Xperi Inc. (XPER): Business Model Canvas [Dec-2025 Updated]

You're looking at Xperi Inc. right now as it makes a hard pivot, moving away from legacy tech licensing to building out two major platforms: the TiVo OS for smart TVs and DTS AutoStage for the connected car. Honestly, it's a big shift, trying to own the user experience in these devices, and for fiscal year 2025, they are guiding revenue between $\text{440 million}$ and $\text{460 million}$, with a lot of that future growth riding on getting that AutoStage platform into more than $\text{13 million}$ vehicles. This Business Model Canvas breaks down exactly how they plan to make that platform strategy pay off, from their OEM partnerships to their ad monetization engine; let's dive in to see if the engine is running smoothly.

Xperi Inc. (XPER) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Xperi Inc. has locked down to drive its Media Platform and Connected Car segments, which is where the real growth story is right now. These aren't just names on a slide; these are the pipelines for your platform revenue.

Smart TV OEMs for TiVo OS Deployment

Xperi Inc. hit its stride in the Smart TV OEM space, achieving its 2025 year-end goal by signing its tenth TiVo OS Partner as of the third quarter of 2025. The company is still tracking toward its target of having 7 million TiVo OS units in the global market by the end of 2025. The platform is already live across 17 different brands in 15 European countries. The U.S. market is starting to open up, with Sharp Home Electronics Company of America and an unnamed top 5 U.S. supplier expected to launch TiVo OS-powered TVs.

Here's a look at the key players in the TiVo OS ecosystem:

• Total TiVo OS Partners (as of Q3 2025): 10
• Targeted Global Units by End of 2025: 7 million
• European Brands Utilizing TiVo OS: 17
• European Countries with TiVo OS: 15
• Initial European OEM Partner: Vestel
• U.S. Launch Partners: Sharp Home Electronics Company of America and one other top 5 supplier

Automotive OEMs for DTS AutoStage Integration

The Connected Car segment, powered by DTS AutoStage, has built significant scale, which is the foundation for future monetization efforts. The platform is now integrated into over 13 million vehicles globally as of Q3 2025. In North America specifically, over 6 million vehicles use both DTS AutoStage and HD Radio. HD Radio itself is in over 110 million vehicles total and is approaching a 60% rollout rate in new North American car shipments annually.

The integration list is growing, with specific OEM relationships supporting this scale:

OEM/Partner Type	Technology/Service	Key Data Point
BMW	DTS AutoStage Video Service Powered by TiVo	Relationship expanded in 2024
Audi	DTS AutoStage Video Service Powered by TiVo	Launched service in Japan in Q1 2025
Japanese Automotive OEM	DTS AutoStage Video	Second design win awarded, deployments expected in 2025
Ford, Cadillac, Volkswagen, Porsche, Mercedes-Benz, Genesis, Nissan, Aston Martin	HD Radio	Currently deploying in new models

The DTS AutoStage Broadcaster Portal launched to provide data across more than 250 designated market areas (DMAs) in the U.S..

Content Providers for IMAX Enhanced Distribution

Content partnerships are crucial for enriching the platform experience both at home and in the car. Xperi Inc. has continued to deepen its relationship with Sony Pictures, expanding content commitments for IMAX Enhanced titles. This includes hundreds of additional titles designated for FAST (Free Ad-supported Streaming TV) and AVOD (Advertising Video on Demand) distribution to Smart TVs. Furthermore, the IMAX Enhanced program expanded in the home projector category through new agreements with Optoma and Epson.

Advertising Technology Partners for Platform Monetization

Monetization of the growing user base is ramping up, evidenced by key partnership signings and user metrics for the TiVo One platform. As of September 30, 2025, Monthly Active Users (MAUs) on TiVo One hit 4.8 million, marking a 30% sequential growth for the quarter. The Average Revenue Per User (ARPU) for this platform stood at $8.75 as of that same date.

Xperi Inc. signed multiple monetization partnerships, specifically naming Titan Ads and Comscore, validating the platform's value for future growth. On the connected TV side, the company expanded its footprint by signing new customers, bringing the cumulative total of TiVo broadband wins to over 30.

Pay TV Operators for TiVo IPTV Renewals

The Pay TV segment continues to secure long-term commitments, with IPTV subscribers reaching 3.2 million households, a 32% year-over-year increase as of Q3 2025. This follows the achievement of the 2025 goal of 3 million global subscriber households for IPTV in Q2 2025. Multi-year renewals were secured with major operators, including Liberty Latin America and Cable One. A key renewal with the National Content and Technology Cooperative (NCTC) covers over 70 U.S. operators and locks in IPTV subscriber commitments for four additional years. Also, international metadata agreements were executed with Korea Telecom, the largest telecom operator in Korea.

The company is also focused on cost management to support this shift, announcing a restructuring to achieve $30-35 million in annualised savings by mid-2026.

Finance: review the Q3 2025 ARPU of $8.75 against the cost of the 250 planned layoffs by Friday.

Xperi Inc. (XPER) - Canvas Business Model: Key Activities

You're looking at the core actions Xperi Inc. (XPER) is driving right now to execute its strategy, focusing on scaling its key technology platforms and managing the cost base. These activities are where the company is spending its time and capital as of late 2025.

A major focus is the continued development and enhancement of the TiVo OS and the TiVo One cross-screen advertising platform. By the end of the third quarter of fiscal year 2025, Xperi Inc. reported that TiVo One monthly active users increased sequentially by 30%, reaching 4.8 million. Average Revenue Per User (ARPU) for this platform stood at $8.75 as of September 30, 2025, with a stated goal to reach $10 by year-end. Xperi Inc. also achieved its 2025 goal of adding two TiVo OS TV partnerships, bringing the total to 10, with the signing of a European brand for a leading Asia-based Original Device Manufacturer. Xperi Inc. also signed multiple monetization partnerships, including agreements with Titan Ads and Comscore.

In the Connected Car segment, a key activity is expanding the DTS AutoStage platform footprint. As of the third quarter of 2025, the platform had reached over 13 million vehicles globally. To monetize this scale, Xperi Inc. initiated collaboration with several leading audio media companies in the U.S. and U.K. to launch targeted advertising trials on the AutoStage platform. This is coupled with the launch of the DTS AutoStage Broadcaster Portal, which provides analytics and measurement across more than 250 designated market areas (DMAs) for radio in the United States.

Research and development efforts are clearly channeled into these growth areas, but the tangible results also show in the Pay TV segment, where IPTV subscribers increased 32% year-over-year, reaching 3.2 million households by the end of Q3 2025. The underlying DTS technology continues to be a foundation, as evidenced by the securing of a multi-year HD Radio contract with a major Asian Tier 1 partner, which is expected to grow HD Radio penetration among Japanese automobile brands.

To fund these investments and manage the business for improved profitability, Xperi Inc. executed a significant cost transformation. This involved a workforce reduction of approximately 250 employees, which represents about 15% of its staff. This restructuring plan is expected to generate annualized savings in the range of $30 million to $35 million, with substantially all restructuring activities expected to be completed by the end of the first half of 2026.

The table below summarizes key operational metrics tied to these activities as of late 2025:

Key Activity Metric	Value as of Q3 2025	Context/Goal
DTS AutoStage Vehicle Footprint	13 million vehicles	Target for 2025 exit.
TiVo One Monthly Active Users (MAU)	4.8 million	Achieved 30% sequential growth.
TiVo One ARPU	$8.75	Goal to reach $10 by year-end 2025.
IPTV Subscriber Households	3.2 million	Represents a 32% year-over-year increase.
Annualized Cost Savings from Workforce Reduction	$30 million to $35 million	Expected savings by the end of the first half of 2026.
Total TiVo OS Partners	10	Achieved 2025 goal by signing two new partners.

The company is actively managing its licensing portfolio, which is a critical revenue driver for its established technologies. A specific example of securing multi-year licensing renewals includes the recent signing of an HD Radio contract with a major Asian Tier 1 partner.

The ongoing operational priorities can be seen in the following list of platform achievements:

• Developing and enhancing the TiVo One cross-screen ad platform.
• Expanding the DTS AutoStage platform footprint to over 13 million vehicles.
• Launching the DTS AutoStage Broadcaster Portal for analytics.
• Executing a workforce reduction impacting approximately 250 employees.
• Securing a multi-year HD Radio contract with a major Asian Tier 1 partner.

Xperi Inc. (XPER) - Canvas Business Model: Key Resources

You're looking at the core assets Xperi Inc. (XPER) relies on to execute its strategy. These aren't just line items; they're the engines driving their licensing and platform growth, especially as they pivot toward media monetization.

Intellectual Property Foundation

The value here is locked in the patents covering DTS audio, TiVo's user experience, and HD Radio technology. This IP is what underpins their entire licensing structure. While the most recent specific count I have is from the end of 2023, it gives you a sense of the depth of their portfolio.

As of December 31, 2023, Xperi Inc. held approximately:

• Approximately 749 United States issued patents.
• Approximately 1,024 foreign issued patents.
• The last of the issued patents to expire is noted as being in 2042.

This portfolio is the bedrock for their licensing revenue across consumer electronics and automotive sectors.

Platform Footprint and Scale

The Key Resources section must highlight the scale of their user bases, which directly translates into monetization potential. The growth in both media and automotive platforms is key to their near-term story.

Here's a look at the platform scale as reported at the end of Q3 2025:

Platform	Metric	Latest Reported Number (Q3 2025)
TiVo One	Monthly Active Users (MAUs)	4.8 million
DTS AutoStage	Connected Vehicle Installed Base	Exceeding 13 million vehicles

The TiVo One platform saw a 30% sequential increase in MAUs during the quarter, showing strong adoption momentum. Also, the DTS AutoStage installed base is now significant enough that Xperi Inc. has initiated commercial discussions for data and advertising monetization.

Financial Strength and Human Capital

Liquidity is always a critical resource, especially when managing a business transition. You want to see enough cash on hand to fund operations and strategic investments without immediate pressure.

As of the close of the third quarter of 2025, Xperi Inc. reported:

• Cash and cash equivalents of $97 million.

This balance represented an increase of $2 million from the prior quarter, supported by the second consecutive quarter of positive free cash flow, which was $2 million in Q3 2025.

Regarding talent, the engineering expertise is focused on the high-growth areas. While I don't have a specific breakdown of only engineers, the total workforce provides context for the human capital base supporting these technologies. As of late October 2025, Xperi Inc. had 1,630 total employees.

This talent is concentrated in developing and supporting the core technologies:

• Media software development for the TiVo OS.
• Advanced audio processing for DTS solutions.
• Automotive software integration for the AutoStage platform.

Finance: draft 13-week cash view by Friday.

Xperi Inc. (XPER) - Canvas Business Model: Value Propositions

Unified, independent smart TV operating system (TiVo OS) for OEMs.

• The company secured its 10th TiVo OS TV partnership as of September 30, 2025.
• The company is working with at least one unnamed Original Device Manufacturer for U.S. deployment.
• Xperi Inc. had a goal of 7 million TiVo OS units by the end of 2025.

Enhanced in-car entertainment and data services via DTS AutoStage.

• The DTS AutoStage platform reached a footprint of over 13 million vehicles as of the third quarter of 2025.
• The company initiated targeted advertising trials with major audio partners in the U.S. and U.K.
• The company hopes to begin monetizing the connected car data segment in 2026 and 2027.

Cross-screen advertising monetization for partners through the TiVo One platform.

The TiVo One monthly active users increased sequentially by 30% in the third quarter, reaching 4.8 million users at the end of September 2025. The Average Revenue Per User (ARPU) for the TiVo One platform was $8.75 as of September 30, 2025. The company signed monetization partnerships, including agreements with Titan Ads and Comscore. The IPTV subscriber base, which contributes to the platform, reached 3.2 million households, up 32% year-over-year.

Platform/Metric	Latest Figure (as of Q3 2025)	Context/Goal
TiVo One Monthly Active Users (MAU)	4.8 million	30% sequential growth in Q3
TiVo OS TV Partnerships	10	Achieved the 2025 goal
TiVo One Average Revenue Per User (ARPU)	$8.75	FY2025 goal was above $10
DTS AutoStage Vehicle Footprint	Over 13 million	Monetization expected to start in 2026
IPTV Subscriber Households	3.2 million	32% year-over-year increase
FY2025 Revenue Guidance	$440-460 million	Reiterated guidance

Premium audio and video experiences (DTS:X, IMAX Enhanced) for consumer electronics.

• Consumer Electronics revenue increased by 11% year-over-year for the third quarter of 2025.
• Consumer Electronics revenue was $18.8 million in Q3 2025 (excluding the divested Perceive business).
• The company expanded its partnership with Sony Pictures for the release of hundreds of additional titles in IMAX Enhanced with DTS:X immersive audio.
• Xperi Inc. renewed a multi-year contract with Vestel to deploy DTS audio solutions across its TV brands.

Simplified content discovery and aggregation for end consumers.

• The TiVo OS platform has support for Tubi and Red Bull TV applications.
• The company is working to scale U.S. distribution of smart TVs powered by TiVo to represent national coverage by the second half of 2026.

Xperi Inc. (XPER) - Canvas Business Model: Customer Relationships

You're looking at how Xperi Inc. manages its relationships with the various customer groups that drive its business-this isn't about one-size-fits-all support; it's about deep, embedded B2B integration and platform scale.

The relationship with major TV Original Equipment Manufacturers (OEMs) is fundamentally about embedding the TiVo OS directly into the hardware. Xperi Inc. achieved its 2025 year-end goal by signing its tenth TiVo OS TV partnership in the third quarter of 2025, which was a European brand for a leading Asia-based Original Device Manufacturer. Smart TVs powered by TiVo are available across 15 countries in Europe under 17 different brands. The company remains on track to meet its target of 7 million TiVo OS units in the market by the end of 2025. This direct, long-term contract structure is designed to secure the necessary scale for media platform monetization.

For Pay TV and broadband operators, the relationship is cemented through multi-year service commitments for TiVo IPTV and video-over-broadband solutions. Xperi Inc. secured a multi-year renewal contract with the National Content and Technology Cooperative (NCTC), which covers over 70 U.S. operators and guarantees IPTV subscriber commitments for four additional years. Furthermore, the company signed renewals with large operators, including Liberty Latin America and Cable One, and executed international metadata agreements with Korea Telecom and Proximus in Europe. The Video-over-Broadband subscriber base grew 32% year-over-year in Q3 2025, reaching 3.2 million households, which satisfied the 2025 goal of over 3 million households.

The relationship with advertisers is increasingly automated and platform-driven via the TiVo One ad platform. This is a volume game; Xperi Inc. needs scale to attract ad dollars. Monthly Active Users (MAUs) on the TiVo One platform reached 4.8 million in Q3 2025, marking a sequential increase of 30% from the previous quarter. The Average Revenue Per User (ARPU) for this platform stood at $8.75 as of September 30, 2025, moving toward the year-end goal of $10.00. Monetization is being validated through specific agreements signed with partners like Titan Ads and Comscore.

The customer relationship for end-users of TiVo OS and DTS AutoStage is more self-service and in-product, though the underlying OEM/operator relationship manages the initial deployment. For the Connected Car segment, the relationship with Automotive OEMs is strong and expanding, evidenced by the platform's reach. As of Q3 2025, the DTS AutoStage platform is integrated into over 13 million vehicles globally. This platform, which combines linear broadcast with IP-delivered content, was initially launched with BMW in 2023. Separately, the HD Radio receivers have reached implementation in 110 million vehicles, with the technology approaching rollout in 60% of new cars shipped annually in North America.

Dedicated business development efforts focus on ecosystem expansion, particularly around advertising and content integration. The company signed key partnership agreements with streaming technology providers such as Wurl, Kargo, and FreeWheel to expand direct selling of homepage ad units in major European markets. The platform support for TiVo TVOS has also grown, with apps like Tubi and Red Bull TV added to the platform.

Here's a snapshot of the scale in key customer relationship areas as of late 2025:

• TiVo OS TV Partners: 10 signed, aiming for 7 million units by year-end 2025.
• IPTV Subscribers: 3.2 million households, up 32% year-over-year in Q3 2025.
• TiVo One MAUs: 4.8 million as of Q3 2025.
• DTS AutoStage Vehicles: Over 13 million globally.

The nature of these B2B relationships is highly contractual, as seen in the financial structure. For instance, the Q3 2025 revenue for the Pay TV segment was up 18% year-over-year, partly driven by subscriber growth and contract structures. The Connected Car revenue in Q1 2025 was up 37%, driven by minimum guarantee licensing arrangements for HD Radio.

Relationship Area	Key Metric/Count	Latest Data Point (as of late 2025)
TV OEM Contracts (TiVo OS)	Number of Partners	10 (Goal achieved)
TV OEM Contracts (TiVo OS)	Projected Units by EOY 2025	7 million
Pay TV Operators	IPTV Subscriber Households	3.2 million
Pay TV Operators	NCTC Coverage	Over 70 U.S. operators
Advertisers (TiVo One)	Monthly Active Users (MAUs)	4.8 million (Q3 2025)
Advertisers (TiVo One)	ARPU	$8.75 (as of Sept 30, 2025)
Automotive OEMs (DTS AutoStage)	Vehicles Integrated	Over 13 million globally (Q3 2025)
Automotive OEMs (HD Radio)	Total HD Radio Implementations	110 million vehicles

Support for end-users of the DTS AutoStage platform is evolving, with the video service, powered by TiVo technology, available in some BMW models since 2023, and expansion planned with a Japanese car company as soon as 2026. Finance: draft 13-week cash view by Friday.

Xperi Inc. (XPER) - Canvas Business Model: Channels

You're looking at how Xperi Inc. gets its tech into the hands of users and manufacturers as of the third quarter of 2025. It's a mix of direct deals and platform scale, honestly.

Direct sales and licensing go straight to global TV and automotive OEMs. For the TiVo OS, Xperi Inc. hit its 2025 goal, signing its 10th Smart TV OEM partner by the end of Q3 2025. On the automotive side, the DTS AutoStage platform has built a footprint of over 13 million vehicles globally. Also, their legacy HD Radio receivers are implemented in 110 million vehicles total.

Distribution through Pay TV and video-over-broadband operators is still a core channel, though revenue here is shrinking. In Q3 2025, Pay TV revenue was $49.8 million, which was a 39% drop year-over-year. Still, the growth area within this is video-over-broadband, or IPTV, which reached 3.2 million subscriber households by September 30, 2025.

Here's a quick look at the scale across the key platform channels as of the end of Q3 2025:

Channel Metric	Unit	Q3 2025 Number
TiVo One Monthly Active Users (MAU)	Users	4.8 million
DTS AutoStage Vehicle Footprint	Vehicles	Over 13 million
IPTV Subscriber Households	Households	3.2 million
Total HD Radio Receiver Implementations	Vehicles	110 million

Digital distribution of TiVo OS and DTS AutoStage software updates is tracked via active users. The TiVo One MAU hit 4.8 million in Q3 2025, showing 30% sequential growth for the quarter. The target Annual Revenue Per User (ARPU) exit rate for this platform for 2025 was set at $10.

For ad-tech platforms and supply-side platforms (SSPs), the channel is about validating the user base for monetization. Xperi Inc. signed multiple monetization partnerships, naming agreements with Titan Ads and Comscore to support the TiVo One footprint. For DTS AutoStage, the plan is to start targeted advertising trials in the U.S. and U.K. in 2026 and 2027.

The Consumer Electronics channel moves certified devices through retailers. Revenue in this segment for Q3 2025 was $18.8 million, an 11% increase year-over-year (or 20% when you exclude the divested Perceive business). The TiVo OS is currently shipping in Smart TVs across 40+ countries and is available through 30+ major retailers, covering 80+ television brands.

Xperi Inc. (XPER) - Canvas Business Model: Customer Segments

You're looking at the core groups Xperi Inc. (XPER) serves as of late 2025, based on their Q3 2025 reporting. It's a mix of legacy business support and aggressive growth plays in connected experiences. Honestly, the numbers show where the real focus is shifting.

Global Smart TV OEMs seeking an independent operating system alternative represent a key growth vector with the TiVo OS platform. This segment is focused on providing a content-first, turnkey solution to manufacturers who want to own the user experience without building it from scratch. As of September 30, 2025, the TiVo One monthly active users (MAUs) hit 4.8 million, a 30% sequential jump. The company is working with 33 brands across 26 European countries as of 2024, and they added their tenth TiVo OS partner in Q3 2025, aiming for a year-end goal of 5 million MAUs.

For Major Automotive OEMs integrating in-car infotainment and data services, the DTS AutoStage platform is the offering. This brings linear broadcast radio and IP-delivered content into a unified system. By Q3 2025, the platform reached over 13 million vehicles globally. Key integrations include new models from partners like BMW (5-Series), Kia (EV9), and Hyundai (Ioniq 5 and Ioniq 9). Xperi Inc. is actively in commercial discussions to monetize this footprint, expecting material revenue from data licenses in 2026 and 2027.

The segment of North American and European Pay TV/IPTV operators is where Xperi Inc. supports established video providers. While this revenue stream saw a 39% year-over-year decline in Q3 2025, the subscriber base itself is growing robustly. IPTV subscribers specifically increased 32% year-over-year, reaching 3.2 million households by the end of Q3 2025. Overall, Xperi powers 39M+ Worldwide Households with the TiVo UX. They secured multi-year renewals with major players like Liberty Latin America and Cable One.

Regarding Ad buyers and Demand-Side Platforms (DSPs) targeting connected TV audiences, this group is served through the monetization layer of the Media Platform, primarily the TiVo One ad platform. The platform finished Q3 2025 with 4.8 million MAUs and an Average Revenue Per User (ARPU) of $8.75 as of September 30, 2025. They signed multiple new monetization partnerships in Q3 2025, setting up expansion for 2026.

Finally, Consumer electronics manufacturers (e.g., Vestel, Sony) licensing DTS audio form a consistent customer base for the Consumer Electronics segment, which saw an 11% revenue increase in Q3 2025. Here's a quick look at some of the recent activity with these key licensees:

Customer Example	Technology Licensed	Recent Activity/Metric
Vestel	DTS Audio Solutions	Renewed multi-year contract for deployment across TV brands
Sony Pictures	DTS:X Immersive Audio (via IMAX Enhanced)	Expanded content commitments for FAST and AVOD distribution
Skyworth, TCL, Hisense, TPV	DTS Audio	Signed several long-term renewals in Q1 2025
Honor, Philips/TPV	IMAX Enhanced	Signed renewals in Q1 2025

You can see the breadth of Xperi Inc.'s reach across these distinct markets, from the 3.2 million IPTV households to the 13 million vehicles equipped with AutoStage.

• TiVo One MAUs target for year-end 2025: 5 million.
• Q3 2025 Connected Car revenue: $34.6 million.
• Q3 2025 Consumer Electronics revenue: $18.8 million.
• Q3 2025 Pay TV revenue: $49.8 million.
• Projected annual savings from workforce reduction: $30-35 million by end of 2026.

Xperi Inc. (XPER) - Canvas Business Model: Cost Structure

When looking at Xperi Inc.'s cost structure as of late 2025, the focus is clearly on managing existing operational costs while absorbing significant one-time charges related to strategic realignment. The company is actively trimming its expense base to align with its evolving revenue mix.

A major, near-term cost is tied to the workforce reduction announced in November 2025. Xperi Inc. estimated it will incur between $16 million and $18 million in restructuring and related charges, substantially all of which covers employee severance and related costs for the approximately 250 employees impacted globally. This action is intended to generate annualized savings of $30 million to $35 million once fully implemented by the end of the first half of 2026.

In terms of ongoing operational spending, Xperi Inc. showed progress in cost management through the third quarter of 2025. Non-GAAP adjusted operating expenses decreased by approximately 20% compared to the prior year period in Q3 2025. This reduction was attributed to ongoing cost transformation initiatives and the divestiture of the Perceive business. To give you a snapshot of the expense base around that time, here is a comparison of key Q3 2025 expense metrics:

Expense Metric (Q3 2025)	Amount/Change	Context
GAAP Operating Expenses (including Cost of Revenue)	Decreased 25% year-over-year	Reflects overall cost control efforts
Non-GAAP Adjusted Operating Expenses	Decreased 20% year-over-year	Excludes certain non-cash or one-time items
Restructuring and Related Charges (Estimated)	$16 million to $18 million	Severance costs from November 2025 workforce reduction
Projected Capital Expenditures (Full Year 2025)	Approximately $20 million	Investment in assets for the year
Annualized Savings from Restructuring (Expected)	$30 million to $35 million	Future cost reduction target

The Cost Structure must also account for the direct costs associated with generating revenue, which Xperi Inc. noted would initially be higher for the expanding Media Platform segment in 2026. While specific dollar amounts for Costs of Revenue, including content acquisition and platform operating costs, are not explicitly broken out separately from the GAAP operating expense line in the provided summaries, the structure of these costs is inherent in the GAAP reporting. For instance, the GAAP operating loss for Q3 2025 was $1.4 million, and the GAAP net loss was $6.1 million.

Development costs, which cover the significant R&D expenditure needed to develop and maintain core platforms like TiVo OS and DTS AutoStage, are embedded within the broader operating expense figures. The company's focus on cost transformation suggests a rigorous review of these R&D allocations is underway to ensure spending aligns with growth opportunities, such as the 10 TiVo OS partners and the 13 million vehicles on the DTS AutoStage platform.

You can see how the expense management translated to profitability in Q3 2025:

• Non-GAAP Adjusted EBITDA reached $23.1 million.
• Non-GAAP Adjusted EBITDA Margin was 21% of revenue.
• Operating cash flow was approximately $8 million for the quarter.

Finance: draft 13-week cash view by Friday.

Xperi Inc. (XPER) - Canvas Business Model: Revenue Streams

You're looking at the core ways Xperi Inc. brings in money, which is really about licensing its technology across different markets. The company reiterated its full-year 2025 revenue guidance, keeping it firmly between $440 million and $460 million. This guidance reflects a mix of stable legacy business and high-growth platform monetization efforts.

One major focus area is the Media Platform, driven by the TiVo One platform. Advertising revenue here is tracked via the Average Revenue Per User (ARPU). As of the end of Q3 2025, the ARPU for TiVo One was reported at $8.75. Management has a clear near-term goal to push this metric to $10 as they exit 2025, with a long-term expectation of growing north of $20. The platform itself reached 4.8 million monthly active users by the end of Q3 2025, showing strong sequential growth.

Technology licensing fees from the Consumer Electronics segment remain a steady contributor. This includes fees for DTS audio technologies. For the third quarter of 2025, this segment generated $18.8 million in revenue. This revenue stream benefits from long-term renewals, such as those closed with Harman and Yamaha, and the expansion of programs like IMAX Enhanced into new product categories, like home projectors with Optoma and Epson.

The Pay TV segment still generates significant, though declining, revenue through monthly subscription and service fees from Pay TV/IPTV operators. In Q3 2025, this segment brought in $49.8 million, despite a year-over-year decline of 39%. The underlying subscriber base for IPTV, however, showed growth, reaching 3.2 million households, which was up 32% year-over-year, with IPTV revenue itself growing 18% year-over-year.

Licensing and service fees from Connected Car solutions, primarily DTS AutoStage and HD Radio, represent a key growth vector. DTS AutoStage has achieved a global installed base exceeding 13 million vehicles as of Q3 2025, setting the foundation for future monetization through data and advertising trials expected to contribute more materially in 2026 and 2027. HD Radio technology is implemented in over 110 million vehicles. This segment posted strong Q3 2025 revenue of $34.6 million, marking a 36% year-over-year increase.

To give you a clearer picture of the revenue mix based on the latest reported segment results from Q3 2025, here's how the top-line breaks down:

Revenue Stream / Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Change (Approximate)
Pay TV (Subscription/Service Fees)	$49.8	Down 39%
Connected Car (Licensing/Service Fees)	$34.6	Up 36%
Consumer Electronics (Licensing Fees)	$18.8	Up 11%
Media Platform (Advertising/Other)	$8.4	Down 4%

The overall revenue picture for the first nine months of 2025 shows the transition underway. While the Pay TV revenue declined substantially, the Connected Car segment showed impressive growth. The company also noted that minimum guarantee (MG) arrangements comprised just over 20% of total revenue in 2024 and are expected to remain in the low 20% range of total revenue in 2025, which is a factor as they shift toward more direct monetization.

• Full-year 2025 revenue guidance: $440 million to $460 million.
• TiVo One ARPU (Q3 2025): $8.75.
• TiVo One MAUs (Q3 2025): 4.8 million.
• IPTV Subscriber Households (Q3 2025): 3.2 million.
• DTS AutoStage Vehicles (Q3 2025): Over 13 million.

Finance: draft 13-week cash view by Friday.