Xunlei's 2025 annual revenue is $462.4 million, a year-over-year increase of 42.5%.

IT Home March 12 News. Today, Thunder announced its unaudited financial results for the fourth quarter and full year 2025, as of December 31, 2025.

The financial report shows that full-year 2025 total revenue reached $462.4 million, up 42.5% year over year; fourth-quarter revenue was $143.3 million, up 70% year over year; full-year GAAP net profit was $1.0476 billion. Overseas business performance was especially impressive: full-year overseas revenue grew 97.5% year over year and increased its share of total revenue to 24.9%.

Membership services, as one of Thunder’s main revenue sources, in 2025 delivered full-year revenue of $154.8 million, up 15.8% year over year; fourth-quarter revenue was $42.10 million, up 22.4% year over year.

IT Home noted that live streaming and other internet value-added services are also continuing to gain momentum. By the fourth quarter of 2025, they achieved year-over-year doubling growth. Full-year revenue was $170.2 million, up 97.5% year over year; fourth-quarter revenue was $55.10 million, up 102.8% year over year. The revenue growth was mainly due to increased revenue from overseas voice live-streaming business and the contribution of advertising revenue after the acquisition of Hupu.

Thunder’s full-year 2025 R&D expenses were $80.0 million, accounting for 17.3% of total revenue, and R&D expenses for the fourth quarter were $21.90 million. In 2025, Thunder released a decentralized technology solution to make it smoother for users to watch videos in the browser. This solution has currently reached collaborations with multiple mainstream smartphone manufacturers.

In addition, Thunder has continued to maintain ample cash flow. As shown in the financial report, as of December 31, 2025, the company held $305.2 million in cash, cash equivalents, and short-term investments.