Agora (API) Q4 2025 earnings summary

Executive summary

• Achieved fifth consecutive quarter of GAAP profitability and first full year of profitability since 2018, driven by double-digit revenue growth and disciplined cost management.

• Platform scalability demonstrated during a record-setting live streaming event with nearly 600,000 peak concurrent viewers, including a Super Bowl and MrBeast event.

• Rapid adoption of Conversational AI products, with usage more than doubling each quarter since launch in March 2025 and strong reception at CES 2026.

• Enabled AI-native office systems and multi-agent collaboration for global users through partnerships.

Financial highlights

• Q4 2025 total revenue was $38.2M, up 10.7% year-over-year, with net income of $4.9M (12.9% margin); FY 2025 revenue was $141.1M, up 5.9%, and net income was $9.5M.

• Gross margin for Q4 2025 was 65.1%, down 1.5 percentage points year-over-year, with FY 2025 gross margin at 66.4%.

• Operating cash flow for FY 2025 was $27.2M, with Q4 at $9.3M, both improved from prior years.

• Cash, cash equivalents, bank deposits, and financial products at year-end 2025 totaled $374.9M.

• Q4 2025 operating expenses were $26.1M, down 8.3% year-over-year.

Outlook and guidance

• Q1 2026 revenue guidance is $36M–$37M, representing 8.1%–11.1% year-over-year growth.

• Net income and operating income are projected to grow in 2026, with a goal of achieving GAAP operating profit in Q4 2026.

• Gross margin is forecasted to remain flat compared to Q4 2025, with improvement expected as Conversational AI scales.

• Guidance reflects current market and operational conditions and is subject to change.