Research Reports

Prepared Highlights

Q2 2026 revenue of $64.2M exceeded high end of guidance ($58M–$62M); adjusted EBITDA of $7.2M also above guidance ($2M–$6M) (CEO, CFO, prepared).
Variable license revenue $31.8M, up 6% YoY; Connected Services revenue $15.3M, up 21% YoY (CFO, prepared).
Professional services revenue $11.3M, down 19% YoY; fixed license revenue $5.8M vs. $21.5M prior year (CFO, prepared).
Gross margin 74% vs. 77% prior year; non-GAAP OpEx $43.3M vs. $34.1M prior year (CFO, prepared).
Free cash flow $13.6M; cash from operations $14.1M; cash and equivalents $108.3M (CFO, prepared).
5-year backlog $971M, up from $960M a year ago; PPU $5.09 (trailing 12 months), up 5% YoY (CFO, prepared).
Adjusted total billings $239M, up 7% YoY; pro forma royalties $40.3M vs. $39.7M prior year (CFO, prepared).
Approximately 11.3M cars produced with Cerence technology in Q2; connected cars shipped up 12% on trailing 12-month basis (CFO, prepared).
Official guidance: Q3 revenue $68M–$72M (incl. $10M fixed license), adjusted EBITDA $8M–$12M; FY2026 revenue $305M–$320M (midpoint raised to $312.5M), adjusted EBITDA $60M–$70M (midpoint +8%), free cash flow $66M–$76M (midpoint +16%) (CEO, CFO, prepared).
Mgmt quotes:
- “We delivered another strong quarter with revenue of $64.2 million and adjusted EBITDA of $7.2 million, both above the high end of our guidance.” (CEO)
- “BYD … is also the first to start production with cars rolling off the lines as we speak, a very exciting milestone for our team.” (CEO)
- “All programs signed to date carry PPUs that exceed our current run rate, reinforcing both the value of our platform and OEMs' desire to invest in next-generation in-vehicle experiences.” (CEO)
- “Variable license revenue … was $31.8 million, a 6% year-over-year increase, reflecting steady customer utilization and consistent program performance.” (CFO)
- “We are raising full year free cash flow guidance $10 million or 16% at the midpoint to a range of $66 million to $76 million.” (CFO)

Prepared Metrics

Metric	Value	Speaker/Context
Total Revenue	$64.2M	Q2 2026 actual (CFO, prepared)
Variable License Revenue	$31.8M	+6% YoY (CFO, prepared)
Connected Services Revenue	$15.3M	+21% YoY (CFO, prepared)
Professional Services Revenue	$11.3M	-19% YoY (CFO, prepared)
Fixed License Revenue	$5.8M	vs. $21.5M prior year (CFO, prepared)
Gross Margin	74%	vs. 77% prior year (CFO, prepared)
Adjusted EBITDA	$7.2M	Q2 2026 (CFO, prepared)
Free Cash Flow	$13.6M	Q2 2026 (CFO, prepared)
Cash from Operations	$14.1M	Q2 2026 (CFO, prepared)
Cash and Equivalents	$108.3M	End of Q2 2026 (CFO, prepared)
5-Year Backlog	$971M	Up from $960M a year ago (CFO, prepared)
PPU (Trailing 12 Months)	$5.09	+5% YoY (CFO, prepared)
Adjusted Total Billings	$239M	+7% YoY (CFO, prepared)
Pro Forma Royalties	$40.3M	vs. $39.7M prior year (CFO, prepared)
Cars Produced with Cerence	~11.3M	Q2 2026 (CFO, prepared)
Connected Cars Shipped (TTM)	+12%	YoY increase (CFO, prepared)
Q3 Revenue Guidance	$68M–$72M	Includes $10M fixed license (CFO, prepared)
Q3 Adjusted EBITDA Guidance	$8M–$12M	(CFO, prepared)
FY2026 Revenue Guidance	$305M–$320M	Midpoint $312.5M (CFO, prepared)
FY2026 Adjusted EBITDA Guidance	$60M–$70M	Midpoint +8% (CFO, prepared)
FY2026 Free Cash Flow Guidance	$66M–$76M	Midpoint +16% (CFO, prepared)

Q&A Batch (1-3 of 3)

Q1 — Mark Delaney

Topic: xUI初期出货反馈与中长期收入增长展望
Key points:
- BYD为首个出货OEM，已开始出货约2-3周；其他OEM预计6月、7月年底前出货；消费者反馈预计在Q3末收集
- 5年滚动积压小幅下降（从约$1B），但未包含近期签单；公司预期全年积压维持约$1B
- 核心业务（不含非汽车和IP执行）预计年增长率约高个位数至低双位数，由联网服务和xUI多倍PPU驱动
- 联网服务占比持续上升，xUI收入需摊销确认（帮助现金流和账单，但收入体现滞后）
Mgmt stance: 看涨——管理层强调积压稳定、核心业务增长可见性高，xUI订单为多倍PPU

Q2 — Daniel Hibshman

Topic: 季度表现驱动因素（连接vs固定许可vs专业服务）与R&D运营支出基线
Key points:
- 本季度超预期主要由连接业务驱动（非xUI），Chat Pro等LLM功能提升互联体验需求
- 固定许可收入因折扣减少（从双位数降至接近WACC单位数）和销量超预期，亦贡献部分增长；全年固定许可目标约$23M
- 非GAAP R&D运营支出从Q1约$22.5M升至Q2约$27.5M，主要因资本化软件减少（项目转产），该水平为2026财年剩余季度基线
- 研发总现金支出基本持平（约$27.5M），未来部分岗位可能因新一代xUI开发重新资本化
Mgmt stance: 看涨——核心业务（连接+许可）驱动增长，R&D投入效率提高（资本化转运营支出反映项目成熟）

Q3 — Thomas Blakey

Topic: xUI订单管道与核心业务增长（xUI竞标进展与非汽车扩展）
Key points:
- xUI已赢得6次竞标中的5次；管理层预计Q3再完成至少1个新订单（可能达6/7）
- 非汽车业务2026财年预计贡献极小（最多几百万美元），主要为NRE资助的概念验证，聚焦工业机器人、航空等复杂机械场景，不涉及消费电子
- IP执行：已解决三星，另有Apple、Sony、TCL和Amazon四项案在推进；法律费用改为按进度支付（而非分成），当前节奏合适
- xUI定价为当前PPU的倍数，有助于中长期收入增长
Mgmt stance: 看涨——xUI产品需求强（5/6竞标胜率），选择性扩展到非汽车领域且具备可扩展性