XNET (XNET) financial statements
XNET reported revenue of $462M in fiscal 2025, up 14.2% a year over 9 years.
Net income was $1.0B and the operating margin 1.4%, against -29.6% in 2016.
Free cash flow was $27M.
The diluted share count fell 5% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from XNET's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $140M | $201M | $231M | $181M | $187M | $240M | $343M | $365M | $324M | $462M |
| Cost of revenue | $80M | $118M | $116M | $100M | $93M | $119M | $200M | $201M | $156M | $243M |
| Gross profit | $60M | $83M | $115M | $81M | $94M | $120M | $141M | $163M | $168M | $218M |
| Research and development | $61M | $67M | $77M | $69M | $55M | $62M | $68M | $74M | $72M | $80M |
| Selling, general and admin | $41M | $56M | $76M | $71M | $52M | $61M | $65M | $90M | $91M | $131M |
| Operating income | -$42M | -$54M | -$44M | -$56M | -$19M | -$4M | $10M | -$2M | -$16M | $7M |
| Interest expense | $239,000 | $239,000 | $239,000 | $75,000 | $406,000 | $95,000 | $93,000 | $2M | $728,000 | $2M |
| Pre-tax income | -$33M | -$46M | -$41M | -$49M | -$13M | $983,000 | $25M | $18M | -$2M | $1.0B |
| Income tax | -$2M | -$2M | -$89,000 | $5M | $1M | -$125,000 | $4M | $4M | -$3M | -$1M |
| Net income | -$24M | -$38M | -$39M | -$53M | -$14M | $1M | $21M | $14M | $1M | $1.0B |
| EPS (diluted) | -$0.07 | -$0.11 | -$0.12 | -$0.16 | -$0.04 | $0.00 | $0.06 | $0.04 | $0.00 | $3.31 |
| Diluted shares | 334M | 332M | 335M | 338M | 337M | 336M | 336M | 327M | 319M | 316M |
| Gross margin | 43.0% | 41.2% | 49.8% | 44.5% | 50.2% | 50.2% | 41.3% | 44.7% | 51.7% | 47.0% |
| Operating margin | -29.6% | -27.0% | -19.2% | -31.1% | -10.1% | -1.8% | 2.9% | -0.4% | -4.8% | 1.4% |
| Net margin | -17.2% | -18.9% | -17.0% | -29.3% | -7.4% | 0.5% | 6.3% | 3.9% | 0.4% | 226.7% |
Balance sheet
Fiscal years, from XNET's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $381M | $372M | $319M | $265M | $255M | $239M | $261M | $272M | $288M | $305M |
| Receivables | $15M | $41M | $19M | $28M | $23M | $26M | $30M | $31M | $33M | $68M |
| Inventory | $374,000 | $4M | $13M | $6M | $2M | $1M | $457,000 | $2M | $1M | $403,000 |
| Total current assets | $412M | $431M | $363M | $317M | $302M | $294M | $332M | $327M | $363M | $400M |
| Property, plant and equipment | $21M | $25M | $22M | $39M | $51M | $58M | $62M | $60M | $55M | $55M |
| Goodwill | $20M | $22M | $21M | $20M | $23M | $23M | $21M | $21M | — | $39M |
| Total assets | $510M | $533M | $455M | $425M | $416M | $441M | $463M | $469M | $474M | $1.6B |
| Total current liabilities | $93M | $142M | $108M | $111M | $103M | $120M | $128M | $128M | $127M | $208M |
| Long-term debt | — | — | — | — | — | — | — | $16M | $27M | $38M |
| Total liabilities | $104M | $151M | $111M | $129M | $125M | $139M | $155M | $145M | $156M | $259M |
| Shareholders' equity | $408M | $385M | $345M | $297M | $292M | $304M | $310M | $325M | $318M | $1.4B |
| Net debt | -$200M | -$233M | -$123M | -$162M | -$137M | -$123M | -$177M | -$148M | -$150M | -$115M |
Cash flow
Fiscal years, from XNET's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $17M | -$14M | -$36M | -$46M | -$14M | $19M | $51M | $26M | $31M | $32M |
| Capital spending | $14M | $5M | $1M | $3M | $14M | $13M | $15M | $4M | $8M | $5M |
| Free cash flow | $3M | -$20M | -$37M | -$49M | -$27M | $6M | $36M | $22M | $23M | $27M |
| Stock-based compensation | $9M | $8M | $5M | $5M | $2M | $6M | $8M | $10M | $2M | $4M |
| Share buybacks (net) | $712,000 | — | — | — | — | — | — | — | — | — |
| Free cash flow margin | 2.3% | -9.7% | -16.1% | -26.9% | -14.7% | 2.6% | 10.5% | 6.0% | 7.1% | 5.9% |
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Open XNET in InvestinglyQuestions
What was XNET's revenue in 2025?
$462M in fiscal 2025, from its 10-K filing.
How much free cash flow does XNET generate?
$27M in fiscal 2025 (operating cash flow minus capital spending).
From XNET's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.