Amber International Holding Ltd Q4 FY2025 earnings call

• Broader macroeconomic landscape: Acknowledged industry headwinds with crypto market cap decline, but business demonstrated financial resilience.
• Amber Premium: Asia's leading digital wealth management platform, profitable, resilient, scalable. Generated 50.2 million US dollars in 2025, achieving annual guidance. Dubai subsidiary received virtual asset services provider license on April 2, 2026.
• Long-term vision and initiatives: Actively developing A-Suite, an AI-native operating system suite. Will announce first operating system in Q1 2026. Integrating Mia, an in-house developed AI agent, into marketing and enterprise solution segment. Board authorized purchase of up to $50 million of Amber ADS.
• Core business updates 2025: Wealth Management Solutions revenue grew 463.6%, platform gross margin expanded, client base stayed steady through market correction. 2026 strategies: Product innovation, OTC market share and margin expansion, geographical expansion. Secured VARA VASP license in Dubai, expanding regional presence. Platform upgrades in OTC platform integration, AI co-pilot development, structured product expansion, laying foundation for A-Suite.

Full year 2025 revenue was 66.1 million U.S. dollars. Amber Premium segment generated 50.2 million U.S. dollars in revenue, representing a 572.1% increase from 7.5 million US dollars in 2024, and achieved annual segment revenue guidance. Q4 consolidated revenue was 16.3 million US dollars. Full year adjusted EBITDA was positive 4.7 million US dollars, a swing of 9.9 million US dollars from 2024's -5.2 million US dollars loss. Wealth Management Solutions delivered 34.9 million US dollars for the full year, a 463.6% increase from 2024, contributing around 69.5% of Amber Premium segment revenue. Platform gross margin was 74.8% in 2025, up from 33.4% in 2024. End of year asset on platform per active client was $1.3 million, total platform asset ended at $1.3 billion, down from Q3 peak, but active clients held at 988, essentially flat year-over-year.

Projected revenue for Amber Premium segment in Q1 2026 is $5.1 to $5.6 million. Utilizing market downtrend in Q1 2026 for strategic optimization, streamlining resources and focusing on high-value compliant relationships. Implementing disciplined cost management to drive operating leverage, enhancing financial reporting systems, maintaining strong liquidity and balance sheet flexibility for global expansion and strategic partnerships.

• Macroeconomic uncertainty: Broader crypto market volatility may impact business performance.
• Geopolitical tensions: Recent Middle East geopolitical tensions may introduce near-term complexities to MENA markets.
• Regulatory changes: Changing regulatory requirements may bring compliance costs and operational challenges.
• AI development risks: AI technology development and integration may not proceed as expected, impacting strategic progress.

Q: 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 a closer look at some of your, call it, customer numbers from last year and how you expect those to evolve through next year.

A: Overall competitive landscape of crypto and fintech is evolving with new entrants. We accept changes are constant and constantly evolve business strategy. On regulatory strategy, making progress on being a Pan-Asian regulated platform. In terms of product, services, and technology, investment in AI-related technologies brings efficiency and scalability. Steve added about being a comprehensive platform and staying nimble to capture market opportunities, with institutional demand strong in Q4 despite market downturn and strong payment revenues and volumes.

Q: In the press release, you talk about proactively refining your client base to 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 off-boarded? 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?

A: Purposeful optimization to focus on high-profile clients. As applying for licenses locally, need more stringent standards for clients onboarding. Will disclose numbers in Q1 earnings release.

Q: I saw that Amber recently received a virtual asset service provider license from Dubai's VAIA. 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 growth margin? Also, given the iClick helpful sales pieces, should we expect the marketing and enterprise business to be the next?

A: MENA region is a strategically rapid growing market, forecast to reach $1.4 trillion by 2031. Amber's license portfolio combined with Singapore and ongoing Hong Kong licenses makes it a Pan-Asian platform. Marketing and enterprise solutions is a high quality business with room for improvement with AI rollout strategy. Already integrated Mia, an in-house AI agent, into the business, expecting progress in numbers in coming quarters.

Q: On my end, I have three questions. The first one is around the quarter performance because I'm looking at the quarter four and overall increase, there's an increase in overall revenue, but then... The revenue from wealth management solutions and asset on platform is a decline. So I just want to check it up 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?

A: In Q4, market was soft with big crash event on October 10th, causing different risk-reward dynamic. We were selective in structuring products, managing risk, causing slowdown in AOP but focusing on high-quality revenue and assets. A-Suite is three AI-native operating systems designed from day one to be operatable by agents, specifically for the financial services industry in the agentic economy. Our AI agent strategy is about building a financial stack fit for the future agentic economy, differing from peers who just apply AI to existing systems by focusing on what financial services should look like in the agentic world and building systems for agents to operate workflows themselves.