared to net income of $3.7 million in Q4 2023.
Full-year 2024 revenues decreased 11.1% to $324.4 million. Despite revenue decline, gross profit increased 2.8% to $167.6 million, with margin improving to 51.7%. The company recorded a $20.7 million goodwill impairment charge due to declining cloud computing performance. Subscriber base grew to 6.38 million, up from 5.99 million year-over-year.
The company announced the acquisition of Hupu in January 2025, expecting immediate earnings accretion after closing. As of December 31, 2024, cash position stood at $287.5 million, and the company spent $5.6 million on share buybacks under its $20 million repurchase program.
Xunlei (NASDAQ: XNET), a leading technology company providing distributed cloud services in China, has scheduled to release its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024. The results will be announced on March 13, 2025 before market open.
The company will host a conference call at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong Time) on the same day to discuss quarterly and fiscal year results along with recent business developments. The earnings release will be available on the company's investor relations website, and a live audio webcast of the conference call will be accessible to investors.
Xunlei (Nasdaq: XNET) has announced a definitive agreement to acquire Shanghai Kuanghui Internet Technology Co., (Hupu) for RMB500 million in cash, subject to adjustments. Hupu operates as China's leading sports media and data platform.
The transaction is expected to close in the first half of 2025, pending certain conditions. The strategic acquisition aims to create synergy by combining Xunlei's technological expertise and user base in internet content transmission with Hupu's sports content and community platform. The merger is expected to enhance content downloads, community interaction, and sports consumption in a high-loyalty niche market while strengthening Xunlei's content ecosystem.
Xunlei (Nasdaq: XNET), a leading technology company providing distributed cloud services in China, has announced the appointment of JPMorgan Chase Bank, N.A. as its new successor depositary for the company's American Depositary Receipt (ADR) program, effective December 31, 2024.
The company has entered into an amended and restated deposit agreement with J.P. Morgan, replacing the previous agreement. A registration statement on Form F-6 has been filed with the SEC, including the amended agreement as an exhibit. ADR holders are not required to take any action regarding this change.
Xunlei (Nasdaq: XNET) announced changes to its Board of Directors on November 14, 2024. Mr. Ya Li resigned as independent director for personal reasons, and Mr. He Huang was appointed as his replacement. Huang, who founded and serves as CEO of Beijing Duwo Technology (Ipalfish) since 2015, will join the compensation committee, audit committee, and corporate governance and nominating committee. He holds bachelor's and master's degrees in computer science from Beijing University of Technology.
Xunlei (XNET) reported mixed Q3 2024 financial results with total revenues of US$80.1 million, down 4.9% year-over-year. While subscription revenues grew 15.6% to US$33.2 million, cloud computing and live streaming revenues declined by 14.4% and 16.7% respectively. The company maintained profitability with net income of US$4.4 million and diluted EPS of US$0.07. Gross profit increased 7.8% to US$40.5 million, with improved margin of 50.8%. The company's cash position strengthened to US$272.0 million and continued its share repurchase program, spending US$1.0 million to buy back 588,025 ADSs in Q3.
Xunlei (NASDAQ: XNET), a leading technology company providing distributed cloud services in China, has scheduled to release its unaudited financial results for the third quarter ended September 30, 2024, before market opens on Thursday, November 14, 2024. The company will host a conference call at 7:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong Time) on the same day to discuss quarterly results and recent business developments. The earnings release will be available on the company's investor relations website, along with a live audio webcast of the conference call.
Xunlei (Nasdaq: XNET), a leading technology company providing distributed cloud services in China, has announced the appointment of Mr. Hui Duan and Mr. Xiaosong Li as new members of its board of directors, effective September 23, 2024. Mr. Duan, who previously served as a director from April 2020 to September 2023, is currently the Chief Technology Officer of Beijing Itui Technology Co., Mr. Li has been serving as the Vice President of AGI Business at Xunlei since December 2023.
Both appointees bring extensive experience in technology and management. Mr. Duan has a background in SaaS and held various management positions at Xunlei from 2008 to 2015. Mr. Li has expertise in artificial intelligence and previously worked at Baidu Search Ads. Jinbo Li, Chairman and CEO of Xunlei, expressed confidence that their industry expertise and management experience will contribute to creating value for shareholders.
JX Luxventure (Nasdaq: JXJT), a technology company focused on integrated tourism services, has appointed Mr. Zhang Chun Sheng as Director of Marketing on August 29, 2024. Mr. Zhang brings over 15 years of experience in brand promotion and marketing, having previously held a senior role at Xunlei (NASDAQ: XNET). CEO Sun "Ice" Lei expressed excitement about the appointment, stating that it confirms Mr. Zhang's confidence in the company's management and future prospects.
The company expects Mr. Zhang's expertise to be instrumental in elevating the Luxventure brand, deepening partnerships with major corporations, and expanding market presence. This strategic hire aligns with JX Luxventure's focus on enhancing its position in integrated tourism services, duty-free cross-border goods, and comprehensive e-commerce technology solutions.
