Xperi Inc. reported its financial results for the third quarter and the first nine months of 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period. For the three months ended September 30, 2024, the company generated revenue of $132.9 million, a slight increase of $2.5 million, or 2%, from $130.4 million in the same period of 2023. The growth was primarily driven by a $21.4 million increase in Pay-TV revenue, attributed to higher core guide product sales and growth in IPTV Solutions. Additionally, Connected Car revenue rose by $2.1 million. However, these gains were offset by a $15.4 million decline in Consumer Electronics revenue and a $5.6 million decrease in Media Platform middleware solutions revenue.

For the nine months ended September 30, 2024, total revenue decreased by $12.8 million, or 3%, to $371.3 million from $384.1 million in the prior year. The decline was mainly due to a $40.6 million drop in Consumer Electronics revenue, linked to the AutoSense Divestiture and fewer revenue contracts, alongside a $6.8 million decrease in Media Platform revenue. Conversely, Pay-TV and Connected Car segments saw increases of $20.6 million and $14.0 million, respectively.

Operating expenses for the third quarter of 2024 totaled $151.4 million, down from $161.4 million in the same quarter of 2023, leading to an operating loss of $18.6 million, an improvement from a loss of $31.1 million in the prior year. The net loss for the third quarter was $19.8 million, significantly reduced from $42.1 million in the same period of 2023. For the nine-month period, the net loss was $63.8 million, compared to $114.4 million in the previous year.

Xperi's cash and cash equivalents decreased to $72.7 million as of September 30, 2024, down from $142.1 million at the end of 2023. The company reported net cash used in operating activities of $56.6 million for the nine months, compared to $20.6 million in the same period of 2023. The company also completed significant divestitures, including the AutoSense Divestiture in January 2024 and the sale of its subsidiary Perceive Corporation to Amazon for $80 million in October 2024, which is expected to enhance its focus on entertainment-related products.

Xperi's strategic initiatives included a stock repurchase program authorized in April 2024, allowing for the repurchase of up to $100 million in common stock. As of September 30, 2024, the company had repurchased approximately 1.1 million shares at an average price of $8.92 per share, totaling $10 million. The company continues to evaluate its financial position and liquidity, with potential risks stemming from market conditions and operational performance.