Slides
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Agora, Inc.2025Q1EarningsMay 27, 2025
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Agora, Inc. Information in this presentation contains forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this presentation are forward-looking statements, including but not limited to statements regarding Agora, Inc.’s financial outlook, beliefs and expectations. Forward-looking statements include statements containing words such as “expect,” “anticipate,” “believe,” “project,” “will” and similar expressions intended to identify forward-looking statements. These forward-looking statements are based on Agora, Inc.’s current expectations and involve risks and uncertainties. Agora, Inc.’s actual results andthe timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to the growth of the RTE-PaaS market; Agora, Inc.’s ability to manage its growth and expand its operations; Agora,Inc.’s ability to attract new developers and convert them into customers; Agora, Inc.’s ability to retain existing customers and expand their usage of Agora, Inc.’s platform and products; Agora, Inc.’s ability to drive popularity of existing use cases and enable new use cases, including through qualityenhancements and introduction of new products, features and functionalities; Agora, Inc.’s fluctuating operating results; competition; the effect of broader technological and market trends on Agora, Inc.’s business and prospects; general economic conditions and their impact on customer and end-user demand; and other risks and uncertainties included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission(the “SEC”), including, without limitation, the final prospectus related to the IPO filed with the SEC on June 26, 2020. Our SEC filings are available on our Investor Relations website at investor.agora.ioand on the SEC’s website at www.sec.gov. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements, which speak only as of the date hereof. If thispresentationis reviewed after the date hereof, even if made available by us, on our website or otherwise, it may not contain current or accurate information. Wedisclaimany obligation to update or revise any forward-looking statement based on new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement, and Agora, Inc. undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof. Unless otherwise indicated, all references in this presentation to the “Company,” “we,” “our,” “us” or similar terms refer toAgora, Inc. and its subsidiaries, and “Agora” refers to the U.S. and international businesses and “Shengwang” refers to the China business. 2 Disclaimer
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Agora, Inc. Business Highlights
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of this line of this line Agora, Inc. 4 Conversational AI EngineAn Enterprise-Grade Solution for Human-AI Voice Experiences STT Any LLM Any TTS TextText User User Voice Agent Voice Chained Model AI NoiseSuppression AutomaticEcho Cancelation Intelligent Interruption Handling SD-RTN SD-RTN Selective Attention Locking Functionality provided by usFunctionality provided by customer/3rd party
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of this line of this line Agora, Inc. 5 ConvoAI Device KitA Turnkey Solution for Adding Voice AI to Any Device lCombines our software, cloud services and high-performance chips from BekenlPowers a diverse range of use cases across verticals, including companionship toys, robotics, and smart speakers
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of this line of this line Agora, Inc. 6 TEN Continues Gaining Traction Peer Project APeer Project B Source: star-history.com, as of May 18, 2025 GitHub Stars since project inception
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of this line of this line Agora, Inc. 7 TEN Adds VAD and Turn DetectionElevating Standards of Open-Sourced Solutions lTEN’s Voice Activities Detection (VAD) and Turn Detection outperformed existing open-source alternatives, providing developers better tools to build real-time voice AI experiencelTry TEN VAD and Turn Detection at Hugging Face:https://huggingface.co/spaces/TEN-framework/ten-agent-demo
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of this line of this line Agora, Inc. 8 Recommended by Public Cloud and Dev PlatformBuild Realtime Voice Agent on Amazon Bedrockhttps://catalog.us-east-1.prod.workshops.aws/workshops/5a9a9de1-6dd7-43b1-ba60-fc3792d99c40/en-US Deploy a TEN Framework with Enterprise AI Capabilityhttps://docs.oracle.com/en/solutions/ai-with-ten-framework/index.html#GUID-D27E9674-7D86-4AF6-B596-F9464C74F7C9 Real-Time Interactive Voice AI Made Simple: Agora’s Conversational AI Extension Lands on Dify Marketplacehttps://dify.ai/blog/real-time-interactive-voice-ai-made-simple-agora-s-conversational-ai-extension-lands-on-dify
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of this line of this line Agora, Inc. 9 Selective Conversational AI Use Cases Interactive ClassSpark Education Language TutorDou Shen AI CustomerServiceEnOWa Personal AssistantSenseTime
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of this line of this line Agora, Inc. 10 Selective Conversational AI Use Cases Companion ToysRobopoet Smart GlassesLOOKTECH Education ToysUascent Translation DeviceTOALL
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Agora, Inc. 2025 Q1 Financial Update
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of this line of this line Agora, Inc. 12 Customer BaseACTIVE CUSTOMERS (1)(2) Notes:(1) An active customer at the end of the period is an organization or individual developer from which we generated more than US$100 of revenue during the preceding 12 months, based on unique customer account identifiers.(2) The numbers for Shengwang excluded Easemob. 1,720 1,672 1,762 1,723 1,806 1,896 1,970 1,969 1,979 1,994 3,616 3,642 3,731 3,702 3,800 Mar 24Jun 24Sep 24Dec 24Mar 25AgoraShengwang
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of this line of this line Agora, Inc. $15.8$15.6$15.7$17.4$18.6 $13.9$15.3$15.9$17.1$14.7$3.3$3.3$33.0$34.2$31.6$34.5$33.3 24Q124Q224Q324Q425Q125Q2E AgoraShengwang - ContinuingShengwang - End-of-sale products13 GroupRevenuesTOTAL REVENUESin US$M $33.0~$35.0 Notes:1.Excluded revenues from certain end-of-sale products. YoY Growth(1)-10.8%-1.6%-3.1%3.6%12.1%6.8%-13.3%
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of this line of this line Agora, Inc. 14 AGORA REVENUESin US$M SHENGWANG REVENUES (1) in RMB Millions RevenuesbyDivision USD/RMB7.107.117.127.167.18In US$M$13.9$15.3$15.9$17.1$14.7Notes:1.Shengwangrevenues excluded contribution from certain end-of-sale products. $15.8$15.6$15.7$17.4$18.6 24Q124Q224Q324Q425Q1 ¥98.9 ¥108.2 ¥112.9 ¥122.2 ¥105.5 24Q124Q224Q324Q425Q1
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of this line of this line Agora, Inc. 15 NetRetentionRateDOLLAR–BASED NET RETENTION RATE (1)(2) Notes:1.We calculate Dollar-Based Net Retention Rate for a trailing 12-month period by first identifying all customers in the prior 12-month period, and then calculating the quotient from dividing the revenue generated from such customers in the trailing 12-month period by the revenue generated from the same group of customers in the prior 12-month period.2.The numbers for Shengwang excluded revenues from thedivestedEasemobcustomer engagement cloudbusiness.3.The number for Shengwang excluded revenues from certain end-of-sale products. Mar 24Jun 24Sep 24 (3)Dec 24 (3)Mar 25 (3) Agora 92%92%94%95%96% Shengwang78%79%78%79%85%
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of this line of this line Agora, Inc. 16 Gross Profit and Margin 24Q124Q224Q324Q425Q1Revenues33.034.231.634.533.3- Continuing business29.730.931.634.533.3-End-of-saleproducts3.33.3---Grossprofit20.221.221.022.922.6- Continuing business20.021.021.022.922.6-End-of-saleproducts0.20.2---Grossmargin61.2%62.0%66.7%66.6%68.0%- Continuing business67.4%68.0%66.7%66.6%68.0%-End-of-saleproducts6.5%6.7%N/AN/AN/A TOTAL REVENUES, GROSS PROFIT AND GROSS MARGINin US$M;as % of Total Revenues
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of this line of this line Agora, Inc. 17 Operating ExpensesOPERATING EXPENSESin US$M; as % of Total Revenues Notes:1.Proforma numbers excluded equity award cancellation expenses and severance expenses. (1) $18.1$18.1$16.6$14.8$14.0 $6.8$6.3$6.2$7.3$6.2 $7.5$7.3$6.4$5.5$5.3 $0.9$0.9$0.9$0.9$0.9 $33.3$32.6$30.1$28.5$26.5 100.9%95.3%95.3%82.7%79.5% 24Q124Q224Q3PF24Q425Q1Research & DevelopmentSales & MarketingGeneral & AdministrativeAmortization of Land Use Right
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of this line of this line Agora, Inc. ($9.5)($9.2) ($3.9) $0.2 $0.4 (28.7%)(27.0%) (12.4%) 0.5%1.2% 24Q124Q224Q3PF24Q425Q1Net Income (Loss)Net Income (Loss) Margin 18 Income/(Loss)Loss from Operationsin US$M Notes:1.Proforma numbers excluded equity award cancellation expenses,severance expenses and losses from equity in affiliates Net Income (Loss)in US$M (1) (1) ($12.6)($11.1)($8.5) ($4.9)($3.7) (38.3%)(32.5%)(27.0%) (14.2%)(11.1%) 24Q124Q224Q3PF24Q425Q1Loss from OperationsLoss from Operations Margin
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of this line of this line Agora, Inc. 19 BalanceSheetBALANCE SHEETS SNAPSHOT AS OF MARCH 31, 2025in US$M Cash & cash equivalents43Short-term bank deposits35Short-term financial products issued by banks65Long-term bank deposits190Long-term financial products issued by banks55Total388 573 7952 1Current liabilitiesNon-current liabilitiesTotal equity 184058 16139 388 1Cash, cash equivalent, bank deposits and financial products issued by banksOther current assetsLand use rightConstruction in progress and prepayments in relation to the headquarters projectLong-term investmentsOther non-current assets
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of this line of this line Agora, Inc. ShareRepurchase Program 20 Notes:1.NumberinAmericanDepositaryShares(ADSs).One ADS represents four Class A ordinary shares.2.Total ADSs outstanding at period end in million3.Including cash, cash equivalents, bank deposits and financial products issued by banks As of March 31, 2025, we repurchased 33.0 million ADSs(1) for approximately US$116.4 million, representing 58% of the US$200 million share repurchase program. Our current $200 million share repurchase program will expire at the end of February 2026.NUMBEROFADSsREPURCHASEDTOTAL ADSs OUTSTANDING(2) AND CASH(3) PER ADSin US$MVALUEOFSHARESREPURCHASEDin million 33.0 Mar22Jun22Sep22Dec22Mar23Jun23Sep23Dec23Mar24Jun24Sep24Dec24Mar25 $116.4 Mar22Jun22Sep22Dec22Mar23Jun23Sep23Dec23Mar24Jun24Sep24Dec24Mar25 92.192.092.193.393.5 $4.13 $4.03 $3.94 $3.90 $4.15 Mar 24Jun 24Sep 24Dec 24Mar 25Total ADSs outstandingCash per ADS
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Agora, Inc. Appendix
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of this line of this line Agora, Inc. 22 Global pioneer and leader in Real-Time Engagement Platform-as-a-Service (“RTE-PaaS”)Who We Are Software developersWho We Serve Provide a cloud service that enables real-time video and audio engagement in any AppWhat We Do
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of this line of this line Agora, Inc. 23 Global Presence Shanghai, China Santa Clara, U.S. Agora Headquarters Santa Clara, U.S. (2013-Present)Shengwang Headquarters Shanghai, China (2014-Present) Agora, Inc. (NASDAQ: API)
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of this line of this line Agora, Inc. Software Development Kit (SDK) Software-Defined Real-Time Network (SD-RTN) Core ProductsExtensionsApplication PlatformsReal-Time Engagement Platform-as-a-Service Flexible Classroom (Low-code) App Builder (No-code) RecordingInteractiveWhiteboard Our Platform Extensions Marketplace 24 Interactive LiveStreaming ChatBroadcastStreamingSignaling Voice CallingVideo Calling Real-timeSpeech to Text ConversationalAI Engine ConvoAI Device Kit
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of this line of this line Agora, Inc. 25 SD-RTN and SDKEnd User Application End User Application End User Application SDKSDK SDK Software-Defined Real-Time Network (SD-RTN) Source / ChannelEncodingCapturePre-processing PlaybackChannel / SourceDecodingPost-processing SDK End User Application Software Development Kit (SDK)(Receiver Device)Software Development Kit (SDK)(Sender Device)Running on more than 200 co-located data centers worldwide
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of this line of this line Agora, Inc. 26 Market Leadership 0 2,000 4,000 6,000 8,000 10,000 Competitor ACompetitor BCompetitor CCompetitor D Global Unique Apps withReal-time Audio and Video SDK Installed Notes:Number of unique apps with real-time audio and video SDK installed worldwide as of September 30, 2024, ranked by SDK vendor. Source: data.ai (previously App Annie)
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of this line of this line Agora, Inc. Convo AI Engine 27 Conversational AI Engine Source: Andreessen Horowitz, “AI Voice Agents: 2025 Update” Ultra-lowlatency;Networkcoverage;Noisesuppression Intelligent pause / interruption handling;Selective attention In-house and 3rd-party TTS
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of this line of this line Agora, Inc. 28 Agora is Recommended by OpenAI to ProvideAudioInfraCapabilities Source: OpenAI,https://openai.com/index/introducing-the-realtime-api/
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of this line of this line Agora, Inc. 29 Investment Thesis for Agora, Inc. Undisputed leader in RTE technology worldwide endorsed by most tech-savvy customers and partners such as OpenAI Uniquely positioned to provide critical infrastructure for building voice-based AI agents Achieved GAAP profitability since Q4 2024 and committed to full year GAAP profitability for 2025 Strong balance sheet with >$4 cash per share and solid share repurchase practice A truly global company with balanced revenue from US, China, and rest of the world
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Agora, Inc. Thank you