Slides
Page 1
Agora, Inc.2025Q3EarningsNovember 19, 2025
Page 2
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
Page 3
Agora, Inc. Business Highlights
Page 4
of this line of this line Agora, Inc. 4 Voice Agents: Easy to Use, Hard to Build https://greylock.com/greymatter/voice-agents-easy-to-use-hard-to-build/
Page 5
of this line of this line Agora, Inc. 5 Voice Agents: Hard to Build, Even Harder to ScaleOrchestration-Layer CompetitorUs Presence in only a few locations, limited experience in handling global traffic, bottlenecked by stability & scalabilityGlobal Network Coverage Infrastructure Management SD-RTN provides low-latency, highly reliable global coverage Limited inference resources, typically act as reseller of other APIs (ASR, LLM, TTS, etc.)Proven track record in handling high peak concurrent usage; Long-term global cost leadership Enterprise Level Customer ServiceLack talent/experience assisting customers to build and scale upDedicated team with extensive experience in servicing enterprise-grade customers The battle of voice AI is a marathon, and it has JUST started
Page 6
of this line of this line Agora, Inc. 6 Significant Room for Improvement 21% Very satisfied with current voice agent technologyBased on a survey by Deepgram and Opus Research Typical Pain Points•High latency, slow response•Misinterpret of numbers, phone numbers, scientific formulas, idioms, proper nouns•Unable to interrupt, loss of context after interruption•Often interrupted by irrelevant noises•Misaligned emotions, overreactions•Mechanical voice, completely lacking a "human touch"•Goes off-topic, talks nonsense•Many more…
Page 7
of this line of this line Agora, Inc. 7 Work Required for Human-Like Conversation Emotion Detection and Expression Attention Locking ContextualReasoning Latency VisualUnderstanding Interruption Handling
Page 8
of this line of this line Agora, Inc. 8 Core Pillars of CapabilitiesGlobal Coverage, Compatibility and 3A(1) Voice Engine SD-RTN ™Global CoverageLast-MileOptimization3A(1) Voice Engine30000+Devices Compatible Notes:(1)3A stands for Adaptive Noise Suppression (ANS), Acoustic Echo Cancellation (AEC) and Automatic Gain Control (AGC), three critical algorithms in voice signal processing
Page 9
of this line of this line Agora, Inc. 9 Conversational AI Engine 2.0 STT Any LLM Any TTS TextText User User Voice Agent Voice Chained Model AI NoiseSuppression AutomaticEcho Cancelation SD-RTN SD-RTN Functionality provided by usFunctionality provided by customer/3rd party Advanced Attention Locking Real-time Vision Understanding Interactive Avatars SIP / PSTN Support Intelligent Interruption Handling
Page 10
of this line of this line Agora, Inc. 10 Conversational AI StudioBuilding Voice AI Agents with No-Code Zero-codeVisual configuration interface;1 Hour to build voice agent ExtensionsEasy to add SIP, models and avatars as extensions Use Case TemplatesOne-click cloning for popular use casesFast Deployment15 minutes from configuration to production deployment
Page 11
of this line of this line Agora, Inc. 11 Industry Thought LeaderWhite Paper on Convo AI & Development Manual Published
Page 12
of this line of this line Agora, Inc. 12 Convo AI & RTE ConferenceOver 3,000 On-Site Attendees Set New Record
Page 13
Agora, Inc. 2025 Q3 Financial Update
Page 14
of this line of this line Agora, Inc. 14 Growing Customer Base with Strong Net RetentionACTIVE CUSTOMERS (1)(3) 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)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.(3)The numbers for Shengwang excluded revenues from thedivestedEasemobcustomer engagement cloudbusinessandcertain end-of-sale products. 1,762 1,723 1,806 1,880 1,968 1,969 1,979 1,994 1,997 1,976 3,731 3,702 3,800 3,877 3,944 Sep 24Dec 24Mar 25Jun 25Sep 25AgoraShengwang DOLLAR–BASED NET RETENTION RATE (2)(3) Sep 24Dec 24Mar 25Jun 25Sep 25 Agora94%95%96%97%108% Shengwang78%79%85%87%90%
Page 15
of this line of this line Agora, Inc. $15.7$17.4$18.6$18.2$18.2 $15.9$17.1$14.7$16.1$17.2 $31.6$34.5$33.3$34.3$35.4 24Q324Q425Q125Q225Q325Q4EAgoraShengwang (3.1%)3.6%12.1%11.0%12.0%7.2%-10.1%15 GroupRevenuesTOTAL REVENUESin US$M $37.0~$38.0 Notes:1.Excluded revenues from certain end-of-sale products. YoY Growth(1)
Page 16
of this line of this line Agora, Inc. ¥112.9 ¥122.2 ¥105.5 ¥115.5 ¥122.4 24Q324Q425Q125Q225Q3 16 AGORA REVENUESin US$M SHENGWANG REVENUESin RMB Millions RevenuesbyDivision USD/RMB7.127.167.187.197.13In US$M$15.9$17.1$14.7$16.1$17.2 $15.7$17.4$18.6$18.2$18.2 24Q324Q425Q125Q225Q3 2.6%13.7%17.7%16.7%15.9%(8.8%)(5.5%)6.7%6.7%8.4%YoY Growth YoY Growth(1) Notes:1.Excluded revenues from certain end-of-sale products.
Page 17
of this line of this line Agora, Inc. $16.6$14.8$14.0$14.0$13.8 $6.2$7.3$6.2$6.5$6.5 $7.3$6.4$6.2$6.0$5.0 $30.1$28.5$26.5$26.5$25.3 95.2%82.7%79.5%77.4%71.5% 24Q3PF24Q425Q125Q225Q3Research & DevelopmentSales & MarketingGeneral & Administrative17 GrossProfitandOperating Expenses(GAAP)GROSSPROFITin US$M; as % of Total Revenues OPERATING EXPENSESin US$M; as % of Total Revenues $21.0$22.9$22.6$22.9$23.3 66.7%66.6%68.0%66.8%66.0% 24Q324Q425Q125Q225Q3Gross ProfitGross Margin(1) Notes:1.Proforma numbers excluded equity award cancellation expenses and severance expensesintotalof$16.1million.
Page 18
of this line of this line Agora, Inc. 18 GAAPIncome/(Loss)Loss from Operationsin US$M Net Income (Loss)in US$M ($8.5) ($4.9)($3.7)($3.1)($1.6) (27.0%) (14.2%)(11.1%)(9.1%)(4.6%) 24Q3PF24Q425Q125Q225Q3Loss from OperationsLoss from Operations Margin ($3.9) $0.2 $0.4 $1.5 $2.7 (12.4%) 0.5%1.2%4.3%7.8% 24Q3PF24Q425Q125Q225Q3Net Income (Loss)Net Income (Loss) MarginNotes:1.Proforma numbers excluded equity award cancellation expensesandseverance expenses intotalof$16.1millionand losses from equity in affiliatesof$4.1million. (1) (1)
Page 19
of this line of this line Agora, Inc. 19 CashFlowSummary 9/30/2412/31/243/31/256/30/259/30/25At beginning of the period$371.0$362.6$363.8$388.0$377.3Operatingcashflow ($4.6)$4.5$17.6($0.4)$0.7Disposaloflong-terminvestments--$4.4--Deposits in relation to the headquarters project-($3.5)$3.5--Sharerepurchase($3.9)($1.4)($1.2)($10.9)($4.8)Others $0.1$1.6($0.1)$0.6$1.1At end of the period$362.6$363.8$388.0$377.3$374.3Cash & cash equivalents$32.1 $27.1 $42.6 $40.3 $79.8 Short-term bank deposits$161.9 $168.3 $35.1 $35.4 $40.5 Short-term financial products issued by banks$106.7 $71.5 $65.4 $61.1 $45.0 Long-term bank deposits$20.5 $35.5 $189.5 $188.5 $189.0 Long-term financial products issued by banks$41.4 $61.4 $55.4 $52.0 $20.0 CASH, CASH EQUIVALENT, BANK DEPOSITS AND FINANCIAL PRODUCTS ISSUED BY BANKSin US$M
Page 20
of this line of this line Agora, Inc. 20 BalanceSheetBALANCE SHEETS SNAPSHOT AS OF SEPTEMBER 30, 2025in US$M Cash & cash equivalents80Short-term bank deposits40Short-term financial products issued by banks45Long-term bank deposits189Long-term financial products issued by banks20Total374 567 9449 1Current liabilitiesLong-term borrowings and advance in relation to the headquarters projectTotal equity 1882 1612946 374 1Cash, cash equivalent, bank deposits and financial products issued by banksOther current assetsLong-term investmentsLand use right in relation to the headquarters projectConstruction in progress and prepayments in relation to the headquarters projectOther non-current assets
Page 21
of this line of this line Agora, Inc. $18.6 $19.5 $20.7 $12.3 $10.0 $3.2 $2.4 $3.9 $1.4 $1.2 $10.8 $4.8 Dec22Mar23Jun23Sep23Dec23Mar24Jun24Sep24Dec24Mar25Jun25Sep25 ShareRepurchase Program 21 Notes:1.NumberinAmericanDepositaryShares(ADSs).One ADS represents four Class A ordinary shares.2.Total ADSs outstanding at period end in million3.Including cash, cash equivalents, bank deposits and financial products issued by banks TOTAL ADSs (1) OUTSTANDING(2) AND CASH(3) PER ADSVALUEOFSHARESREPURCHASEDin US$M$132.1millionworth of sharesrepurchasedintotal106.7102.297.594.392.292.192.092.193.393.590.789.8 $4.24 $4.08 $4.01 $3.96 $4.03 $4.13 $4.03 $3.94 $3.90 $4.15 $4.16 $4.17 Dec22Mar23Jun23Sep23Dec23Mar24Jun24Sep24Dec24Mar25Jun25Sep25Total ADSs outstandingCash per ADS
Page 22
Agora, Inc. Thank you