Xperi reported a GAAP net loss of $30.3 million for Q2 2024, an improvement from a $38.4 million loss in Q2 2023. The non-GAAP results show a more positive picture, with a non-GAAP net income of $5.6 million in Q2 2024 compared to a loss of $3.7 million in Q2 2023. The company did not include the impact of AutoSense on its business and made adjustments for currency fluctuations to arrive at non-GAAP numbers.
During Xperi’s Q2 2024 earnings call, the company highlighted its ongoing business transformation since its separation from Adeia. Xperi has focused on streamlining its product portfolio by divesting AutoSense and aligning with key growth markets, which has contributed to profitability. The company is making targeted investments in strategic initiatives, particularly in three key areas: connected TV advertising, in-cabin entertainment for automobiles, and TiVo video-over-broadband services. Xperi says it wants to achieve 20 million monetizable endpoints by the end of 2025, with an expected revenue increase of nearly $200 million by 2026 relative to 2023.
Among the highlights of the company’s recent activities was the launch of the TiVo operating system and the TiVo One cross-screen ad platform in Europe, with availability in 15 countries under 17 different brands. T
In the connected car segment, AutoStage is now deployed in over seven million vehicles worldwide. The company expects this footprint to grow with the production of 2025 automotive models.
In the Pay TV segment, Xperi’s IPTV solution has gone over 2.25 million subscriber households in the quarter, on its way to the year-end target of 2.4 million subscribers. Xperi also secured multi-year license agreements with companies like HP and Tencent Music Entertainment to integrate its DTS and DTS technologies into various devices and platforms.
| (In millions) | Q2’24 | Q2’23 |
| Revenue | $119.60 | $126.90 |
| GAAP operating loss | -$21.90 | -$35.20 |
| GAAP net loss | -$30.30 | -$38.40 |
| Non-GAAP operating income/loss | $8.30 | -$1.20 |
| Non-GAAP net income/loss | $5.60 | -$3.70 |
| Adjusted EBITDA | $14.60 | $5.20 |
