Slides
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November 5, 2025 Q3 2025 Earnings
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2 © 2025 Xperi Inc. All rights reserved. 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, without limitation, statements regarding: expectations regarding our future results of operations and financial position, margin expansion and overall growth, including, without limitation, expectations regarding revenue and Adjusted EBITDA Margin growth, ARPU growth, the deployment by third parties of products that use our technology, objectives for future operations, and ongoing strategies and operating initiatives, including, without limitation, our monetization goals and expectations, including, without limitation, expectations regarding growth of partnerships, users and footprint across our platforms, and other objectives. These forward-looking statements are based on information available to the Company as of the date hereof, as well as the Company’s current expectations, assumptions, estimates and projections that involve risks and uncertainties. In some cases, you can identify forward-looking statements by the words “expect,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “see,” “will,” “may,” “would,” “might,” “potentially,” “estimate,” “continue,” “expect,” “target,” "goal," and similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under the captions “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC”), as updated in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 to be filed with the SEC, and our other filings with the SEC from time to time. Any forward-looking statements speak only as of the date of this presentation and are based on information available to the Company as of the date of this presentation, and the Company does not assume any obligation to, and does not intend to, publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.
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3 © 2025 Xperi Inc. All rights reserved. MARKETS Media Platform Connected Car Pay TV Consumer Electronics WHERE SOLUTIONS TiVo ® DTS ® HD Radio IMAX ® Enhanced1 WHO MISSION Xperi invents, develops, and delivers technologies that enable extraordinary experiences WHAT VISION Smarter technology = Extraordinary experiences WHY 1 IMAX® Enhanced is a certification and licensing program operated by IMAX Corporation and DTS, Inc.
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4 © 2025 Xperi Inc. All rights reserved. Strategic Progress During Q3 2025 Strong growth in TiVo One footprint across both U.S. and Europe: ▪ 4.8 million Monthly Active Users – a 30% sequential increase ▪ New partnerships validating monetization opportunity Continued growth in the Connected Car platform: ▪ 13 million AutoStage vehicles ▪ New programs are expected to drive long-term monetization Video-over-Broadband subscriber growth: ▪ 3.2 million subscriber households – a 32% Y/Y increase ▪ Key renewals demonstrate partner commitment to the TiVo platform
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5 © 2025 Xperi Inc. All rights reserved. Q3 Financial Metrics Summary ▪ Revenue of $112M ▪ GAAP operating expenses, including cost of revenue, decreased 25% Y/Y ▪ Non-GAAP adjusted operating expense1,2 decreased 20% due primarily to cost transformation and a business divestiture ▪ GAAP net loss attributable to the Company of ($6M) and Non-GAAP1 Adjusted EBITDA of $23M (at 21% of revenue) ▪ GAAP loss per share of ($0.13) and non-GAAP1 earnings per share of $0.28 ▪ Operating Cash Flow of $8 million and Free Cash Flow of $2 million 1 For further information on supplemental Non-GAAP metrics, refer to the “Non-GAAP Financial Measures” and GAAP to Non-GAAP Reconciliation tables below. 2 Adjusted Operating Expense = Total Operating Expense (including depreciation and amortization of intangible assets) less Co st of Revenue.
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6 © 2025 Xperi Inc. All rights reserved. HIGHLIGHTS: TiVo One monthly active users increased by 30% to reach 4.8 million 10th TiVo OS TV partnership with a European brand for a leading Asia- based ODM Average Revenue Per User (ARPU) at quarter end of $8.75 Signed multiple monetization partnerships, including agreements with Titan Ads and Comscore Media Platform
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7 © 2025 Xperi Inc. All rights reserved. Connected Car HIGHLIGHTS: Expanded footprint to more than 13 million vehicles on AutoStage platform Launched DTS AutoStage Broadcaster Portal for analytics and measurement Initiated collaboration with leading audio media companies in the U.S. and U.K. to launch targeted advertising trials on the AutoStage platform Secured multi-year HD Radio contract with major Asian Tier 1 partner
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8 © 2025 Xperi Inc. All rights reserved. HIGHLIGHTS: IPTV subscribers increased 32% year- over-year, reaching 3.2 million households Renewed agreement with the National Content and Technology Cooperative (NCTC) Secured a multi-year renewal with Canadian operator Mitchell Seaforth Cable TV (MSC), which is expected to drive continued subscriber growth in Canada Pay TV
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9 © 2025 Xperi Inc. All rights reserved. Consumer Electronics HIGHLIGHTS: Renewed multi-year contract with Vestel to deploy DTS audio solutions across its TV brands Expanded partnership with Sony Pictures for release of hundreds of additional titles in IMAX Enhanced* with DTS:X immersive audio Expanded the IMAX Enhanced* program in home projector category through new agreements with Optoma and Epson * IMAX® Enhanced is a certification and licensing program operated by IMAX Corporation and DTS, Inc.
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10 © 2025 Xperi Inc. All rights reserved. 10 * ➢ More than 5 Million TiVo One Monthly Active Users* across Europe & North America ➢ ARPU** above $10 ➢ Sign at least 2 additional TV partners, for a total of 10 ➢ Activate TiVo One across North America video- over-broadband devices ➢ IPTV footprint of at least 3M subscriber households ➢ DTS AutoStage footprint of over 13M vehicles ➢ Initiate monetization on certain AutoStage footprint in North America DTS AutoStageTiVo One Ad Platform TiVo IPTV 2025 Exit Growth Goals Media Platform Connected CarPay TV * “TiVo One Monthly Active User” is defined as a unique device that has connected to the TiVo video service, which includes the TiVo One advertising platform, at least once within the last 30 days. ** "Average Revenue Per User (ARPU) for TiVo One" 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.
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11 © 2025 Xperi Inc. All rights reserved. Q3 2025 Revenue Breakdown 1 Includes Classic Guides, Discovery, Linux, CubiTV, as well as Consumer Hardware and Subscriptions. 2 Q3 2024 Consumer Electronics included $1.3 million of revenue from Perceive, a subsidiary that was sold on October 2, 2024. Market ($ in thousands) Q3 2024 Q3 2025 Y/Y Change Y/Y % Change Y/Y Change Y/Y % Change Pay TV 81,676 49,781 (31,895) (39%) (31,895) (39%) - Core Pay TV1 61,079 25,535 (35,544) (58%) (35,544) (58%) - IPTV 20,597 24,246 3,649 18% 3,649 18% Consumer Electronics 16,906 18,802 1,896 11% 3,162 20% Connected Car 25,534 34,612 9,078 36% 9,078 36% Media Platform 8,775 8,437 (338) (4%) (338) (4%) TOTAL 132,891 111,632 (21,529) (16%) (19,993) (15%) Excluding Perceive2
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12 © 2025 Xperi Inc. All rights reserved. ($ in thousands, except per share amounts) Q3 2024 GAAP Q3 2025 GAAP Y/Y Change Q3 2024 Non-GAAP3 Q3 2025 Non-GAAP3 Y/Y Change Revenue 132,891 111,632 (21,259) 132,891 111,632 (21,259) Cost of revenue1 27,484 29,078 1,594 26,120 28,144 2,024 Adjusted operating expense2 123,962 83,916 (40,046) 82,251 65,984 (16,267) Operating income/(loss) (18,555) (1,362) 17,193 24,520 17,504 (7,016) Adjusted EBITDA n/a n/a n/a 31,440 23,066 (8,374) Adjusted EBITDA Margin n/a n/a n/a 24% 21% -3 pts Other expense/(income), net (1,623) (60) 1,563 (1,876) (60) 1,816 Tax expense 2,899 4,805 1,906 6,115 4,774 (1,341) Net income/(loss)4 (16,805) (6,107) 10,698 23,307 12,790 (10,517) Earnings (loss) per share4 (0.37) (0.13) 0.24 0.51 0.28 (0.23) Number of shares outstanding 45,683 46,276 593 45,837 46,391 554 1 Excluding depreciation and amortization of intangible assets. 2 Adjusted Operating Expense = Total Operating Expense (including depreciation and amortization of intangible assets) less Cost of Revenue. 3 See tables for reconciliation of GAAP to non-GAAP. 4 Attributable to the Company. Q3 2025 Financial Results Summary
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13 © 2025 Xperi Inc. All rights reserved. Balance Sheet and Cash Flow Finished third quarter of 2025 with $97 million of cash and cash equivalents, an increase of $2 million from the second quarter of 2025 Positive Operating Cash Flow of $8 million in third quarter of 2025, an improvement of $12 million from third quarter of 2024 Positive Free Cash Flow of $2 million1 in third quarter of 2025 1 Free Cash Flow is calculated as: $7.5 million Operating Cash Flow, less $0.8 million of Property Plant & Equipment, less $4.8 million of Capitalized Internal Use Software = $1.9 million Free Cash Flow
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14 © 2025 Xperi Inc. All rights reserved. Maintaining Financial Outlook for FY 2025 1 See discussion of "Non-GAAP Financial Measures" below. 2 With respect to Adjusted EBITDA Margin and non-GAAP Tax Expense, the Company has determined that it is unable to provide a quantitative reconciliation of this forward-looking non-GAAP measure to the most directly comparable forward-looking GAAP measure with a reasonable degree of confidence in its accuracy without unreasonable effort, as items including restructuring and impacts from discrete tax adjustments and tax law changes are inherently uncertain and depend on various factors, many of which are beyond the Company's control. Category ($ in millions) GAAP Outlook Non-GAAP Outlook Revenue $440 to $460 $440 to $460 Adjusted EBITDA Margin1, 2 n/a 15% to 17% Additional Information Operating Cash Flow Neutral +/- $10M Non-GAAP Tax Expense2 ~$20M Capital Expenditures ~$20M Basic and Fully Diluted Share Count ~46M
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15 © 2023 Xperi. All rights reserved. 15 We create extraordinary experiences at home, in the car, and on the go for millions of consumers around the world. Connected Car Media Platform Pay TVConsumer Electronics
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Thank You
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Reconciliation Tables
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18 © 2025 Xperi Inc. All rights reserved. Non-GAAP Financial Measures In addition to disclosing 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 Income/(Loss) attributable to the Company, Non-GAAP Net Income/(Loss) Per Share attributable to the Company, Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted EBITDA Margin, and Non-GAAP Adjusted Operating Expense. Non-GAAP Operating Income/(Loss) is defined as GAAP Operating Income/(Loss), less the impact of stock-based compensation; amortization of intangible assets; transaction, integration and restructuring costs; severance and retention costs; and other items not indicative of our ongoing operating performance. Non-GAAP Net Income/(Loss) attributable to the Company is defined as GAAP Net Income/(Loss) attributable to the Company excluding the impact of stock- based compensation; amortization of intangible assets; transaction, integration and restructuring costs; severance and retention costs; and other items not indicative of our ongoing operating performance; and related tax effects for each adjustment. Non-GAAP Net Income/(Loss) Per Share attributable to the Company is defined as Non-GAAP Income/(Loss) attributable to the Company divided by Non-GAAP weighted average shares outstanding - diluted. Non-GAAP Adjusted EBITDA is defined as GAAP Net Income/(Loss), less the impact of interest expense; provision for income taxes; stock-based compensation; depreciation expense; amortization of intangible assets; amortization of capitalized cloud computing costs; transaction, integration and restructuring costs; severance and retention costs; and other items not indicative of our ongoing operating performance. Non-GAAP Adjusted EBITDA Margin is defined as Non-GAAP Adjusted EBITDA divided by total revenue. Non-GAAP Adjusted Operating Expense is defined as GAAP operating expense, less cost of revenue, excluding depreciation and amortization of intangible assets; less the impact of stock-based compensation; amortization of intangible assets; transaction, integration and restructuring costs; severance and retention costs; and other items not indicative of our ongoing operating performance. Management believes that the non-GAAP measures used in this presentation provide investors with important perspectives into the Company’s ongoing business and financial performance and provide a better understanding of our core operating results reflecting our normal business operations. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. Our use of non-GAAP financial measures has certain limitations in that the non-GAAP financial measures we use may not be directly comparable to those reported by other companies. For example, the terms used in this presentation, such as adjusted EBITDA, do not have a standardized meaning. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. We seek to compensate for the limitation of our non-GAAP presentation by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures in the tables attached hereto. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. All financial data is presented on a GAAP basis except where the Company indicates its presentation is on a non-GAAP basis.
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19 © 2025 Xperi Inc. All rights reserved. GAAP to Non-GAAP Net (Loss) Income Reconciliation XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended September 30, 2025 2024 Reconciliation of net income attributable to the Company: GAAP net loss attributable to the Company $ (6,107 ) $ (16,805 ) Adjustments to GAAP net loss attributable to the Company: Stock-based compensation(1) 9,640 15,249 Amortization of intangible assets 7,987 10,934 Transaction, integration and restructuring related costs: Transaction, integration and restructuring costs (2) 233 7,961 Severance and retention(3) 1,006 9,184 Income tax adjustment(4) 31 (3,216 ) Non-GAAP net income attributable to the Company $ 12,790 $ 23,307 (1) Stock-based compensation included in above line items: Cost of revenue, excluding depreciation and amortization of intangible assets $ 883 $ 822 Research and development $ 2,783 $ 5,225 Selling, general and administrative $ 5,974 $ 9,202 (2) Transaction, integration and restructuring costs included in above line items: Research and development $ — $ 4,324 Selling, general and administrative $ 233 $ 3,384 Interest and other income, net $ — $ 253 (3) Severance and retention included in above line items: Cost of revenue, excluding depreciation and amortization of intangible assets $ 51 $ 542 Research and development $ 109 $ 6,287 Selling, general and administrative $ 846 $ 2,355 (4) The provision for income taxes is adjusted to reflect the net direct and indirect income tax effects of the various non-GAAP pretax adjustments.
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20 © 2025 Xperi Inc. All rights reserved. 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 September 30, 2025 2024 Reconciliation of net income per share attributable to the Company: GAAP net loss attributable to the Company $ (0.13) $ (0.37) Adjustments to GAAP net loss per share attributable to the Company: Stock-based compensation 0.21 0.33 Amortization of intangible assets 0.17 0.24 Transaction, integration and restructuring related costs 0.03 0.38 Income tax adjustment — (0.07) Non-GAAP net income per share attributable to the Company $ 0.28 $ 0.51 GAAP weighted-average number of shares - basic and diluted 46,276 45,683 Non-GAAP weighted-average number of shares - diluted 46,391 45,837
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21 © 2025 Xperi Inc. All rights reserved. Operating (Loss) Income Reconciliation XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands) (unaudited) Three Months Ended September 30, 2025 2024 GAAP operating loss $ (1,362 ) $ (18,555 ) Adjustments to GAAP operating loss: Stock-based compensation 9,640 15,249 Amortization of intangible assets 7,987 10,934 Transaction, integration and restructuring related costs: Transaction, integration and restructuring costs 233 7,708 Severance and retention 1,006 9,184 Non-GAAP operating income $ 17,504 $ 24,520
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22 © 2025 Xperi Inc. All rights reserved. Adjusted EBITDA Reconciliation XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands) (unaudited) Three Months Ended September 30, 2025 2024 GAAP net loss $ (6,107 ) $ (19,831 ) Adjustments to GAAP net loss: Interest expense 934 1,123 Provision for income taxes 4,805 2,899 Stock-based compensation 9,640 15,249 Depreciation expense 3,470 2,918 Amortization of intangible assets 7,987 10,934 Amortization of capitalized cloud computing costs 1,098 1,003 Transaction, integration and restructuring related costs: Transaction, integration and restructuring costs 233 7,961 Severance and retention 1,006 9,184 Non-GAAP Adjusted EBITDA $ 23,066 $ 31,440 Non-GAAP Adjusted EBITDA Margin(1) 20.7 % 23.7 % (1)Non-GAAP Adjusted EBITDA Margin is calculated by dividing Non-GAAP Adjusted EBITDA, derived as above, by the Company's total revenue, expressed as a percentage.
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23 © 2025 Xperi Inc. All rights reserved. Adjusted Operating Expense Reconciliation XPERI INC. GAAP TO NON-GAAP RECONCILIATIONS (in thousands) (unaudited) Three Months Ended September 30, 2025 2024 Total GAAP operating expenses $ 112,994 $ 151,446 Less: Cost of revenue, excluding depreciation and amortization of intangible assets (29,078 ) (27,484 ) GAAP adjusted operating expense 83,916 123,962 Adjustments to GAAP adjusted operating expense: Stock-based compensation: Research and development (2,783 ) (5,225 ) Selling, general and administrative (5,974 ) (9,202 ) Amortization of intangible assets (7,987 ) (10,934 ) Transaction, integration and restructuring related costs: Transaction and integration related costs recorded in research and development - (4,324 ) Transaction and integration related costs recorded in selling, general and administrative (233 ) (3,384 ) Severance and retention recorded in research and development (109 ) (6,287 ) Severance and retention recorded in selling, general and administrative (846 ) (2,355 ) Non-GAAP adjusted operating expense $ 65,984 $ 82,251