Xperi Inc. · NYSE:XPER
Xperi — Q4 2025 Earnings Presentation
26 slides from Xperi's earnings presentation, Feb 25, 2026
Slide 1: Q4 and Full Year 2025 Earnings
Q4 and Full Year 2025 Earnings February 25, 2026
Slide 2: Safe Harbor
Safe Harbor This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward- looking statements, including,
Slide 3: Mission, Vision, Markets, Solutions
MISSION VISION MARKETS SOLUTIONS WHAT WHY WHERE WHO Xperi invents, Smarter technology = Media Platform TiVo ® develops, and delivers Extraordinary experiences Connected Car DTS ® technologies that enable Pay TV HD Radio extraordinary experiences Consumer Electronics IMAX® Enhanced 1 1 IMAX® Enhanced
Slide 4: Strategic Progress in 2025
Strategic Progress in 2025 Strong growth in TiVo One Ad Platform footprint: ▪ 5.3 million monthly active users – a 250% increase over the prior year end Continued growth of the AutoStage platform: ▪ 14 million vehicles – a 40% increase over the prior year end Video-over-Broadband subscriber growth:
Slide 5: Q4 Financial Metrics Summary
Q4 Financial Metrics Summary ▪ Revenue of $117M ▪ GAAP operating expenses, excluding cost of revenue, decreased 11% Y/Y ▪ Non-GAAP adjusted operating expense1,2 reduced by 13% Y/Y due primarily to workforce reductions ▪ GAAP net loss attributable to the Company of ($17M) and non-GAAP Adjusted EBITDA
Slide 6: Media Platform
Media Platform HIGHLIGHTS: TiVo One monthly active users* reached 5.3 million at year end Average Revenue Per User (ARPU*) for TiVo One at year end of $7.80 Ad reseller partnerships for TiVo One ad inventory with Titan Ads, OpenGlass and Anoki * See definitions at bottom of slide #15 6 © 2026 Xperi
Slide 7: Connected Car
Connected Car HIGHLIGHTS: Mercedes Benz to launch DTS AutoStage video service powered by TiVo Expanded footprint to more than 14 million vehicles on AutoStage platform Launched HD Radio in new models including from Toyota, Honda and Audi, and signed multi-year program with a large US-based Tier 1 su
Slide 8: Pay TV
Pay TV HIGHLIGHTS: IPTV subscriber households increased 25% year-over-year, reaching 3.25 million at year end Signed multi-year agreements with ClaroVTR for IPTV services and with Frontier Communications for content discovery services Canadian-based telecom operator Cogeco signed a multi-year agreem
Slide 9: Consumer Electronics
Consumer Electronics HIGHLIGHTS: Continued to expand the IMAX® Enhanced* program with new product categories, program adoption by Yamaha, and contract renewal with Onkyo Decoder and post-processing renewal with Sound United, which owns premium brands including Denon and Marantz Signed multi-year agr
Slide 10: Q4 2025 Revenue Breakdown
Q4 2025 Revenue Breakdown Market Y/Y Y/Y % Q4 2024 Q4 2025 ($ in thousands) Change Change Pay TV 60,478 56,152 (4,326) (7%) - Core Pay TV1 38,040 32,073 (5,967) (16%) - IPTV 22,438 24,079 1,641 7% Consumer Electronics 21,795 17,224 (4,571) (21%) Connected Car 29,839 31,336 1,497 5% Media Platform 10
Slide 11: Q4 2025 Financial Results Summary
Q4 2025 Financial Results Summary Q4 2024 Q4 2025 Y/Y Q4 2024 Q4 2025 Y/Y ($ in thousands, except per share amounts) GAAP GAAP Change Non-GAAP3 Non-GAAP3 Change Revenue 122,362 116,507 (5,855) 122,362 116,507 (5,855) Cost of revenue1 27,563 34,422 6,859 26,733 31,504 4,771 Adjusted operating expense
Slide 12: 2025 Revenue Breakdown
2025 Revenue Breakdown Market Y/Y Y/Y % 2024 2025 ($ in thousands) Change Change Pay TV 259,712 205,734 (53,978) (21%) - Core Pay TV1 179,529 111,237 (68,292) (38%) - IPTV 80,183 94,497 14,314 18% Consumer Electronics 81,993 2 77,587 (4,406) (5%) Connected Car 111,144 124,339 13,195 12% Media Platfo
Slide 13: 2025 Financial Results Summary
2025 Financial Results Summary 2024 2025 Y/Y 2024 Non- 2025 Non- Y/Y ($ in thousands) GAAP GAAP Change GAAP3 GAAP3 Change Revenue 493,688 448,105 (45,583) 493,688 448,105 (45,583) Cost of revenue1 113,756 126,648 12,892 109,432 120,682 11,250 Adjusted operating expense2 467,007 365,188 (101,819) 334
Slide 14: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow Finished fourth quarter of 2025 with $97 million of cash and cash equivalents Positive Operating Cash Flow of $4 million in fourth quarter of 2025, an improvement of $3 million from fourth quarter of 2024 Free Cash Flow1 usage of $2 million in fourth quarter of 2025 1 For
Slide 15: 2025 Exit Growth Goals
2025 Exit Growth Goals → graded Media Platform Pay TV Connected Car TiVo One Ad Platform TiVo IPTV DTS AutoStage ➢ More than 5 Million TiVo One Monthly Active Users* ➢ Activate TiVo One across ➢ DTS AutoStage footprint of across Europe & North * video- North America over 13M vehicles → 14M America →
Slide 16: Transition to Growth
TiVo OS (Smart TV) Transition to Growth We have built a scaled platform with large TiVo One Ad Platform audiences across TiVo OS, Video-Over-Broadband and Connected Car * ▪ Only Independent Omni-Media Platform with Scale ▪ Delivering Unique TiVo Audiences At-Home and In-The-Car Video-over-broadband
Slide 17: 2026 Growth Goals
2026 Growth Goals ▪ More than 7 million TiVo One Monthly Active Users 1 ▪ Media Platform revenue growth of ~100% with TiVo One ARPU2 exit rate above $10 ▪ Begin generating ads and *data monetization revenue on the AutoStage footprint 1 “TiVo One Monthly Active User” is defined as a unique device tha
Slide 18: Financial Outlook for FY 2026
Financial Outlook for FY 2026 Category 2025 Actual 2026 Outlook Revenue $448.1M $440M to $470M Adjusted EBITDA Margin 1, 2 17% 17% to 19% Additional Information 2025 Actual 2026 Outlook Operating Cash Flow ($0.5M) $15M to $25M Capital Expenditures3 $21.0M $15M to $20M Non-GAAP Tax Expense2 $19.7M ~$
Slide 19: We Create Extraordinary Experiences
Connected Car We create extraordinary experiences at home, in the car, and on the go Consumer Pay TV Electronics for millions of consumers around the world. Media Platform 19 © 2023 Xperi. All rights reserved.
Slide 20: Reconciliation Tables
Reconciliation Tables
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to disclo sing financial results calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company’s press release and presentation contain non-GAAP financial measures, including Non-GAAP Operating Income/(Loss), Non-GAAP Net In
Slide 22: GAAP to Non-GAAP Net (Loss) Income Reconciliation
GAAP to Non-GAAP Net (Loss) Income Reconciliation XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands) (unaudited) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Reconciliation of net (loss) income attributable to the Company: GAAP net (loss) income attributable to
Slide 23: GAAP to Non-GAAP Net (Loss) Income per Share Reconciliation
GAAP to Non-GAAP Net (Loss) Income per Share Reconciliation XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Reconciliation of net income per share attributable to the Company:
Slide 24: Operating (Loss) Income Reconciliation
Operating (Loss) Income Reconciliation XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands) (unaudited) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 GAAP operating loss $ (14,796 ) $ (14,286 ) $ (43,731 ) $ (87,075 ) Adjustments to GAAP operating loss: Stock-base
Slide 25: Adjusted EBITDA and Free Cash Flow Reconciliations
Adjusted EBITDA and Free Cash Flow Reconciliations XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands) (unaudited) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Computation of adjusted EBITDA and EBITDA margin: GAAP net (loss) income $ (17,085 ) $ 62,964 $ (56,33
Slide 26: Adjusted Operating Expense Reconciliation
Adjusted Operating Expense Reconciliation XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands) (unaudited) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Non-GAAP adjusted operating expense: Total operating expenses $ 131,303 $ 136,648 $ 491,836 $ 580,763 Less: Cos