Xperi ad and related revenue gains 281% to $14.9m, flat on Q2

Xperi, the San Jose company that owns TiVo, DTS and HD Radio, reported on November 4, 2026 that its advertising and related revenue rose 281% in the third quarter, to $14.9 million from $3.9 million a year earlier. The figure was almost exactly where it had been three months before. Total revenue grew 2% to $114.0 million, and Xperi posted a GAAP operating profit of $1.8 million, but a $7.4 million tax charge still left a net loss of $5.2 million. The company now expects its Media Platform segment, which includes the TiVo One advertising business, to grow about 60% in 2026. Its stated goal for the year was about 100%. On the same day, Xperi said MediaMarktSaturn, Europe's largest consumer electronics retailer, had chosen TiVo OS for its private-label TV brand PEAQ, and that chief financial officer Robert Andersen will retire in 2027.

In Short

Xperi owns TiVo, which sells ads on the screens of smart TVs and pay TV boxes that run its software, and this summer it made almost four times as much from those ads as a year earlier, but no more than it had made in the spring. That matters to advertisers and TV makers in Europe, where TiVo wants to be the independent alternative to systems such as Google TV and Roku, and where MediaMarktSaturn has now picked it for its own-brand TVs. Xperi expects the wider TiVo platform business to grow about 60% this year instead of doubling, because older software licensing is shrinking and ad sales grew a little more slowly than it had hoped, even though more TiVo devices are in use than planned.

Revenue up 2%, with the mix moving

The headline numbers were steady. According to the earnings release, revenue for the three months to September 30, 2026 was $113.95 million, against $111.63 million a year earlier. GAAP operating income was $1.76 million, compared with a loss of $1.36 million. The GAAP net loss narrowed to $5.24 million, or $0.11 a share, from $6.11 million, or $0.13. On Xperi's non-GAAP measures, operating income was $17.7 million (from $17.5 million), adjusted EBITDA was $23.0 million (from $23.1 million) and the adjusted EBITDA margin was 20.2% (from 20.7%). Non-GAAP earnings per share fell to $0.24 from $0.28, as non-GAAP net income slipped to $11.7 million from $12.8 million and the diluted share count used for that measure rose 7% to 49.6 million.

Beneath the totals, the business is shifting. Xperi now splits revenue into two lines on its income statement, which Andersen called "the new categorization." Licensing and other revenue, from the audio, radio, guide and software technology licences that have long paid Xperi's bills, fell 8% to $99.0 million. Advertising and related revenue rose 281% to $14.9 million. That line is now 13% of revenue, against about 3.5% a year earlier, PPC Land's calculation shows.

By market, the company's presentation gives this breakdown:

Media Platform was the only segment to grow by more than single digits. Connected Car and Consumer Electronics both fell because, according to Andersen, the year-earlier quarter included more revenue from minimum guarantee agreements, multi-year licences that cause large swings between quarters.

281% on paper, flat on the quarter

Xperi's release says advertising and related revenue growth "accelerated during the quarter." That is accurate as a description of the year-over-year rate. It is not accurate as a description of the money coming in. In the second quarter, Xperi's advertising and related revenue rose 54% to $15.0 million, or $14.98 million, from $9.73 million a year earlier. The third-quarter figure, $14.93 million, is marginally lower.

The 281% rate comes from the comparison base. In 2025, advertising and related revenue fell from $9.73 million in the second quarter to $3.92 million in the third, a drop of about 60%, PPC Land's calculation shows. Measured against that trough, any revenue near the second-quarter 2026 level was bound to produce a growth rate close to 280%. For the first nine months of 2026 the line totalled $37.3 million against $19.7 million, up 90%, which is the figure Xperi also cites.

Maximus Alexander-Nino of Stonegate Capital Partners put the point to management on the earnings call. He described advertising revenue as "essentially flat sequentially." The answer did not dispute that and pointed instead to the year-to-date figure. "So, year-to-date, year-over-year, 90% growth," the company said, adding that it expects roughly 100% growth for the full year.

Andersen gave the drivers as more TiVo One users, more ad impressions delivered, more advertising partnerships and better advertising products. Asked by Steven Frankel of Rosenblatt how much of the line comes from TiVo One, he said: "There's still a portion of our legacy advertising business in there, but the bulk of the growth on that line is advertising, and it is off of TiVo One." Xperi did not say how large the legacy portion is.

The line also includes viewership data. Chief executive Jon Kirchner said Xperi "signed an extension of a multi-year agreement" in its viewership data business during the quarter. Andersen, a few minutes later, said Xperi had "signed a new multi-year agreement for viewership data." Neither named the customer or the value.

The margin turned positive

The quarter's clearer improvement was in cost. Cost of advertising and related revenue, excluding depreciation and amortisation, rose 93% to $10.3 million, well below the rate of revenue growth. According to Andersen, "the gross margin, excluding depreciation and amortization for the advertising and related category, was 31% in the quarter, making the year-to-date gross margin positive at 5%."

The year-earlier comparison shows how far that has moved. In the third quarter of 2025 the category cost $5.3 million to deliver $3.9 million of revenue, a gross margin of about minus 36%, PPC Land's calculation shows. In the first half of 2026 it cost $25.0 million to deliver $22.3 million, so over those six months the category still cost more to run than it brought in. Alexander-Nino said direct costs fell about $6 million from the second quarter. Xperi's materials do not give a second-quarter cost figure that would confirm it.

Xperi expects the margin to keep widening. According to Andersen, "a significant portion of our media platform cost of revenue is fixed due to platform costs, and margins on variable costs are often 50% or more." Non-GAAP cost of revenue across the company still rose by about $7 million, which he attributed to "a mix shift towards advertising and related revenue, which has lower gross margins than our historical licensing business."

ARPU: a trailing number that rose while revenue did not

TiVo One average revenue per user, the figure Xperi uses to show how well it monetises its audience, rose 14% from the second quarter to $7.65. It was $6.70 at June 30 and $7.10 at March 31.

How the metric is built explains the jump. Xperi calculates ARPU by dividing advertising and related revenue, excluding automotive revenue, for the trailing four quarters by the average number of TiVo One monthly active users over the same period. Moving from June 30 to September 30, the trailing window dropped the third quarter of 2025, with $3.9 million of advertising and related revenue, and added the third quarter of 2026, with $14.9 million. That roughly $11 million swing in the numerator drove the increase, PPC Land's analysis shows, even though quarterly revenue did not grow. The fourth quarter of 2025 drops out of the window next. The third-quarter release does not give that quarter's advertising and related revenue.

Kirchner described the mechanics himself. "As a reminder, ARPU is a function of the relative rates of growth between ads and related revenue, the numerator in the calculation, and MAU footprint, the denominator in the calculation," he said. Xperi's goal was an ARPU exit rate above $10 for 2026. "Given the timing of the additional footprint coming online, we now expect ARPU to be between $8 and $10 at year-end, with the midpoint at 90% of our current year goal," Kirchner said.

The denominator is growing faster than planned. TiVo One had 6.8 million monthly active users at the end of September, up 40% from a year earlier. That implies about 4.9 million a year before, by PPC Land's calculation. The count was 5.5 million at the end of March and 6.3 million at the end of June. Xperi now expects more than 7.5 million at year-end, against a goal of 7 million.

The figure counts devices, not people. Xperi defines a TiVo One monthly active user as "a unique device that has connected to the TiVo video service, which includes the TiVo One advertising platform, at least once within the last 30 days." The devices include smart TVs and video-over-broadband boxes that operators supply to their subscribers.

The 2026 scorecard

Xperi's presentation lists three growth goals for 2026, with a status next to each:

• More than 7 million TiVo One monthly active users. Status: more than 7.5 million expected.
• Media Platform revenue growth of about 100%, with a TiVo One ARPU exit rate above $10. Status: Media Platform growth of about 60%, advertising and related growth of about 100%, and ARPU between 80% and 100% of the goal.
• Advertising and related revenue from the AutoStage car platform. Status: achieved.

The second goal is the one that will be missed. Media Platform contains more than advertising: it also holds Xperi's legacy middleware, TiVo software licensed to operators and device makers, and that part is shrinking. "As a result of these factors, we now expect media platform revenue growth to be in the range of 60% year-over-year, inclusive of ads and related revenue growing more than 100%, and partially offset by a decrease in middleware licensing year-over-year," Kirchner said.

Alexander-Nino asked why the expectation had moved from roughly doubling, the figure discussed after the second quarter, to 60%. The company's answer gave two reasons. On advertising: "It is not quite the torrid pace we were expecting over the course of the year. We were expecting a little bit higher pace, but that has come back some." On middleware: "We have also had a decline year-over-year in the middleware category because we had some minimum guarantee revenue last year," together with lower per-unit revenue. The middleware decline, the answer said, "is actually the primary factor." Xperi does not disclose middleware revenue separately.

The materials do not agree on the advertising expectation. Kirchner's prepared remarks said advertising and related revenue would grow "more than 100%" in 2026. The presentation says "~100%." In the question-and-answer session, the company said "roughly 100%."

MediaMarktSaturn picks TiVo OS

The quarter's main commercial announcement came from Europe. According to the release, MediaMarktSaturn selected TiVo "as its Smart TV operating system partner, including for its private-label TV brand," a deal "expected to create a new retail media and commerce opportunity across the TV experience." The release headline and the earnings call describe the deal more narrowly, as the operating system for the PEAQ brand. Xperi counts it as its 11th OEM design win for TiVo OS.

"The selection of TiVo's Operating System by MediaMarktSaturn, the largest electronics retailer across Europe with more than 1,000 stores, demonstrates the benefit of our independent media platform solution, the strength of our retail media product offerings, and our unique competitive position in the market," Kirchner said in the release. On the call he gave the strategic reasoning: "This is strategically important because leading retailers influence both consumer adoption and future OEM design decisions."

MediaMarktSaturn already runs an advertising business. In September 2025, PPC Land reported that the retailer launched its first offsite retail media programme with Unlimitail, the Publicis and Carrefour joint venture. That programme began in Germany, Spain, Italy, the Netherlands and Belgium, across a chain that operates in 11 countries. A retailer-branded TV running an operating system with its own advertising layer could extend that shopper data business onto the living-room screen.

What Xperi did not say

The release does not give a launch date for PEAQ televisions running TiVo OS, the countries where they will be sold, the number of models, how advertising revenue will be shared, which company will sell the inventory, or whether MediaMarktSaturn's shopper data will be used to target ads on those screens. Nor does it say whether "including for its private-label TV brand" means TiVo OS will also appear on other brands sold by the retailer. The phrase "retail media and commerce opportunity" is Xperi's expectation. Neither company has published terms.

Other device news was smaller. Skyworth launched product lines with TiVo OS under its Panasonic, Metz and Coocaa brands during the quarter, according to Kirchner, and Element smart TVs running TiVo OS became available through major US online retailers.

An independent system among larger rivals

TiVo OS is one of several systems competing to be the software on television sets that their manufacturers do not want to build themselves. In March, PPC Land reported that Philips dropped Google TV for Titan OS on all of its 2026 models, with Titan's advertising arm reaching more than 30 million European streaming households. In September 2025, Roku signed Vestel to bring Roku OS to Finlux TVs, its 15th TV brand in the UK.

Matthew Galinko of Maxim Group asked about competition. Xperi's answer called it "a very hypercompetitive market" and claimed a lead on one specific measure: "in Europe in particular, we are the leading independent platform, I think, in terms of the number of owned and operated MAUs that are in the market." Xperi published no market share data to support the claim.

The same answer pointed to consolidation. Retailers, Xperi said, have started "to see retail media as being very, very interesting and important. Obviously, Walmart and their decision in and around VIZIO is one example." Walmart agreed to buy Vizio for about $2.3 billion in February 2024, a deal built around Vizio's SmartCast operating system and its advertising business. The answer also mentioned "a couple of exits" and recent transactions "around platforms in the space" without naming them. In June, Fox agreed to buy Roku for about $22 billion. The difference in scale is large. In the same quarter, Roku's advertising revenue rose 23% to $727.4 million. Xperi's advertising and related revenue was about 2% of that, PPC Land's calculation shows.

Home screens, ACR and the data layer

On the call, Kirchner described where the TiVo One money comes from. "As our direct sales and reseller network matures, we have realized substantive growth in our owned and operated homepage advertising unit, illustrating the effectiveness of the first impression seen on smart TVs," he said. That unit is a form of home screen advertising, the placement shown when a television is switched on, before the viewer opens an app. TiVo's own research, published in June, found that smart TV home screen owners spend 57% of their non-viewing time on the home screen.

Xperi sells that inventory directly and through partners. In May 2026, Nexxen added TiVo's native home screen inventory to its programmatic network across North America and the UK. In July 2025, Kargo brought its CTV ad formats to TiVo-powered devices, covering both TiVo OS televisions and TiVo's IPTV footprint.

Data is the other part of the offer. Xperi has added ACR, or automatic content recognition, which identifies what is on screen by matching audio or video fingerprints, to the set-top box records of what its subscribers tune to. "We also expanded our data offering by adding ACR data to our first-party set-top box clickstream data in the U.S.," Kirchner said. According to Kirchner, the combination expands "the data and insights capabilities we can offer advertisers and partners in both the U.S. and the U.K." Xperi did not say whose ACR technology supplies the data, on how many devices it runs, or how viewers consent to it.

Memory prices and the cost of a television

Kirchner linked TiVo OS sales to an industry cost problem. "As worldwide memory prices continue to be challenging for the supply chain, we continued our efforts to strengthen our value proposition for TiVo OS by advancing significant engineering work to reduce memory requirements for both 2K and 4K televisions," he said, adding: "This is contributing to market share gains amongst our OEM partner base."

Asked by Galinko whether the work had produced commercial results, Kirchner said clients shown the reduced-memory version at the IFA trade show in Berlin in September could save on bill-of-materials costs "in the tens of dollars," depending on volume. According to Kirchner, the decision has led some customers to give Xperi a larger share of production and has brought others to the platform for the first time. He expects the effect to show in production over the next couple of quarters and through 2027 and 2028. Xperi did not give unit volumes or name the customers.

For an operating system supplier, a lower hardware bill is a selling point that sits alongside the advertising revenue share. When memory chips cost more, a system that needs less of them gives television makers a reason to switch that has nothing to do with advertising, PPC Land's reading suggests.

Cars: 18 million dashboards and a radio data business

The AutoStage platform, Xperi's in-dash system for radio and other content, has now shipped in more than 18 million cars across 13 automotive brands, covering more than 150 countries, according to the release. The AutoStage Broadcaster Portal, which gives radio stations daily data on listener behaviour, expanded from 300 to 550 US metro areas in the quarter, and Xperi signed data monetisation agreements with eight more broadcasters. According to the release, revenue from the portal is advertising-related and is recognised within Media Platform.

According to Xperi's answer to an analyst from Craig-Hallum, HD Radio "is currently running at about a 60% penetration rate on new cars in North America." The company argued that car radio has hardly changed as an advertising medium and remains largely untargeted. It described the opportunity as "the $10 billion plus ad market in radio" and said the in-car platform provides "data that the industry has never had, and in a very granular and near real-time sense." Xperi gave no source for the $10 billion figure.

The core car business shrank in the quarter. Connected Car revenue fell 14% to $29.9 million, which Andersen attributed mainly to "HD Radio minimum guarantee agreements that were signed in the prior year." Xperi signed a multi-year HD Radio programme with an unnamed large Asian Tier 1 supplier that serves several car makers in Japan and North America, and new HD Radio models launched at Hyundai, Kia, Volkswagen, Toyota, Honda and Subaru.

Pay TV, consumer electronics and minimum guarantees

Pay TV revenue rose 7% to $53.4 million. IPTV, TiVo's video-over-broadband service for internet providers, rose 7% to $26.0 million and ended the quarter with 3.42 million subscriber households worldwide. Xperi extended multi-year agreements with Hotwire and Armstrong and signed four Canadian internet providers: FlexNetworks, IGS Hawkesbury, Uptern Communications and Xplore. According to Xperi, IPTV revenue over the last 12 months was just over $100 million, a target it set in 2022.

Core Pay TV, a category that includes classic programme guides, Linux and consumer hardware, also rose 7%, to $27.4 million, although it is a declining business. Asked by Frankel about the rate of decline, Xperi said late-in-life minimum guarantee deals on classic guides had lifted the quarter and that it expects the legacy decline to stop weighing on total Pay TV revenue within 12 to 18 months, as IPTV growth offsets it, "as we get into 2028."

Consumer Electronics revenue fell 28% to $13.6 million, a decline Andersen said was expected because of higher minimum guarantee revenue a year earlier. Xperi renewed a multi-year IMAX Enhanced agreement with TCL and signed DTS:X audio agreements with Holatek for projectors, Trinnov for AV preamplifiers and processors, and Evolution Digital for streaming devices.

Minimum guarantees explain much of the swing between quarters, and Andersen used part of his remarks to defend them. "They are term-based contracts that have a high renewal rate, over 90%, and as such, we consider minimum guarantee agreements to be reoccurring revenue within the ordinary course of our business," he said. The timing is set by accounting rules. On the call, Xperi tied the volatility to "ASC 606 treatment," the US revenue recognition standard.

Costs, tax and cash

Xperi cut costs again. GAAP operating expenses excluding cost of revenue fell 9% to $76.7 million, and non-GAAP adjusted operating expense fell 7% to $61.2 million. According to Andersen, that was mainly because of workforce reductions and lower outside spending in general and administrative costs. Research and development fell 22% to $23.5 million, and by 27% over nine months, PPC Land's calculation from the income statement shows. Stock-based compensation fell to $7.0 million from $9.6 million.

Kirchner also pointed to artificial intelligence as a source of savings. "Two years ago, we began a program to implement AI across the organization. In the past nine months, we have begun to see accelerating benefits, including improving speed, efficiency, product innovation, and creating additional opportunities to further lower our operating cost structure," he said, promising more detail in February when Xperi gives its 2027 guidance.

Tax wiped out the operating profit. Pre-tax income was $2.1 million and the tax provision $7.4 million. Over nine months, Xperi recorded $22.3 million of tax on $7.8 million of pre-tax income. The release does not explain the gap.

Cash generation was weak. Operating cash flow was $4.1 million, against $7.5 million a year earlier, and free cash flow was negative $3.4 million after $6.6 million of capitalised software and $0.8 million of equipment purchases. Over nine months, operating cash flow was $0.6 million. Andersen said the decline was "driven primarily by the timing of certain cash collections that are expected to occur in the fourth quarter."

The balance sheet shows where that cash is. Unbilled contracts receivable, revenue already recognised but not yet invoiced, rose to $182.5 million across current and non-current balances at September 30, from $145.7 million at the end of 2025. That $36.8 million increase is the largest single drain on operating cash this year, PPC Land's reading of the cash flow statement shows. It fits the minimum guarantee model Xperi described on the call, in which revenue recognition and cash collection follow different schedules. The release does not break the balance down by contract. Cash and equivalents stood at $87.0 million, down from $96.8 million at the start of the year, against $40.0 million of long-term debt.

Despite that, management said it may buy back stock. "As we work to more comprehensively frame our expectations for 2027, we continue to believe the company is deeply undervalued," Andersen said, adding that management and the board are evaluating the use of a previously approved repurchase authorisation "in the months ahead." The amount available was not stated.

Outlook: a narrower range and a heavy fourth quarter

Xperi narrowed its revenue range and raised its profitability and cash targets for 2026:

Andersen added on the call that free cash flow is now expected to be between negative $5 million and positive $5 million. Hamed Khorsand of BWS Financial asked why the revenue midpoint had fallen by $4 million. It had not. The midpoint moved from $455 million to $456 million, a $1 million increase, which is the correction Xperi gave on the call. The higher margin range, Xperi said, reflects "an improved spending profile compared to our earlier estimates."

The guidance asks a lot of the final quarter. Revenue for the first nine months was $342.7 million, so the range implies fourth-quarter revenue of $107.3 million to $119.3 million. Operating cash flow of $20 million to $30 million for the year implies $19.4 million to $29.4 million in the fourth quarter alone, after $0.6 million in the first nine months. For free cash flow to land between minus $5 million and plus $5 million, the fourth quarter must produce between $13.6 million and $23.6 million, after nine months at minus $18.6 million. All three figures are PPC Land's calculations. They depend on the collections Andersen expects to arrive before December 31.

A CFO transition

Andersen, who has been with Xperi for 13 years, will retire in 2027 once a successor has been found and has started. "Robert will continue in his current role until his successor is on board," Kirchner said in the release. On the call, Andersen said he had helped the company "navigate acquisitions, divestitures, a merger of equals, a public company spin-out, and more recently, our increased focus on growth through media platforms." He will remain available to the company after the handover, he said.

Xperi will present at the 15th Annual ROTH Technology Conference in New York on November 18 and at the Sidoti Virtual Investor Conference on December 10. Full-year results and 2027 guidance are due in February. The company published the release, presentation and call details on its investor relations site.

Why this matters for the marketing community

The advertising and related line is still small, but it is the only part of Xperi that is growing quickly, and management's 2026 goals are built around it. Buyers looking at TiVo inventory get a smaller but independent supply of television screens in Europe and the US, sold through Xperi's own sales team, resellers and partners such as Nexxen and Kargo. The 31% gross margin shows the advertising business now covers its direct costs, which it did not do over the first half of the year. That does not show it is profitable. The release does not give operating income by segment, and the company as a whole still made a net loss.

The quarter also shows how much the choice of metric shapes the picture. A 281% growth rate, a 14% ARPU increase and the word "accelerated" are all technically correct descriptions of a business whose quarterly advertising revenue did not grow from June to September. Comparisons of TiVo One with Roku, Samsung or LG on reach or yield also depend on Xperi's definitions, which count devices rather than people.

For European advertisers, the MediaMarktSaturn deal matters more than the quarterly figures. It ties an independent operating system to a retailer that already sells offsite retail media and controls the shelf where many Europeans buy their televisions. Walmart chose to buy a TV maker outright. MediaMarktSaturn has chosen a software partner for its own brand. If PEAQ televisions running TiVo OS reach scale, retail media in Europe would gain a TV screen that it did not have before. Neither company has said when that will happen.

Timeline

• 2022 - Xperi sets a goal of building an IPTV business with more than $100 million in annual revenue
• February 20, 2024 - Walmart agrees to buy Vizio for about $2.3 billion
• July 31, 2025 - Kargo brings its CTV ad formats to TiVo-powered devices
• September 5, 2025 - Roku and Vestel bring Roku OS to Finlux TVs in the UK
• September 2025 - MediaMarktSaturn launches its first offsite retail media programme with Unlimitail
• Third quarter of 2025 - Xperi's advertising and related revenue falls to $3.9 million, from $9.73 million in the second quarter
• March 2026 - Philips moves all 2026 TV models from Google TV to Titan OS
• March 31, 2026 - TiVo One reaches 5.5 million monthly active users, with ARPU at $7.10
• May 13, 2026 - Nexxen adds TiVo home screen inventory to its programmatic network in North America and the UK
• June 4, 2026 - TiVo's report finds home screen owners spend 57% of non-viewing time on the home screen
• June 15, 2026 - Fox agrees to buy Roku for about $22 billion
• August 5, 2026 - Xperi reports second-quarter advertising and related revenue of $14.98 million, up 54%, with 6.3 million TiVo One users and ARPU of $6.70
• September 2026 - Xperi shows reduced-memory TiVo OS to clients at IFA in Berlin
• September 30, 2026 - Third quarter ends with 6.8 million TiVo One monthly active users, ARPU of $7.65 and 3.42 million IPTV households
• November 2, 2026 - Roku reports third-quarter advertising revenue of $727.4 million, up 23%
• November 4, 2026 - Xperi reports third-quarter revenue of $114.0 million and advertising and related revenue of $14.9 million, narrows its 2026 revenue range to $450 million to $462 million, raises its margin and cash flow outlook, names MediaMarktSaturn as a TiVo OS partner and announces Andersen's retirement
• November 18, 2026 - Xperi presents at the 15th Annual ROTH Technology Conference in New York
• December 10, 2026 - Xperi presents at the Sidoti Virtual Investor Conference
• December 31, 2026 - Xperi expects more than 7.5 million TiVo One users and ARPU between $8 and $10
• February 2027 - Full-year results, 2027 guidance and an update on the AI programme
• 2027 - Andersen retires once a successor has been found and has started
• 2028 - Xperi expects the decline in legacy Pay TV revenue to stop weighing on the segment

Related PPC Land coverage

• Xperi's ad and related revenue rises 54% to $15.0 million in Q2 - The second-quarter results, which give the $14.98 million base the third quarter failed to beat.
• Nexxen adds TCL and TiVo to its smart TV home screen ad network - How TiVo home screen inventory became available programmatically in North America and the UK.
• Kargo brings CTV advertising formats to TiVo platforms - Kargo's formats on TiVo OS televisions and TiVo IPTV services.
• TiVo Q4 2025 report: viewers hit five-hour daily watch time peak - TiVo's viewer survey, including home screen time and the reach of ad-supported services.
• MediaMarktSaturn launches first offsite retail media program with Unlimitail - The retail media business MediaMarktSaturn already runs across European markets.
• Philips drops Google TV for Titan OS on all 2026 models - what it means for CTV ads - A rival independent operating system winning a major European TV brand.
• Roku partners with Vestel to expand European smart TV presence through Finlux brand - Roku's push into European TV sets through one of the region's largest manufacturers.
• Walmart to acquire Vizio in $2.3 billion deal to expand advertising reach - The retailer-owns-the-TV deal Kirchner cited on the call.
• Fox buys Roku for $22bn - what it means for CTV advertising - The largest TV platform transaction of 2026.
• Roku ad revenue gains 23% to $727m as average impression price drops 7% - The scale benchmark for independent TV operating systems in the same quarter.

Summary

Who: Xperi Inc. (NYSE: XPER), owner of TiVo, DTS, HD Radio and the AutoStage car platform; chief executive Jon Kirchner; chief financial officer Robert Andersen, who will retire in 2027; MediaMarktSaturn, which selected TiVo OS for its PEAQ televisions; and analysts from Craig-Hallum, Rosenblatt, BWS Financial, Maxim Group and Stonegate Capital Partners.

What: Third-quarter 2026 revenue of $114.0 million, up 2%. Advertising and related revenue rose 281% to $14.9 million but was flat on the second quarter's $14.98 million, and its gross margin reached 31%. Licensing and other revenue fell 8% to $99.0 million. The GAAP net loss was $5.2 million and adjusted EBITDA $23.0 million. TiVo One reached 6.8 million monthly active devices and ARPU of $7.65. Xperi now expects Media Platform growth of about 60% in 2026 against a goal of about 100%, and ARPU of $8 to $10 against a goal above $10. It narrowed revenue guidance to $450 million to $462 million and raised its adjusted EBITDA margin outlook to 19% to 21%.

When: The results and the earnings call came on November 4, 2026, for the quarter ended September 30, 2026. Andersen will retire in 2027, and 2027 guidance is due in February.

Where: Xperi is based in San Jose, California. TiVo One advertising revenue comes mainly from the US and Europe, where MediaMarktSaturn operates more than 1,000 stores. AutoStage covers more than 150 countries, and the Broadcaster Portal covers 550 US metro areas.

Why: According to Xperi, the growth in TiVo One devices drove advertising revenue up against a weak year-earlier quarter. Middleware licensing fell because the prior year included minimum guarantee revenue, and advertising grew a little more slowly than planned, which together cut the Media Platform expectation. Cost cuts, including workforce reductions, raised the margin outlook, while cash from minimum guarantee contracts is expected to arrive in the fourth quarter.