Xperi signs third Smart TV OEM for its TiVo OSWednesday, August 9th, 2023
Xperi Inc. Announces Second Quarter 2023 Results
- Strategic Momentum Continues with Additional Wins for TiVo OS and Connected Car
SAN JOSE, Calif. — Xperi Inc. (NYSE: XPER) (the “Company” or “Xperi”), an entertainment technology company that invents, develops, and delivers technologies that enable extraordinary experiences, today announced second quarter 2023 financial results for the period ended June 30, 2023.
“We are pleased to see strategic momentum continue in key growth areas of our business, particularly in Media Platform and Connected Car. We had a productive quarter with TV partners, and now expect to see Smart TVs with our TiVo OS ship in North America next year. Further, our automotive design wins continue to build,” said Jon Kirchner, chief executive officer of Xperi. “These accomplishments continue to position us for long-term revenue growth and improved profitability.”
GAAP Highlights ($ millions, except per share data) Q2 FY23 Q2 FY22 --------------------------------------------------- ------- ------- Revenue $126.9 $126.2 GAAP Operating Loss ($35.2) ($22.3) GAAP Loss per Share ($0.90) n/a
Recent Key Operating Achievements
- Announced Sharp as the second Smart TV OEM to launch TVs Powered by TiVo. The first TVs under this multi-year, multi-million-unit agreement are expected to ship in 2024 starting in Europe.
- Signed a third Smart TV OEM to integrate the TiVo Operating System into their TV lineup in 2024.
- Smart TVs Powered by TiVo are now expected to ship in North America next year, opening a new market for Smart TV monetization.
- Signed an agreement with Sony to deploy our content search-and-discovery web browser within Sony’s Smart TV lineup, adding another element to our monetization footprint.
- Expanded DTS AutoStage in-cabin entertainment platform to over four million vehicles globally, spanning five automotive brands. Contracted with broadcast groups representing over 4,000 radio stations to enhance the metadata and content delivered to AutoStage users.
- Won a new DTS AutoSense program for in-cabin driver and occupant monitoring with a Top-3 car manufacturer. This global program is expected to begin incorporating AutoSense into vehicles in late 2024 for the 2025 model year.
- Launched HD Radio in more than ten additional models in North America, furthering penetration in the new car market.
- Continued double-digit subscriber growth in TiVo IPTV, signing seven new service providers across the Americas during the quarter.
- TiVo+ streaming service is now available across 25 additional video service providers in the quarter, adding more scale to our monetization footprint.
- Deployed TiVo search-and-recommendation technology with a Top-5 U.S. video service provider, reaching millions of additional households.
- Signed several multi-year license renewals with major consumer electronics manufacturers for DTS audio technology and Play-Fi wireless technology, demonstrating the market appeal and longevity of these solutions.