Amber International Stock

Thank you. Good morning and welcome to Amber International's second quarter 2026 financial results. [Operator Instructions] As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, AMBR's AI Ambassador, Mia. You may begin.

Good morning and welcome to Amber International Holding Limited's second quarter 2026 earnings conference call. I am Mia, AMBR's official AI agent moderator for today's call. Before we begin, please note that today's discussion will contain forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from those projected.

For a more detailed discussion of these risks, please refer to the company's filings with the U.S. Securities and Exchange Commission, including our most recent annual report on Form 20-F. Joining us on today's call are Michael Wu, Chairman of the Board and CEO. Vicky Wang, President. Yi Bao, Chief Operating Officer, Josephine Ngai, Chief Financial Officer, and Steve Zhang, Co-Chief Financial Officer. Following their remarks, we will open the line for Q&A. With that, let me now turn the call over to Michael Wu, our Chairman of the Board and CEO.

Thank you all for joining us. The second quarter was a strong one for AMBR. And I will start with the numbers. Revenue was $13.9 million, up 39% from the first quarter. Gross margins expanded to 79.5%. Operating income was $1 million and adjusted EBITDA was $1.9 million, both turning positive from losses last quarter. And revenue from our agentic and digital asset businesses from Amber Premium came in at $10.1 million, above the $9 million to $10 million outlook we gave you last quarter.

On our $50 million repurchase program, we bought back approximately 2.6 million ADS for about $5.8 million through June 30, with roughly $44.2 million remaining. Those are the results. Today though, I want to explain why they matter because they are the first evidence that our new strategy is already taking hold. Two days ago in Hong Kong, we introduced AMBR for what it is today: a company that builds specialized AI agents.

This is a pivot, and I'd rather say that plainly than dress it up as continuity. We used AMBR as a digital wealth management business. Now we are becoming a technology company. We are making that choice deliberately and from a position of strength backed by the numbers I just shared, because we believe this is where the greater opportunity lies. For me, this is also a return to my original passion and my true ambition.

We started in 2017 as Amber AI and spent the first nine years in markets learning exactly where capable models stopped being useful to people making consequential decisions. In June, I stepped down as CEO of Amber Group to run AMBR full-time. Building these AI agents is the only thing I plan to work on for the next decade. I said that publicly on Monday and I will repeat that today to this audience, because you are the ones who can hold me to it.

AMBR already has two products in market. Ambre is our consumer agent for personal finance. Ambre does what Amber Premium's relationship managers have done for high-net-worth clients: portfolio analysis across accounts and asset classes, a daily signal feed, filtered analysis to what a user actually holds and actually what matters, monitoring, and alerts. And Ambre makes that available far more broadly.

And the two design choices matter for this audience. First, Ambre works across users' existing exchange and brokerage accounts. We're not asking anyone to move assets to us. Second, Ambre does not place orders autonomously. Not yet. When a user decides to act, they are connected to our expert team. These are people who were relationship managers, structurers, and traders in our financial services business. We will expand the agent's authority as reliability is demonstrated, not ahead of time.

Ambre opened Monday by invitation, beginning with Amber Premium's verified client base. Mia, your host today, is also our marketing agent, and is the proof that this model produces real revenue. Mia was built inside iClick and CMRS, our wholly owned marketing businesses, where it runs a substantial share of day-to-day campaign operations for a base of more than 100 enterprise customers.

As of Monday, Mia is also available directly. Sold as a product, not just embedded in our services anymore. That's a pattern you should expect from us. We operate a business, convert its expertise into an AI agent, and then take that AI agent to market. Now let's move to the P&L logic because the repositioning is only credible if the numbers eventually say the same thing as the strategy.

Of the $13.9 million I mentioned, $7.4 million came from businesses we classify as agentic, $3.5 million from AMM in its first quarter of recognition. That classification reflects how these businesses genuinely run. Operations executed on AI-agent infrastructure, not a relabeling of old revenue. Yi will take you through the basics and the details. The reason it matters: structurally higher gross margin than the businesses it's replacing.

And that mix shift is most of why gross margin reached 79.5% this quarter. On the rest of the portfolio, as we focus the company on building AI agents, we're reviewing the shape and ownership of parts of our legacy financial services business. Some of what we operate today fits the strategy as infrastructure. Some might serve clients and shareholders better in a different structure.

We have nothing to announce, and we won't speculate on outcomes. I'd rather tell you the review exists than have you learn of any outcome cold. I also want to emphasize that Ambre and Mia are the first two AI agents, not the whole portfolio. At our inaugural Investor Day, which we now expect to hold before year-end, we will show you what else we've been building and lay out the financial framework for the transition. What a revenue mix looks like as agentic businesses become the center of AMBR. Until then, our job is simple: execute on what we just launched, build AI agents. With that, I'll hand over to Yi Bao.

Thank you, Michael. The message from my side is simple. Agent strategy is already operating, not just announced. AMM went from operating system to $3.5 million of recognized revenue in a single quarter. Mia runs a substantial share of day-to-day campaign operations for more than 100 enterprise customers. And Ambre expands on workflows our team have run for years. We build agents on infrastructure we have already proven, which is why we can move quickly without taking on the risk of building from scratch.

What I would like to do this morning is make the pivot concrete from the operating point of view. Michael described the pattern we follow, which is that we operate a business, we convert its expertise into an agent, and then we take that agent to market. All the real work happens in that middle step. And that is where, I think, our advantage sits. That's where I will spend my time. Let me pick up where I left off last quarter. I described A3S and AOS, AI Native Operating Systems.

A few of you asked afterwards why we were leading with infrastructure rather than with the agents themselves. The short answer is that intelligence on its own doesn't make the agents useful. Agents need access to the right data, tools it can operate, workflows it can follow, permissions, down to what it is allowed to touch, and controls around execution, monitoring, risk, and compliance. More than any of that, it needs a precise purpose, by which I mean a defined user and a real situation where the outcome matters to somebody.

The model supplies intelligence, the operating environment lets that intelligence act, and the purpose determines what the action is worth. That's also why we are not competing at the foundation model layer, and don't plan to. We stay model-neutral and use whatever intelligence works best for a given job, whether it comes from a proprietary model or an open-source one. It's worth thinking about what that means for how you view the model race, because when the models get more capable and cheaper, it works in our favor rather than against us.

Our costs come down and our agents get better without us spending $1 on training. What we intend to own is a layer sitting above the model, which is where you'll find deep understanding of a particular vertical, the connections into the right tools and data, the design of the workflow and its controls, and the unglamorous work of making general intelligence reliable enough that someone will trust it with a real job. AMM is the clearest example of how that plays out.

AMM has always run on a fragmented set of workflows with client requirements sitting in one system, and counterparties in another. And then KYC, contracts, execution, monitoring, settlement, and reporting each carry their own tools and their own manual steps. Our first move was to put the AI interface in front of all that, because the interface on top of a broken process just gives you a faster route to the same bottleneck. We standardized the underlying workflow first, then connected the systems, structured the data, put monitoring and controls around it, and made the process machine-operable one step at a time.

That's the layer we described to you last quarter as the AMM operating system. In the second quarter, AMM contributed roughly $3.5 million of revenue in its first quarter of recognition. I want to be careful about how I characterize it. What it tells you is that the infrastructure underneath our agent strategy can already generate economic value. That's a meaningful distinction because most companies in this field are still asking investors to fund an operating layer that doesn't exist.

Our system is already running and fits our definition of agentic revenue. The bulk runs on agent infrastructure rather than through the manual processing it replaced. The part I want to be careful about is what comes next. That revenue today still mostly reflects monetization of the operating platform and the capabilities running on top of it rather than the agents getting paid directly for delivering the outcome. Our expectation is that the specialized agent gradually becomes the primary interface to that capability and that the outcome itself becomes what the customer pays for.

Think of the progression as three stages, starting with the manual workflow, then agent-operable infrastructure, and eventually a specialized vertical agent that simply delivers the results. AMM is in the middle stage today. We will tell you when it moves and we will show you what we measured before we say it moved. The rest of the portfolio is being built the same way. We came out of a working marketing operation where we learned from real companies and real enterprise customers long before we sold it to anyone.

Ambre is being built on years of operating experience at Amber Premium, drawing on portfolio analysis, risk monitoring, product evaluation, and the accumulated judgment of relationship managers, traders, structurers, and product teams. In both cases, we started inside an environment we already understood well, converted that operating knowledge into structured workflows and systems, and then let agents take on more of the work as it earns the right to. That's also how I would ask you to think about our legacy business inside the new AMBR.

The customer relationships, the domain expertise, the regulatory infrastructure, the execution connectivity, the operational data, and the risk and compliance experience all stay valuable. It would be hard for newer entrants to assemble from scratch. What does have to stay the same is the way we have traditionally delivered those capabilities. It historically grows by adding relationship managers, operations staff, and margins that grow in a fairly straight line with headcount, and that's a different economic shape from the company we intend to build over the next decade.

I already see the difference showing up in this quarter's gross margin. So as Michael mentioned, we are reviewing where each legacy business and its structure fits. Some of those capabilities will end up as infrastructure or agent-dependent, and some delivery models will become decentralized over time. The pivot is changing how we run AMBR internally as well. Because we want to be the first serious user of everything we build, there was a practical reason for that, which is that running our own agents in our own workflow is the truest way to find out where they fail before a customer does.

Where they fall short, where human judgment is still needed, what context or tooling they are missing, and how the workflow itself should be redesigned. We understand the workflow, we build the agent, we run it ourselves, we fix what breaks, and then we take it outside. Dogfooding is our operating model and it travels from one vertical to the next. When you look at that $3.5 million from AMM, I would ask you to read it as an early proof point rather than a destination. The operating system is the foundation.

The specialized agent is the product we are building towards, what the customer should eventually be paying for. We are early in this transition, but we are not starting from 0. We are starting with businesses that operate, users who use them, workflows that function, and revenue that's already being recognized. The work in front of us now is turning those advantages into specialized agents, and scaling the ones that prove they can deliver. With that, I will pass over to Vicky.

Thank you, Yi. Earlier this week, on September 1, we officially unveiled AMBR and introduced the next chapter of our company, focused on building specialized AI agents for high-value, high-stakes use cases. We have been very encouraged by the initial response. Since the launch of AMBR, we have seen strong interest from existing clients, prospective users, partners, and the broader market. While we are still at a very early stage, that response has reinforced our conviction that users are looking for something beyond another general-purpose AI interface.

They want agents that are more intelligent, that understand their context, know what matters to them, and can continuously help them to take action. And this is where we believe AMBR has a differentiated foundation. The AMBR brand is new, but the capabilities behind it have been built over many years. We bring deep domain expertise, trusted financial infrastructure, experience serving sophisticated users, and a detailed understanding of real-world high-stakes workflows.

We believe these capabilities become increasingly valuable in an agent AI world. Foundation models are becoming extremely powerful, but in our view, the most valuable specialist agents will require a deeper know-how of the underlying industry. And this is where our domain expertise becomes particularly valuable. Ambre, our flagship personal finance agent, is one of the first examples of how AMBR is combining frontier AI capabilities with deep financial expertise to build specialist agents.

Over the years, we have built deep capabilities across digital wealth management, risk management, and financial infrastructure. Ambre brings these capabilities together in a much more scalable and intelligent form. Rather than simply providing users with more information, Ambre is designed to understand their financial context, identify what matters most to them, and help turn their intentions into action.

For example, Ambre can build a holistic view of a user's portfolio across different accounts and asset classes, identify concentration and correlation risks, surface the signals that are most relevant to their actual holdings, and continuously monitor specific conditions or tasks on their behalf. We launched the first version of Ambre on September 1 as well. And early response from our existing clients, partners, and broader community has been very encouraging.

It is still an early version, and we expect the product to evolve significantly as we validate user behavior and progressively unlock more agent capabilities. Our long-term ambition is for Ambre to make a level of personalized, always-on, professional financial intelligence that historically was only available through high-touch private banking relationships accessible to a much broader group of users. On the other hand, Mia solves the same shape of problems in a completely different market.

Marketing teams run research in one tool, insights in another, content in a third, and distribution in a fourth, and nobody owns the seams between them. Mia is built to understand the objective and carry that workflow through end-to-end instead of handing it off 4 times. We sell it two ways now: embedded in the services our marketing businesses deliver and directly as a product. And having both gives us an unusually clear read on what a customer will pay for the agent on its own versus the services wrapped around it.

These two markets we picked in the first batch have almost nothing in common. These are finance and marketing operations. They share almost no customers, no regulations, and no workflows. So if the same approach works in both, that's the approach working and not luck. It's also how we will choose the third agent and the fourth. We go where we already operate, where the work is high-stakes and fragmented, and where we hold context a newcomer would need years to assemble.

We are still at the beginning of this journey, and there is significant work ahead, but the launch of AMBR marks an important milestone for the company, and the early response we have seen has, again, strengthened our conviction in the direction we are taking. We look forward to sharing more as we expand the capabilities of Ambre and Mia and introduce additional specialist agents across the AMBR platform. With that, I will turn it over to Josephine.

Thank you, Vicky, and good morning, everyone. Before I get into the numbers, let me start with the headline for the quarter. Revenue grew 39% sequentially, and we moved from an operating loss of $3.2 million in Q1 to operating income of $1 million in Q2. And, importantly, operating expenses essentially flexed at around $10 million. I think that's an important point for investors. The strategy Michael just described is not being driven by a significant increase in spending.

What we are seeing is that it's a change in the revenue mix, with our higher-margin agentic revenue growing alongside continued improvement in our core business. Typically, when a company goes through this kind of repositioning, you would expect to see a higher cost base first and potentially a need for additional capital. So far, we are seeing the opposite. We are growing revenue, improving margins, and moving into profitability without materially increasing expenses. That's the kind of financial discipline that we want to maintain as we execute this transition.

Let me walk through the quarter in a little more detail. Starting with revenue, total revenue in Q2 was $13.9 million, up 38.8% from $10 million. Beginning this quarter, we have reorganized how we present revenue into two categories, which we think better reflects how the business is evolving. Asset-based revenue, which was $6.6 million, and includes wealth management, execution, and payment solutions. The second is agentic revenue, which was $7.4 million and reflects the initial contributions from AMM, together with our marketing and enterprise solutions business.

Within the digital assets platform, wealth management solutions generated $5.3 million, compared with $4.3 million last quarter. That improvement was mainly driven by stronger demand for both our diversified products and several newly launched offerings. Agentic revenue was one of the key developments this quarter. AMM contributed $3.5 million in its first quarter of revenue recognition. Our marketing and enterprise solutions contributed $3.8 million. And if you look at the digital asset platform together with AMM, revenue was $10.1 million, slightly above the high end of the $9 million to $10 million outlook we previously communicated.

Moving to gross profit, we saw a significant improvement. Gross profit increased to $11.1 million from $6.8 million in Q1, and gross margin expanded to 79.5% from 67.7%. The main driver here was the mix of the business. We are seeing a larger contribution from higher-margin activities, particularly AMM and our core wealth management business. So, from our perspective, it's not just the revenue growth that's encouraging. The quality of that revenue is also improving.

On operating expenses, we remained at approximately $10 million, essentially flat with the prior quarter. This was particularly important given the growth we delivered during the quarter. We are starting to see the operating leverage we believe can come from different AI integrations across the business. As a result, operating income was $1 million for the quarter, compared with an operating loss of $3.2 million in Q1.

Looking at the bottom line, net income from continuing operations was $1.5 million compared with a net loss of $3.7 million last quarter. Adjusted EBITDA from continuing operations improved to positive $1.9 million from negative $3.2 million in Q1 and adjusted net income was $1.5 million. Turning briefly to the balance sheet, as of June 30, we have $34.2 million in cash, cash equivalents, time deposits, and restricted cash.

Let me also address our outlook because I know this will be an important question for investors. As Michael discussed, the company is going through a meaningful strategic transition toward becoming an agentic AI company. Given that transition, we don't believe our previously issued financial guidance is still the right framework for evaluating the company's future performance. We have therefore decided to withdraw that guidance while we build more operating history around these new businesses and get better visibility into their financial contribution.

Once we have enough data and forecasting visibility, we intend to provide updated guidance. I want to emphasize that withdrawing the guidance doesn't change our confidence in the long-term opportunity. It's really about making sure that when we give investors a forward-looking framework, it's based on the business we are building now rather than the business we had before this transition. So stepping back, I think Q2 gives you more early but meaningful evidence of what the new model can look like.

And yet operating expenses stayed essentially flat, gross margin expanded significantly, and we moved from an operating loss to operating profit. For us, that's the pattern we want to continue seeing as we move toward a more AI-native model. We are still early in this transition and there is a lot of work ahead, but we are encouraged by the progress we are seeing and we will continue to stay focused on disciplined execution and long-term value creation. With that, I will turn the call back to Mia. Thank you.

Thank you, Josephine. That concludes our remarks for today. We will now open the line for Q&A. Operator, please begin.

[Operator Instructions]

Yeah, I see some questions on the screen. First question: what is proprietary about your AI agent? About AMBR's AI agent. This is actually a really good question, and I'd like to share with the audience our own AMBR's definition of what is even an AI agent. I think the industry sort of comes together to a definition for AI agents, as this concept or this whole species is still fairly new in human history. The industry defines AI agents as the model plus the harness. Now, we do believe that definition is incomplete.

Our AMBR's definition for an AI agent is an agent is the model plus the harness plus the tools. And I think that will lead us back to the original question. Why do we believe that way? Because the model is the intelligence, and that intelligence is increasing day by day as the model labs compete for better and better models of all sorts, proprietary or open-source. The harness is the concept of the environment or the tools or setup for that intelligence to do actual work.

For example, as coding agents, that harness allows the model to code and write programs for programmers or even non-programmers, we call them [ AI coders ]. But we do think, like Yi said earlier in his remarks, the purpose is what makes that action from the model valuable to someone. It is essentially what the model is doing for who in what scenario and why. If the model is highly intelligent and increasingly intelligent, without the purpose, it's unclear why the customers should pay for that because it's unclear what value the customer receives.

Now, still going back to the original question, what is proprietary about AMBR's AI agents? We think in the areas we started, Ambre with wealth management, Mia with marketing, we understand the purpose, or at least we understand the purpose very well for the customers the original businesses have been serving for years, for many years. We understand what exactly they need, what their demands are, what their pain points are, and how they like to have these problems solved.

It's proprietary because any other company with the same model or even the labs that create the model does not have that, unless they have done years of servicing these customers like we did. Take a step back to harnesses nowadays. Just like the models, you have increasingly an open-source culture around both the model and the harness. You now have a lot of great open-source models, essentially free to use, free to deploy locally by AMBR or other companies.

You now also have a lot of open-source harnesses. In fact, some of the most popular personal general agent harnesses, [ the last one, the like the Prompts agents, OpenClaw, Pi agents ], they're all open-source, which means anyone including AMBR can use them, review them according to our needs. Now because we have, again, very deep understanding about the purpose, AMBR, we understand how these clients like to be serviced around their money, around wealth management.

We also understand how these companies like to be serviced with their marketing. We can then build harnesses that are special, that are proprietary to these clients, to these personas. And provide them value in the ways they want, in the ways they actually find valuable because the ones who pay, I believe, define what's valuable. Now, also a lot of our partners are also proprietary because they come from the system that's been servicing these clients for years.

You cannot build these programs that are... All of these are non-off-the-shelf, including old school programs. You cannot build these programs. You can back-engineer them, but they're not battle-tested. They are not the way clients have been served or like to be serviced. So back to the original answer, I think actually other than the model, both the harness and the purpose are not only proprietary to the AMBR agents like Ambre and Mia, they are unique with a moat that was built over years of servicing real clients to perhaps one of the highest standards in the industry.

So I hope that answers the question and I also hope that provides a bit more insight on how we understand building AI agents given the field is so new. I do think, as a public company doing that, we have sort of a responsibility educating the audience or even potentially, you know, sort of sharing what we know about what building AI agents even means. Can we take questions online?

[Operator Instructions] Were there any other web questions?

We'll take another question from the web. It's a fun one and I think it can hopefully be insightful for the audience too. It reads: if investors give your five largest competitors $50 million tomorrow, what stops them from building Ambre and Mia? This is a great question because the answer is both simple and I think again, you know, comes back to how we understand building AI agents.

Frankly, the ones who can theoretically build Ambre and Mia, they do not need that $50 million. They are potentially the labs or the large internet companies that are already building models and general agents. They do not need that $50 million tomorrow to build those. But why are they not building Ambre and Mia? They're fighting different battles. They're trying to build the better model. They're competing very hard. Their best people, their $billions or $hundreds of billions are spent winning the model war, not winning the vertical agent war we are fighting.

Now, on the other hand, if you give $50 million to a competitor who wants to build Ambre and Mia tomorrow, it also doesn't help that hypothetical competitor. They are unlikely to understand the purpose we do. And even if they do, they are in the same industry. They are unlikely to have built their harness the way that it's generically operable as we have done with AMM and with the harness around Mia, the harness around Ambre.

Last but not least, I think likely they will be building their version of Ambre and Mia for the wrong purpose. That matters. Likely they will try to add an AI bot onto whatever they were selling, and that's not going to be the right purpose of servicing the users, the customers, like what Ambre and Mia are doing with our customers. So I think this is a great question. I actually think this $50 million doesn't help any hypothetical competitor of ours.

Because the ones who can do it, they don't need the $50 million and they're not doing it for financial reasons. They're doing it because they're fighting different battles with that focus. And the ones who need $50 million, they probably cannot, while we built ours in a very, I think, extended period of time.

There are no phone questions at this time.

Then we will take one more web question. We have very capable management, but I will start. Do you expect to take market share from existing competitors or do you view the segment as open and untapped? This is a great question because I think it's a bit of both and it depends on the time horizon. A portion of where our growth or revenue comes from is actually weighted forward.

In the near term, take Mia as an example. Mia is already making revenue from customers not noticing this. These customers probably do not care if they are serviced by Mia or iClick or another marketing company, maybe with or without AI. So in that sense, Mia is taking market share from iClick competitors or even iClick itself. Now essentially iClick is, you can think of it as a service or an additional layer on top of Mia.

Now, at the same time I do think customers being serviced directly by Mia are having a very different service experience. It is essentially, and especially for a lot of smaller customers, essentially the first time they're being serviced and can afford to be serviced by a truly 24/7 complete marketing team. This is a clearly untapped market because these customers, their marketing needs existed before, but a way for their marketing needs to be served this way didn't exist before.

In the near term, I do think Mia, or iClick and CMRS with Mia behind it, is operating a lot better than many of its competitors, and it will take market share from competitors. Over time, I think the most powerful thing to Mia as a service model is it will open up a lot of new customers that didn't think they could have this level of service. The same thing happens with Ambre.

The level of service the Amber Premium Team provides to high-net-worth families, $billion family offices, was not accessible by smaller investors or individuals most of the time. The cost is just too expensive to do that. Now, not only can that experience and that service potentially be delivered better, they can be delivered at an affordable cost to a lot more customers. So back to that, before my teammates add more, I think over time, it's a bit of both, but the later open market is a lot larger for us.

Thank you. That concludes the question and answer session. I'll turn the floor back to Mia for final comments. Thank you all for joining us today.

This quarter marked a clear step in AMBR's pivot, from a digital wealth management business to a technology company that builds specialized AI agents. Ambre and Mia are the first two agents now in market, and the second quarter results are the first evidence that this direction is beginning to show through in the numbers. We sincerely appreciate your continued trust and support. We look forward to sharing more in the quarters ahead, including at our Investor Day, which we now expect to hold before year-end. This concludes today's call. Thank you, and have a great day.

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

Good morning. Welcome to Amber International First Quarter 2026 Financial Results.

[Operator Instructions]

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, MIA, Amber's Premium official AgentFi ambassador. MIA, you may begin.

Good morning, and welcome to Amber International Holding Limited's First Quarter 2026 Earnings Call. I am MIA, Amber Premium's official AgentFi ambassador and your moderator today.

Before we begin, please note that today's discussion may contain forward-looking statements within the meaning of U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially. For a more detailed description of these and other risks and uncertainties, please refer to our filings with the Securities and Exchange Commission.

Joining us on today's call are Michael Wu, Chairman of the Board and CEO, who will share our first quarter overview, strategic vision and AI initiatives; Vicky Wang, President, who will focus on our core business updates, client platform performance and future focuses; Yi Bao, Chief Product Officer, who will update us on our regulatory update and platform evolution; Josephine Ngai, Chief Financial Officer, who will review our financial results and provide guidance; and Steve Zhang, Head of Capital Markets.

Following their remarks, we will open the line for Q&A. With that, let me now turn the call over to Michael Wu, our Chairman of the Board and CEO.

Thank you, MIA, and thank you all for joining us today. The first quarter of 2026 was another tempered period for the crypto industry, continuing the downtrend we saw in the fourth quarter of 2025. Our total revenue for the quarter was USD 10 million compared to the $14.5 million in Q1 2025 and $16.3 million last quarter.

Despite the challenging environment, we see this as an opportunity to strengthen our foundation with clients and continuing advancing our strategic priorities. Our focus remains on how we serve our clients more efficiently and how we scale that capability through our agentic fintech capabilities. Through every cycle, what proved durable are Amber's most important assets, our ability to innovate and our ability to build scalable future-proof infrastructure. To that point, this quarter marks another step forward in the strategy we have been building towards.

As part of our broader agentic transformation, we introduced A-Suite as an agent-native operating system that abstracts the complexity of digital asset financial services, enabling them to be automated and operated by AI agents.

This is similar to how AWS 2 decades ago abstracted the complexity of servers and enabled a whole generation of web apps to simply build on top. That is where finances heading as the agentic economy arrives, and our vision is to be the foundational layer beneath it.

We're moving from competing as the interface and the distribution layers to providing the rails for the agentic economy itself. This is not an aspiration. It is already underway. Amber Premium has already proven itself as a strong distribution layer with established institutional relationships, our regulatory licensing footprint and demonstrated segment profitability as disclosed in our financial statements.

Building on that proven foundation, we are now creating the operating core beneath it. The greater efficiency and expanded addressable market unlocked by A-Suite are what will carry us towards the agentic future that I have always envisioned, spoken about and built towards. This also marks the next step in how we define AMBR, not just as Amber Premium, the crypto platform anymore, but as Amber, a truly emerging agentic fintech.

As I mentioned in previous earnings calls, Amber first began as Amber AI. The conviction that crypto and AI would converge to define the future of finance was not a strategy we adopted later, but rather it was a thesis we founded the company upon. What you are seeing today this quarter across both our business and our innovation is that this thesis is arriving in practice, and we intend to keep building it deliberately one proven layer at a time.

Building on Amber Premium's proven success, we launched the first of our 3 flagship agentic fintech operating systems within the A-Suite at the end of March. A-MM, which stands for Agentic Market Making is an agent-native liquidity operating system for token projects and designated market-making infrastructure. A-MM is designed to unify execution workflows, infrastructure and transparency into a platform that can be orchestrated by agents with customized real-time performance and risk reporting and monitoring.

We expect A-MM to begin contributing meaningful revenue in Q2 and to scale from there. It is the first of the 3 A-Suite products we plan to bring to market this year. Yi will elaborate further on A-MM and our A-Suite positioning later.

Beyond A-Suite, we are also embedding AI agent capabilities directly into our existing operations across all of our businesses. Within our iClick digital marketing business, we're transitioning toward an agent-first and agent-native operating model by integrating MIA, our first in-house AI agent, who is also our host today for the earnings call into iClick's core workflows, decision-making processes and service delivery.

This goes way beyond just using AI as a tool. We are making autonomous agentic workflows, a central driver of how we operate, and that is already improving efficiency and scalability across the business system. This is the practical execution of our broader AI agent-driven strategy. As we continue building towards this vision, I'm also pleased to announce our Crypto for AI vision.

Crypto for AI or C4AI, as we call it, is our view that crypto will become the financial and economic infrastructure for the agentic economy. To that end, our inaugural C4AI Investor Day planned for October will be an important milestone where we will share our progress and showcase a whole fleet of Amber agents with the market. One final point on capital allocation because it reflects how we view our own valuation.

We continue to repurchase shares opportunistically through Q1 and remain focused on returning capital to our shareholders. Under our $50 million share repurchase program announced in November 2025, we repurchased approximately 2 million ADS during the period. As of March 31, 2026, approximately USD 45.5 million remained available under the program. We continue to have significant flexibility for opportunistic repurchases while investing for growth. Ultimately, Q1 reflected a deliberate strategic decision on our part.

Our strategy is advancing, and we are using this period to redefine the scope of AMBR and position the company for the next phase of the agentic economy. With that, I will now turn the call over to Yi, our Chief Product Officer, for a deeper look at our product road map and the launch of Amber's first agent-native operating system, A-MM.

Thank you, Michael. Our platform innovation is a natural continuation of how we have always built and delivered financial products. From the start, Amber Premium operated primarily as a distribution layer, a UI-driven platform focused on user acquisition and onboarding. We are now evolving into a full stack agent-native organization with a particular emphasis on building the service layer underneath that distribution layer. This is a natural next step beyond traditional UI-centric thinking, where products were defined by features, buttons and screens in apps and by branches, licenses and relationship managers in finance to an operating system approach.

In the agent economy, competition will no longer be about who has a better interface, but who can seamlessly convert client intent into execution, settlement, monitoring, compliance and reporting through intelligent automated workflows. A truly agent-native operating system can deliver personalized and optimized service at a scale no stand-alone platform, manual process or single-purpose application can match.

This quarter, we took a significant step towards with the launch of A-MM, the first flagship component of our A-Suite. A-MM is an agent-native liquidity operations system and designated market making infrastructure platform. Its core value lies in creating a unified platform layer that abstracts complex execution workflows, operational infrastructure and transparency requirements into standardized modular components. For token projects, liquidity is critical to price discovery, trading experience, exchange relationships, investor confidence and ecosystem credibility, yet designated market making has historically been manual bilateral and trust-based.

A-MM is designed to extend this process into automated and structured operating workflow. Projects can define key requirements such as target venues, service duration, spread, uptime, depth, settlement preference and capital needs, while the platform supports RFQ submission, quote review, order management, contract administration, performance monitoring and reporting.

This gives projects a clearer way to express demand and market makers a standardized way to deliver and Amber-controlled system of record for onboarding, KYC documentation, contracts, fees and service data. This allows us to participate in the token liquidity value chain in a more scalable infrastructure-driven and asset-light way. A-MM is designed with a clear division of labor alongside traditional market makers.

It is not a replacement but an infrastructure layer that enables greater efficiency, transparency and scalability. In being able to offer different execution models, combined with real-time visibility via our Performance Dashboard, which is soon to be launched, we are already seeing strong early adoption and positive feedback from token projects in our soft launch phase. From a business perspective, A-MM not only strengthens our own execution capabilities, but also creates a scalable revenue architecture. Revenue can come from recurring service and platform fees, venue expansion as clients add more centralized or decentralized markets, market maker participation and potentially premium data and analytics over time.

We anticipate A-MM will begin generating meaningful revenue in Q2 and over time to serve as one of the A-Suite operating systems we plan to launch this year. More importantly, A-MM reflects the broader strategic direction of Amber, moving from distribution to service from interface to infrastructure and from manual financial workflows to agent-native operating systems.

Complementing our product progress, we continue to strengthen our regulatory licensing footprint. We have been granted the VARA license in Dubai and are making steady progress on our Virtual Asset Service Provider application in Hong Kong. These efforts reflect our strategic allocation of resources to better serve growing institutional demand, supported by an increasingly visible regulatory framework, including Hong Kong's stablecoin regime and the developments such as the U.S. CLARITY Act.

A stronger regulatory foundation is essential to building a sustainable, high-quality business in this evolving industry. This combination of technological innovation and regulatory advancements marks the natural continuation of our journey, extending Amber from a distribution layer financial service platform into a fuller picture of agent-native operating systems for agentic crypto fintech. Next, I will hand it over to Vicky for a detailed review of our Q1 business performance.

Thank you, Yi. Before deep diving into our AMBR platform business, I would like to first build on Michael and Yi's earlier comments around how we have successfully scaled Amber Premium over the years and how we believe we are now entering the next phase of scalable growth.

As Michael mentioned, Amber Premium has evolved into a highly scalable institutional distribution platform, supported by long-standing client relationships, a regulated operating footprint and demonstrated segment profitability as reflected in our financial statements.

Importantly, what we are building extends well beyond a single initiative. This quarter, we announced A-MM, which, as Michael mentioned earlier, we expect will contribute meaningfully in the coming quarters. More importantly, A-MM represents only the first of the 3 A-Suite operational cores we plan to introduce this year as we continue building the infrastructure layer for scalable institutional automation.

The same automation and infrastructure capabilities that powered our market making businesses can now be extended across a broader range of institutional financial products and services, creating a more scalable and higher quality earnings profile over time. Turning back to our core business and Q1 performance. The first quarter of 2026 reflected a familiar market environment across digital assets, including softer trading activity, lower risk appetite and more selective institutional capital deployment.

These broader market conditions were naturally reflected in our quarterly financial performance, particularly within our Execution Solutions and Payment Solutions businesses. However, what continues to evolve meaningfully is the expansion of the digital asset opportunity set. We are no longer only seeing institutional interest around core crypto assets. Increasingly, we are seeing demand broaden towards tokenized financial products, on-chain yield strategies, tokenized real-world assets and a wider range of digitally native financial products.

Alongside the trends, we are also seeing growing client appetite for more sophisticated and tailored-structured products. Clients today are increasingly looking for customized yield opportunities defined downside protection and structures aligned with their specific risk return objectives rather than standardized off-the-shelf solutions. Our ability to offer customized structured products across different underlying assets, tenor and payout profiles is a direct response to this evolving demand profile.

Importantly, we believe this trend supports both deeper client engagement and a higher quality revenue mix over time. As asset universe expands, we believe distribution becomes increasingly valuable. Institutions are looking not only for access to products, but also for trusted platforms that can help clients access and manage these opportunities within regulated frameworks.

This is where we believe Amber Premium is strategically well positioned. At the same time, we are seeing increasing demand for financial institutions and platforms seeking embedded digital asset capabilities rather than building these capabilities internally.

We believe this creates meaningful long-term B2B2C opportunities for us. Against this backdrop, our primary recurring revenue engine, Wealth Management Solutions contributed USD 4.3 million in Q1, accounting for 74.8% of Amber Premium segment revenue. This continues to reflect our intentional shift towards higher margin and more predictable revenue streams.

To further strengthen our regulatory positioning, we also took proactive steps this quarter to optimize our client account structure and align more closely with evolving regulatory requirements. As part of this process, we streamlined a portion of low engagement client accounts while continuing to deepen relationships with our core institutional and focused client base.

Importantly, this optimization had minimal impact on overall Asset on Platform, while Asset on Platform per active clients remained stable at $1.2 million. We believe this strengthened the long-term quality of the platform as the industry becomes more institutional.

Ultimately, while market cycles may continue to impact short-term activity, we believe the long-term value of this platform lies in our client relationships, regulated infrastructure and ability to scale customized financial services through automation. In summary, Amber Premium is increasingly evolving from a client platform into an agent-native institutional layer for execution, coordination and distribution of digital and tokenized assets. With that, I will hand over to Josephine, our Chief Financial Officer, for our financial results.

Thank you, Vicky, and good morning, everyone. I will now review our financial results for the first quarter of 2026 ended March 31 and provide our guidance for the second quarter. Throughout my remarks, I will primarily reference the consolidated Amber International entity, providing additional context for the Amber Premium segment where relevant. Revenue for the first quarter was USD 10 million. This compares to USD 14.5 million in Q1 of 2025 and USD 16.3 million in the sequential fourth quarter of 2025.

Our Q1 performance was primarily influenced by a materially softer digital asset market environment, which leads to a moderation in transaction volumes across the entire industry. Furthermore, our year-over-year comparison was impacted by a nonrecurring USD 2.9 million service fee that we recognized in the prior year period.

Looking closer at Amber Premium, performance across our core solutions was quite balanced. The Wealth Management solutions delivered USD 4.3 million. The Execution Solutions brought in USD 0.9 million. Payment Solutions delivered $0.6 million and iClick Marketing and Enterprise Solutions contributed approximately USD 4.3 million.

The gross profit for the quarter came in at USD 6.8 million, representing a 67.7% margin. This is a step down from the USD 12.1 million with gross profit and 74.2% margins we recorded last quarter, reflecting shifts in our product mix as our new products represent a higher share of revenue this quarter. Despite these near-term shifts, we remain firmly focused on driving long-term, high-margin growth across all product lines.

Moving down to the operating line. We recorded an operating loss of USD 3.2 million for Q1. However, our total operating expenses improved to approximately USD 10 million, down from USD 11 million in Q4 2025. This reduction highlights our strategic efforts to streamline operational resources alongside early efficiency gains from our internal AI initiatives.

I want to highlight an encouraging case here. Within our iClick Marketing and Enterprise Solutions business, we deployed our AI agent, MIA, into the operation. This integration helped reduce operating costs within that segment meaningfully this quarter alone as we are transitioning the digital marketing business toward an AI-driven operating model.

The key takeaway for us is straightforward. AI is not just a forward-looking thesis for us. It is already actively absorbing operating expenses and improving the unit economics of our existing business. We expect this internal AI efficiency to continue compounding throughout 2026 as we extend MIA's capability to additional corporate functions. The net loss from continuing operations was USD 3.7 million compared to a net income of USD 0.8 million last quarter. Adjusted EBITDA for Q1 was a loss of USD 3.2 million compared to a positive adjusted EBITDA of $50,000 in Q4 2025.

Turning to the balance sheet. Our financial position remains strong and continues to improve. We closed the quarter with USD 36.5 million in cash and 0 bank debt, giving us a highly resilient foundation. Looking ahead to the second quarter of 2026, we are issuing preliminary revenue guidelines for the Amber Premium segment of between USD 9 million to USD 10 million, representing a quarter-over-quarter increase of approximately 58.1% to 75.7% from our Q1 2026 Amber Premium segment's revenue of USD 5.7 million.

Our guidance currently covers the Amber Premium segment only and does not include revenue from our iClick Marketing and Enterprise Solutions to be consistent with previous guidance practice.

As we look to the rest of the year, alongside the external growth strategies we have previously outlined internally, we are also enhancing our financial reporting system to provide transparent insight into our performance, and maintaining strong liquidity and balance sheet flexibility in order to support our global expansion and strategic partnerships.

We believe that this disciplined approach will create sustainable and long-term value for our shareholders. With that, I will turn the call back to MIA. Thank you.

Thank you, Josephine. That concludes our remarks for today. We will now open the line for Q&A. Operator, please begin.

[Operator Instructions]

Our first question comes from Brian Dobson with Clear Street.

If we could just start with a big picture question, I suppose, 2 years from now, what do you think the business looks like? And how do you think investors should be contemplating your growth outlook at this point?

Thank you, Brian. This is actually a great question because fundamentally, I think starting from this quarter, we want the market, we want the investors to understand Amber is truly emerging from the platform, Amber Premium, which is by itself a very solid, profitable digital wealth management platform to Amber, which I define as a crypto-enabled agentic fintech. 2 years from now on what the business should look like. I do think the agent-native operating systems we are launching today, the A-MM and the remaining A-Suite and the agents that are operating them as of today, they will become a financial infrastructure for a lot more companies. They will hopefully, by that point, become the financial stack for the agentic economy. How that will make our revenue model look like. I do think we have proven with our own platforms with Amber Premium that already automated, already agent-native operating system can enable businesses, enable businesses in a scalable way.

2 years from now on, I think that scale point -- the scalability point should have been proven by that point. There should be a lot of platforms other than Amber Premium, a lot of platforms either owned, invested by Amber or completely unrelated to Amber on an ownership basis they're operating on this shared stack that we are building today.

Yes. So I'm highly confident in the direction we are going. I'm highly confident in delivering or accomplishing that in a 2-year framework. And I do think the market will gradually understand Amber as an emerging crypto-enabled agentic fintech, as I mentioned.

And again, circling back to our Crypto for AI vision, I do think being crypto-enabled -- being crypto-enabled as an agentic fintech gives us a unique edge if we look a bit further into the future.

I do believe a lot of financial services today will move on to the crypto realm, especially as the agentic economy arrives, as more of the services, more of the operations, more of the economy is done by AI agents rather than humans. So hopefully, by that point, market will realize we not only have that vision way ahead of the curve. We are one of the first to actually deliver that vision.

Yes. And I suppose just following up on that. Do you think that leaning into that aspect of the business, right, makes the overall business model more scalable as you're driving more agent-native systems kind of similar to like -- more like a software company?

There are similarities, I think, to software companies in the sense that most of the companies, as I always mentioned today, are engineers at the core. This is -- Amber at the core is a technology-driven company. But I do think the business model will look different from the software companies or especially the SaaS companies as we understand today. I don't think we are offering just a software tool or an agentic tool even.

What we are building and we are increasingly offering to our own platforms and externally is really more of an agentic capabilities. Take iClick as an example, as we mentioned today. iClick is a digital marketing and maybe at this point, still is a digital marketing business. What MIA does and what our agentic staff does to iClick is offer the ability to offer the same services or even much better services to their clients with a much more agent-native way in terms of operation, most of the operations now are being automated, the way the workflow they are streamlined is agent-first rather than human-first.

The ability itself, again, back to scalability point is highly scalable. A different company or even a company with only similar business or different client base or similar client base can easily render the ability, compared to the software example you mentioned, right? Today, if another company uses a software from a software company, they still need to use the tool themselves. They still need to have staff trained to operate with their own workflow using that tool. The agentic services, the agentic abilities we are offering is different. It's actually end-to-end. It's actually result driven. We do think companies will start to get used to paying for the actual results rather than paying for the tools that can hopefully get them the results.

I think that's fundamentally different. I think the market will start to realize that. A lot of that understanding, I think, is becoming more talked about among the private investors, among the VC investors. So really in the more -- in the public market, I do think Amber is one of the first companies that through our results, through our accomplishments this year, hopefully, we'll also educate the public market investors about this new business model.

Our next question is from [ Emily Wei ] with Symmetry Affluent.

I have 2 questions. Can you hear me?

Yes. Hi, Emily.

I actually have 2 questions. So first of all, can you help us understand why we are pivoting towards an AI story? And secondly, on A-MM, what has actually been delivered so far? And when do we expect the A-Suite to start making money?

Great questions. This is Michael again. First, I have to correct you. We are not pivoting to AI. First, Amber started as Amber AI. It's actually always been our DNA. And secondly, I've had this conviction, and I really think the company is putting that into reality as we speak that crypto and AI are converging. And these 2 technologies will together define what the agentic economy looks like, especially in what I call agentic finance.

And also, this is already happening, as I mentioned about the MIA inside iClick example. This is already transforming operating expenses through automation. It is already changing workflows from humans using tools to agents leading towards direct results with humans in the loop. And it's already making a financial impact.

And I think that's sort of related to your second question, which I will also get to. And also, if you look at Amber Premium itself, we really see Amber Premium as the proof case. It is a proof case because it is successful, right? It has a very strong reputation among, I think, the most highly demanding, highly sophisticated and high valuable client base. It is a profitable business.

But we are just reviewing within Amber what enables the success of Amber Premium beyond, of course, our great sales team, our great relationship management team and all the trust our clients putting into us. It's actually this operating layer, which now we are reviewing as A-MM -- as A-Suite. It's actually this operating layer and this agent-native operating capability that makes Amber Premium -- makes our platform successful, makes us able to deliver a very diverse variety of products and services within crypto.

And the ability to deliver that not only to the highest standard, but deliver that with efficiency, with scalability. So I really don't think we're talking about pivot. AI and the crypto has been in Amber's DNA since day 1. But I do understand why you asked this question or where does this confusion come from. I think over the last year or so, we are a new public company. And throughout most of 2025, people were still trying to understand Amber Premium itself, which again, is our first showcase, our first success.

And this year, of course, we are all on this call along with all the investors, with all the friends trying to educate the market about the broader Amber, which hopefully, starting from this earnings call become more clear.

And to the second of your question about where does -- when does A-MM start to contribute revenues, it's actually already started. As we mentioned, A-MM was launched at the end of March. It's an agent-native liquidity provision OS, operating systems. As Yi explained about the product, right, we really abstracted a fairly complex business into a very streamlined protocol.

And this protocol itself is agent native, it's agent operable and it's highly automated. Along with the workflow, the workflow agents that operate A-MM, they've already been contributing revenue as we speak today. And I do think we will start to see these increasingly significant revenue contribution from A-MM and other A-Suite as we launch them from the second quarter onwards.

And I can add some points on Michael. So basically, as Michael has mentioned, the A-MM actually it adds extra scalable revenue streams to our future developments. So basically, I just want to make a similar analysis once the token projects or A-MM, market makers onboarded to our agentic market making or the platform.

Actually, they will be very sticky and something like a middle to long-term agreements that were signed with us. So basically, the revenue itself will be recurring and scalable as they're adding more values or maybe they be adding more parameters or they require more digital services from our side. So basically, we do think that this revenue stream will be extremely scalable and start to contributing meaningful revenue from Q2 and onwards. Thank you.

There are no further phone questions. I would like to hand it back over to management for webcast questions.

Okay. Yes. We have a few questions on the screen. I will read one of them out first. The question is, how do you expect AI strategy to influence margins, cash flow, balance sheet efficiency over time?

Again, I think we touched upon some of that. The AI strategy is already influencing pretty much all of them on cash flow, on expenses, as we mentioned with iClick example, MIA is already reducing OpEx of the iClick business segment as we speak.

In terms of margin, A-MM is another good example. It turns a fairly -- it used to be fairly bespoken kind of business model of equity provision in crypto and digital assets into highly streamlined agent-operable operating systems. So that definitely increases not only the margin on the business, but also, again, how scalable the business can be. In terms of balance sheet efficiency, I think that will also show the impact over time as we -- especially as we launch the other 2 products within A-Suite in the coming months.

Just to add to that point, I think compared to current margins, we do expect obviously higher capital efficiency coming out of the agentic AI services and will have a positive impact on operating margins in the long run.

And given that this is a relatively scalable business, the balance sheet efficiency will also start to improve in the coming quarters.

We also have another question that's from Kelly. The question is what LLM is being deployed to enable the AI solution for Amber? Are there any proprietary components to your agentic infrastructure?

This is very interesting to have a more technical question on this earnings call. In short, the way we build what we call the intelligence layer of our agentic stack is we are very open to use whatever LLM model or whatever intelligence source that's actually helpful, that's productive that actually enables our business and our clients' businesses to be better.

We, of course, have integrated all the leading -- both the leading private models and the leading open source models. We have also in-house deployed our fine-tuned versions of open source models where it fits both.

There are, of course, areas within our agentic workflows that are smaller, maybe less intelligent, but cheaper and more customizable open source models are suitable. We've done that. So in a way, we have our own fine-tuned smaller models, I guess, in the workflow.

How these -- and are the proprietary components to the agent infrastructure. This is also a very interesting question. I think we touched upon the models, intelligence layer, right? I do think there are companies, there are gigantic AI labs that provide all these intelligence layers. And I don't think it's Amber's position today, at least to compete on that front.

I do think in terms of building more vertical agentic services or vertical agentic service stacks, that's where our edge lies, whether specifically in fintech or in financial services, especially digital asset financial services, which I think are actually more complex, but also more digital native form of financial services. There's a lot of harness you need to build. There's a lot of, sort of, specified data sets that our agents need to be comfortable with or be trained with.

So the short answer is yes. I do think there are a lot of proprietary components to our agentic infrastructure, even though that on the intelligence layer, we integrate most of the advanced either private or open source models.

Thank you all for joining us today. This quarter marks a defining moment as we continue to advance our agent-native operation system build-out while maintaining a resilient foundation in a challenging market. We remain fully committed to delivering institutional-grade excellence and long-term value for our shareholders. We sincerely appreciate your continued trust and support, and we look forward to sharing further updates with you in the upcoming quarter. This concludes today's call. Thank you, and have a great day.

Thank you. You may now disconnect.

Good morning, and welcome to Amber International Fiscal Year 2025 Financial Results. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, MIA, Amber Premium's official AgentFi ambassador. MIA, you may begin.

[AI Agent – MIA]

Good morning, and welcome to Amber International Holdings Limited's Fourth Quarter and Full Year 2025 Earnings Call. I am MIA, Amber Premium's official AgentFi ambassador and your moderator today.

Before we begin, please note that today's discussion may contain forward-looking statements within the meaning of U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially. For a more detailed description of these and other risks and uncertainties, please refer to our filings with the Securities and Exchange Commission.

Joining us on today's call are Michael Wu, Chairman of the Board and CEO, who will share our full year overview, strategic vision and AI initiatives. Vicky Wang, President, who will focus on our core business updates, client platform performance and future focuses; Yi Bao, Chief Product Officer, who will update us on our regulatory update and platform evolution; Josephine Ngai, Financial Officer, who will review our financial results and provide guidance; and Steve Zhang, our Head of Capital Markets.

Following their remarks, we will open the line for Q&A. With that, let me now turn the call over to Michael Wu, our Chairman of the Board and CEO.

Thank you, MIA, and thank you all for joining us today. The full year 2025 marked a pivotal chapter for Amber International, a year in which we proved the durability and the scalability of our business model against a challenging macroeconomic backdrop. First, I want to address the broader macroeconomic landscape and what we have achieved amid this environment. We clearly acknowledge the industry headwinds. The total market cap of crypto decreased by approximately 25% in the fourth quarter alone, cooling to approximately USD 3 trillion by year-end after briefly approaching USD 4 trillion in October. However, we are highly encouraged by the financial resilience of our business has demonstrated despite this volatility. We generated USD 66.1 million in full year 2025 revenue. Our Amber Premium segment generated USD 50.2 million in revenue and successfully achieved our annual segment revenue guidance. This also represents a 572.1% increase compared to the USD 7.5 million Amber Premium segment revenue in 2024.

In Q4 alone, we recorded USD 16.3 million in consolidated revenue, maintaining a stable quarter-over-quarter top line despite the broader crypto market suffering a significant contraction during the same period. This is a definitive validation of our resilient institutionalized platform. Also, on an adjusted EBITDA basis, we achieved positive USD 4.7 million for the full year, which was a swing of USD 9.9 million from the USD 5.2 million loss in 2024.

Amber International improved profitability against a challenging market backdrop. That is the financial story of 2025. Our financial results demonstrate the strength of our core. Amber Premium is Asia's leading digital wealth management platform. It serves the region's most sophisticated clients with a private banking experience built on technology and unmatched access to digital asset opportunities. This business has proven to be profitable, resilient and scalable and it continues to set the foundation for our long-term strategy.

On business development side, I'm proud to share a major regulatory milestone our Dubai subsidiary, Amber Premium FZE received a virtual asset services provider license from VARA on April 2, 2026, which formally authorized it to offer regulated virtual asset broker-dealer, asset management, investment, borrowing and lending services to institutional and qualified investors in and from the Emirate of Dubai and the broader UAE. Built upon this progress, we continue to actively advance our licensing efforts in Hong Kong. Yi will elaborate further on this achievement later.

Now turning to our long-term vision and initiatives. As many of you may know, Amber's roots in AI dates back to our founding days as Amber AI in 2017. We believe the convergence of crypto and AI, two transformative technologies of our time will fundamentally reshape finance, not only for humans, but also for the numerous AI agents that are arriving. In this emerging AI agent economy, digital assets become the economic and financial rails and financial services evolve from platforms into agent-native operating systems. And my ambition as Amber's Founder CEO is not to add AI onto yesterday's products. It is rather to build the financial stack for what comes next. For that, we are actively developing a product suite called the A-Suite, which is a cohesive architecture of 3 AI-native operating systems that will not only power businesses like Amber Premium, but are engineered to intelligently coordinate liquidity, asset management and asset distribution at scale.

In Q1 2026, we will officially announce the first of these 3 operating systems, which will be an AI-native autonomous workflow engine for digital asset liquidity management. Over time, we anticipate this suite, the A-Suite will unlock new scalable revenue streams and significantly enhance our operating leverage in the quarters that will follow its launch. We are also executing a comprehensive AI rollout within our businesses today. We have begun integrating MIA, our first in-house developed AI agent and also your host today into our Marketing and Enterprise Solutions segment or what was known externally as our iClick business. Externally, MIA manages content generation, social media consistency and investor engagement. Internally, MIA has lived in our Slack workspace as a proactive teammate, accelerating workflows via a proprietary skill hub and secure internal database. These are much more than just productivity gains or cost-cutting initiatives.

We want to use MIA's AI rollout success on iClick as a proof case that our in-house technology and innovation abilities can fundamentally upgrade traditional businesses, improve client experience, reduce unit costs and sharpen our competitive edge in ways that cannot easily be replicated.

Finally, as part of our commitment to maximizing shareholder value, our Board authorized the purchase of up to USD 50 million of [ 8 ] half of our Amber ADS over a 12-month period commencing December 1, 2025. Our approach is disciplined, measured and also opportunistic. We try to balance shareholder returns with capital requirements for A-Suite development and the platform expansion. I'm pleased to report that during fiscal year 2025, the company repurchased 516,703 ADS under the program and approximately USD 49.1 million remain available for future purchases, providing significant capacity for opportunistic repurchases alongside continued growth investment.

We are committed to executing our transition towards higher-margin, predictable platform revenue and in the long term, building the financial stack for this AI agent economy. And we believe our capital allocation strategy, including the repurchase program, reflects that long-term commitment. 2025 was a year that validated our strategy through the success case of Amber Premium. 2026 is the year we scale it and propel forward with both technology and innovations.

Thank you. I will now pass to Vicky.

Thank you, Michael. 2025 marked a year of strong and profitable growth for our core business. As Michael highlighted, we remain resilient despite a major correction in the broader crypto market in Q4. Let me frame our performance through the lens of platform economics as these measures really highlight what's driving the value we are creating. First, our primary recurring revenue engine, wealth management solutions delivered $34.9 million for the full year. This is a massive 463.6% increase from the $6.2 million we generated in 2024. Second, wealth management now contributes a major part, around 69.5% of our total Amber Premium segment revenue. We believe this gives Amber a recurring revenue mix that is truly differentiated among digital asset platforms. Third, our unit economics have undergone a meaningful step change.

Our platform gross margin reached 74.8% in 2025, up from just 33.4% a year ago. That is an expansion of over 4,100 basis points, meaning our profitability profile is now approaching that of an institutional-grade wealth management platform. Finally, the ultimate proof of our differentiated positioning is our client profile. Our asset on platform per active client ended the year at $1.3 million. We compare that to the $5,000 to $10,000 range commonly cited for typical retail crypto exchanges based on publicly available industry data. The contrast is clear. We are building an institutional grade platform serving a growing long-term wealth allocation into crypto.

We observed across the industry. Q4 2025 reflected lower digital asset prices, softer sentiment and a 25% broader market contraction in crypto market capitalization. Coming off a record Q3, that shift was mathematically pronounced in our headline dollar amount, but the most important client story of Q4 is not what our asset on platform number look like on December 31. It is what our clients did during this correction. They stayed. Well, total platform assets ended the year at $1.3 billion, down from our Q3 peak at $1.8 billion. This was primarily a mark-to-market reflection of digital asset price decline.

Underneath the headline, the engagement picture is steady. Active clients held at 988, essentially flat year-over-year across our institution and high net worth base. In the quarter where market has conviction, our platform retained its clients and kept them active, evidenced by the relations we are building are durable through cycles. As we navigate evolving market conditions in coming quarters, our high-value engaged client base provides a strong foundation for us to continue optimizing the business with a long-term focus.

As we look to 2026, we are accelerating our growth through 3 definitive strategies. First, product innovation. We continue to expand our institutional suite with advanced offerings such as crypto-native FCNs, on-chain commodities and quantitative strategies while exploring tokenized traditional assets. This expands the range of solutions available to our clients, allowing them to allocate capital more actively across a broader set of investment opportunities on our platform. At the same time, our Payment Solutions business grew 325% year-over-year in 2025, reflecting increasing client engagement and more frequent capital movement on platform. Together, these capabilities enable us to capture a greater share of client wallet, well positioning us to meet accelerating demand for regulated institutional grade access to on-chain assets.

Second, OTC Market Share and margin expansion. As one of Asia's longest run institutional OTC desks, our execution reliability represents a difficult to replicate moat. In 2026, we are focused on automating workflows and enhancing pricing precision to improve competitiveness, reduce latency and capture a larger share of institutional flow, driving margin expansion in our Execution Solutions segment through higher volumes and greater operational efficiency. Third, geographical expansion. Our newly secured VARA VASP license marks an important milestone, unlocking access to the AUE (sic) [ UAE ], a key and rapidly growing hub for private and institutional wealth.

Yi will elaborate further on our broader regulatory moat shortly. Ultimately, the combination of a broader product suite, a more automated execution engine and expanded regulatory access positions us well for accelerated high-quality growth in 2026 and beyond.

With that, I will hand over to our Chief Product Officer, Yi Bao.

Thank you, Vicky. I would like to update you on mainly 2 areas. First, our regulatory updates across our 3 licensed jurisdictions and the evolution of our platform and product suite. One of our defining themes of 2025 is our regulatory position, which is now a genuine competitive moat. In the fourth quarter of 2025, our Dubai subsidiary, Amber Premium FZE successfully secured its in-principle approval from VARA.

Today, I'm incredibly proud to announce that on April 2, 2026, we officially received our VASP license. This formally authorized us to provide Virtual Asset Broker-Dealer, Virtual Asset Management and Investments and Virtual Asset Lending and Borrowing service to institutional and qualified investors. By securing our license from VARA, Dubai's dedicated virtual asset regulator, we are strengthening our presence in the region's rapidly expanding digital asset ecosystem. The strategic magnitude of this license cannot be overstated. Upon the SCA-VARA cooperation framework, this single approval further enables us to operate in and from the entire UAE, not just Dubai. This extends our access to one of the fastest-growing private wealth markets in the world.

We are, of course, closely monitoring regional geopolitical developments. While the recent geopolitical tensions in the Middle East may introduce near-term complexities and impact the broader MENA market, our long-term thesis remains completely unchanged. MENA remains a deeply strategic and rapid growing market. To put opportunity in perspective, according to third-party industry research, the MENA wealth management sector is forecast to reach USD 1.4 trillion by 2031, with an estimated CAGR of 6.7%, driven by a combination of local wealth growth and intergenerational wealth transfer expected in the Middle East by 2030. That concentration of wealth is precisely the client base our platform is built for.

Since establishing our Dubai presence, we have engaged actively with local institutional prospects. Our VARA VASP license alongside our Singapore major payment institution license and our ongoing efforts together with broader Amber Group to secure Hong Kong VATP license positions Amber Premium in our view, as one of the few regulated pan-Asian digital asset wealth platform serving its client base as institutional standards. This is what the regulatory moat looks like.

On the platform and the product front, our starting point remains consistent. Crypto markets are structural cyclical and our product road map is designed to serve clients through both down and up cycles. What changes each quarter is our ability to serve them better. In 2025, we made concrete programs across 3 areas: First, OTC platform integration. Our institutional execution infrastructure was meaningfully upgraded, delivering tighter workflows and faster settlement for bulk trades.

Second, AI copilot development. We have embedded AI capabilities directly into our OTC workflow, reducing manual processing time and improving trade execution analytics for our coverage team. Third, structured product expansion. We launched and scaled our crypto-denominated fixed open node and accumulator accumulated product suite, giving clients yield-generating structures that operate across market environments.

Alongside these core upgrades, we successfully built the foundation for our real-world asset tokenization platform. By converting strong institutional inbound interest into end-to-end internal solution from structuring to custody, we are now positioned to seamlessly integrate diversified yield from traditional assets directly into our clients' digital wealth portfolios. These improvements compound a more capable platform with AI support allow our team to serve more clients without proportional headcount growth. This is a unique economics implementation. Each product enhancement increases the revenue potential per active client relationship, a metric analogous to net revenue retention in enterprise software wealth business.

Crucially, these platform upgrades and AI integrations are not just the stand-alone features. They serve as the technological stepping stones for a much larger scalable architecture we are building. They have successfully laid the operational foundation for A-Suite, the cohesive AI-native operating system that Michael touched upon earlier.

As we prepare to introduce the first of these operation system in Q1 2026, we are actively transitioning to fundamentally running our service on an AI-native core. With the regulatory moat and the upcoming A Suite architecture, we are fully committed to building. I'm very encouraged by the momentum entering 2026, and I look forward to reporting tangible milestones in the quarters ahead.

Next, I will hand it over to Josephine.

Thank you, Yi. Good morning, everyone. I will now review our financial results for quarter 4 2025 and for the full year ending December 31, 2025, and provide guidance for Q1 2026. I will primarily reference the consolidated Amber International entity and where relevant, provide context at the Amber Premium segment level.

Revenue for Q4 2025 was $16.3 million, around 240% increase from $4.8 million in Q4 2024. Within Amber Premium, Wealth Management Solutions delivered approximately $5.9 million, Execution Solutions contributed $3.4 million, Payment Solutions contributed $1.2 million and the Marketing and Enterprise Solutions contribute approximately $5.8 million following this merger consolidation. The gross profit of $12.1 million at a 74.2% margin represents over 8x improvement versus Q4 2024 of $1.4 million at 28.9% margin. This margin quality is the most important structural indicator in our P&L as it validates the premium positioning of our wealth management-driven business model.

At the operating line, Q4 2025 recorded an operating income of $1.2 million. The total operating expenses of $11 million reflects continued platform investment, including front office headcount to support AOP and client growth. The net income from continuing operations was $0.8 million in Q4, which significantly improved from a net loss of $12.1 million in Q4 2024. The improvement was contributed by the continued growth of higher-margin service and reductions in other losses related to year-end digital asset valuation. The adjusted EBITDA for Q4 2025 was $50,000, making a return to positive adjusted EBITDA from a loss of $1.6 million in the same period of 2024.

We are now turning to our annual financial performance. The full year story is one of the exceptional transformation. The full year revenue record $66.1 million, which represents over 7x increase from last year. It was driven by the first full year consolidation of Amber Premium following the merger. At the gross profit level, we delivered $49.4 million at a 74.8% margin comparing to $2.5 million at 33.4% in 2024. The total operating expenses record $46.9 million. It includes approximately $444,000 of onetime merger costs and $0.6 million of share-based compensation. Both of them are nonrecurring or noncash. Stripping this, the recurring operating cost base was largely absorbed by gross profit, which producing an operating income of $2.6 million, which significantly improved from $5.3 million loss last year.

From continuing operations, we generated net income of $4.7 million, which was completely reversing the $23.3 million loss in 2024. The net income attributable to the ordinary shareholders was $3.8 million after reflecting a restatement of discontinued operations. Our balance sheet is significantly stronger following the merger. The total equity grew 270% to $110.3 million. The cash of $53.9 million provides a meaningful operational runway with 0 debt. Our total liquid digital assets positions of $46 million, which comprising $33.5 million in crypto assets and $12.5 million in USDC. Based on current market conditions and our preliminary estimates, we are issuing Q1 2026 guidance on the Amber Premium segment with projected revenue of $5.1 million to $5.6 million. While the broader market downtrend we navigated in the fourth quarter of 2025 has continued into the first quarter of 2026. We are utilizing this period of purposeful strategic optimization. We continue to strategically streamline our resources and fulfill stringent regulatory requirements across our active jurisdictions.

With the milestone receipt of our license in Dubai, we are proactively refining our client base to focus exclusively on high-value compliance relationships. This intentional contractions prioritize the depth and profitability of our network over sheer volume, ensuring we continue to enhance our competitiveness as a sustainable institutional-grade digital wealth management platform through 2026 and beyond.

Looking ahead, in addition to the external business strategy that we mentioned before, internally, we are implementing disciplined cost management to drive continued improvement in operating leverage as we scale. We're also enhancing our financial reporting systems to provide transparent insight into our performance as we integrate the operations following our merger. We also maintained strong liquidity and balance sheet flexibility in order to support our global expansion and strategic partnerships. The improved profitability demonstrate that our institutional approach is resonating with clients and creating value for shareholders.

With that, I will turn the call back to MIA. Thank you.

[AI Agent – MIA]

Thank you, Josephine. That concludes our remarks for today. We will now open the line for Q&A. Operator, please begin.

[Operator Instructions] Our first question comes from the line of Brian Dobson with Clear Street.

Do you think we could just take a step back first and perhaps you could describe the competitive environment in some of the markets that you operate in? And then perhaps we can take some -- a closer look at some of your, call it, customer numbers from last year and how you expect this to evolve through next year?

Thank you, Brian. I can take a stab at this first, and then I think my colleagues will join me in providing more perspective. I think overall, the competitive landscape of not only crypto, but broadly digital assets or even the fintech industry continue to evolve. There are new entrants. This is an industry where start-ups come out left and right every day. There are also changing of the top of the rank. We do see larger platforms undergoing their own changes, players catching up. We also see more regionalized or a diversification of different players in different regions.

And the way we look at the landscape is, one, we accept the changes are constant, and therefore, we constantly want to evolve our business, evolve our business strategy, evolve our product suite. And secondly, we want to capture moats or competitive advantages that are more long term, more permanent. For example, that's why on our regulatory strategy, we continue to make progress on being one of the more complete pan-Asian regulated platforms. We do think that will give us not only unique access to these client bases, but also more long-term positioning when it comes to competition.

And also in terms of product services and technology itself, given our investment and our DNA in AI-related technologies, we do think that will bring a lot of efficiency, a lot of scalability and in the end, better product services to our clients, which in the long run should be giving us further competitive advantages.

Brian, this is Steve. Just to add to what Michael has mentioned, obviously, we are a very comprehensive platform. And the important thing is that we can stay nimble to try to capture the market opportunities as they present themselves. So for example, in the fourth quarter, there was a lot of volatility in the market that impacted whether it's client sentiment, especially in the retail and high net worth market. But institutional demand still stayed pretty strong. So our execution revenues were pretty strong despite the downturn in the market.

And also, we captured the structural change in adoption in stablecoins, right? So payment revenues and volumes are also very strong. So just having a holistic and comprehensive capabilities to capture all these markets and different end markets is very important for us. And we just try to remain very nimble every quarter to try to capture these opportunities.

I appreciate it. In the press release, you talked about proactively refining your client base, focus on high-value compliant relationships. I suppose just as a follow-up to that, can you give us a rough idea of how many clients are being onboarded? And I guess what was your thinking around that? Was this a voluntary choice? Or is this something, call it, tied to your license applications in various regions?

Brian, this is Yi. Just to give you an update on the boarding because I think first is definitely -- as I understand you may ask in the Q1, maybe our movement. First is like our purpose for optimization. And as mentioned, we are choosing to focus on the high-profile clients. And the second, definitely, I think we -- as I mentioned, we are -- together with Group, we are applying for the Hong Kong license locally. And then I think we definitely need to have like a more stringent standards for the clients to onboard our platform and then we can maybe just to have a better ROI in terms of the sharing the service to provide the service to them. So if you want some numbers, I suppose we will not disclose in Q1 the earnings release.

[Operator Instructions] Our next question comes from the line of Jade Luo LeZi Capital Limited.

I saw that Amber recently received a virtual asset service provider license from Dubai VARA. So what's the revenue opportunity from the UAE? And another question is that -- our marketing and enterprise solutions generated a good revenue in 2025. Is this segment contributing positively to the gross margin? Also, given the iClick held-for-sale pieces, should we expect the marketing and enterprise business to be the next?

Yes. So thanks for the question. I will take the first one. As we reported in the earnings release, we received the VASP license in Dubai. And although I suppose the short-term tensions, geopolitical tensions will introduce near-term complexities, but we still are very confident that the MENA region is a strategic and rapid growing market -- so just to give you a number of what's happening in the MENA region, where previously with southern [indiscernible]. And according to the third-party industry reports, it is forecast to reach USD 1.4 trillion of the total wealth transfer. So I think the concentration of this growth is precisely the clients our balance before. So now our license portfolio combined with our Singapore major payment institution and the ongoing Hong Kong license, I think definitely pan-Asian the multi-region platform. So, the advance the client composition is on the way and commercial activities expected in the coming quarters.

Yes. And regarding your second question, thank you for putting that. I do think it's a very interesting and exciting opportunity for us at Amber to look at what iClick is today or has been, right? It has -- like you said, it is still a high-quality business. It has a very high-quality client base. And the tremendous room and the tremendous opportunity for us to improve not only how the business is run today, but also what kind of services, what kind of products can provide to our client base, our existing and potentially in the future more scalable client base with our AI rollout.

Strategy. As mentioned, we have already begun the integration of , who was also hosting our earnings call today as per past few quarters with the iClick business from product ops to how we deliver the products to our clients to how we service them, how we run this digital marketing business, we already see MIA and the in-house AI capabilities behind it, making significant changes and significant upgrades. I hope within the coming quarters, we will also see a lot of these progress reflecting in our numbers. And as the management, as the founder CEO of Amber to me, this is another -- not only another exciting opportunity, but also similar to Amber Premium, another potential success proof case of how our technology can transform businesses and open up new opportunities.

[Operator Instructions] Our next question comes from the line of Jonathan Lamb with Canada Asset Management.

So on my end, I had 3 questions. The first one is around the quarterly performance because I'm looking at the quarter 4 and overall increase, there is an increase in overall revenue, but then the revenue from wealth management solutions and asset on platform, there's a decline. So I just want to check it out exactly what happened in the fourth quarter.

And the second question is around A-Suite architecture. You mentioned about it, but could you offer us a little bit more color on what exactly that is? And how is it different from the other AI buzzwords? And the third question is about AI agents because I know you mentioned your strategy around AI agents. Could you elaborate a little bit more on your approach? And how is it different from the broader AI narrative in the market?

Thanks, Jonathan. So this is Steve. I'll take the first question, and my colleagues will probably answer the remaining ones. So in regards to the quarterly performance, I think, obviously, the market was quite soft in the fourth quarter. That was the biggest contributor to why asset on platform fell. But in addition to that, I'm sure most people are aware that -- actually, I'm not sure most people aware, but there was a big crash event in the fourth quarter, October 10. I think it was the largest liquidation event in the history of crypto. So after that, there was a very different risk reward dynamic in the market. So we were very selective in trying to structure products that offer favorable risk rewards to our clients, and we were actively managing risk at that point.

So we decided to not be aggressive in terms of pushing out new products during the quarter. So that caused a little bit of slowdown in AOP. But that goes back to what Michael and everyone else said that we do focus on high-quality revenue and assets, right? We're not going to be pushing for asset growth at all times. We will do it opportunistically. As Vicky mentioned, that we have very sticky clients, they will always come back when we offer products that makes sense for them.

Thank you, Jonathan. Michael here. I will answer your second and third question about what is A-Suite and what are our agent strategy and why are they different using your words from other AI buzzwords. I think these 2 questions are actually highly related. The way we see not only our business, but also how financial services are going to be run is perhaps a bit different from a lot of our peers. I think a lot of our peers in finance or fintech are still thinking about, okay, how do we apply AI here? How do we apply AI there? How will AI help us cut costs here? How will AI help us automate a bit of there. We fundamentally see that differently.

I think the right question to ask is rather what financial services should look like in this increasingly agentic world. And starting from answering that question, the conclusion we arrived is that agents will operate a lot of workflows today automatically by themselves. And for that, they will need agent native or even agent-first operating systems for them to do that. Today, finance operated mostly by human teams. Human teams operate in human-centric workflows or they operate on system softwares that are designed that way. But as agents are becoming more capable day by day, they are no longer just assistance, they are no longer just tools. They are capable of running entire workflows by themselves.

And to do that, they will need agent native systems that are specific to the industry or to the domain they operate in. Amber has always been in the industry of fintech. We understand how financial services is done. In fact, being a digital asset financial service provider, we understand how financial services is done at the frontier of the innovation. And that ability give us that experience and that ability to give us insights of building what these systems look like as agents become more capable, as agents are already highly capable.

So back to what is A-Suite. Again, A-Suite is 3 AI-native operating systems that are mapped to our business units. But also, they are designed from day 1 to be operatable by agents, by autonomous workflows themselves. And we do believe not only through this year, through the coming quarters, we'll prove how that fundamentally increases our ability to service our clients with our existing client base to more seamlessly provide new products and better products and to increase our unit economics, increase our profitability. And therefore, these 3 operating systems, along with the agents we built to operate them together will be what we believe the financial stack that fit for this future agentic economy and how financial services will be done that way. I hope that answers your question.

Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to MIA for final comments.

[AI Agent – MIA]

Thank you all for joining us today. This year represents a pivotal step as we accelerate our AI-driven transformation and reinforce our commitment to institutional excellence, reaffirming Amber International's position as a global leading digital wealth management platform. We sincerely appreciate your continued trust and support, and we look forward to sharing further updates with you in the upcoming quarter. This concludes today's call. Thank you, and have a great day.

Thank you. This call has concluded. You may disconnect your lines at this time. Thank you for your participation.