API

MKT CAP:$331M

Agora, Inc.

Market Cap

$331M

Technology·Software - Application·🇨🇳 China·NASDAQ

Technology·Software App·🇨🇳·NASDAQ

Stock Price

$3.73-$0.31 (-7.67%)

Apr 21, 2026

Company Details

Agora, Inc. provides Real-Time Engagement Platform-as-a-Service (RTE-PaaS) in the People's Republic of China, the United States, and internationally. The company RTE-PaaS offers developers with software tools to embed real-time video, voice...

CEO

Bin Zhao

IPO Date

Jun 26, 2020

Website

www.agora.io

Key Metrics TTM

Revenue

$141M

+6.1% YoY

Net Income

$10M

EPS (Diluted)

$0.10

Free Cash Flow

-$6M

Revenue / Share

$1.46

Gross Margin

66.4%

Operating Margin

-7.2%

Net Margin

6.8%

FCF Margin

-4.5%

P/S

2.3x

P/E

34.7x

Earnings Reports

FY 2025

Dec 30, 2025

$141M+6.1%EPS $0.10

Q4 2025

Mar 3, 2026

$38M+11.2%EPS $0.05

Q3 2025

Nov 20, 2025

$35M+12.2%EPS $0.03

Q2 2025

Aug 19, 2025

$34M+0.1%EPS $0.01

Q1 2025

May 28, 2025

$33M+0.9%EPS $0.00

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$39M	$24M	-$29M
Q2 22	$41M	$27M	-$28M
Q3 22	$41M	$24M	-$29M
Q4 22	$40M	$24M	-$18M
Q1 23	$36M	$23M	-$17M
Q2 23	$34M	$22M	-$48M
Q3 23	$35M	$22M	-$14M
Q4 23	$36M	$23M	-$8M
Q1 24	$33M	$20M	-$13M
Q2 24	$34M	$21M	-$11M
Q3 24	$32M	$21M	-$25M
Q4 24	$34M	$23M	-$5M
Q1 25	$33M	$23M	-$4M
Q2 25	$34M	$23M	-$3M
Q3 25	$35M	$23M	-$2M
Q4 25	$38M	$25M	-$1M

Valuation

Quarter	P/S	P/E
Q1 22	2.0x	—
Q2 22	2.0x	—
Q3 22	2.1x	—
Q4 22	2.1x	—
Q1 23	2.1x	—
Q2 23	2.2x	—
Q3 23	2.3x	—
Q4 23	2.3x	—
Q1 24	2.4x	—
Q2 24	2.4x	—
Q3 24	2.5x	—
Q4 24	2.5x	—
Q1 25	2.5x	—
Q2 25	2.5x	—
Q3 25	2.4x	69.5x
Q4 25	2.3x	34.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$16M	-$17M
Q2 22	-$24M	-$58M
Q3 22	-$9M	-$182M
Q4 22	$3M	$2M
Q1 23	-$9M	-$16M
Q2 23	-$5M	-$6M
Q3 23	-$3M	-$5M
Q4 23	$4M	-$4M
Q1 24	-$7M	-$14M
Q2 24	-$8M	-$12M
Q3 24	-$5M	-$17M
Q4 24	$5M	-$9M
Q1 25	$18M	$7M
Q2 25	-$352.0K	-$4M
Q3 25	$724.1K	-$12M
Q4 25	$9M	$3M

Capital Expenditures

Quarter	CapEx
Q1 22	$1M
Q2 22	$35M
Q3 22	$173M
Q4 22	$1M
Q1 23	$7M
Q2 23	$705.0K
Q3 23	$2M
Q4 23	$7M
Q1 24	$7M
Q2 24	$5M
Q3 24	$12M
Q4 24	$14M
Q1 25	$11M
Q2 25	$4M
Q3 25	$13M
Q4 25	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-4.1%	+20.2%
Q2 22	-3.2%	+11.9%
Q3 22	-9.0%	+6.1%
Q4 22	-0.7%	-10.4%
Q1 23	-5.6%	-21.0%
Q2 23	-16.9%	+19.5%
Q3 23	-14.6%	-30.1%
Q4 23	-10.2%	-23.9%
Q1 24	-9.5%	-13.8%
Q2 24	+0.5%	-44.9%
Q3 24	-9.8%	+15.1%
Q4 24	-4.4%	-11.4%
Q1 25	+0.9%	-19.7%
Q2 25	+0.1%	-17.5%
Q3 25	+12.2%	-33.5%
Q4 25	+11.2%	+0.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$9M	24.3%
Q2 22	$9M	22.0%
Q3 22	$7M	17.6%
Q4 22	$7M	16.7%
Q1 23	$7M	20.4%
Q2 23	$7M	20.1%
Q3 23	$7M	19.0%
Q4 23	$4M	10.3%
Q1 24	$4M	13.4%
Q2 24	$3M	9.2%
Q3 24	$14M	43.2%
Q4 24	$1M	4.3%
Q1 25	$2M	5.9%
Q2 25	$2M	4.5%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$31M	$9M	$14M	—
Q2 22	$32M	$9M	$13M	—
Q3 22	$30M	—	—	$26M
Q4 22	$21M	$9M	$12M	—
Q1 23	$21M	$9M	$10M	—
Q2 23	$20M	—	—	$18M
Q3 23	$20M	$9M	$8M	—
Q4 23	$16M	$8M	$7M	—
Q1 24	$18M	$8M	$7M	—
Q2 24	$18M	$8M	$6M	—
Q3 24	$29M	$10M	$7M	—
Q4 24	$15M	$6M	$7M	—
Q1 25	$14M	$6M	$6M	—
Q2 25	$14M	$6M	$7M	—
Q3 25	$14M	—	—	$12M
Q4 25	$14M	—	—	$13M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	-4.1%	-67.3%	-71.3
Q2 22	-3.2%	-67.9%	-71.1
Q3 22	-9.0%	-63.5%	-72.5
Q4 22	-0.7%	-77.1%	-77.7
Q1 23	-5.6%	-39.3%	-44.8
Q2 23	-16.9%	-38.4%	-55.4
Q3 23	-14.6%	-34.1%	-48.7
Q4 23	-10.2%	-105.3%	-115.4
Q1 24	-9.5%	-26.4%	-35.9
Q2 24	0.5%	-21.4%	-20.9
Q3 24	-9.8%	-55.2%	-65.0
Q4 24	-4.4%	6.1%	1.7
Q1 25	0.9%	8.4%	9.3
Q2 25	0.1%	10.3%	10.4
Q3 25	12.2%	11.1%	23.3
Q4 25	11.2%	0.2%	11.5

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$230M	$487M	$718M
Q2 22	$151M	$490M	$641M
Q3 22	$31M	$453M	$483M
Q4 22	$46M	$382M	$428M
Q1 23	$50M	$211M	$261M
Q2 23	$38M	$166M	$204M
Q3 23	$28M	$151M	$179M
Q4 23	$37M	$180M	$217M
Q1 24	$42M	$339M	$381M
Q2 24	$38M	$317M	$355M
Q3 24	$32M	$272M	$304M
Q4 24	$27M	$243M	$270M
Q1 25	$43M	$103M	$146M
Q2 25	$40M	$100M	$140M
Q3 25	$80M	$90M	$170M
Q4 25	$76M	$144M	$220M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	113M	+1.0%	+4.5%
Q2 22	112M	-1.0%	+1.2%
Q3 22	112M	+0.4%	+1.1%
Q4 22	110M	-2.1%	-1.6%
Q1 23	106M	-3.5%	-6.0%
Q2 23	101M	-5.2%	-10.0%
Q3 23	97M	-3.2%	-13.2%
Q4 23	95M	-2.7%	-13.7%
Q1 24	93M	-1.8%	-12.2%
Q2 24	93M	+0.2%	-7.2%
Q3 24	93M	0.0%	-4.2%
Q4 24	101M	+7.7%	+6.1%
Q1 25	102M	+1.0%	+9.1%
Q2 25	98M	-3.3%	+5.2%
Q3 25	99M	+0.7%	+6.0%
Q4 25	97M	-1.9%	-3.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$29.4K	1K
Q2 22	$31.3K	1K
Q3 22	$31.3K	1K
Q4 22	$40.1K	1K
Q1 23	$36.4K	1K
Q2 23	$34.0K	1K
Q3 23	$35.0K	1K
Q4 23	$45.6K	790
Q1 24	$41.7K	790
Q2 24	$43.3K	790
Q3 24	$40.0K	790
Q4 24	$56.7K	608
Q1 25	$54.7K	608
Q2 25	$56.3K	608
Q3 25	$58.3K	608
Q4 25	$63.0K	608

Revenue / Employee