It’s the parent of DTS AutoStage, TiVo and HD Radio, and in Q3 2022 saw a nearly $400 million operating loss. This year, there was revenue growth, and a loss that shrunk considerably year-over-year.
The biggest takeaway from Xperi Corp.? Adjusted EBITDA in Q3 2023 was positive, demonstrating that the company is making significant strides toward profitability.
Revenue grew to $130.4 million from $121.6 million, as the operating loss declined to $31.1 million (-$0.96) from $399.1 million (-$9.54). It blew past Street estimates of $127.86 million in revenue for Q3.
But, on an adjusted basis, operating income of $4.3 million was seen, shifting from a loss of $5.9 million, as adjusted EBITDA moved to $9.3 million ($0.08) from -$300,000 (-$0.22). This easily surpassed Street estimates of -$0.09.
“Today’s results reflect the completion of our first year as a standalone company – a year highlighted by significant design wins and strong business momentum across our key growth areas, coupled with solid financial performance, including comparable 6% revenue growth over the prior year trailing twelve months,” CEO Jon Kirchner remarked. “We are entering a particularly exciting phase as our business momentum is translating into tangible operational milestones, such as video services powered by TiVo now shipping in Vestel Smart TVs, as well as in BMW cars. When taken together with ongoing efforts to drive cost transformation, these milestones are important steps toward delivering on our strategic vision, improving profitability, and achieving significant long-term revenue growth.”
In Q3, HD Radio reached a milestone, Xperi noted, with 100 million cars now able to get HD multicasts and the HD1 signal from an over-the-air broadcast station.
Meanwhile, TiVo’s IPTV offerings continue to win over service providers.
Xperi’s long-term debt stands at $50 million.
