Agora, Inc.
- Open
- 3.98
- Day high
- 4.06
- Day low
- 3.96
- Prev close
- 3.91
- Volume
- 253K
- Mkt cap
- $330M
- P/E (TTM)
- 34.3
- EPS (TTM)
- $0.12
- P/B
- 0.6
- P/S
- 2.3
- Yield
- —
- Per share
- —
Agora, Inc. (API) is a Technology company listed on NASDAQ. The stock is up 0% over the past year.
Agora, Inc. (API) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
API earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 27, 2026 | $-0.17 | $0.01 | +105.8% | $38M | +1.9% |
| Nov 19, 2025 | — | $0.03 | — | $35M | — |
| Aug 18, 2025 | — | $0.01 | — | $34M | — |
| May 27, 2025 | — | $0.00 | — | $33M | — |
| Nov 25, 2024 | $-0.04 | $-0.26 | -550.0% | $32M | -23.6% |
| Aug 19, 2024 | $-0.07 | $-0.10 | -42.9% | $34M | -14.5% |
| May 22, 2024 | $-0.09 | $-0.10 | -11.1% | $33M | -21.4% |
| Feb 26, 2024 | $-0.09 | $-0.03 | +66.7% | $36M | -13.7% |
| Nov 21, 2023 | $-0.10 | $-0.23 | -130.0% | $35M | -16.1% |
| Aug 21, 2023 | $-0.11 | $-0.45 | -309.1% | $34M | -15.3% |
| May 30, 2023 | $-0.09 | $-0.09 | +0.0% | $36M | -5.2% |
| Feb 27, 2023 | $-0.15 | $-0.32 | -113.3% | $40M | -0.8% |
API insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | He Ericdirector | Option | 1,591 | — |
| Jun 2, 2026 | He Ericdirector | Option | 1,592 | — |
| May 6, 2026 | He Ericdirector | Option | 1,591 | — |
| Apr 1, 2026 | He Ericdirector | Option | 1,591 | — |
| Jan 5, 2022 | VIKING GLOBAL INVESTORS LP10 percent owner | Buy | 4,000 | $24.60 |
| Jan 5, 2022 | VIKING GLOBAL INVESTORS LPdirector | Buy | 196,000 | $1000.00 |
| Aug 19, 2014 | Pastor Donalddirector | Buy | 8,500 | $0.50 |
| Nov 20, 2013 | Pastor Donalddirector | Buy | 2,381 | $0.72 |
| Nov 20, 2013 | Pastor Donalddirector | Buy | 7,619 | $0.72 |
| Sep 5, 2012 | Pastor Donalddirector | Grant | 16,805 | $0.62 |
| Nov 30, 2011 | Pastor Donalddirector | Buy | 700 | $0.55 |
| Nov 30, 2011 | Pastor Donalddirector | Buy | 2,700 | $0.56 |
| Nov 30, 2011 | Pastor Donalddirector | Buy | 6,600 | $0.54 |
| Sep 2, 2011 | Pastor Donalddirector | Grant | 24,509 | — |
| Aug 18, 2011 | Pastor Donalddirector | Buy | 4,919 | $1.05 |
Source: API SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full API insider & 13F page →Agora, Inc. company profile
Overview
Agora, Inc. (NASDAQ:API) is a Chinese-American technology company founded in 2013 and headquartered in Shanghai, China. The company went public on June 26, 2020, during the height of the pandemic-driven digital transformation boom. Agora operates as a Real-Time Engagement Platform-as-a-Service (RTE-PaaS) provider, offering developers the infrastructure and tools needed to embed real-time video, voice, and messaging capabilities into applications. After experiencing significant growth during the early pandemic years, the company has faced headwinds from regulatory changes in China's education sector and broader macroeconomic challenges, leading to revenue declines and operational restructuring efforts aimed at achieving profitability.
Business
Agora operates in the real-time communications infrastructure space, providing what is essentially the "plumbing" that enables applications to support live video calls, voice conversations, and instant messaging. The company's core offering is a Platform-as-a-Service (PaaS) that allows software developers to integrate real-time communication features into their applications without having to build this complex infrastructure themselves. The company's primary product is its Real-Time Engagement Platform-as-a-Service (RTE-PaaS), which includes several key components. Video calling enables applications to support live video conversations between users, similar to what powers Zoom or FaceTime. Voice calling provides high-quality audio communication capabilities. Interactive live streaming allows applications to broadcast live video content to large audiences with real-time interaction capabilities. The platform also includes chat and messaging services for text-based communication, and signaling services that coordinate connections between users. Beyond the core communication tools, Agora offers acceleration products and extensions including interactive whiteboards for collaborative applications, recording capabilities to capture sessions, analytics tools to monitor usage and quality, and a marketplace of additional features. The company has recently expanded into low-code and no-code solutions with products like Flexible Classroom and App Builder, which allow customers to quickly deploy communication-enabled applications without extensive programming. All of these services are delivered through Agora's proprietary Software-Defined Real-Time Network (SD-RTN), which is a virtual network overlay built on top of the public internet. This network is designed to optimize the routing and delivery of real-time communications data to ensure low latency and high reliability - critical factors for live video and voice applications. The company operates two main business segments: Agora (serving international markets including the United States) which generated approximately 52% of total revenue in 2024, and Shengwang (serving the Chinese domestic market) which contributed about 48% of revenue. Agora serves customers across various industries including social networking, entertainment, gaming, education, enterprise solutions, e-commerce, financial services, healthcare, and Internet of Things (IoT) applications.
Revenue model
Agora operates on a usage-based revenue model, charging customers based on the volume of real-time communication services they consume. The company typically bills customers for minutes of video calling, voice calling, or live streaming usage, along with additional fees for premium features and services. This creates a direct correlation between customer engagement and Agora's revenue - the more actively users communicate through applications powered by Agora's platform, the more revenue the company generates. The company's paying customers are primarily software developers, technology companies, and enterprises that want to integrate real-time communication features into their applications. These range from large social media platforms and gaming companies to smaller startups building niche communication apps. In the education sector, Agora serves online learning platforms and educational technology companies, while in enterprise markets, it powers customer service applications, virtual meeting tools, and collaboration software. Several factors influence Agora's profit margins and revenue potential. Network infrastructure costs represent a significant expense, as the company must maintain its global Software-Defined Real-Time Network and pay for bandwidth and server capacity. As usage scales, these costs can create operational leverage, but they also require substantial upfront investment. Competition from larger technology companies like Amazon (with its Chime SDK), Microsoft, and Google can pressure pricing and market share. Regulatory changes, particularly in China, have significantly impacted revenue - the company lost substantial business when China restricted private tutoring services in 2021. Macroeconomic conditions affect customer spending on technology infrastructure, with startups and smaller companies reducing usage during economic downturns. Currency fluctuations impact the company's results since it operates globally with revenues in multiple currencies. Technological shifts toward artificial intelligence and new interaction models present both opportunities and risks - while AI-powered applications may drive new demand for real-time communication services, they also require the company to continuously invest in platform capabilities to remain competitive. The emergence of live commerce and social shopping has become an important growth driver, now representing 10-20% of Agora's revenue as retailers integrate live video streaming into their e-commerce platforms. Similarly, the growth of Internet of Things applications and digital transformation initiatives in China provide additional revenue opportunities, though these markets remain sensitive to broader economic conditions.
Competitive moat
Agora's competitive moat is moderately strong but faces increasing pressure from well-funded competitors. The company's primary defensive advantage lies in its proprietary Software-Defined Real-Time Network (SD-RTN), which has been optimized over more than a decade to deliver low-latency, high-quality real-time communications globally. This network infrastructure represents significant capital investment and technical expertise that would be difficult for new entrants to replicate quickly. The company benefits from high switching costs once developers integrate Agora's APIs into their applications. Changing real-time communication providers typically requires significant engineering work to rebuild core functionality, creating customer stickiness. Additionally, Agora has built substantial technical expertise in real-time communications optimization, including advanced algorithms for network routing, quality adaptation, and latency minimization that provide performance advantages over simpler solutions. However, Agora's moat faces meaningful challenges. Large technology companies including Amazon Web Services (with Chime SDK), Microsoft (with Azure Communication Services), and Google have entered the market with competing platforms backed by substantially greater resources and existing customer relationships. These competitors can offer real-time communication services as part of broader cloud computing suites, potentially at lower prices or bundled with other services. The commoditization risk in infrastructure services is significant, as real-time communication capabilities become increasingly standardized and easier to implement. Open-source alternatives and improvements in general internet infrastructure reduce the technical barriers that historically protected specialized providers like Agora. The company's geographic concentration risk also weakens its position, with significant exposure to Chinese regulatory changes and economic conditions. The loss of the K-12 education market due to regulatory changes demonstrated how quickly government policy can eliminate entire customer segments. While Agora maintains technological leadership and customer relationships built over years of operation, the moat is under pressure from better-funded competitors and faces the ongoing challenge of staying ahead of rapidly evolving technology trends, particularly in artificial intelligence and edge computing that could reshape how real-time communications are delivered.
Risks & safety
Agora presents a mixed margin of safety profile with both strengths and concerns for investors. **Financial Position:** - Strong balance sheet with $328 million in current assets versus $58 million in current liabilities, providing a 5.6x current ratio - Cash and short-term investments of $27 million, though this has declined from over $40 million in prior years - Low debt levels with debt-to-equity ratio of only 0.09, indicating minimal solvency risk - Free cash flow remains negative at -$49 million for full year 2024, indicating ongoing cash burn **Valuation Metrics:** - Price-to-book ratio of 0.17 suggests the stock trades well below book value, potentially indicating undervaluation - Graham net-net ratio of 1.78 indicates the company's net current assets exceed its market capitalization - EV/EBITDA of 49x appears high, though recent achievement of GAAP profitability in Q4 2024 may improve this metric going forward **Other Considerations:** - Recent achievement of GAAP profitability provides some confidence in the business model's viability - Revenue has stabilized around $133-140 million annually after earlier declines - Company has implemented cost reduction measures and organizational restructuring to improve efficiency - Market cap of approximately $89 million appears low relative to the company's revenue base and technology assets
Recent development
Over the past few years, Agora has undergone significant strategic transformation driven by market challenges and emerging technology opportunities. The company faced a major setback in 2021-2022 when Chinese regulatory changes eliminated the private K-12 tutoring market, which had been a substantial revenue source. This forced a strategic pivot toward diversifying both geographically and by industry vertical. The most significant recent development has been Agora's aggressive push into artificial intelligence integration. The company launched a conversational AI SDK in collaboration with OpenAI and developed the Transformative Expansions Network (TEN), an open-source AI framework designed to enable multimodal AI interactions. This represents a fundamental shift from traditional human-to-human communication toward human-to-AI interaction, positioning the company for what management believes will be a paradigm shift in how people interact with technology. Agora has also focused heavily on operational efficiency and cost management. The company implemented workforce restructuring in 2024, expecting $4 million in quarterly savings and $7 million in additional annual savings. This leaner organizational structure aims to improve responsiveness while reducing the cash burn that had persisted for several years. The company has expanded its focus on emerging use cases, particularly live commerce and social shopping, which now represents 10-20% of revenue. This shift reflects the growing integration of real-time video streaming into e-commerce platforms, especially in Asian markets. Additionally, Agora has strengthened its position in Internet of Things applications and enterprise digital transformation projects. Product development has emphasized low-code and no-code solutions through offerings like Flexible Classroom and App Builder, making it easier for customers to deploy communication-enabled applications without extensive programming expertise. The company has also enhanced its core platform with features like adaptive video optimization, cloud-native broadcasting solutions, and AI-powered content moderation. Most notably, Agora achieved GAAP profitability for the first time in Q4 2024, marking a significant milestone after years of losses. This achievement, combined with management's target of sustained profitability in 2025, suggests the operational restructuring and strategic focus are beginning to yield results.
API company profile · for informational purposes only — not investment advice.
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