API (Agora, Inc.) Stock Financials & Earnings

APIAgora, Inc.

Mkt Cap$389M

Technology·Software - Application·🇨🇳 China·NASDAQ

Revenue (TTM)$141M

Net Income (TTM)$10M

EPS (TTM)$0.10

Free Cash Flow (TTM)-$6M

Gross Margin66.4%

Op. Margin-7.2%

Net Margin6.8%

FCF Margin-4.5%

P/S Ratio (TTM)2.8x

P/E Ratio (TTM)40.8x

YoY Rev Growth+6.1%

Employees—

Earnings Reports

▶Q4 2025NEW

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 softwa...

CEO Bin ZhaoIPO Jun 26, 2020www.agora.io

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
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 23	2.3x	—
Q2 23	2.0x	—
Q3 23	1.6x	—
Q4 23	1.6x	—
Q1 24	1.7x	—
Q2 24	1.5x	—
Q3 24	1.7x	—
Q4 24	0.7x	—
Q1 25	0.7x	—
Q2 25	0.7x	—
Q3 25	0.6x	18.4x
Q4 25	2.6x	38.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
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	-$352K	-$4M
Q3 25	$724K	-$12M
Q4 25	$9M	$3M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$7M
Q2 23	$705K
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

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
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 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 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 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

War Chest

Quarter	Cash	Short-term Investments	Total
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
Q1 23	106M	-3.5%
Q2 23	101M	-5.2%
Q3 23	97M	-3.2%
Q4 23	95M	-2.7%
Q1 24	93M	-1.8%
Q2 24	93M	+0.2%
Q3 24	93M	+0.0%
Q4 24	101M	+7.7%
Q1 25	102M	+1.0%
Q2 25	98M	-3.3%
Q3 25	99M	+0.7%
Q4 25	97M	-1.9%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 18	—	—
FY 19	—	—
FY 20	$159K	842
FY 21	$128K	1K
FY 22	$161K	1K
FY 23	$179K	790
FY 24	$219K	608
FY 25	$233K	608