• Agora, Inc. Reports Third Quarter 2024 Financial Results

    ソース: Nasdaq GlobeNewswire / 25 11 2024 16:00:00   America/Chicago

    SANTA CLARA, Calif., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Agora, Inc. (NASDAQ: API) (the “Company”), a pioneer and leader in real-time engagement technology, today announced its unaudited financial results for the third quarter ended September 30, 2024.

    “Recently, we launched our Conversational AI SDK in collaboration with OpenAI’s Realtime API to allow developers to bring voice-driven AI experiences to any app. We believe multimodal AI agents that can interact with human through natural voice will gain widespread adoption across many use cases such as customer support, education and wellness, and Agora is well positioned to become a key infrastructure provider for real-time conversational AI,” said Tony Zhao, founder, chairman and CEO of Agora. “To support this vision, we recently made some structural changes, aligning our organization to fully leverage the accelerating conversational AI opportunities, and operate in a faster, leaner, and more responsive fashion. These changes will help us build the next generation real-time engagement technology for the Generative AI era and strengthen our position as the leader in real-time engagement space.”

    Third Quarter 2024 Highlights

    • Total revenues for the quarter were $31.6 million, a decrease of 9.8% from $35.0 million in the third quarter of 2023, which included decreased revenue from certain end-of-sale products of $2.4 million.
      • Agora: $15.7 million for the quarter, an increase of 2.6% from $15.3 million in the third quarter of 2023.
      • Shengwang: RMB112.9 million ($15.9 million) for the quarter, a decrease of 20.0% from RMB141.2 million ($19.7 million) in the third quarter of 2023, which included decreased revenue from certain end-of-sale products of RMB17.5 million ($2.4 million).
    • Active Customers
      • Agora: 1,762 as of September 30, 2024, an increase of 5.9% from 1,664 as of September 30, 2023.
      • Shengwang: 3,641 as of September 30, 2024, a decrease of 9.7% from 4,034 as of September 30, 2023.
    • Dollar-Based Net Retention Rate
      • Agora: 94% for the trailing 12-month period ended September 30, 2024.
      • Shengwang: 78% for the trailing 12-month period ended September 30, 2024.
    • Net loss for the quarter was $24.2 million, which included expenses of $11.4 million in relation to the cancellation of certain employees’ equity awards, severance expenses of $4.8 million, and losses from equity in affiliates of $4.2 million, compared to net loss of $22.5 million in the third quarter of 2023. After excluding share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets and income tax related to acquired intangible assets, non-GAAP net loss for the quarter was $10.4 million, compared to the non-GAAP net loss of $15.6 million in the third quarter of 2023.
    • Total cash, cash equivalents, bank deposits and financial products issued by banks as of September 30, 2024 was $362.6 million.
    • Net cash used in operating activities for the quarter was $4.6 million, compared to $3.0 million in the third quarter of 2023. Free cash flow for the quarter was negative $6.0 million, compared to negative $3.2 million in the third quarter of 2023.

    Third Quarter 2024 Financial Results

    Revenues
    Total revenues were $31.6 million in the third quarter of 2024, a decrease of 9.8% from $35.0 million in the same period last year. Revenues of Agora were $15.7 million in the third quarter of 2024, an increase of 2.6% from $15.3 million in the same period last year, primarily due to our business expansion and usage growth in sectors such as live shopping. Revenues of Shengwang were RMB112.9 million ($15.9 million) in the third quarter of 2024, a decrease of 20.0% from RMB141.2 million ($19.7 million) in the same period last year, primarily due to a decrease in revenues of RMB 17.5 million ($2.4 million) due to the end-of-sale of certain products and reduced usage from customers in certain sectors such as social and entertainment as a result of challenging macroeconomic and regulatory environment.

    Cost of Revenues
    Cost of revenues was $10.5 million in the third quarter of 2024, a decrease of 16.4% from $12.6 million in the same period last year, primarily due to the end-of-sale of certain products and the decrease in bandwidth usage and costs, which was offset partially by severance expenses for customer support teams of $0.3 million.

    Gross Profit and Gross Margin
    Gross profit was $21.0 million in the third quarter of 2024, a decrease of 6.1% from $22.4 million in the same period last year. Gross margin was 66.7% in the third quarter of 2024, an increase of 2.7% from 64.0% in the same period last year, mainly due to the end-of-sale of certain low-margin products, which was offset partially by higher severance expenses in the third quarter of 2024.

    Operating Expenses
    Operating expenses were $45.9 million in the third quarter of 2024, an increase of 24.3% from $36.9 million in the same period last year, primarily due to the increase in restructuring and severance expenses in the third quarter of 2024, which included share-based compensation of $11.4 million as a result of the cancellation of certain employees’ equity awards and immediate recognition of relevant remaining unrecognized compensation expenses, as well as severance expenses of $4.4 million.

    • Research and development expenses were $29.3 million in the third quarter of 2024, an increase of 46.1% from $20.0 million in the same period last year, primarily due to restructuring and severance expenses in the third quarter of 2024, including share-based compensation of $9.0 million due to equity award cancellation and severance expenses of $3.6 million.
    • Sales and marketing expenses were $6.9 million in the third quarter of 2024, a decrease of 11.9% from $7.8 million in the same period last year, primarily due to a decrease in personnel costs as the Company optimized its global workforce, which was offset partially by severance expenses of $0.7 million in the third quarter of 2024.
    • General and administrative expenses were $9.7 million in the third quarter of 2024, an increase of 7.4% from $9.1 million in the same period last year, primarily due to restructuring and severance expenses in the third quarter of 2024, including share-based compensation of $2.4 million as a result of the equity award cancellation, which was offset partially by a decrease in personnel costs as the Company optimized its global workforce.

    Loss from Operations
    Loss from operations was $24.7 million in the third quarter of 2024, compared to $13.9 million in the same period last year.

    Interest Income
    Interest income was $3.9 million in the third quarter of 2024, compared to $4.9 million in the same period last year, primarily due to the decrease in the average balance of cash, cash equivalents, bank deposits and financial products issued by banks and the decrease in average interest rate realized.

    Losses from equity in affiliates
    Losses from equity in affiliates were $4.2 million in the third quarter of 2024, primarily due to an impairment loss on an investment in certain private company of $4.1 million.

    Net Loss
    Net loss was $24.2 million in the third quarter of 2024, compared to $22.5 million in the same period last year.

    Net Loss per American Depositary Share attributable to ordinary shareholders
    Net loss per American Depositary Share (“ADS”)1 attributable to ordinary shareholders was $0.26 in the third quarter of 2024, compared to $0.23 in the same period last year.

    _____________

    1 One ADS represents four Class A ordinary shares.

    Share Repurchase Program

    During the three months ended September 30, 2024, the Company repurchased approximately 6.8 million of its Class A ordinary shares (equivalent to approximately 1.7 million ADSs) for approximately US$3.9 million under its share repurchase program, representing 1.9% of its US$200 million share repurchase program.

    As of September 30, 2024, the Company had repurchased approximately 129.4 million of its Class A ordinary shares (equivalent to approximately 32.3 million ADSs) for approximately US$113.7 million under its share repurchase program, representing 57% of its US$200 million share repurchase program.

    As of September 30, 2024, the Company had 368.3 million ordinary shares (equivalent to approximately 92.1 million ADSs) outstanding, compared to 449.8 million ordinary shares (equivalent to approximately 112.5 million ADSs) outstanding as of January 31, 2022 before the share repurchase program commenced.

    The current share repurchase program will expire at the end of February 2025.

    Executive Leadership Update

    Today the Company announced that Chief Security Officer Roger Hale will be leaving the Company, effective immediately. Mr. Hale has served in this role for the past 2.5 years, during which he made significant contributions to enhancing the Company’s security, compliance, and data protection protocols.

    Mr. Hale will work closely with senior leadership to ensure a smooth transition of his responsibilities. Moving forward, Patrick Ferriter and Robbin Liu will assume responsibility for security and compliance, reflecting the Company’s commitment to maintaining a strong and effective security framework. Mr. Hale will continue to provide strategic advice as an advisor to the Company.

    “We are grateful for Roger’s dedication and expertise over the past two and a half years. His leadership has been invaluable in strengthening our security & compliance foundation,” said Tony Zhao, founder, chairman and CEO of Agora. “Security and compliance remain top priorities for Agora, and we will continue to uphold the highest standards to protect our customers and stakeholders.”

    Financial Outlook

    Based on currently available information, the Company expects total revenues for the fourth quarter of 2024 to be between $34 million and $36 million, compared to $31.6 million in the third quarter of 2024, and $33.3 million in the fourth quarter of 2023 if revenues from certain end-of-sale low-margin products were excluded. The Company also expects significant improvement in net income / (loss) in the fourth quarter. This outlook reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change.

    Earnings Call

    The Company will host a conference call to discuss the financial results at 5 p.m. Pacific Time / 8 p.m. Eastern Time on November 25, 2024. Details for the conference call are as follows:
    Event title: Agora, Inc. 3Q 2024 Financial Results
    The call will be available at https://edge.media-server.com/mmc/p/wie28zvr
    Investors who want to hear the call should log on at least 15 minutes prior to the broadcast. Participants may register for the call with the link below.
    https://register.vevent.com/register/BIf58a0b6f500c4362b1a8c64f9fa4cea8
    Please visit the Company’s investor relations website at https://investor.agora.io on November 25, 2024 to view the earnings release and accompanying slides prior to the conference call.

    Use of Non-GAAP Financial Measures

    The Company has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The Company uses these non-GAAP financial measures internally in analyzing its financial results and believe that the use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing its financial results with other companies in its industry, many of which present similar non-GAAP financial measures. Besides free cash flow (as defined below), each of these non-GAAP financial measures represents the corresponding GAAP financial measure before share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets, income tax related to acquired intangible assets and impairment of goodwill. The Company believes that such non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the effects of such share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets, income tax related to acquired intangible assets and impairment of goodwill that it includes in its cost of revenues, total operating expenses and net income (loss). The Company believes that all such non-GAAP financial measures also provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

    Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. A reconciliation of its historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the tables captioned “Reconciliation of GAAP to Non-GAAP Measures” included at the end of this press release, and investors are encouraged to review the reconciliation.

    Definitions of the Company’s non-GAAP financial measures included in this press release are presented below.

    Non-GAAP Net Income (Loss)

    Non-GAAP net income (loss) is defined as net income (loss) adjusted to exclude share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets, income tax related to acquired intangible assets and impairment of goodwill.

    Free Cash Flow

    Free cash flow is defined as net cash provided by operating activities less purchases of property and equipment (excluding the acquisition of land use right and the payment for the headquarters project). The Company considers free cash flow to be a liquidity measure that provides useful information to management and investors regarding net cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow the business.

    Operating Metrics

    The Company also uses other operating metrics included in this press release and defined below to assess the performance of its business.

    Active Customers

    An active customer at the end of any period is defined as an organization or individual developer from which the Company generated more than $100 of revenue during the preceding 12 months. Customers are counted based on unique customer account identifiers. Generally, one software application uses the same customer account identifier throughout its life cycle while one account may be used for multiple applications.

    Dollar-Based Net Retention Rate

    Dollar-Based Net Retention Rate is calculated 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. As the vast majority of revenue generated from Agora’s customers is denominated in U.S. dollars, while the vast majority of revenue generated from Shengwang’s customers is denominated in Renminbi, Dollar-Based Net Retention Rate is calculated in U.S. dollars for Agora and in Renminbi for Shengwang, which has substantially removed the impact of foreign currency translations. Shengwang excluded the revenues from certain end-of-sale products, Easemob’s CEC business and K12 academic tutoring sector. The Company believes Dollar-Based Net Retention Rate facilitates operating performance comparisons on a period-to-period basis.

    Safe Harbor Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding the Company’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. Among other things, the Financial Outlook in this announcement contain forward-looking statements. These forward-looking statements are based on the Company’s current expectations and involve risks and uncertainties. The Company’s actual results and the 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; the Company’s ability to manage its growth and expand its operations; the continued impact of COVID-19 on global markets and the Company’s business, operations and customers; the Company’s ability to attract new developers and convert them into customers; the Company’s ability to retain existing customers and expand their usage of its platform and products; the Company’s ability to drive popularity of existing use cases and enable new use cases, including through quality enhancements and introduction of new products, features and functionalities; the Company’s fluctuating operating results; competition; the effect of broader technological and market trends on the Company’s business and prospects; general economic conditions and their impact on customer and end-user demand; and other risks and uncertainties included elsewhere in the Company’s filings with the Securities and Exchange Commission (“SEC”), including, without limitation, the final prospectus related to the IPO filed with the SEC on June 26, 2020. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

    About Agora, Inc.

    Agora, Inc. is the Cayman Islands holding company of two independent divisions, under Agora brand and Shengwang brand, respectively, whose businesses are conducted through separate entities.

    Headquartered in Santa Clara, California, Agora is a pioneer and global leader in Real-Time Engagement Platform-as-a-Service (PaaS), providing developers with simple, flexible, and powerful application programming interfaces, or APIs, to embed real-time voice, video, interactive live-streaming, chat, whiteboard, and artificial intelligence capabilities into their applications.

    Headquartered in Shanghai, China, Shengwang is a pioneer and leading Real-Time Engagement PaaS provider in the China market.

    For more information on Agora, please visit: www.agora.io
    For more information on Shengwang, please visit: www.shengwang.cn

    Agora, Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited, in US$ thousands)

     As of As of 
     September 30, December 31, 
     2024 2023 
    Assets    
    Current assets:    
    Cash and cash equivalents32,118 36,894 
    Short-term bank deposits161,906 86,924 
    Short-term financial products issued by banks106,638 84,853 
    Short-term investments3,066 7,983 
    Accounts receivable, net37,381 34,668 
    Prepayments and other current assets21,087 9,059 
    Contract assets1,127 1,048 
    Total current assets363,323 261,429 
    Property and equipment, net4,238 5,365 
    Construction in progress for the headquarters project35,429 17,343 
    Operating lease right-of-use assets4,476 4,011 
    Intangible assets741 1,274 
    Long-term bank deposits20,500 143,127 
    Long-term financial products issued by banks41,400 20,000 
    Long-term investments41,012 43,893 
    Land use right, net166,434 167,246 
    Other non-current assets13,943 10,907 
    Total assets691,496 674,595 
         
    Liabilities and shareholders’ equity    
    Current liabilities:    
    Accounts payable15,196 12,996 
    Advances from customers8,155 7,765 
    Taxes payable1,686 906 
    Current operating lease liabilities1,924 2,447 
    Accrued expenses and other current liabilities32,148 32,780 
    Total current liabilities59,109 56,894 
    Long-term operating lease liabilities2,429 1,726 
    Deferred tax liabilities113 196 
    Long-term borrowings for the headquarters project33,762 11,027 
    Other non-current liabilities19,543 3 
    Total liabilities114,956 69,846 
         
    Shareholders’ equity:    
    Class A ordinary shares39
    		 39 
    Class B ordinary shares8 8 
    Additional paid-in-capital1,148,502 1,138,346 
    Treasury shares, at cost(77,316) (79,716) 
    Accumulated other comprehensive loss(7,907) (10,027) 
    Accumulated deficit(486,786) (443,901) 
    Total shareholders’ equity576,540 604,749
    		 
    Total liabilities and shareholders’ equity691,496 674,595 
         

    Agora, Inc.
    Condensed Consolidated Statements of Comprehensive Loss
    (Unaudited, in US$ thousands, except share and per ADS amounts)

     Three Month Ended Nine Month Ended
     September 30, September 30,
     2024 2023 2024 2023 
    Real-time engagement service revenues30,356 32,718  95,716 100,798 
    Real-time engagement on-premise solution and other revenues1,217 2,298  3,087 4,699 
    Total revenues31,573 35,016  98,803 105,497 
    Cost of revenues10,524 12,594  36,304 38,693 
    Gross profit21,049 22,422  62,499 66,804 
    Operating expenses:     
    Research and development29,271 20,040  65,551 61,356 
    Sales and marketing6,860 7,789  19,944 26,903 
    General and administrative9,741 9,070  26,349 27,100 
    Total operating expenses45,872 36,899  111,844 115,359 
    Other operating income134 620  914 1,515 
    Impairment of goodwill- -  - (31,928)
    Loss from operations(24,689)(13,857) (48,431)(78,968)
    Exchange gain (loss)43 20  108 (191)
    Interest income3,924 4,850  13,244 14,006 
    Interest expense(86)-  (251)- 
    Investment income (loss)839 (13,356) (4,033)(18,497)
    Losses from extinguishment of convertible note- -  - (1,230)
    Other income- -  - 550 
    Loss before income taxes(19,969)(22,343) (39,363)(84,330)
    Income taxes- (164) (149)(323)
    (Losses) income from equity in affiliates(4,211)(6) (3,373)45 
    Net loss(24,180)(22,513) (42,885)(84,608)
    Net loss attributable to ordinary shareholders(24,180)(22,513) (42,885)(84,608)
    Other comprehensive loss:     
    Foreign currency translation adjustments3,197 1,164  2,119 (6,097)
    Gain on available-for-sale debt securities- -  - 1,385 
    Total comprehensive loss attributable to ordinary shareholders(20,983)(21,349) (40,766)(89,320)
          
    Net loss per ADS attributable to ordinary shareholders, basic and diluted(0.26)(0.23) (0.46)(0.84)
          
    Weighted-average shares used in computing net loss per ADS attributable to ordinary shareholders, basic and diluted371,733,050 389,359,207  372,336,342 405,036,312 
          
    Share-based compensation expenses included in:     
    Cost of revenues31 129  184 576 
    Research and development expenses10,776 3,769  15,886 10,668 
    Sales and marketing expenses241 800  838 3,705 
    General and administrative expenses2,599 1,945  4,332 5,953 
              

    Agora, Inc.
    Condensed Consolidated Statements of Cash Flows
    (Unaudited, in US$ thousands)

     Three Month Ended Nine Month Ended
     September 30, September 30,
     2024 2023  2024 2023 
    Cash flows from operating activities:     
    Net loss(24,180)(22,513) (42,885)(84,608)
    Adjustments to reconcile net loss to net cash used in operating activities:     
    Share-based compensation expenses13,647 6,643  21,240 20,902 
    Allowance for current expected credit losses2,415 1,857  7,263 5,358 
    Depreciation of property and equipment788 1,558  2,726 5,680 
    Amortization of intangible assets131 345  533 1,036 
    Amortization of land use right856 850  2,572 2,312 
    Deferred tax benefit(20)(53) (82)(159)
    Amortization of right-of-use asset and interest on lease liabilities687 704  2,035 2,218 
    Investment (income) loss(839)13,356  4,033 18,497 
    Losses from extinguishment of convertible note- -  - 1,230 
    Interest income on debt securities and investments- -  - (105)
    Losses (income) from equity in affiliates4,211 6  3,373 (45)
    Loss (gain) on disposal of property and equipment1 34  16 (10)
    Impairments of goodwill- -  - 31,928 
    Changes in assets and liabilities, net of effect of acquisition:     
    Accounts receivable(1,627)(4,503) (9,418)(7,856)
    Contract assets(38)(86) (67)(942)
    Prepayments and other current assets347 (659) (12,129)(1,008)
    Other non-current assets(472)(2,104) 6,668 (5,160)
    Accounts payable(2,531)2,653  2,042 3,639 
    Advances from customers(41)100  316 (559)
    Taxes payable107 31  761 (802)
    Operating lease liabilities(677)(324) (2,319)(1,869)
    Deferred income256 -  62 (160)
    Accrued expenses and other liabilities2,357 (928) (5,404)(6,808)
    Net cash used in operating activities(4,622)(3,033) (18,664)(17,291)
    Cash flows from investing activities:     
    Purchase of property and equipment(1,333)(206) (2,297)(656)
    Purchase of short-term bank deposits- (58,000) (43,100)(187,521)
    Purchase of short-term financial products issued by banks(50,300)(19,525) (70,391)(29,899)
    Purchase of short-term investments- (789) - (789)
    Proceeds from maturity of short-term bank deposits37,000 86,000  111,241 434,058 
    Proceeds from maturity of short-term financial products issued by banks59,482 -  69,511 8,310 
    Purchase of long-term bank deposits(10,500)-  (20,500)(143,127)
    Purchase of long-term financial products issued by banks(32,000)-  (41,400)(20,000)
    Purchase of long-term investments(562)-  (562)(15)
    Purchase of land use right- -  - (5,133)
    Payment for the headquarters project(10,918)(1,839) (21,895)(4,326)
    Cash received for business disposal- -  - 5,769 
    Cash received from disposal of property and equipment2 36  58 87 
    Cash paid for a business combination- -  - (3,680)
    Cash received from disposal of long-term investments28 -  155 - 
    Net cash (used in) provided by investing activities(9,101)5,677  (19,180)53,078 
    Cash flows from financing activities:     
    Proceeds from long-term borrowings for headquarters project11,123 -  22,177 - 
    Deposits returned for business disposal- -  - (1,000)
    Proceeds from exercise of employees’ share options175 74  550 590 
    Deposit received in relation to headquarters project- -  19,280 - 
    Repurchase of Class A ordinary shares(3,913)(12,462) (9,667)(52,829)
    Net cash provided by (used in) financing activities7,385 (12,388) 32,340 (53,239)
    Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash819 53  678 (1,286)
    Net decrease in cash, cash equivalents and restricted cash(5,519)(9,691) (4,826)(18,738)
    Cash balance recorded in held-for sale assets at beginning of period- -  - 1,488 
    Cash, cash equivalents and restricted cash at beginning of period *37,867 38,268  37,174 45,827 
    Cash, cash equivalents and restricted cash at end of period **32,348 28,577  32,348 28,577 
    Supplemental disclosure of cash flow information:     
    Income taxes paid24 33  133 65 
    Cash payments included in the measurement of operating lease liabilities677 324  2,319 1,869 
    Right-of-use assets obtained in exchange for operating lease obligations1,812 -  2,325 4,088 
    Non-cash financing and investing activities:     
    Proceeds receivable from exercise of employees’ share options328 25  328 25 
    Payables for property and equipment33 24  33 24 
    Payables for construction in progress for the headquarters project11,614 6,458  11,614 6,458 
    Payables for treasury shares, at cost24 301  24 301 


    * includes restricted cash balance    		280 280  280 154 
    ** includes restricted cash balance230 280  230 280 
              

    Agora, Inc.
    Reconciliation of GAAP to Non-GAAP Measures
    (Unaudited, in US$ thousands, except share and per ADS amounts)

     Three Month Ended Nine Month Ended
     September 30, September 30,
     2024 2023  2024 2023 
    GAAP net loss(24,180)(22,513) (42,885)(84,608)
    Add:     
    Share-based compensation expenses13,647 6,643  21,240 20,902 
    Acquisition related expenses- 13  - (400)
    Amortization expenses of acquired intangible assets129 345  531 1,035 
    Income tax related to acquired intangible assets(20)(53) (82)(159)
    Impairment of goodwill- -  - 31,928 
    Non-GAAP net loss(10,424)(15,565) (21,196)(31,302)
          
    Net cash used in operating activities(4,622)(3,033) (18,664)(17,291)
    Purchase of property and equipment(1,333)(206) (2,297)(656)
    Free Cash Flow(5,955)(3,239) (20,961)(17,947)
    Net cash (used in) provided by investing activities(9,101)5,677  (19,180)53,078 
    Net cash provided by (used in) financing activities7,385 (12,388) 32,340 (53,239)
              

    Investor Contact:
investor@agora.io

Media Contact:
press@agora.io

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