Xperi Inc.NYSE: XPER

Investor Pitch Deck

Feb 26, 2026 at 6:52 PM UTC · MarketScreener

Watch Xperi explain itXperi Inc. (XPER) Q2 2026 Earnings Call · Replay · Aug 5

Xperi Inc. (NYSE: XPER)

COMPANY OVERVIEW

Updated February 2026

Company Overview 04

Growth Opportunity 06

Brands 07

Markets and Solutions 08

Media Platform 09

Pay TV 14

Immersive Entertainment 19

Why We Win 28

Financial Information 29

Capital Allocation 31

Our Opportunity 32

Leadership Team 33

Appendix 34

We are a digital entertainment technology company focused on three areas:

Media Platforms / Connected TV Advertising
Pay TV
Immersive Entertainment

Our mission is to create extraordinary entertainment experiences for consumers by powering a digital entertainment ecosystem with our global partners

01 02 03 04

Our core businesses enable investment into strategic growth opportunities in large and attractive advertising markets

Expanding market position due to unique and sustainable competitive advantages

Growth strategies are reaching inflection point after multiple years of investment

Growth inflection enables increased profitability and cash flow

Expected Growth Drivers

Smart TV advertising and data monetization
Video-over-broadband subscriber growth
Connected Car growth in licensing and from advertising and data monetization
Profitable Core Businesses
Pay TV program guides and discovery
HD Radio licensing
Consumer Electronics audio licensing

Video entertainment platform on Smart TVs, set-top boxes, and connected cars providing personalized content discovery

Immersive audio and video experiences for consumer products and in-cabin automotive

We have four strong brands that drive our business

Digital broadcast radio delivery

Partnership with IMAX to bring the premium experience of IMAX content into the living room

IMAX® Enhanced is a certification and licensing program operated by IMAX Corporation and DTS, Inc.

Media Platform

(2025 revenue $40.4 million,

9% of total)1

Pay TV

(2025 revenue $205.7 million, 46% of total)1

Advertising on Smart TVs
Monetization of TV data
Smart TV middleware
Interactive programming guides
Video-over-broadband solutions
Personalized content discovery
Consumer hardware and subscriptions
Our products are sold
into three primary markets
Immersive
Entertainment
(2025 revenue $201.9 million, 45% of total)1
Connected Car
HD Radio for AM/FM broadcast
DTS AutoStage infotainment platform for music and video
Music metadata
In-cabin audio solutions
Consumer Electronics
DTS:X codec for cinema, TVs and mobile
DTS Headphone:X for gaming
IMAX® Enhanced* for home and mobile devices
1 See detail on "Financial Information" slide, page 29.
8

© 2026 Xperi. All rights reserved.

Media Platform
Through our award-winning TiVo video entertainment solutions on Smart TVs, we generate revenue from advertising and data from end-user engagement.
9 © 2026 Xperi. All rights reserved.

TiVo OS (Smart TV)
TiVo One
Ad Platform
Video-over-broadband (IPTV - STB)

Media Platform Growth Driver:
Our Solutions
TiVo OS full stack Smart TV operating system
certified in over 40 countries
TiVo One cross screen ad platform managing home screen display and in-video CTV advertising
TiVo video-over-broadband solution for IPTV and broadband streaming

Media Platform Growth Driver:

Competitive Advantage

Delivering a best-in-class TV

01 operating system and set-top box user interface and

discovery experience

Serving as an independent OS provider that does

not compete with our
TV partners by making our
own TVs or e-commerce
platform
Sharing advertising revenue and data
Focusing on the OEM's
branding throughout
the experience
Enabling a lower-cost,
yet highly performant and

scalable platform

Media Platform Growth Driver:

Market and Metrics

MARKET METRICS (as of December 31, 2025)

$60

$50

BILLIONS

$40

$30

$20

$10

CTV ADVERTISING

13% CAGR

2024 2029

5.3 million TiVo One monthly active users

10 TV OS

Partners, including Vestel, Skyworth and Sharp

1,800+ free, ad-supported channels on TiVo+

TiVo+ is streaming 275K+ movies & shows

SELECT CUSTOMERS AND PARTNERS

US households spend close to 50% of TV viewership time on streaming, yet less than 30% of video advertising dollars are allocated to streaming 1

CTV is the main driver of growth in total media time spent - the

$33B in-stream video ad market for CTV is expected to grow at 13% CAGR through 2029 2

Xperi's key geographic target markets account for +80% of global revenue in this segment - combined growth in these markets is expected to outpace the global average 2

1 Source: Nielsen, September 2025; 2 Source PWC, Global Media and Entertainment index, Q3-2025.

Media Platform Growth Driver:

Goals, Metrics and Progress

Our Goals1 Metrics & Progress2

7M Users

Drive 7 million monthly active users on TiVo One ad platform

Achieved 5.3 million TiVo One monthly active users
10 Partners Sign 10 TV partners globally
Announced 10th TiVo OS TV partner
$20-$30
Drive ARPU3 of $20 - $30 (blended) from TiVo One ad platform
Achieved ARPU3 of $7.80
New partnerships validating

monetization opportunity

1 Long-Term goals for Users and ARPU shared in September 2022 - expected to be achieved over 3-5 year time horizon; goal of 10 Partners most recently shared in early 2025.

2 As of December 31, 2025.

3 Average Revenue Per User for TiVo One ("ARPU") is calculated by dividing monetization revenue within Media Platform for the trailing four quarters by the average number of TiVo One Monthly Active Users during that same period. Monetization revenue includes all advertising and data monetization revenue from the TiVo One platform and from other parts of the Media Platform business.

Pay TV

We operate a scalable global streaming media platform that provides operators an end-to-end video-over-broadband solution where our primary revenue model is royalties on a per-subscriber basis.

Pay TV Growth Driver:

Our Solutions

TiVo Full-service, Scalable, Cloud Native IPTV Video Service
AI Powered Personalized Discovery Platform powered by Industry Leading Metadata Catalogue

Pay TV Growth Driver:

Competitive Advantage

Award-winning streaming

video user experience on set-top box, streamer and
mobile devices
Deeply integrated content discovery technology -universal search,
personalized
recommendations and targeted advertising across live and streaming video
Rapidly deployable and scalable platform
Cloud-enabled, high-
availability end-to-end
streaming video solution
Enabling new advertising
revenue sources to
augment traditional

subscription revenue models

Pay TV Growth Driver:

METRICS (as of December 31, 2025)

SUBSCRIBERS (M)

Market and Metrics


3.25 Million video-	TiVo users watch	TiVo users watch
over-broadband	5B hours per year	4+ hours per day
(IPTV) subscriber
households

SELECT CUSTOMERS AND PARTNERS

MARKET

IPTV (AMERICAS)

Essentially Flat

2024

2029

Driven by personalization and bundling, IPTV subscriber growth across Xperi's key regions is expected to remain flat, despite ongoing and considerable subscriber losses across both Cable and Satellite TV. Subscribers to these legacy platforms are expected to decline by roughly 6% and 8% CAGR, respectively, in these same regions as IPTV remains resilient. 1

Advertising-based Video On Demand (AVOD) / Free Ad-Supported TV (FAST) remains the key growth driver for the space -with content revenue across Xperi's key regions expected to grow by 13% CAGR to $44B in 2030.1

1 Source: Omdia, TV and Online Video Intelligence, Q3-2025.

Pay TV Growth Driver:

Goals, Metrics and Progress

Our Goal1 Metrics & Progress2

3.2M $100+M

Grow a TiVo IPTV footprint of over 3.2 million

total subscriber households, yielding an expected annual run rate of subscriber revenue over $100 million

Achieved goal of 3.25 million global subscriber households for IPTV
IPTV subscriber year-over-year growth of 25 percent across Latin America and North America in 2025
LTM revenue for IPTV of $94.5 million
1 Long-Term goals for Footprint and Revenue initially shared in September 2022 - expected to be achieved over 3-5 year time horizon. The Footprint goal was subsequently
increased in February 2025, with a goal period of fiscal year 2026.
2 As of December 31, 2025.

18 © 2026 Xperi. All rights reserved.
Immersive Entertainment
Connected Car
We operate the digital terrestrial radio standard for AM and FM radio in United States and extend our infotainment media platform solutions to connected cars globally. To date, our primary business model is a per-unit license fee. In addition, in the future we expect to generate revenue from advertising and data from end-user engagement.
Consumer Electronics
We design and deliver innovative audio solutions as embedded software to leading consumer electronics manufacturers who pay us a per-unit license fee.
19 © 2026 Xperi. All rights reserved.

Connected Car Growth Driver:
High Quality,
Immersive Entertainment
Our Solutions
HD Radio is the sole digital terrestrial radio standard in North America
AutoStage is a content first media discovery platform integrating radio, streaming audio, podcast and video
DTS:X immersive automotive audio solutions

Connected Car Growth Driver:

Competitive Advantage

Expansive licensing HD

01 Radio, the sole digital terrestrial radio standard

in North America

Deep in-cabin

02 entertainment integration expertise in support of

our customers

Strong, multi-decade

03 partnering relationships with Tier 1 and OEM

manufacturers

Extensive broadcaster relationships globally

World class, industry leading audio technology over the last 30 years

Connected Car Growth Driver:

BILLIONS

Market and Metrics

METRICS (as of December 31, 2025)

HD Radio available in more than 115 million cars worldwide

2.7K+ HD

Radio stations in North America

10K+ radio stations globally using Xperi broadcast solutions

DTS

AutoStage is on the road in more than 140 countries

SELECT CUSTOMERS AND PARTNERS

MARKET

$20

AUTOMOTIVE INFOTAINMENT

$15

11% CAGR

$10

2024

2029

Global light vehicle sales expected to grow at 1.7% annually1

More than 90% of new car sales feature embedded connectivity in Xperi target markets2

The global automotive infotainment market is projected to grow at a CAGR of 11% from 2024 to 20293

Audio is the principal component to car infotainment systems and

radio represents more than 80% of audio ad revenue in cars4

1 Source: IHS Light Vehicle Sales Update, January 2026; 2 Source: Frost and Sullivan, Connected Car; Update, 2025; 3 Source: Frost and Sullivan, Market for Global Automotive Infotainment, 2025;

4 Source: PWC, Global Media and Entertainment Outlook, Q1-2026.

Connected Cars Growth Driver:

Goals, Metrics and Progress

Our Goal1

15M Vehicles

Drive DTS AutoStage footprint to 15 Million vehicles globally

Expect to launch digital advertising monetization trials

in 2026, with commercial launch anticipated in 2027

Expand HD Radio and audio post processing across the connected vehicle space

Metrics & Progress2

Reached 14 million DTS AutoStage vehicles
Mercedes Benz is the first car brand to offer all four of Xperi's connected car solutions: HD Radio, DTS:X immersive sound, and AutoStage for both audio and video
Initiated collaboration with leading audio media companies in the US and UK to launch targeted advertising trials on the AutoStage platform

1 Long-Term goal for AutoStage footprint was initially shared in September 2022 - expected to be achieved over 3-5 year time horizon. The goal was subsequently increased in February 2025, with a goal period of fiscal year 2026. The launch of digital advertising monetization trials goal was provided in February 2025.

2 As of December 31, 2025.

Consumer Electronics Growth Driver:

Our Solutions

DTS:X audio codec, a global industry standard for immersive audio distribution and playback from
cinema to OTT streaming
DTS Audio Processing for enhanced audio presentation across a full range of devices including Smart TVs, soundbars, home AV systems, PCs and mobile-phones; entering market with Clear Dialogue, an AI solution that makes spoken dialogue in TV shows and movies easier to understand
IMAX Enhanced licensing program for consumer electronic applications

Consumer Electronics Growth Driver:

Competitive Advantage

World class, industry leading

01 audio technology over a span

of last 30 years

Deep audio integration and

02 tuning expertise in support of

our customers

Strong content company relationships that support broader DTS codec ecosystem

Unique proprietary IMAX Enhanced content and exclusive licensing program

Customer Electronics Growth Driver:

METRICS (as of December 31, 2025)

BILLIONS

Market and Metrics

2B+ Devices powered by DTS Technology

275M Gaming Consoles with DTS

650M DTS

decoders sold since 2015

SELECT CUSTOMERS AND PARTNERS

MARKET

$70

$60

$50

$40

$30

$20

$10

HOME AUDIO

9% CAGR

2024 2028

The Home Audio segments are expected to outpace the entire CE market over the next three years - up 9% YOY to

$60Bn - driven largely by consumer demand for higher quality

and situational awareness/immersive audio.1

The market for Flat Panel TVs is expected to grow by 3% YOY to $141B in 2028.1

1 Source: TechInsights, Consumer Electronics Market Data, Q1-2026.

Consumer Electronics Growth Driver:

Goals, Metrics and Progress

Our Goals

Drive overall consumer electronics growth consistent with the market in key categories such as game consoles, AVRs, soundbars

Launch Clear Dialogue solution into TV market in 2026

Expand the IMAX Enhanced* ecosystem with more content, device partners and licensed devices across AV, mobile and automotive markets

Metrics & Progress1

Signed multi-year agreement with a leader in the PC space covering sound technologies for consumer products and extending audio technology penetration into its commercial products.
All major audio video receiver manufacturers now participate in the IMAX® Enhanced* program, reflecting its position as the premium solution in the marketplace.

1 As of December 31, 2025.

* IMAX® Enhanced is a certification and licensing program operated by IMAX Corporation and DTS, Inc.

Why We Win

Market Needs an Independent

and Neutral Media

Platform

Unlike existing platforms, TiVo allows users choice and control, enables subscriber acquisition and retention for content services, and provides recurring revenue for partners.

Xperi Benefits From its Leading IPTV Platform

TiVo revolutionized TV

with the original DVR and is a leader in IPTV, so TiVo benefits from a long

history of developing & delivering innovative, flexible solutions to customers that simplify entertainment for consumers.

Award-Winning User Experience Drives Demand and Viewership

Leveraging strong content relationships to enable its content-first approach, TiVo redefines streaming to drive increased audience engagement, viewership, and platform revenue.

Unique Business Model Powers Ecosystem Adoption

Based on decades of experience growing profitable CE and entertainment ecosystems, the TiVo business model is designed to better reward partner adoption compared to competing platforms by sharing user insight and reoccurring monetization revenue.

Fiscal Period:	2024	Q1-2025	Q2-2025	Q3-2025	Q4-2025	2025
Media Platform	40.8	8.1	12.1	8.4	11.8	40.4	LTM1 Revenue By Market
Pay-TV	259.7	49.9	49.9	49.8	56.2	205.7
Connected Car	111.1	33.3	25.1	34.6	31.3	124.3

Financial Information

17%

28%

46%

Consumer Electronics 82.0 22.8 18.8 18.8 17.2 77.6 Total Revenue 493.7 114.0 105.9 111.6 116.5 448.1
GAAP Net Loss	(0.9)	(18.4)	(14.8)	(6.1)	(17.1)	(56.3)
Adjusted EBITDA2	74.2	16.4	15.2	23.1	22.3	77.0
Adjusted EBITDA %2	15%	14%	14%	21%	19%	17%
Operating Cash Flow	(55.3)	(22.3)	10.1	7.5	4.1	(0.5)
Capital Expenditures3	16.8	4.2	4.8	5.6	6.4	21.0
Fiscal Period Ending:	12/31/24	03/31/25	06/30/25	09/30/25	12/31/25	12/31/25

Cash & Equivalents 130.6 88.0 95.1 96.8 96.8 96.8

Debt 50.0 40.0 40.0 40.0 40.0 40.0

Media Platform Pay-TV

Connected Car Consumer Electronics

Last Twelve Months ("LTM") = Q1-2025 through Q4-2025.
See Appendix for further information and reconciliations on supplemental non-GAAP Adjusted EBITDA and non-GAAP Adjusted EBITDA Margin.
Capital Expenditures for property and equipment (PP&E) consist primarily of purchases of computer hardware and software, capitalized internal-use software, information systems, and production and test equipment.

Adjusted EBITDA Margin Improving Over Time

35%

30%

25-30%

Long-Term Goal

25%

20%

17-19%

Guide

17%

15%

~Breakeven

15%

10%

2022 2023 2024 2025 2026 Target

Attention: This is an excerpt of the original content. To continue reading it, access the original document here.