Here’s the good news for investors in Xperi Corp., the parent of HD Radio, as well as the acclaimed DTS AutoStage product and TiVo products for television: Q3 revenue increased to $132.9 million, from $130.4 million.
That did much to narrow the company’s quarterly net loss. And, on a non-GAAP basis, big improvements were seen.
The net loss for Xperi Corp. came in at $16.8 million (-$0.37 per share), trimming it from $41.4 million (-$0.96) in the third quarter of 2023.
Yet, on an adjusted basis, a big positive swing was seen, as non-GAAP Operating Income surged to $24.5 million, from $4.3 million; Non-GAAP net income of $23.3 million ($0.51 per share) was achieved, a shift from a Non-GAAP net loss of $3.3 million (-$0.08 per share) in the year-ago quarter.
“Our TiVo OS Smart TV footprint is approaching one million units, and with accelerating partner activity we believe we remain on-track toward our year-end target of two million active connected devices,” Xperi CEO Jon Kirchner noted on Wednesday. He also played up the release of Xperi’s AI-driven DTS Clear Dialogue product, which addresses dialogue intelligibility for TV viewers.
Meanwhile, HD Radio is now being deployed in new models from Ford, Cadillac, Volkswagen, Audi, Porsche, Mercedes-Benz, Genesis, BMW, Nissan, and Aston Martin.
The bigger news: AutoStage is now integrated into more than eight million vehicles across 146 countries – double the number of vehicles since August 2023 – with more than five million vehicles in North America that utilize both AutoStage and HD Radio.
Investors appeared to be frustrated, however, with the expenses seen by Xperi Corp., as pre-market trading had “XPER” down 9.1% to $9.02. Still, that is significantly better than a $7.01 closing price seen on August 6.
