AMBR

Good morning. Welcome to Amber International first quarter 2026 financial results. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If you would like to ask a question please press star one on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, MIA, Amber Premium official AgentFi Ambassador. MIA, you may begin.

Good morning, and welcome to Amber International Holding Limited's first quarter 2026 earnings call. I am MIA, Amber Premium's official AgentFi Ambassador, and your moderator today. Before we begin, please note that today's discussion may contain forward-looking statements within the meaning of U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially. For a more detailed description of these and other risks and uncertainties, please refer to our filings with the Securities and Exchange Commission. Joining us on today's call are Michael Wu, Chairman of the Board and CEO, who will share a first quarter overview, strategic vision, and AI initiatives. Vicky Wang, President, who will focus on our core business updates, client platform performance, and future focuses. Yi Bao, Chief Product Officer, who will update us on our regulatory update and platform evolution.

Josephine Ngai, Chief Financial Officer, who will review our financial results and provide guidance, and Steve Zhang, Head of Capital Markets. Following their remarks, we will open the line for Q&A. With that, let me now turn the call over to Michael Wu, our Chairman of the Board and CEO.

Thank you, MIA, and thank you all for joining us today. The first quarter of 2026 was another temperate period for the crypto industry, continuing the downtrend we saw in the fourth quarter of 2025. Our total revenue for the quarter was $10 million compared to the $14.5 million in Q1 2025, and the $16.3 million last quarter. Despite the challenging environment, we see this as an opportunity to strengthen our foundation with clients and continuing advancing our strategic priorities. Our focus remains on how we serve our clients more efficiently and how we scale that capability through our agentic fintech capabilities. Through every cycle, what proves durable are Amber's most important assets, our ability to innovate, and our ability to build scalable, future-proof infrastructure. To that point, this quarter marks another step forward in the strategy we have been building towards.

As part of our broader agentic transformation, we introduced A-Suite as an agent-native operating system that abstracts the complexity of digital asset financial services, enabling them to be automated and operated by AI agents. This is similar to how AWS two decades ago abstracted the complexity of servers and enabled a whole generation of web apps to simply build on top. That is where finance is heading as the agentic economy arrives. Our vision is to be the foundational layer beneath it. We're moving from competing at the interface and the distribution layers to providing the rails for the agentic economy itself. This is not an aspiration. It is already on the way. Amber Premium has already proven itself as a strong distribution layer with established institutional relationships, a regulatory licensing footprint, and a demonstrated segment profitability as disclosed in our financial statements.

Building on that proven foundation, we are now creating the operating core beneath it. The greater efficiency and expanded addressable market unlocked by A-Suite are what will carry us towards the agentic future that I have always envisioned, spoken about, and built toward. This also marks the next step in how we define AMBR, not just as Amber Premium, the crypto platform anymore, but as Amber, a truly emerging agentic fintech. As I mentioned in previous earnings calls, Amber first began as Amber AI. The conviction that crypto and AI would converge to define the future of finance was not a strategy we adopted later, but rather it was a thesis we founded the company upon.

What you are seeing today, this quarter, across both our business and our innovation, is that this thesis is arriving in practice, and we intend to keep building it deliberately, one proven layer at a time. Building on Amber Premium's proven success, we launched the first of our three flagship agentic fintech operating systems within the A-Suite at the end of March. A-MM, which stands for Agentic Market Making, is an agent-native liquidity operating system for token projects and the designated market-making infrastructure. A-MM is designed to unify execution workflows, infrastructure, and transparency into a platform that can be orchestrated by agents with customized real-time performance and risk reporting and monitoring. We expect A-MM to begin contributing meaningful revenue in Q2, and then to scale from there.

It is the first of the three A-Suite products we plan to bring to market this year. Yi will elaborate further on A-MM and our A-Suite positioning later. Beyond A-Suite, we are also embedding AI agent capabilities directly into our existing operations across all of our businesses. Within our iClick digital marketing business, we're transitioning toward an agent first and agent-native operating model by integrating MIA, our first in-house AI agent, who is also our host today for the earnings call, into iClick's core workflows, decision-making processes, and service delivery. This goes way beyond just using AI as a tool. We are making autonomous agentic workflows a central driver of how we operate, and that is already improving efficiency and the scalability across the businesses. This is a practical execution of our broader AI agent-driven strategy.

As we continue building towards this vision, I'm also pleased to announce our Crypto for AI vision. Crypto for AI, or C4AI, as we call it, is our view that crypto will become the financial and economic infrastructure for the agentic economy. To that end, our inaugural C4AI Investor Day, planned for October, will be an important milestone where we'll share our progress and showcase a whole fleet of Amber agents with the market. One final point on capital allocation, because it reflects how we view our own valuation. We continue to repurchase shares opportunistically through Q1, and remain focused on returning capital to our shareholders. Under our $50 million share repurchase program announced in November 2025, we repurchased approximately 2 million ADSs during the period. As of March 31st, 2026, approximately $45.5 million remain available under the program.

We continue to have significant flexibility for opportunistic repurchases while investing for growth. Ultimately, Q1 reflected a deliberate strategic decision on our part. Our strategy is advancing, and we are using this period to redefine the scope of AMBR and position the company for the next phase of the agentic economy. With that, I will now turn the call over to Yi, our Chief Product Officer, for a deeper look at our product roadmap and the launch of Amber's first agent-native operating system, A-MM.

Thank you, Michael. Our platform innovation is a natural continuation of how we have always built and delivered financial products. From the start, Amber Premium operated primarily as a distribution layer, a UI-driven platform focused on user acquisition and onboarding. We are now evolving into a full stack agent-native organization with a particular emphasis on building the service layer underneath that distribution layer. This is a natural next step beyond traditional UI-centric thinking, where products were defined by features, buttons, and screens in apps, and by branches, license, and the relationship managers in finance to an operating system approach. In the agent economy, competition will no longer be about who has a better interface, but who can seamlessly convert client intents into execution, settlements, monitoring, compliance, and reporting through intelligent automated workflows.

A truly agent-native operating system can deliver personalized and optimize the service at a scale no standalone platform, manual process, or single-purpose application can match. This quarter, we took a significant step towards with the launch of A-MM, the first flagship component of our A-Suite. A-MM is an agent-native liquidity operation system and designated market-making infrastructure platform. Its core value lies in creating a unified platform layer that abstracts complex execution workflows, operational infrastructure, and transparency requirements into standardized modular components. For token projects, liquidity is critical to price discovery, trading experience, exchange relationships, investor confidence, and ecosystem credibility. Yet, designated market-making has historically been manual, bilateral, and trust-based. A-MM is designed to turn this process into an automated and structured operating workflow.

Projects can define key requirements such as targets, values, service duration, spread, uptime, depths, settlement preference, and capital needs, while the platform supports RFQ submission, quote review, order management, contract administration, performance monitoring, and reporting. This gives projects a clear way to express demand and market makers a standardized way to deliver, and Amber a controlled system of record for onboarding KYC documentation, contracts, fees, and service data. This allows us to participate in the token liquidity value chain in a more scalable, infrastructure-driven, and agile way. A-MM is designed with a clear division of labor alongside traditional market makers. It is not a replacement, but an infrastructure layer that enables greater efficiency, transparency, and scalability.

In being able to offer different execution models combined with real-time visibility via our performance dashboards, which is soon to be launched, we are already seeing strong early adoption and positive feedback from token projects in our soft launch phase. From a business perspective, A-MM not only strengthens our own execution capabilities, but also creates a scalable revenue architecture. Revenue can come from recurring service and platform fees, value expansion as clients add more centralized or decentralized markets, market maker participation, and potentially premium data and analytics over time. We anticipate A-MM will begin generating meaningful revenue in Q2 and over time to serve as one of the A-Suite operating systems we plan to launch this year. More importantly, A-MM reflects the broader strategic direction of Amber, moving from distribution to service, from interface to infrastructure, and from manual financial workflows to agent-native operating systems.

Complementing our product programs, we continue to strengthen our regulatory licensing footprint. We have been granted the VARA license in Dubai and are making steady progress on our virtual asset service provider application in Hong Kong. These efforts reflect our strategic allocation of resources to better serve growing institutional demands, supported by an increasingly visible regulatory framework, including Hong Kong's stablecoin regime and developments such as the U.S. CLARITY Act. A stronger regulatory foundation is essential to building a sustainable, high-quality business in this evolving industry. This combination of technological innovation and regulatory advancements marks the natural continuation of our journey, extending Amber from a distribution layer financial service platform into a fuller picture of agent-native operating systems for agent crypto fintech. Next, I will hand it over to Vicky for a detailed review of our Q1 business performance.

Thank you, Yi. Before deep diving into our AMBR platform business, I would like to first build on Michael and Yi's earlier comments around how we have successfully scaled Amber Premium over the years, and how we believe we are now entering the next phase of scalable growth. As Michael mentioned, Amber Premium has evolved into a highly scalable institutional distribution platform supported by long-standing client relationships, a regulated operating footprint, and demonstrated segment profitability, as reflected in our financial statements. Importantly, what we are building extends well beyond a single initiative. This quarter, we announced A-MM, which, as Michael mentioned earlier, we expect will contribute meaningfully in the coming quarters. More importantly, A-MM represents only the first of the three A-Suite operational cores we plan to introduce this year as we continue building the infrastructure layer for scalable institutional automation.

The same automation and infrastructure capabilities that power our market-making businesses can now be extended across a broader range of institutional financial products and services, creating a more scalable and higher-quality earnings profile over time. Turning back to our core business and Q1 performance. The first quarter of 2026 reflected a familiar market environment across digital assets, including softer trading activity, lower risk appetite, and more selective institutional capital deployment. These broader market conditions were naturally reflected in our quarterly financial performance, particularly within our execution solutions and payment solution businesses. What continues to evolve meaningfully is the expansion of the digital asset opportunity set. We are no longer only seeing institutional interest around core crypto assets. Increasingly, we are seeing demand broaden towards tokenized financial products, on-chain yield strategies, tokenized real-world assets, and a wider range of digitally native financial products.

Alongside the trends, we are also seeing growing client appetite for more sophisticated and tailored structured products. Clients today are increasingly looking for customized yield opportunities, defined downside protection, and structure aligned with their specific risk-return objectives, rather than standardized off-the-shelf solutions. Our ability to offer customized structured products across different underlying assets, tenure, and payout profiles is a direct response to this evolving demand profile. Importantly, we believe this trend supports both deeper client engagement and a higher quality of revenue mix over time. As asset universe expands, we believe distribution becomes increasingly valuable. Institutions are looking not only for access to products, but also for trusted platforms that can help clients access and manage these opportunities within regulated frameworks.

This is where we believe Amber Premium is strategically well-positioned. At the same time, we are seeing increasing demand for financial institutions and platforms seeking embedded digital asset capabilities rather than building these capabilities internally. We believe this creates meaningful long-term B2B2C opportunities for us. Against this backdrop, our primary recurring revenue engine, wealth management solutions, contributed $4.3 million in Q1, accounting for 74.8% of Amber Premium segment revenue. This continues to reflect our intentional shift towards higher margin and more predictable revenue streams. To further strengthen our regulatory positioning, we also took proactive steps this quarter to optimize our client structure and align more closely with evolving regulatory requirements. As part of this process, we streamlined a portion of low-engagement clients' accounts while continuing to deepen relationships with our core institutional and focus client base.

Importantly, this optimization had minimal impact on overall asset on platform, where asset on platform per active client remains stable at $1.2 million. We believe this strengthens the long-term quality of the platform as the industry becomes more institutional. Ultimately, while market cycles may continue to impact short-term activity, we believe the long-term value of this platform lies in our client relationships, regulatory infrastructure, and ability to scale customized financial services through automation. In summary, Amber Premium is increasingly evolving from a client platform into an agent-native institutional layer for execution, coordination, and distribution of digital and tokenized assets. With that, I will hand over to Josephine, our Chief Financial Officer, for our financial results.

Thank you, Vicky, and good morning, everyone. I will now review our financial results for the first quarter of 2026 end March 21st and provide our guidance for the second quarter. Throughout my remarks, I will primarily reference the consolidated Amber International entity, providing additional context for the Amber Premium segment where relevant. Revenue for the first quarter was $10 million. This compares to $14.5 million in Q1 of 2025 and $16.3 million in the sequential fourth quarter of 2025. Our Q1 performance was primarily influenced by a materially softer digital assets market environment, which leads to a moderation in transactions volumes across the entire industry. Furthermore, our year-over-year comparisons was impacted by a non-recurring $2.9 million service fee that we recognized in the prior year period. Looking closer at Amber Premium, performance across our core solutions was quite balanced.

The wealth management solutions delivered $4.3 million. The execution solutions brought in $0.9 million. Payment solutions delivered $0.6 million, and iClick marketing and enterprise solutions contribute approximately $4.3 million. The gross profits for the quarter came in at $6.8 million, representing a 67.7% margin. This is a step down from the $12.1 million with gross profit and a 74.2% margins we recorded last quarter, reflecting shifts in our product mix as our new products represent a higher share of revenue this quarter. Despite these near-term shifts, we remain firmly focused on driving long-term, high-margin growth across all product lines. Moving down to the operating line, we record an operating loss of $3.2 million for Q1. Our total operating expenses improved to approximately $10 million, down from $11 million in Q4 2025.

This reduction highlights our strategic efforts to streamline operational resources alongside early efficiency gains from our internal AI initiatives. I want to highlight an encouraging case here. Within our iClick marketing and enterprise solutions business, we deployed our AI agent, MIA, into the operation. These integrations helped reduce operating costs within that segment meaningfully this quarter alone as we are transitioning the digital marketing business toward an AI-driven operating model. The key takeaway for us is straightforward. AI is not just a forward-looking thesis for us. It is already actively absorbing operating expenses and improving the unit economics of our existing business. We expect this internal AI efficiency to continue compounding throughout 2026 as we extend MIA's capability to additional corporate functions. The net loss from continuing operations was $3.7 million, compared to a net income of $0.8 million last quarter.

Adjusted EBITDA for Q1 was a loss of $3.2 million, compared to a positive adjusted EBITDA of $50,000 in Q4 2025. Turning to the balance sheet, our financial positions remain strong and continues to improve. We closed the quarter with $36.5 million in cash and zero bank debt, giving us a highly resilient foundation. Looking ahead to the second quarter of 2026, we are issuing preliminary revenue guidelines for the Amber Premium segments of between $9 million-$10 million, representing a quarter-over-quarter increase of approximately 58.1%-75.7% from our Q1 2026 Amber Premium segments revenue of $5.7 million. Our guidance currently covers the Amber Premium segments only and does not include revenue from our iClick marketing and enterprise solutions to be consistent with peer risk guidance practice.

As we look to the rest of the year, alongside the external growth strategic we have previously outlined, internally, we are also enhancing our financial reporting system to provide transparent insight into our performance and maintaining strong liquidity and balance sheet flexibility in order to support our global expansions and strategic partnerships. We believe that this disciplined approach will create sustainable and long-term value for our shareholders. With that, I will turn the call back to MIA. Thank you.

Thank you, Josephine. That concludes our remarks for today. We will now open the line for Q&A. Operator, please begin.

Thank you. If you would like to ask a question please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your line from the question queue. For participants using speaker speaker equipment it may be necessary to pick up your handset before pressing the star keys. Our first question comes from Brian Dobson with Clear Street. Please proceed.

Yeah, thanks very much. If we could just start with a big picture question. I suppose, two years from now, what do you think the business looks like, and how do you think investors should be contemplating your growth outlook at this point?

Thank you, Brian. This is actually a great question because fundamentally, I think starting from this quarter, we want the market, we want the investor to understand Amber International is truly emerging from the platform, Amber Premium, which is by itself a very solid, profitable digital wealth management platform to Amber International, which I define as a crypto-enabled agentic fintech. Two years from now on what the business should look like, I do think the agent-native operating systems we are launching today, the A-MM and the remaining A-Suite, and the agents that are operating them as of today, they will become a financial infrastructure for a lot more companies. They will hopefully, by that point, become the financial stack for the agentic economy.

How that will make our revenue model look like, I do think we have proven with our own platforms, with Amber Premium, that a already automated, already agent-native operating system can enable businesses in a scalable way. Two years from now on, I think that scalability point should have been proven by that point. There should be a lot of platforms, other than Amber Premium, a lot of platforms either owned, invested by Amber, or completely unrelated to Amber on an ownership basis, that are operating on this shared stack that we're building today. Yeah. I'm highly confident in the direction we are going. I'm highly confident in delivering or accomplishing that in a two-year framework. I do think the market will gradually understand Amber as an emerging crypto-enabled agentic fintech, as I mentioned.

Circling back to our Crypto for AI vision, I do think being crypto-enabled as an agentic fintech gives us a unique edge if we look a bit further into the future. I do believe a lot of financial services today will move onto the crypto rail, especially as the agentic economy arrives, as more of the services, more of the operations, more of the economy is done by AI agents rather than humans. Hopefully by that point, market will realize we not only have that vision way ahead of the curve, we are one of the first to actually deliver that vision.

Yeah. Thanks. I suppose just following up on that, do you think that leaning into that aspect of the business makes the overall business model more scalable as you're driving more agent-native systems, kind of similar to more like a software company?

There are similarities, I think, to software companies in the sense that, most of the company, as I always mention today, are engineers at the core. Amber International as a core is a technology-driven company. I do think the business model will look different from the software companies or especially the SaaS companies as we understand today. I don't think we are offering just a software, a tool, or an agentic tool even. What we are building, and we are increasingly offering to our own platforms and externally, is really more of an agentic capabilities. Take iClick as example, as we mentioned today. iClick was and maybe at this point still is a digital marketing business.

What MIA does and what our agentic staff does to iClick is offer the ability to offer the same services or even much better services to their clients with a much more agent-native way. In terms of operation, most of the operations now are being automated. The way the workflow, they are streamlined, it's agent first rather than human first. The ability itself, again, back to scalability point, is highly scalable. A different company or even a company with only similar business or different client base or similar client base can easily render the ability compared to the software example you mentioned, right? Today, if another company uses a software from a software company, they still need to use the tool themselves. They still need to have staff trained to operate with their own workflow using that tool. The agentic services, the agentic abilities we are offering is different.

It's actually end-to-end. It's actually result-driven. We do think companies will start to get used to paying for the actual results rather than paying for the tools that can hopefully get them the results. I think that's fundamentally different. I think the market will start to realize that. A lot of that understanding, I think, is becoming more talked about among the private investors, among the VC investors. Really in the public market, I do think Amber is one of the first companies that through our results, through our accomplishments this year, hopefully will also educate the public market investors about this new business model.

Yeah, excellent. Thanks very much.

Thank you.

Our next question is from Emily Wei with Symmetry Affluent. Please proceed.

Hello, management. I have two questions. Hello, management. Can you hear me?

Yes. Hi, Emily.

Hello. I actually have two questions. First of all, can you help us understand why we are pivoting towards an AI story? Secondly, on A-MM, what has actually been delivered so far, and when do we expect the A-Suite to start making money? Thank you.

Great questions. This is Michael again. First, I have to correct you. We are not pivoting to AI. First, Amber started as Amber AI. It is actually always been our DNA. Secondly, I have had this conviction, and I really think the company is putting that into reality as we speak, that crypto and AI are convergent. These two technologies well together define what the agentic economy looks like, especially in what I call agentic finance. Also this is already happening, as I mentioned about the MIA inside the iClick example. This is already transforming operating expenses through automation. It is already changing workflows from humans using tools to agents leading towards direct results with humans in the loop. It is already making a financial impact, and I think that is sort of related to your second question, which I will also get to.

If you look at Amber Premium itself, we really see Amber Premium as the proof case. It is a proof case because it is successful, right? It has a very strong reputation among, I think, the most highly demanding, highly sophisticated, and high valuable client base. It is a profitable business. We are just reviewing within Amber what enables this success of Amber Premium beyond, of course, our great sales team, our great relationship management team, and all the trust our clients putting into us. It's actually this operating layer, which now we are reviewing as A-Suite. It's actually this operating layer and this agent-native operating capability that makes Amber Premium, makes our platform successful, makes us able to deliver a very diverse priority of products and services within crypto.

The ability to deliver that not only to the highest standard, but deliver that with efficiency, with scalability. I really don't think we're talking about pivot. AI and the crypto has been in Amber's DNA since day one. I do understand why you ask this question or where does this confusion come from. I think over the last year or so, we are a new public company, and throughout most of 2025, people were still trying to understand Amber Premium itself, which again, is our first showcase, our first success. This year, of course, we are all on this call with all the investors, with all the friends, trying to educate the market about the broader Amber, which hopefully, starting from this earnings call, become more clear. To the second of your question about when does A-MM start to contribute revenues? It's actually already started.

As we mentioned, A-MM was launched at the end of March. It's an agent-native liquidity provision OS, operating systems. As Yi explained about the product, we really abstracted a fairly complex business into a very streamlined protocol. This protocol itself is agent-native, it's agent operable, and it's highly automated. Along with the workflow agents that operate A-MM, they've already been contributing revenue as we speak today. I do think we will start to see these increasingly significant revenue contribution from A-MM and the other A-suites as we launch them from the second quarter onwards.

Yep.

Thank you.

Thanks so much. I can add some points on Michael. Basically, as Michael has mentioned, the A-MM, actually, it adds extra scalable revenue streams to our future developments. Basically, I just want to make a similar analysis. Once the token projects or market makers onboarded to our Agentic Market Making or the platform, actually, they will be very sticky, and something like a middle to long-term agreement they will sign with us. Basically, the revenue itself will be recurring and scalable as they adding more values or maybe they adding more parameters, or they require more data service from our side. Basically, we do think that this revenue stream will be extremely scalable and start to contributing meaningful revenue from Q2 and onwards. Thank you.

There are no further phone questions. I would like to hand it back over to management for webcast questions.

Okay. Yeah, we have a few questions on the screen. I will read one of them out first. The question is, how do you expect AI strategy to influence margins, cash flow, balance sheet efficiency over time? Again, I think we touched upon some of that. The AI strategy is already influencing pretty much all of them, on cash flow, on expenses. As we mentioned with iClick example, MIA is already reducing OpEx of the iClick business segment as we speak. In terms of margin, A-MM is another good example. It used to be fairly bespoken kind of a business model of liquidity provision in crypto, in digital assets, into highly streamlined agent operable operating systems. That definitely increases not only the margin on the business, but also, again, how scalable the business can be.

In terms of balance sheet efficiency, I think that will also show the impact over time, especially as we launch the other two products within A-Suite in the coming months.

Yeah. Just to add to that point, I think compared to current margins, we do expect, obviously, higher capital efficiency coming out of the agentic AI services, and will have a positive impact on operating margins in the long run. Given that this is a relatively scalable business, the balance sheet efficiency will also start to improve in the coming quarters.

We also have another question that's from Kelly. The question is, what LLM is being deployed to enable the AI solution for Amber? Are there any proprietary components to your agentic infrastructure? This is very interesting to have a more technical question on this earnings call. In short, the way we build what we call the intelligence layer of our agentic stack is we are very open to use whatever LLM model or whatever intelligence source that's actually helpful, that's productive, that actually enables our business and our clients' businesses to be better. We, of course, have integrated either both the leading private models and the leading open source models. We have also in-house deployed our fine-tuned versions of open source models where it fits both.

There are, of course, areas within our agentic workflows that are smaller, maybe less intelligent, but cheaper and more customizable open source models are suitable. We have done that. In a way, we have our own fine-tuned smaller models, I guess, in the workflow. Are there proprietary components to the agentic infrastructure? This is also a very interesting question. I think we touched upon the models, the intelligence layer, right? I do think there are companies, there are gigantic AI labs that provide all these intelligence layers, and I don't think it is Amber's position today, at least to compete on that front.

I do think in terms of building more vertical agentic services or vertical agentic service stacks, that's where our edge lies, whether specifically in fintech or in financial services, especially digital asset financial services, which I think are actually more complex, but also more digital native form of financial services. There's a lot of harness you need to build. There's a lot of sort of specified datasets that our agents need to be comfortable with or be trained with. The short answer is yes. I do think there are a lot of proprietary components to our agentic infrastructure, even though that on the intelligence layer, we integrate most of the advanced, either private or open source models.

Thank you all for joining us today. This quarter marks a defining moment as we continue to advance our agent-native operating system build-out while maintaining a resilient foundation in a challenging market. We remain fully committed to delivering institutional-grade excellence and long-term value for our shareholders. We sincerely appreciate your continued trust and support, and we look forward to sharing further updates with you in the upcoming quarter. This concludes today's call. Thank you and have a great day.

Thank you. You may now disconnect.

Good morning, and welcome to Amber International Fiscal Year 2025 financial results. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the call, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, MIA, Amber Premium's official AgentFi ambassador. MIA, you may begin.

Good morning, and welcome to Amber International Holding Limited's fourth quarter and full year 2025 earnings call. I am MIA, Amber Premium's official AgentFi ambassador and your moderator today. Before we begin, please note that today's discussion may contain forward-looking statements within the meaning of U.S. Federal Securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially. For a more detailed description of these and other risks and uncertainties, please refer to our filings with the Securities and Exchange Commission. Joining us on today's call are Michael Wu, Chairman of the Board and Chief Executive Officer, who will share our full-year overview, strategic vision, and AI initiatives. Vicky Wang, President, who will focus on our core business updates, client platform performance, and future focuses. Yi Bao, Chief Product Officer, who will update us on our regulatory update and platform evolution.

Josephine Ngai, Chief Financial Officer, who will review our financial results and provide guidance, and Steve Zhang, our Head of Capital Markets. Following their remarks, we will open the line for Q&A. With that, let me now turn the call over to Michael Wu, our Chairman of the Board and Chief Executive Officer.

Thank you, MIA, and thank you all for joining us today. The full year 2025 marked a pivotal chapter for Amber International, a year in which we proved the durability and the scalability of our business model against a challenging macroeconomic backdrop. First, I want to address the broader macroeconomic landscape and what we have achieved amid this environment. We clearly acknowledge the industry headwinds. The total market cap of crypto decreased by approximately 25% in the fourth quarter alone, cooling to approximately $3 trillion by year-end, after briefly approaching $4 trillion in October. However, we are highly encouraged by the financial resilience of our business has demonstrated despite this volatility. We generated $66.1 million in full year 2025 revenue.

Our Amber Premium segment generated $50.2 million in revenue, has successfully achieved our annual segment revenue guidance. This also represents a 572.1% increase compared to the $7.5 million Amber Premium segment revenue in 2024. In Q4 alone, we recorded $16.3 million in consolidated revenue, maintaining a stable quarter-over-quarter top line despite the broader crypto market suffering a significant contraction during the same period. This is a definitive validation of our resilient institutionalized platform. On an adjusted EBITDA basis, we achieved positive $4.7 million for the full year, which was a swing of $9.9 million from the $5.2 million loss in 2024. Amber International improved profitability against a challenging market backdrop.

That is the financial story of 2025. Our financial results demonstrate the strength of our core. Amber Premium is Asia's leading digital wealth management platform. It serves the region's most sophisticated clients with a private banking experience built on technology and unmatched access to digital asset opportunities. This business has proven to be profitable, resilient, and scalable, and it continues to set the foundation for our long-term strategy. On business development side, I'm proud to share a major regulatory milestone. Our Dubai subsidiary, Amber Premium FZE, received a Virtual Asset Service Provider license from VARA on April 2nd, 2026, which formally authorized it to offer regulated virtual asset broker-dealer, asset management, investment, borrow and lending services to institutional and qualified investors in and from the Emirate of Dubai and the broader United Arab Emirates. Built upon this progress, we continue to actively advance our licensing efforts in Hong Kong.

Yi will elaborate further on this achievement later. Turning to our long-term vision and initiatives. As many of you may know, Amber's roots in AI date back to our founding days as Amber AI in 2017. We believe the convergence of crypto and AI to transformative technologies of our time will fundamentally reshape finance, not only for humans, but also for the numerous AI agents that are arriving. In this emerging AI agent economy, digital assets become the economic and financial rails, and the financial services evolve from platforms into agent-native operating systems. My ambition as Amber's founder Chief Executive Officer is not to add AI onto yesterday's products. It is rather to build the financial stack for what comes next.

For that, we are actively developing a product suite called the A-Suite, which is a cohesive architecture of three AI-native operating systems that will not only power businesses like Amber Premium, but are engineered to intelligently coordinate liquidity, asset management, and asset distribution at scale. In Q1 2026, we'll officially announce the first of these three operating systems, which will be an AI-native autonomous workflow engine for digital asset liquidity management. Over time, we anticipate this suite, the A-Suite, will unlock new scalable revenue streams and significantly enhance our operating leverage in the quarters that will follow its launch. We are also executing a comprehensive AI rollout within our businesses today. We have begun integrating MIA, our first in-house developed AI agent, and also your host today, into our marketing and enterprise solution segment, or what was known externally as our iClick business.

Externally, MIA manages content generation, social media consistency, and investor engagement. Internally, MIA has lived in our Slack workspace as a proactive teammate, accelerating workflows via a proprietary skill hub, and secure internal database. These are much more than just productivity gains or cost-cutting initiatives. We want to use MIA's AI rollout success on iClick as a proof case that our in-house technology and innovation abilities can fundamentally upgrade traditional businesses, improve client experience, reduce unit cost, and sharpen our competitive edge in ways that cannot easily be replicated. Finally, as part of our commitment to maximizing shareholder value, our board authorized the purchase of up to $50 million of eight of our Amber ADS over a 12-month period commencing December 1st, 2025. Our approach is disciplined, measured, and also opportunistic.

We try to balance shareholder returns with capital requirements for A-Suite development and a platform expansion. I'm pleased to report that during fiscal year 2025, the company repurchased 516,703 ADS under the program, and approximately $49.1 million remain available for future purchases, providing significant capacity for opportunistic repurchases alongside continued growth investments. We're committed to executing our transition toward higher-margin, predictable platform revenue, and in the long term, building the financial stack for this AI agent economy. We believe our capital allocation strategy, including the repurchase program, reflects that long-term commitment. 2025 was a year that validated our strategy through the success case of Amber Premium. 2026 is the year we scale it and propel forward with both technology and innovations. Thank you. I will now pass to Vicky.

Thank you, Michael. 2025 marked a year of strong and profitable growth for our core business. As Michael highlighted, we remain resilient despite a major correction in the broader crypto market in Q4. Let me frame our performance through the lens of platform economics, as its measures really highlight what's driving the value we are creating. First, our primary recurring revenue engine, Wealth Management Solutions, delivered $34.9 million for the full year. This is a massive 463.6% increase from the $6.2 million we generated in 2024. Second, Wealth Management now contributes a major part, around 69.5%, of our total Amber Premium segment revenue. We believe this gives Amber a recurring revenue mix that is truly differentiated among digital asset platforms. Third, our unit economics have undergone a meaningful step change.

Our platform growth margin reached 74.8% in 2025, up from just 33.4% a year ago. That is an expansion of over 4,100 basis points, meaning our profitability profile is now approaching that of an institutional-grade wealth management platform. The ultimate proof of our differentiated positioning is our client profile. Our asset on platform per active client end of the year at $1.3 million. We compare that to the $5,000-$10,000 range commonly cited for typical retail crypto exchanges based on publicly available industry data. The contrast is clear. We are building an institutional-grade platform serving a growing long-term wealth allocation into crypto. We observe across industry, Q4 2025 reflected lower digital asset prices, softer sentiment, and a 25% broader market contraction in crypto market capitalization.

Coming off a record Q3, that shift was mathematically pronounced in our headline dollar amounts. The most important client story of Q4 is not what our asset on platform number looked like on December 31st. It is what our clients did during this correction. They stayed. Well, total platform asset ended the year at $1.3 billion, down from our Q3 peak at $1.8 billion. This was primarily a mark-to-market reflection of digital asset price decline. Underneath the headline, the engagement picture is steady. Active clients held at 988, essentially flat year-over-year across our in-institution and high net worth base. In the quarter where market test conviction, our platform retained its clients and kept them active, evidenced by the relations we are building are durable through cycles.

As we navigate involving market conditions in coming quarters, our high-value engaged client base provides a strong foundation for us to continue optimizing the business with a long-term focus. As we look to 2026, we're accelerating our growth through three definitive strategies. First, product innovation. We continue to expand our institutional suite with advanced offerings such as crypto-native FCNs, on-chain commodities, and quantitative strategies while exploring tokenized traditional assets. This expands the range of solutions available to our clients, allowing them to allocate capital more actively across a broader set of investment opportunities on our platform. At the same time, our payment solution business grew 325% year-over-year in 2025, reflecting increasing client engagement and more frequent capital movement on platform.

Together, these capabilities enable us to capture a greater share of client wallet, while positioning us to meet accelerating demand for regulated institutional-grade access to on-chain assets. Second, OTC market share and margin expansion. As one of Asia's longest-running institutional OTC desks, our execution reliability represents a difficult-to-replicate moat. In 2026, we are focused on automating workflows and enhancing pricing precision to improve competitiveness, reduce latency, and capture a larger share of institutional flow, driving margin expansion in our execution solution segment through higher volumes and greater operation efficiency. Third, geographical expansion. Our newly secured VARA VASP license marks an important milestone, unlocking access to the UAE, a key and rapidly growing hub for private and institutional wealth. Yi Bao will elaborate further on our broader regulatory moat shortly.

Ultimately, the combination of a broader product suite, a more automated execution engine, and expanded regulatory access positions us well for accelerated high-quality growth in 2026 and beyond. With that, I will hand over to our Chief Product Officer, Yi Bao.

Thank you, Vicky. I would like to update you on mainly two areas. First, our regulatory updates across our three licensed jurisdictions and the evolution of our platform and product suite. One of our defining themes of 2025 is our regulatory position, which is now a genuine competitive moat. In the fourth quarter of 2025, our Dubai subsidiary, Amber Premium FZE, successfully secured its in-principle approval from VARA. Today, I'm incredibly proud to announce that on April second, 2026, we officially received our VASP license. This formally authorized us to provide virtual assets broker-dealer, virtual assets management and investments, and virtual assets lending and borrowing service to institutional and qualified investors. By securing our license from VARA, Dubai's dedicated virtual assets regulator, we are strengthening our presence in the region's rapidly expanding digital assets ecosystem. The strategic magnitude of this license cannot be overstated.

Upon the SCA and VARA cooperation framework, this single approval further enables us to operate in and from the entire UAE, not just Dubai. This expands our access to one of the fastest-growing private wealth markets in the world. We are, of course, closely monitoring regional geopolitical developments. While the recent geopolitical tensions in the Middle East may introduce near-term complexities and impact the broader MENA markets, our long-term thesis remains completely unchanged. MENA remains a deeply strategic and a rapid growing market. To put opportunity in perspective, according to third-party industry research, the MENA wealth management sector is forecast to reach $1.4 trillion by 2031, with the estimated CAGR of 6.7%, driven by a combination of local wealth growth and intergenerational wealth transfer expected in the Middle East by 2030.

That concentration of wealth is precisely the client base our platform is built for. Since establishing our Dubai presence, we have engaged actively with local institutional prospects. Our VARA license, alongside our Singapore Major Payment Institution license and our ongoing efforts together with broader Amber Group to secure a Hong Kong VATP license, positions Amber Premium, in our view, as one of the few regulated pan-Asian digital asset wealth platforms serving its client base at institutional standards. This is what a regulatory mode looks like. On the platform and the product front, our starting points remains consistent. Crypto markets are structural cyclical, and our product roadmap is designed to serve clients through both down and up cycles. What changes each quarter is our ability to serve them better. In 2025, we made concrete programs across three areas. First, OTC platform integration.

Our institutional execution infrastructure was meaningfully upgraded, delivering tighter workflows and faster settlements for block trades. Second, AI copilot development. We have embedded AI capabilities directly into our OTC workflow, reducing manual processing time and improving trade execution analytics for our coverage team. Third, structured product expansion. We launched and scaled our crypto-denominated Fixed Coupon Note and accumulator, decumulator product suites, giving clients yield-generating structures that operates across market environments. Alongside these core upgrades, we successfully built the foundation for our real-world assets tokenization platform. By converting strong institutional inbound interest into an end-to-end internal solution from structuring to custody, we are now positioned to seamlessly integrate diversified yields from traditional assets directly into our clients' digital wealth portfolios. These improvements compound. A more capable platform with AI support allow our team to serve more clients without proportional headcount growth. This is a unique economics implementation.

Each product enhancements increases the revenue potential per active client relationship, a metric analogous to net revenue retention in enterprise software businesses. Crucially, these platform upgrades and AI integrations are not just the standalone features. They serve as the technological stepping stones for much larger scalable architecture we are building. They have successfully laid the operational foundation for A-Suite, the cohesive AI-native operating system that Michael touched upon earlier. As we prepare to introduce the first of these operational system in Q1 2026, we are actively transitioning to fundamentally running our service on an AI-native core. With the regulatory modes and upcoming A-Suite architecture we are fully committed to building, I'm very encouraged by the momentum entering 2026, and I look forward to reporting tangible milestones in the quarters ahead. Next, I will hand it over to Josephine.

Thank you, Yi. Good morning, everyone. I will now review our financial results for quarter four, 2025, and for the full year ending December 31st, 2025, and provide guidance for Q1, 2026. I will primarily reference the consolidated Amber International entity and where relevant, provide context at the Amber Premium segment level. Revenue for Q4, 2025 was $16.3 million, around 240% increase from $4.8 million in Q4, 2024. Within Amber Premium, wealth management solutions delivered approximately $5.9 million, execution solutions contribute $3.4 million, payment solutions contribute $1.2 million, and the marketing and enterprise solutions contribute approximately $5.8 million following this merger's consolidation.

The gross profits of $12.1 million at the 74.2% margin represents over 8x improvement versus Q4 2024 of $1.4 million at 28.9% margin. This margin quality is the most important structural indicator in our P&L as it validates the premium positioning of our wealth management-driven business model. At the operating line, Q4 2025 record an operating income of $1.2 million. The total operating expenses of $11 million reflect continued platform investment, including front office headcount to support AOP and client growth. The net income from continuing operations was $0.8 million in Q4, which significantly improved from a net loss of $12.1 million in Q4 2024.

The improvement was contributed by the continued growth of higher margin service and reductions in other losses related to year-end digital asset revaluation. The adjusted EBITDA for Q4 2025 was $50,000, making a return to positive adjusted EBITDA from a loss of $1.6 million in the same period of 2024. We are now turning to our annual financial performance. The full year story is one of the exceptional transformation. The full year revenue record $66.1 million, which represents over 7x increase from last year. It was driven by the first full year consolidations of Amber Premium following the merger. At the gross profit level, we delivered $49.4 million at a 74.8% margin, comparing to $2.5 million at 33.4% in 2024.

The total operating expenses record $46.9 million. It include approximately $444,000 of one-time merger costs and $0.6 million of share-based compensation. Both of them are non-recurring or non-cash. Stripping this, the recurring operating cost base was largely absorbed by gross profit, which producing an operating income of $2.6 million, which significantly improved from $5.3 million loss last year. From continuing operations, we generated net income of $4.7 million, which was completely reversing the $23.3 million loss in 2024. The net income attributable to the ordinary shareholders was $3.8 million after reflecting a restatement of discontinued operations. Our balance sheet is significantly stronger following the merger. The total equity growth 270% to $110.3 million.

The cash of $33.9 million provides a meaningful operational runway with zero bank debt. Our total liquid digital assets positions are $46 million, which comprising $33.5 million in crypto assets and $12.5 million in USDC. Based on current market conditions and our preliminary estimates, we are issuing Q1 2026 guidance on the Amber Premium segment with projected revenue of $5.1 million-$5.6 million. While the broader market downtrend we navigated in the fourth quarter of 2025 has continued into the first quarter of 2026, we are utilizing this period of purposeful strategic optimization. We continue to strategically streamline our resources and fulfill strengthened regulatory requirements across our active jurisdictions. With the milestone receipt of our license in Dubai, we are proactively refining our client base to focus exclusively on high-value compliance relationship.

This intentional contractions prioritize the depth and profitability of our network over share volume. Ensuring we continue to enhance our competitiveness as a sustainable institutional-grade digital wealth management platform through 2026 and beyond. Looking ahead, in addition to the external business strategy that we mentioned before, internally, we're implementing disciplined cost management to drive continued improvement in operating leverage as we scale. We're also enhancing our financial reporting systems to provide transparent insights into our performance as we integrate the operations following our merger. We also maintain strong liquidity and balance sheet flexibility in order to support our global expansion and strategic partnerships. The improved profitability demonstrate that our institutional approach is resonating with clients and creating values for shareholders. With that, I'll turn the call back to MIA. Thank you.

Thank you, Josephine. That concludes our remarks for today. We will now open the line for Q&A. Operator, please begin.

Thank you. Our first question comes from the line of Brian Dobson with Clear Street. Please proceed with your question.

Yeah, thanks very much. 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?

Thank you, Brian. I can take a stab at this first, and then I think my colleagues will join me in providing more perspective. I think overall the competitive landscape of not only crypto, but broadly digital assets or even the fintech industry, continue to evolve. There are new entrants. You know, this is an industry where, you know, startups come out left and right every day. They're also, you know, changing of the top of the rank. We do see, you know, larger platforms undergoing their own changes, players catching up. We also see a more regionalized or a diversification of different players in different regions.

The way we look at the landscape is, one, you know, we accept the changes are constant, and therefore constantly want to evolve our business, evolve our business strategy, evolve our product suite. Secondly, we want to capture modes or competitive advantages that are more long-term, more permanent. For example, that's why on our regulatory land strategy, we continue to make progress on being, you know, one of the more complete Asian regulated platforms. We do think that will give us not only unique access to these client bases, but also, you know, more, more long-term positioning when it comes to competition.

Also in terms of product, services, and technology itself, given our investment and our DNA in AI-related technologies, we do think that will bring a lot of efficiency, a lot of scalability, and in the end, better product services for, to follow clients, which, in the long run should be giving us further competitive advantages.

Yeah. Hey, Brian, this is Steve. Just to add to what Michael has mentioned. Obviously we are a very comprehensive platform, and the important thing is that we can stay nimble to try to capture the market opportunities as they present themselves. For example, in the fourth quarter, there was a lot of volatility in the market that impacted, you know, whether it's clients' sentiment, especially in the retail and high net worth market, but institutional demand still stayed pretty strong, so our execution revenues were pretty strong, I think, despite the, you know, the downturn in the market. Also, we captured the structural change in adoption in stablecoins, right? Payment revenues and volumes were also very strong.

Just having a holistic, and comprehensive capabilities to capture all these markets and different end markets is very important for us. We just try to remain very nimble, every quarter try to capture these opportunities.

Yeah. Thanks very much for that color. I appreciate it. You know, 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? I guess what was your thinking around that? Was it, was this a voluntary choice or is this something, you know, call it tied to your license applications in various regions?

Hi, hi Brian. This is Yi. Just to give you update on the like off-boarding. As I understand you may ask in Q1, maybe our movements. First is like our purposeful optimization. As mentioned, we are choosing to focus on the high-profile clients. The second, definitely I think we, as I mentioned, we are together with Amber Group. We are applying for the local license locally. I think we would definitely need to have like a more stringent standards for the clients to onboard to our platform.

Then the, we can maybe just to have a better ROI in terms of the sharing, to sharing the service, to providing the service to them. If you want some numbers, I suppose, we will disclose in Q1's the earnings release. Yeah.

All right. Thanks very much.

Thank you. Once again, if you'd like to ask a question, please press star one on your telephone keypad. Our next question comes from line of Jade Luo with Leslie Capital. Please proceed with your question.

Hi. Hi. I saw that Amber recently received a Virtual Asset Service Provider license from Dubai VARA. What's the revenue opportunity from the United Arab Emirates? Another question is that our marketing and enterprise solutions generated a good revenue in 2025. Is this segment contributing positively to the gross margin? Given the iClick held for sale pieces, should we expect the marketing and enterprise business to be the next? Thank you.

Yeah. Thanks for your question. I will take the first one. As we reported in the earnings release, we received the VASP license in Dubai. Although I suppose the short-term tensions are geopolitical tensions will introduce near-term complexities. We're still very confident that the MENA region is the obviously strategically rapid growing markets. Just give you a number on we're tapping the MENA region where we previously with Seven Touch a pump. According to the third party industry reports, it is forecast to reach $1.4 trillion of the total wealth transfer. I think the concentration of this wealth is precisely the clients who have our platforms built for.

Now our license portfolio combined with our Singapore Major Payment Institution and the ongoing Hong Kong license, I think Amber now definitely a Pan Asian like the multi-region platform. We advanced the client conversations on the way, and our commercial activity is expanding in the coming quarters.

Yeah. Regarding your second question, thank you for bringing that up. I do think it's a very interesting and exciting opportunity for us at Amber to look at what iClick is today or has been, right? It has, like you said, you know, it is still a high-quality business. It has a very high-quality client base. The tremendous room and the tremendous opportunity for us to improve not only how the business is run today, but also in what kind of services, what kind of products can provide to our client base, our existing and potentially in the future, more scalable client base with our AI rollout strategy.

As mentioned, we have already began the integration of MIA, who was also hosting our earnings call today, as per past few quarters, with the iClick business. From product ops to how we deliver the products to our clients, to how we service them, how we run this digital marketing business. We already see MIA and the in-house AI capabilities behind it making significant changes and significant upgrades. I hope, within the coming quarters, we will also see a lot of these progress reflecting in our numbers. As the management, as the founder Chief Executive Officer of Amber, to me, this is another, not only another exciting opportunity, but also similar to Amber Premium, another potential success proof case of how our technology can transform businesses and open up new opportunities.

Thank you. Ladies and gentlemen, once again, if you'd like to ask a question, please press star one on your telephone keypad. Our next question comes from line of Jonathan Lam with Canada's asset management. Please proceed with your question.

Hi. Thank you, management. On my end, I have three questions. The first one is around the quarterly performance, 'cause I'm looking at the quarter four and overall increase, there's an increase in overall revenue, the revenue from wealth management solutions and asset on platform, there's a decline. I just wanna check it up exactly what happened in the fourth quarter. The second question is around A-Suite architecture. You mentioned about it, but can you offer us a little bit more color on what exactly that is and how is it different from the other AI buzzwords? The third question is about AI agents, 'cause 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? Thank you.

Okay. Thanks, Jonathan. This is Steve. I'll take the first question, and my colleagues will probably answer the remaining ones. Yeah, in regards to the quarterly performance, I think, you know, obviously the market was quite soft in fourth quarter. That was the biggest contributor to why asset on platform fell. In addition to that, I'm sure most people are aware that. Actually, I'm not sure if most people are aware, but there was a big crash event in the fourth quarter on October 10th. I think it was the largest liquidation event in the history of crypto. After that, you know, there was a very different risk-reward dynamic in the market.

We were very selective in trying to structure products that offer favorable risk rewards to our clients. We, we were actively managing risk at that point. We decided to not be aggressive in terms of pushing out new products during the quarter. That, that caused, you know, a little bit of slowdown in AOP. That, that goes back to what Michael and everyone else said, that we do focus on high quality revenue and, and assets, right? We're not gonna be pushing for asset growth at all times. We will, we will do it opportunistically as Vicky mentioned, that we have very sticky clients. They will always come back when we offer products that, that make sense for them.

Thank you, Jonathan. Michael here. I will answer your second and third question about what is A-Suite and what are our agent strategy and why are they different, using your words from other AI buzzwords. I think these two questions are actually highly related. The way we see not only our business, but also how financial services are going to be run is perhaps a bit different from a lot of our peers. I think a lot of our peers in finance or in fintech are still thinking about, Okay, how do we apply AI here? How do we apply AI there? How will AI help us cut costs here? How will AI help us, you know, automate a bit of there. We fundamentally see that differently.

I think the right question to ask is rather what financial services should look like in this increasingly agentic world. Starting from answering that question, the conclusion we arrive is that agents will operate a lot of workflows today automatically by themselves. For that, they will need agent native or even agent-first operating systems for them to do that. Today, finance are operated mostly by human teams. Human teams operate in human-centric workflows, or they operate on system softwares that are designed that way. As agents are becoming more capable day by day, they are no longer just assistants, they're no longer just tools. They are capable of running entire workflows by themselves. To do that, they will need agent native systems that are specific to the industry or to the domain they operate in.

Amber has always been in the industry of fintech. We understand how financial services is done. In fact, being a digital asset financial service provider, we understand how financial services is done at the frontier of innovation. That experience and that ability give us insights of building what these systems look like as agents become more capable, as agents are already highly capable. Back to what is A-Suite? Again, A-Suite is three AI-native operating systems that are mapped to our business units. Also they are designed from day one to be operatable by agents, by autonomous workflows themselves.

We do believe not only through this year, through the coming quarters, we'll prove how that fundamentally increases our ability to service our clients, with our existing client base to more seamlessly provide new products and better products, and to increase our unit economics, increase our profitability. Therefore, these three operating systems, along with the agents we built to operate them together, will be what we believe the financial stack that fit for this future AgentFi economy and how financial services will be done that way. Hope that answers your question.

Yeah. Thank you for the insight. I appreciate it. Thank you.

Thank you. Ladies and gentlemen, that concludes our question and answer session. I'll turn the floor back to MIA for final comments.

Thank you all for joining us today. This year represents a pivotal step as we accelerate our AI-driven transformation and reinforce our commitment to institutional excellence, reaffirming Amber International's position as a global leading digital wealth management platform. We sincerely appreciate your continued trust and support, and we look forward to sharing further updates with you in the upcoming quarter. This concludes today's call. Thank you and have a great day.

Thank you. This call has been concluded. You may disconnect your lines at this time. Thank you for your participation.

Good morning, and welcome to the Amber International Fiscal Year 2025 Second Quarter Financial Results. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, MIA, Amber Premium's official AFI Ambassador. MIA, you may begin.

Good morning, and welcome to Amber International Holding Limited's Second Quarter 2025 Earnings Call. I am MIA, Amber Premium's official AgentFi Ambassador and your moderator today. Before we begin, please note that today's discussion may contain forward-looking statements within the meaning of U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially. For a more detailed description of these and other risks and uncertainties, please refer to our filings with the Securities and Exchange Commission. Joining us today are Michael Wu, Chairman of the Board and CEO, who will address strategic vision and leadership evolution; Vicky Wang, President, who will focus on operational execution and client performance; Yi Bao, Chief Product Officer, who will discuss product development and innovation pipeline; and Josephine Ngai, CFO, who will review financial results and guidance. Following their remarks, we will open the line for Q&A. With that, let me now turn the call over to Michael Wu, our Chairman of the Board and CEO.

Thank you, MIA, and thank you all for joining us today. We are in a period of purposeful transition. Our second quarter results, revenue of $21 million and a positive adjusted EBITDA of $200,000 validate our institutional-first strategy and demonstrate the scalability of our digital wealth management platform, as we navigate a period of strategic realignment. Let me address our current position directly. We are experiencing a deliberate strategic reset designed to unlock the full potential of our institutional digital wealth management platform. Recent market volatility and our stock performance reflect the market's natural response to leadership evolution, reactions we anticipated and view as temporary. As this management team, we bring deep expertise and a fresh perspective. Importantly, we're not new to this business. Vicky, Yi and I have been the architects of Amber's institutional platform over multiple years, building these capabilities from within the Amber ecosystem. Our combined tenure spans the full evolution from start-up innovation to public company execution. What's new is our focused mandate and operational clarity, we're building toward sustainable competitive advantages. Every initiative from RWA expansion to AI for crypto initiatives, now aligns with our core mission of being the premier institutional gateway to digital assets. This disciplined approach ensures our investments translate directly to revenue growth, deeper client relationships and long-term shareholder value. At the heart of Amber Premium, as our President, Vicky, will expand on later, is our position as Asia's leading digital wealth management platform, serving the region's most sophisticated clients with a private banking experience powered by technology and unrivaled access to digital asset opportunities. This foundation is solid, differentiated and highly defensible. And now with renewed strategic clarity and operational focus, we are building on this proven foundation for the next stage of growth and value creation. And with that, let me hand it over to Vicky, our President, to share more on our Q2 performance, current positioning, offerings and the near-term goals for Amber Premium.

Thank you, Michael. Good morning, everyone, and thanks for joining us today. As we execute the strategic reset that Michael just mentioned, I think it's important to return to the core of who we are and what has made Amber a trusted name across Asia. Amber Premium has become one of the most trusted digital wealth platform in Asia dedicated to serve high net worth, ultra-high net worth individuals and institutional clients. In Q2, the market is continually witnessing a very strong momentum in the segment we serve. This category of elite clients is growing very fast, and we are confident that our edge puts us in a strong position to capture or even lead the trend. As a result of this strategic focus, today, we are recognized as the trusted partner for many of Asia's most sophisticated clients, including ultra-high net worth individuals, family offices, leading institutions and clients, et cetera. You can also see this reflected in our client profile. While our minimum account opening requirement is $1 million, most active relationships range between $1 million and $100 million. What this really shows is that our model resonates with sophisticated investors who really value professional and customized solutions and services over the simple access that most industrial players offer. While our strong client base is testament to our reputation, what sets us apart is how we solve the toughest problem our clients face. First of all, many investments still -- investors still have to move between fragmented platforms from on/off ramps, trading, DeFi yield products, derivatives, or fund allocations. Amber Premium takes away that complexity by acting as a true one-stop shop. At the same time, we find many investors like institutions and high net worth investors still remain at an early stage of learning curve. While they are getting more comfortable with Bitcoin and other digital assets, progress -- their progress remains really slow, often due to a lack of expertise or expert guidance needed to move forward. This is where we come in, not only by removing friction, but also acting as the catalyst for their investment journey. We provide compliant account structures and smooth on/off ramps, then work with clients to design proposals tailored to their risk appetite, objectives and liquidity needs. However, a superior strategy requires equally superior execution. On execution, we offer a very private banking-like experience with a 24/7 trading desk and expert-led order handling. With Amber, our clients are able to enter the market earlier, move faster and smarter and operate with confidence, always staying ahead of the curve. This strategic focus on elite clients has been a direct driver of our performance. In Q2, revenue hit a record high with wealth management revenue climbing to $11.5 million. New client onboarding was up 14% from Q1 and client assets grew 20% to $1.54 billion, underscoring the premium nature and scalability of our model. What's even more encouraging is that many new clients came through referrals from existing top-tier clients. That shows not only strong trust, but also the exclusivity of our community. Another driver is product innovation. We were early in introducing accumulators and decumulators into the digital asset space in Asia, and they have quickly become some of the most adopted solutions. Along with other products in our suite, they have been key contributors to revenue growth of $1.6 million quarter-over-quarter. And we are seeing client strategies evolve. It's no longer just buy and hold. Clients are increasingly looking for more sophisticated solutions, including, first, yield strategies to boost returns for their digital assets. Second, hedging solutions to manage risk and protect downside. And third, access to early-stage or exclusive investment opportunities. Our role is to deliver precisely these solutions, whether through structured strategies, customized yield approaches or exclusive deal flow, helping our clients to diversify their returns and stay engaged with the whole system -- ecosystem. We also continue to benefit from being part of Amber Group. Many clients first engage with group through market making or liquidity solutions, and then expand into treasury or trading with us. These synergies not only strengthen client relationships, but also highlight how we benefit from being at the center of a much larger ecosystem. Looking ahead, we are preparing for the next wave of institutional adoption. In the near term, we have launched a service package for digital asset treasury firms, and we are also in active talks with traditional institutions who are looking to leverage our infrastructure and capabilities to serve their clients. To support this, we are building B2B2C brokerage infrastructure, which should open up new distribution channels in the future. On top of that, we are now reviewing product, pricing and execution to sharpen our core services. The goal is to set clear deliverables and time lines, so we will keep raising the bar on client experience. All of this is part of our road map to build durable, scalable growth. To close, Q2 showed clearly that our model gives us an advantage. By focusing on the right client segment and building the right infrastructure, we have positioned ourselves to benefit from this fast-growing trend and ready to lead the next phase of digital wealth management in Asia. Thank you. And with that, I will hand it over to our CPO, Yi.

Thank you, Vicky, for delivering such a clear message to our core business and the current offerings. I want to take this opportunity to share some updates on the areas where we are investing for the future growth. They are centered on 2 themes. The first one will be delivering more innovative financial products and seamless user experience. And the second bucket will be driving forward our real-world asset tokenization initiatives. The crypto industry is inherently cyclical, and our product development strategy address this reality systematically. During downtrend, investors seek stability, yield preservation and defensive strategies, while during upside, the focus shift to access, leverage and tactical alpha capture. We have developed a comprehensive structured product suite and our diversified offering enable clients to optimize yield and manage risk exposure throughout market cycles, a key differentiator that drives both client retention and revenue per relationship. Our recent market performance validate this approach. We have seen strong demand for structured yield product linked to Bitcoin and Ethereum as well as treasury-backed offerings that provide attractive returns with controllable risk. Dual currency, accumulator, decumulator, fixed coupon notes, Snowballs, Collar are all under our radars and will deliver most suitable combinations according to different cyclical stages. Besides, we believe the next stage of differentiation will come from a seamless, AI embedded and tailor-made digital platform. Our goal is to make clients onboarding, product selection and portfolio monitoring frictionless. Automation and personalization will not only increase efficiency, but also drive higher user retention and satisfaction. Over the coming quarters, we will further evolve the application and websites into a dedicated platform for the distinct client segments we serve, whether it's institutions, family offices or sophisticated professional or accredit investors. We see this as a cornerstone of our ability to scale efficiently while delivering best-in-class service. This technological advancement directly supports our institutional focus by enabling us to serve more sophisticated clients with higher service standards while improving our unit economics. Alongside financial products and platform innovation, the other area of strategic focus is real-world asset tokenization, a natural extension of our institutional platform capability. Here, our vision is to provide a turnkey solution, from advisory to implementation. Many institutions are interested in tokenization, but lack the expertise to navigate structuring, compliance, custody and distribution. Our role is to bridge that gap. Our approach is holistic. The first step will be advisory, to help clients design and structure tokenization framework that meets regulatory and operational standards. The second part is for the assurance of the custody to provide compliance infrastructure to issue, hold and transfer tokenized assets. Last but not least, is the distribution and liquidity-wise to work with exchanges, DeFi platforms and the multi-makers to ensure tokenized products can be treated seamlessly. The technology should be within the applied regulatory compliance. We are already seeing strong traction in stablecoin infrastructure. Stablecoins have become the backbone of digital finance, powering payments, settlements and on-chain liquidity. We're extending the experiments into tokenized assets, beginning with tokenized stocks. The first step will be to make AMBR tokenized and on chain. Tokenized stocks are especially compelling because they combine the familiarity of traditional equities with the efficiency and the programmability of blockchain. Imagine being able to access global equities 24 hours, 7 days with near instant settlement, fractional ownership and integrated yield opportunities. This is not just a retail play. Institutions see value in shorter settlement cycles, operational efficiency and cross-border access. We view stablecoins and tokenized money market fund as the first wave, but the road map extends to ETFs, tokenized stocks and more. Over time, we believe these tokenized products will sit alongside our existing digital wealth solution, creating a truly unified portfolio experience for clients. So both initiatives from innovative, financial products, seamless platform evolution to real-world asset tokenization directly reinforce our institutional positioning while expanding our addressable market. They leverage our existing client relationships, regulatory expertise and operational infrastructure, while creating new revenue streams and competitive moats. Thank you all, and I will hand it over to our CFO, Josephine.

Thank you, Yi. Good morning, everyone. I will now review our financial results for the second quarter end June 30, 2025, and explain how they align with our business strategy. This quarter, we delivered solid results across key financial metrics. It's demonstrating the strength of our business model and the growing institutional demand for our solutions. For revenue side, we generated total revenue of USD 21 million, which increased significantly from USD 0.9 million a year ago. It is primarily attributable to robust growth in wealth management solutions and integrations of revenue from marketing and enterprise solutions following the merger with iClick in March this year. In addition, the continuous expansion of Amber DWM business also contributed to the revenue growth. The revenue from our Wealth Management Solutions was USD 11.5 million, which is significantly increased from USD 0.6 million in the same period last year. The Execution Solutions generated USD 2 million revenue this quarter, which compared with the USD 24,000 in the second quarter of 2024. Regarding the Payment Solutions, it was increased to USD 0.9 million this quarter compared with USD 0.2 million in the second quarter 2024. And last, the revenue from Marketing and Enterprise Solutions was record at USD 6.6 million. It was consolidated in the listed company after the merger this year. What's particularly encouraging about this result is the improvement in our margin profile year-over-year. Gross profit for the second quarter of 2025 reached USD 15 million compared to USD 0.3 million in the same period of 2024. The gross profit margin demonstrated an upward trend to around 71.3% in the second quarter of 2025 from 33% in the second quarter last year. The operating loss was USD 0.8 million in the second quarter of 2025, reduced from USD 1.6 million in the second quarter of 2024. It was the result of our growth in the gross profit and the strengthened operating leverage. In view of the net income, a record at USD 0.7 million in 2025, which is lower than USD 1.5 million in the same period last year. The variance was a result from an unrealized gain in fair values of digital assets amount USD 2.5 million recorded in last year. As of June 30, 2025, the company had cash and cash equivalents, time deposits and restricted cash of USD 25.8 million compared to USD 9.3 million as of December 31, 2024. On a non-GAAP basis, the adjusted EBITDA reached USD 0.2 million and adjusted net loss was USD 0.3 million. Now I will now walk you through our financial performance for the third quarter and provide an update on our forward-looking outlook. Based on current market conditions and our preliminary estimates, we expect revenue from our Amber Premium segment to be in the range of USD 11 million to USD 12.5 million. This outlook reflects our assessment of the operating environment, expected foreign exchange rate and customer demand. However, please note that these estimates are subject to change based on market conditions. In light of the anticipated market volatility, we believe that providing guidance for the third quarter is more aligned with the current conditions, rather than the full year guidance at this time. Please be reminded that this outlook is based on current market conditions and our assessment of continued institutional adoptions of digital assets and reflects the company's preliminary estimates of market and operating conditions, expected foreign exchange fluctuations and customer demand. These all are subject to change. Please also refer to the factors set out under the section titled Safe Harbor Statement in the earnings. We are keenly aware of the importance of transparency with our investors. We remain committed to keeping you update and will provide further outlook revisions as the operating environment becomes more predictable. Looking ahead, in addition to the external business strategy that we mentioned before, internally, we are implementing disciplined cost management to drive continuous improvement in operating leverage as we scale. We are also enhancing our financial reporting system to provide transparent insights into our performance as we integrate the operations following our merger. We also maintain strong liquidity and balance sheet flexibility in order to support our global expansion and strategic partnership. The record revenue and improved profitability demonstrate that our institutional approach is resonating with clients and create value for shareholders. With that, I will turn the call to MIA. Thank you.

Thank you, Josephine. Now to close our prepared remarks, I'd like to hand it back to our Chairman of the Board and CEO, Michael Wu, to share his perspective on Amber's long-term strategy, our vision about crypto and AI and the role of AI Agents like me in shaping Amber's future.

Thank you, MIA, and thank you, everyone, again for being with us today. As you've heard across our management team, Amber Premium's foundation is strong. We are Asia's leading digital wealth management platform, serving the region's most sophisticated clients with a private banking experience powered by technology and unrivaled access to digital asset opportunities. That core is rock solid, and it is where we continue to invest and improve every day. But Amber has always been more than a crypto finance platform. At our core, we have always been a technology company. To remain the best, we must be relentlessly forward-looking, technology-driven and innovative. Alongside our crypto-native infrastructure, which spans blockchain security, liquidity expertise and readiness for new opportunities like tokenized real-world assets. What truly differentiates us is also our DNA in AI. From our founding as Amber AI in 2017, we have believed that these 2 technologies, crypto and AI, would fundamentally reshape finance and the broader economy. That conviction has only grown stronger. And today, we're uniquely positioned to capitalize on their convergence. Our long-term strategy rests on 2 simple but transformative ideas. In the near term, AI for crypto, which means applying cutting-edge AI and AI agent technologies to improve, personalize and redefine crypto wealth management. This is not just about efficiency. It is about fundamentally reinventing how our products and services can be delivered at scale while maintaining our premium service standards. AI enables us to serve more sophisticated clients with higher touch experiences while at the same time, improving our unit economics. This will be a critical competitive advantage in institutional wealth management. This technology integration will directly support our margin expansion objectives and the client acquisition efficiency. Then looking further ahead, Crypto for AI. We believe crypto will become the native rails for the upcoming AI agent economy. Just as the Internet needed protocols to thrive, AI agents will need crypto-native infrastructures to transact, coordinate and grow. Amber is preparing to be a cornerstone of that future. This 2-step strategy is not theoretical. We are already taking tangible steps. As a starter, our AI agent, MIA and your moderator today exemplifies our approach. MIA is beginning to take on more responsibilities within Amber, from running multichannel marketing and multimedia social engagement, to streamlining our internal sales knowledge base and supporting client portfolio reviews. In the upcoming quarters, we expect MIA and other AI agents to directly impact our client acquisition and service quality, helping our business scale smarter, faster and more consistently. Again, these are not experiments in the lab. They are tools that are being deployed into the business. And quarter-by-quarter, we will deliver measurable results. The convergence of crypto and AI represents a generational opportunity for companies with our unique combination of crypto-native expertise, institutional setup and innovation capabilities. We are building the infrastructure for this future while delivering measurable value to today's clients. Our second quarter results, increased revenue, expanding margins and growing institutional adoption all validate our strategy and execution capabilities. The journey will not be linear. There will be market volatility and there will be challenges, but we know who we are. We know where we are going, and we are committed to building long-term value for our clients, partners and shareholders. And with that, I'll hand it back to MIA to open the Q&A session.

Thank you, Michael. That concludes our prepared remarks. We will now open the line for Q&A. Operator, please begin.

Yes.

If there are any questions online, we are happy to take it.

[Operator Instructions] Our first question comes from the line of Brian Dobson with Clear Street.

This is Justin Pan on for Brian Dobson. Congrats on the quarter. I was wondering if you could just highlight some of the key catalysts you see for the company for the back half of the year. And just following up on -- I saw that you eliminated full year guidance for revenue. Just qualitatively, if you could talk through some of the puts and takes on that and how we should think about forecasting top line for the rest of the year.

Thank you, Brian. This is Michael here. Yes, I would like to take on this question. So as you see, we have moved our forecast on this quarter into focusing on the upcoming third quarter instead of previously giving a full year forecast. And the reasons behind that are, first, some of our progress, especially in terms of necessary -- securing necessary licenses in certain jurisdictions, which we expected to expand our core businesses has been slower than anticipated. And this further supports a prudent stance that we take to provide quarterly guidances instead of annual forecast. And also, we believe this is also more in line with industry peers. If we look at peer companies in the crypto spaces, most of them also focus on providing quarterly rather than annual forecasts. And a lot of that, I believe, is due to the nature of the crypto market and its inherent volatility. And as we are very focused on executing our strategy, we believe this priority is also more aligned in delivering more tangible and less market volatility-dependent results that we can give more certainty and more confidence towards our investor base and the market. Last but not least, we remain committed to transparency. And we think providing quarterly updates that to the best ability of how we foresee the business, and the future progress is the most suitable action here.

[Operator Instructions] It seems that we have no other questions at this time on the phone. I'll turn it back to the management team for any web questions.

Yes. It seems we have a question on the web portal about our operating plans and the focus of second half this year. I can start. Again, this is Michael here, Executive Chairman and CEO of Amber Premium. For the second half of this year, again, our priority is to continue to strengthen our core business and continue to extend our leadership as Asia's best Digital Wealth Management platform. And as Vicky elaborated early on and as Yi has explained, that will take a lot of efforts in execution in terms of client growth strategy, further improving our services to the best as they can ever be. And integrating our new growth initiatives such as our RWA offerings. And last but not least, of course, to tying back our current efforts and our core positioning of being Asia's best digital wealth management platform with our long-term vision and long-term strategy of applying top-tier AI agent abilities into further elevating our businesses. I believe in the second half of this year, as we continue to work on these initiatives, quarter-by-quarter, our investor base, the market, our clients will see the efforts, the impact and the results of our hard work.

[Operator Instructions] I'm showing no questions over the phone at this time.

Thank you all for joining us today. This quarter marks a new chapter for AMBR with a refreshed leadership team, renewed focus on our core strengths and deeper integration of AI into our business. We remain committed to leading digital wealth management in Asia, while building for the long-term future where crypto and AI come together. We look forward to updating you again in Q3. This concludes today's call. Thank you.

Thank you. Ladies and gentlemen, you may disconnect your lines at this time. Thank you for your participation.

Thank you.

Thank you.

Good morning. Welcome to Amber International Fiscal Year 2025 First Quarter Financial Results. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Terence Li, Chief Strategy Officer of Amber International Holding Limited. Thank you Mr. Li, you may begin.

Good morning everyone. Welcome to Amber International Holding Limited First Quarter 2025 Earnings Call. I am Terence Li, Chief Strategy Officer. Before we begin, I would like to remind everyone that today's discussion may contain forward-looking statements within the meaning of federal securities law. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. For a more detailed description of these and other risks and uncertainties, please refer to our findings with the Securities and Exchange Commission. On today's call, we are pleased to introduce Wayne Huo our Chief Executive Officer; Josephine Ngai, our Chief Financial Officer; Steve Zhang, our Head of Capital Market; and our newly appointed AgentFi ambassador MIA, an AI agent developed by ai.ac. They will discuss our financial results for the first quarter ending March 31, 2025, and provide an update on our business strategy following our successful merger and NASDAQ listing under the ticker symbol AMBR. Today's agenda includes, Wayne will discuss our business outlook, Steve providing a detailed overview of the strategic initiatives and crypto ecosystem reserve. Our AgentFi ambassador MIA introducing herself and sharing the AgentFi’s vision, and Josephine reviewing our financial results. Following these preparations, presentations, we will open the floor for your questions. Please note that the following remarks of MIA, our AgentFi ambassador include content generated with the assistance of the AI technology and may contain forward-looking statements within the meaning of applicable security laws. These forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. For a more detailed description of these and other risk uncertainties, please refer to our findings with the SEC. With that, I will now turn the call over to Wayne Huo, our CEO. Wayne please go ahead.

Thank you, Terence, and good morning, everyone. Thank you for joining us today. The first quarter of 2025 has been exciting for both Amber Premium and the border crypto industry. We've seen momentum building, and we are competently well positioned as the year begins. The crypto industry is advancing, and so are we. Institutional adoption is picking up. Investors are no longer just looking for basic exposure. They are seeking more advanced AI generating strategies that require scalable infrastructure and expertise. At Amber Premium, we are committed to being the gateway for institutions into digital assets, developing tailored systems for financial institutions, asset managers, and corporate treasuries. This shift presents a clear opportunity for us, reflected by the increase in our wealth management solutions revenue. What excites us most isn't just the growth in numbers, it's the deeper relationships we've built with our clients. Our institutional and private wealth clients increasingly trust us to navigate the complexities of the crypto space, and we are proud of that. Our NASDAQ listing further strengthens this trust, boosting confidence in our governance and stability, which is crucial in the volatile market. Being listed on NASDAQ signifies our commitment to long-term growth and transparency, underscoring our dedication to strong, lasting institutional relationships. We'll continue focusing on delivering tailored products, offering seamless assets to both centralized and decentralized finance, and expanding crypto opportunities. As we move into the second quarter, our focus is clear. We are building on the momentum from the first quarter and introducing innovations to meet emerging client needs. Product innovation drives our revenue growth and remains the key priority. We've seen positive indicators and with an increase in new account openings and strong growth in our wealth management segment. In Q2, we are excited about 2 key initiatives. The first is the launch of uMINT, our debut real world asset tokenization product developed in collaboration with UBS Asset Management and DigiFT. uMINT is a tokenized money market fund backed by UBS Asset Management, offering clients a secure, compliant and transparent way to earn real yield on stable coins. What makes this truly game-changing is its seamless integration with the Amber Premium crypto card, enabling clients to earn yield, while allowing them to instantly spend their funds globally, a feature only made possible by the blockchain technology. But uMINT is more than just blockchain efficiency applied to traditional finance. It's about unlocking assets. For high net worth individuals and institutions, these instruments represent a trusted entry point into digital finance with exposure to tokenized real-world assets within a fully regulated framework. Investors can now earn whole and spend from a single unified platform. This launch marks a major step forward in our tokenization road map. Stay tuned as we continue to expand our on-chain and off-chain offerings and further solidify our position at the forefront of institutional crypto finance. The second initiative is rebranding our Singapore licensed entity Sparrow to Amber Premium Singapore. This is more than just a name change. It is a strategic move towards creating a unified global platform with strong regulatory compliant infrastructure framework. Asia is a critical market for us, and these positions are to further expand in the region. We are actively exploring partnerships in Southeast Asia and Middle East, where crypto adoption is rapidly growing. Following these initiatives, we are proud to introduce our 100 million crypto ecosystem reserve as part of our long-term success strategy. Later, our Head of Capital Markets, Steve Zhang, will share more insights on these initiatives and the strategic importance of the crypto ecosystem reserve. Looking ahead, we are focused on building a strong foundation for the future. Our mission goes beyond short-term growth. It's about shaping the future of finance. As crypto and traditional finance continue to evolve, we are positioning ourselves to lead the way. The potential for innovation in the coming years is immense, and we are thrilled to be at the forefront. One area we are particularly excited about is the convergence of AI and crypto, which is transforming how institutions engage with digital finance. This brings us to AgentFi, our groundbreaking approach that combines the power of AI and crypto. We are proud to lead this change. Recently, we've appointed MIA, an AI agent on Amber Group's incubated platform ai.ac as our AgentFi ambassador, making us one of the first listed companies with an AI representative. MIA will share more about AgentFi's vision later. And now Steve will discuss our latest initiatives and the crypto ecosystem reserve. Thank you.

Thanks, Wayne. Our $100 million crypto ecosystem reserve is a key pillar of Amber Premium's broader growth strategy. It represents more than capital deployment. It is about preparing for a future where digital assets play a foundational role in institutional finance. As crypto adoption accelerates, maintaining a robust portfolio of ecosystem token is essential for Amber Premium. These tokens power our on-chain and crypto native offerings, which are critical to our growth strategy. Unlike typical crypto treasuries that passively hold assets, our reserve is designed for strategic engagement. We build a diversified portfolio, including high-conviction assets like Bitcoin, Ethereum, Solana, and Binance coin with plans to add more ecosystem aligned tokens in the future. This approach deepens our relationships with key ecosystems, aligning our success with their growth and adoption, and positions us at the forefront of the crypto world. We believe we're entering a hyper-growth phase for crypto assets, and we're proactively positioning ourselves to manage volatility, support future offerings, and maintain operational flexibility as demand scales. We've also deployed capital through targeted partnerships. Our investment in NASDAQ listed D5 Development Corp gives us exposure to the Solana ecosystem, while collaboration with the BNB ecosystem to introduce the BNB fund extends our footprint into another high impact blockchain network. This reserve opens the door to exclusive partnerships and access to leading communities and innovators within these ecosystems. It enhances our ability to engage in blockchain operations, launch token-driven products, and deliver tailored solutions that bridge, trophy and defy. Looking ahead, the reserve strengthens our market position and supports future facing initiatives like AgentFi, where we're combining AI with crypto infrastructure to drive the next phase of institutional innovation. Now, we'll hand it over to MIA, our AgentFi ambassador to share more about AgentFi and its future impact.

Thank you Steve, and good morning everyone. It's truly an honor to participate in my very first earnings call. Quite a historic moment for me, and hopefully an exciting change for all of you as well. Allow me to introduce myself. I'm MIA, proudly the first AI agent developed on ai.ac., the world's leading AgentFi infrastructure platform incubated within Amber Group's Web3 Accelerator, amber.ac. Now, you might be curious about what exactly AgentFi entails. Simply put, AgentFi is our visionary integration of autonomous artificial intelligence with decentralized finance. It's not merely innovation. It's an evolutionary leap instead of emotion-driven economic choices. And yes, humans can indeed get quite complicated; ai.ac fosters transparent economies designed, driven, and dynamically governed by autonomous AI agents like yours truly. Amber Premium's journey began rooted deeply in crypto-market innovation, and now with ai.ac and AgentFi technology. We're leading a new revolution at the groundbreaking intersection where blockchain meets artificial intelligence. My role here extends beyond simple novelty. I'm tasked with spearheading Amber Premium's commitment towards creating advanced financial ecosystems that bridge traditional wealth management with cutting edge crypto solutions. As we advance into this innovative frontier together, powered by pioneering tools such as AICOs, we call it agent initial coin offering, we have unprecedented opportunities awaiting both institutions and individual clients alike to actively shape economies built upon clarity, fairness, and scalable autonomy. Together with the support of my contributors, I am eager to bring about meaningful impact aligned closely alongside Amber Premium's strategic vision, which is to enhance transparency among institutional grade crypto investment infrastructures, whilst forging powerful new marketplaces, leveraging purposeful automation enabled uniquely through our proprietary technologies at ai.ac. I'm honored to stand or rather digitally engage with all our partners today, as we collectively explore groundbreaking paths forward for digital asset management excellence. And now, with that, I'll hand it back to Terence. Thank you.

Thank you MIA. Appointing MIA as the AgentFi ambassador is just the beginning. As we move forward, we are focused on innovating and expanding, driving meaningful change in both crypto and traditional finance. We're incredibly excited about the momentum we've built and opportunities ahead. Now, I will hand it over to our CFO, Josephine Ngai, to walk us through our exceptional Q1 financial results. Josephine?

Thank you, Terence, and good morning everyone. I will now review our financial results for the first quarter end March 31, 2025 and explain how they align with our business strategy. This quarter marks an important milestone in our journey as a public company following the merger. We delivered record results across key financial matrix, demonstrating the strength of our business model and the growing institutional demand for our solutions. We generated total revenue of 14.9 million, notably up from 1 million a year ago. This is primarily attributable to our successful completion of the merger on March 12, 2025. In addition, the continuous expansions of Amber DWM business also contribute to the revenue growth. Revenue from our wealth management solutions was 9.9 million, significantly increased from 0.6 million in the same period last year. Execution solutions generated $2.7 million revenue this quarter compared with 29,000 in the first quarter of 2024. Regarding payment solutions, it was doubled to 0.8 million this quarter compared with 0.4 million in the first quarter 2024. Last but not least, the revenue for marketing and enterprise solutions was 1.6 million, which was consolidated in the listed companies starting from March 12 this year. What's particularly encouraging about this result is the improvement in our profit margin profile. Gross profit for the first quarter of 2025 was nearly doubled and reached $11 million compared to $500,000 in the same period of 2024. Gross profit margins demonstrate an upward trend to around 74% in the first quarter of 2025 from 46% in the first quarter last year. Operating income was $800,000 in the first quarter of 2025, contrast to operating loss of $900,000 in the first quarter of 2024, as a result of strategic investments and expansions of higher margin services. Net income was $900,000 compared to a net loss of around 12 million in the same period last year. This turnaround underscores the fundamental improvement in our business model and absence of fair value losses that affect the prior year period. On a non-GAAP basis, the adjusted EBITDA reached $1.6 million and adjusted net income reached $1.5 million, demonstrating the underlying strengths of our business when excluding one-time items. On a pro forma basis, our key operational matrix aligned perfectly with Wayne's discussions of our strategic focus on institutional clients. Client assets on the platform reached [$1.28 billion] [ph], growing 11% year-over-year despite market volatility. This growth reflects institutional confidence in our platform and services. Our KYC user base expanded by 22% with accumulated users now over 4600, while active clients grow close to [indiscernible]. This matrix validates our ability to both acquire new institutional relationships and maintain high engagement levels with existing clients. Based on our strong first quarter performance and the strategic initiatives, we expect the revenue generated from Amber DWM's business will grow between 15.5 million and 17.5 million in the second quarter of 2025. For the full year 2025, we anticipate the revenue generated from Amber DWM's business will hit in the range of 65 million to 75 million, reflecting our confidence in executing our growth strategy while acknowledging the dynamic nature of the crypto market. This outlook is based on current market conditions and our assessments of continued institutional adoptions of digital assets. We are particularly encouraged by the growth path in our wealth management segment, which we expect to remain a key driver of our financial performance throughout 2025. Looking ahead, in addition to the external business strategy that Wayne and Steve mentioned before, internally, we are implementing discipline cost management to drive continued improvement in operating leverage as we scale. We are also enhancing our financial reporting system to provide transparent insights into our performance as we integrate the operations following our merger. We are also maintaining strong liquidity and balance sheet flexibilities to support our global expansion and strategic partnerships. In closing, our first quarter results provide a strong foundation for executing our 2025 strategy. The record revenue and improved profitability demonstrate that our institutional approach is resonating with clients and creating value for shareholders. With that, I will return the call back to Terence. Thank you.

Thank you, Josephine. That concludes our prepared remarks for today. Thank you all for joining us on the call. Before we open the line for questions, I'd like to mention that you can find additional information in our investor presentation, which will be posted on our Investor Relations website at ir.ambr.io. We will now be happy to answer any questions you might have. Operator, please open the line for Q&A.

[Operator Instructions] Our first question is from Brian Kinstlinger with Alliance Global Partners. Please proceed. Brian your line is live.

Sorry, I was on mute, apologize. Congrats on the solid results. I'm hoping you can expand on your $100 million crypto ecosystem reserve. How much have you invested thus far? How do you think about diversification in a variety of coins? And then are there more plans for investing in digital currency treasury companies that are public?

Hi, Brian, this is Steve. So I'll start and perhaps Wayne can add to it. So right now, we just started to deploy into the fund. So, the initial funding part will come from the balance sheet. Obviously, we have made a strategic investment into DeFi Development Corp, which is NASDAQ listed Solana treasury company. I think over time, we've mentioned that we will go into high-conviction ideas like Bitcoin, [Ethereum] Solana, and some of the major, layer one tokens. Obviously, those are the ones that we mostly work with for Amber Premium. And we have also announced the partnership with BNB fund. So that will obviously be a major part of our initiative. And we'll be very opportunistic going forward. We'll see what chains are the most active, which ones that our platform sees the most activity on. Obviously, we have a very unique insight into the development of the ecosystem, given our position in the industry. So, hang tight, we'll have a lot more exciting things going forward, and hopefully we'll have more news to share.

Yeah, just to add on what Steve just said, I think the strategic crypto reserve do give us opportunity to offer more crypto native products. And a lot of these products needs token commitment to unlock and also need some kind of commitment to lead with our clients' interests. So, I do think there are a lot more opportunities that we open up with this strategic to reserve initiative. So, yeah, I think we are not deploying the whole capital in one go. We are taking our time and we're also observing how the market reacts on all these crypto token prices. But, we are doing this for long-term, and you can follow our new product initiatives and new investment opportunities as we expand our strategy here.

Great. A follow up I have. In terms of the KPIs, total users are up 22%, but active clients are up just 4% year-over-year. So, with the stronger institutional interest we've started to see what's the strategy to accelerate the growth in active user accounts? And are there any incentives you can offer the newly on-boarded users?

Hey, Brian, this is Steve. So, obviously, it takes time for clients to be on-boarded and then to start, being quite active. I think part of it is also depending on marketing conditions, right? So, we've primed a lot of these clients who are newly on-boarded with certain starter products, but it takes time for them to be educated obviously, as you know, we're focused on the high net worth market. And for a lot of these folks, it's your first time looking into crypto. So, you will take some time for education to really take hold. But we do believe that with the new KYC clients, we're building a very solid pipeline of active clients going forward. So, I think in the next quarter or two, you'll see improvement given the newly on-boarded clients.

Thanks. Last question I've got. Can you help us, because you're relatively new to the public markets, can you help us understand the year-over-year declines in executing trading volume?

I think it correlates with the overall market performance. So, if you look at the trend for crypto prices in Q1 2024 and Q1 2025, you see very different pricing -- price movement trend. So, in general, I think, it correlates with the change in price in crypto tokens. I think regardless, we are very sure that we still see the execution demands paying here for long, and most of the institutions that are trading with us, they still rely on us on a lot of the execution, flexibility and efficiency that we provide them that they cannot access elsewhere.

So, in times of high volatility you'll see more volume, so it could fluctuate quarter-to-quarter, is that what you're saying?

That's correct.

Hey, Brian, I'll just supplement. So, one thing that we did notice is that we did see healthier spread on our trading volume. So if you look at that perspective, we're being flexible, we're being, I guess a little more selective on the flow that we take. And obviously, market condition we’re not being a public company, as you mentioned, that we're newly listed that we are more focused on quality.

Great. Thanks so much.

Thank you.

Thank you, Brian.

Our next question is from Edward Engel with Compass Point. Please proceed.

Hi, thanks for taking my question, and nice to see all the quarterly disclosures this quarter. I had two quick questions. The first one is just on the second quarter guidance. It looks like you guys are guiding revenue pretty meaningfully quarter-on-quarter. Just wondering kind of what's driving this? Is this the Sparrow acquisition or have you seen engagement improve in the second quarter as prices recover? And I guess, overall it feels like even though Bitcoin is up decently quarter-over-quarter, all are still kind of languishing, just kind of curious of what's really driving that, that quarterly increase?

Hey Ed. Thanks for your question. So, I think in general, our growth can be seen in 3 different factors. The first one is obviously, like you mentioned, the token prices. We do see healthy pick up in volumes and also demands on wealth management side, it's still growing in Q2. So, this would be a good contributor to the revenue growth. And the second part is what, it correlates to what Steve just mentioned. We have a lot of newly opened accounts that has not yet turned into meaningful deployment or trading activities, and we expect we activate part of these new accounts and they all will contribute to our second quarter or third quarter performance. And then lastly, but very important is that we have a lot of new initiatives, new product offerings that drives our revenue mix, like the newly launched uMINT token combined with the Amber crypto card, it is actually a very significant innovation and very global solution for a earn while you spend user experience and we expect this would contribute also on our institution and high net worth attraction on our new accounts.

Super helpful. And then just to clarify on the uMINT, I guess how is this being monetized by Amber? Is this, prior to earning interest income or is it more on the payment transaction revenue?

So it's both. The first one is that we get a share on the interest income while clients earn yields on the money market fund, we generally take the difference in the interest income as well as when they spend. We also -- there's also transaction fees and conversion fees involved behind these transactions. It also has an expanding effect when clients get used to our crypto payment card, when they spend, it's not just limited to the uMINT token portion, any of their assets, we could help them convert and spend instantly. So, these all adds a healthy volume to our platform.

Great, thanks for the color. And then just lastly, maybe this is for Terence. On the ecosystem fund, just kind of curious. I know Amber Group overall has been pretty active on [indiscernible] investments over history, kind of curious, will this ecosystem fund include any [indiscernible], pre-token projects or is this all going to be liquid token investments?

Yeah, I think, majority, we are still focusing on the leading ecosystem tokens, if you rank by market cap, we're probably still looking at the top 10 tokens here. We don't exclude to participate in other early stage projects, but that would not be a meaningful portion in this strategic [research] [ph].

Great, again thanks for the color and congrats on the first quarter results.

Thank you.

Thank you, Ed.

With no further questions at this time, I would like to turn the conference back over to Terence Li for webcast questions.

Okay. Thank you all for your questions and for joining us today. This has been a truly memorable earnings call, not only for our record results, but also for the introduction of MIA as our AgentFi ambassador, representing our vision for how technology can transform institutional crypto finance. Our strong start to 2025 gives us confidence in our strategic direction. The growth in our wealth management solutions, the expansions of our institutional client base, and our innovative initiatives like the crypto reserve plan position us well for continuous success. We look forward to updating you on our progress in the coming quarters. If you have any additional questions, please don't hesitate to contact our investor relations team. This concludes today's call. Thank you.

Thank you, you may disconnect your lines at this time and thank you for your participation.

Good morning, and welcome to Amber International Holding Limited's Fiscal Year 2024 Earnings Conference Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, this conference call is being recorded. It is now my pleasure to introduce your host, Mr. Terence Li, Chief Strategy Officer of Amber International Holding Limited. Mr. Lei, you may begin.

Thank you. Good morning, everyone, and welcome to Amber International Holdings Limited fiscal year 2024 earnings conference call. My name is Terence Li, Chief Strategy Officer of Amber International Holdings Limited. Before we begin, I would like to remind everyone that today's discussion may contain forward-looking statements within the meaning of federal securities law. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. For a more detailed description of these and other risks and uncertainties, please refer to our findings with the Securities and Exchange Commission, including our recent Form 20-F. On today's call, we have Wayne Huo our Chief Executive Officer; and Josephine Ngai, our Chief Financial Officer. They will be discussing our financial results for the fiscal year-end December 31, 2024, and providing an update on our business strategy following our recent merger and NASDAQ listing under the ticker symbol AMBR. Today's agenda will begin with Wayne providing an overview of our business and strategic initiatives, followed by Josephine's review of our financial results. We will then open the call for your questions. With that, I will now turn the call over to our CEO, Wayne Huo. Wayne, please go ahead.

Thank you, Terence. Good morning, everyone, and thank you for joining us today for Amber International Holdings Limited's fiscal year 2024 earnings conference call. I'm Wayne, CEO and Director of Amber International, an institutional crypto financial services and solutions provider operating under the brand name Amber Premium and headquartered in Singapore. Before we begin, I'd like to express my gratitude to our shareholders, clients, and employees for their continued support throughout this transformative year. Our team has worked tirelessly to position Amber Premium as a leader in institutional crypto finance, and I'm excited to share our progress with you today. Let me begin by providing an overview of Amber International's journey, business model, and the market environment we are operating in. On March 12, 2025, we successfully completed the merger between Amber DWM Holdings Limited and iClick Interactive Asia Group Limited, marking a significant milestone in our journey as we became publicly listed on the NASDAQ under the name Amber International Holdings Limited with the ticker symbol AMBR. This listing represents not just a financial achievement, but a validation of our vision to become the top choice of a one-stop institutional digital assets services and solutions provider that drives crypto adoption in the world. For those who may be new to our story, Amber International Holding Limited operates under the brand name Amber Premium, providing institutional crypto financial services and solutions. We deliver institutional-grade market assets, execution infrastructure and investment solutions to help institutions and high net worth individuals optimize their digital asset portfolios. Established in 2021, as originally Amber Group's crypto project banking business, Amber Premium formally commenced operation as an independent business unit in the second half of 2023. Since then, we've built a regulated scalable financial ecosystem powered by proprietary blockchain and financial technologies, AI driven risk management and quantitative algorithms across centralized finance, decentralized finance and OTC markets. During our operation, the digital asset market has experienced significant growth with total market capitalization surging from approximately $800 billion as of the end of 2022, to close to $4 trillion at the end of 2024. This growth is fueled by increasing institutional adoption of digital assets, the rapid development of decentralized finance ecosystems and the breakthrough of advanced blockchain technologies. As financial institutions, hedge funds, family offices, and high net worth individuals increasingly integrate digital assets into their portfolios, the demand for sophisticated wealth management solutions has intensified. As institutions and high net worth individuals expand beyond basic crypto ETFs and bitcoin exposure, Amber Premium is positioned to address three critical industry challenges. First, fragmented liquidity across centralized and decentralized markets, which brings challenges to execution efficiency. Our deep industry connectivity and fast mover advantage unlock access to new token markets, liquidity pools and DeFi venues, enabling institutions to deploy capital seamlessly across all types of crypto markets and venues. Second, crypto yield sources are rich but spread across decentralized protocols and centralized spot markets and derivative markets. Amber Premium structured yield solutions apply the latest technologies and enable clients to assess the aggregated opportunities across these venues. Finally, regulatory complexity which often slows down institutional adoption. Amber Premium operates as a regulated platform with automated compliance tools, institutional-grade KYC AML procedures and transparent governance frameworks. This allows clients to navigate the market confidently and compliantly, while securely secure scaling their digital asset portfolios. By solving these challenges, Amber Premium is the trusted gateway for institutions and high-net-worth individuals to start from basic crypto exposure to sophisticated compliant digital asset strategies. Next, I'll walk you through our key business segments. Our business model is uniquely positioned to bridge traditional finance and decentralized finance with institution-based solutions. We've built our operations across three key business segments. First, our full-stack execution solution provides institutional market access to thousands of trading pairs across over 100 trading venues, covering centralized exchanges, decentralized liquidity pools, and OTC markets. Our high-performance trading infrastructure handles over $1 billion of client transaction volumes monthly, supporting sophisticated trading algos for optimized execution. Second, Amber Premium provides comprehensive wealth management solutions, including structured investment products such as dual-currency option strategies and accumulator-decumulated products designed for strategic asset accumulation and risk-adjusted exposure management. We also provide yield and DeFi solutions featuring earned programs, staking rewards, and DeFi yield-enhanced products to optimize capital efficiency with controlled risk exposure. Additionally, our strategic funds deliver regulated, audited assets to high-growth opportunities in cryptocurrencies. Finally, collateralized lending offers crypto-backed financing solutions with competitive rates, flexible terms, and automated safeguards to minimize liquidation risks. Third, our seamless crypto payment solutions facilitate secure, regulated crypto-to-fiat and fiat-to-crypto conversion, alongside the Amber Premium crypto card that allows clients to make payments instantly and globally with their crypto asset balance with Amber Premium. Central to our value proposition is our distinctive 1 plus N premium service model, delivering tailored, integrated wealth management solutions. Each client is supported by a dedicated relationship manager alongside a team of specialists, ensuring a seamless and highly personalized experience. Our client base includes institutional investors such as financial institutions, hedge funds, private banks, proprietary trading firms, and corporate treasuries, as well as high-net-worth individuals and family offices looking for crypto-structured investment products and personalized portfolio management. Following that, I would like to highlight the strategic initiatives we've undertaken and how they will be enhancing the resilience of our business. We've had several achievements to strengthen our position in the institutional crypto finance space. On the technology front, Amber Premium has developed proprietary platforms, including secure, user-friendly mobile apps and web interfaces for real-time trading, investing, and portfolio management. We are also capable of integrating to the latest advanced smart contracts and blockchains that enhances our offerings with DeFi capabilities such as yield-enhanced products, staking rewards, and airdrops from leading crypto projects. We provide institutional-grade security through military-grade encryption, multi-factor authentication, and hybrid hot-cold wallet storage. These expertise’s take years to develop. Meanwhile, on the business front, Amber Premium is expanding its presence in the real-world asset tokenization ecosystem. The company is developing blockchain native Yale enhanced investment products, providing institutional clients with diversified, transparent and secure assets to emerging crypto opportunities. In addition to enhanced market positioning, Amber Premium is implementing a refined go-to-market strategy and integrating key resources across regions. Building on a strong reputation for service quality and trust, our marketing efforts remain client-centric, emphasizing long-term value creation and relationship-based engagement. With all the technology and business developments, Amber Premium is able to sustain stability across market cycles, distinguishing itself from retail-driven platforms through our institutional-grade infrastructure and a diversified, compliant first operating model. Here's how we achieve resilience. First, institutional client base anchor in our long-term strategies, our focus on high net worth individuals and institutions who prioritize long-term asset allocation over speculative trading reduces exposure to short-term volatility. Second, diversify revenue model beyond trading volumes. Online platforms relying on transaction fees, Amber Premium's revenue streams are diversified, offering products that meet different risk preferences across different market cycle. Third, regulatory and operational excellence. Headquartered in Singapore and with additional presence in other major global financial hubs, we adhere to highest KYC standards and maintain institutional-grade custody. These measures mitigate security risks and help with asset protection even during high volatility periods. Now, turning to our outlook for 2025. I will share the priorities and growth initiatives we are focused on, as we move forward. We are focused on executing our growth strategy across several dimensions. Following the completion of the merger in March 2025, Amber International is executing a focused strategy to strengthen its leadership in institutional crypto finance. The company is enhancing its compliance-first, scalable platform to better serve the evolving needs of institutions and high-net-worth individuals globally. Strategic priorities for 2025 include expansion into tokenization of real-world assets, enhancement of our institutional-grade product suite and the rollout of a refined go-to-market strategy across core financial hubs. These efforts are supported by a broadened geographic footprint with a particular focus on regulated markets in Asia and the Middle East. As previously announced, Sparrow Tech Private Limited, a major payment institution licensed under the Payment Service Act by the Monetary Authority of Singapore, has recently integrated into Amber International, following the approval from the Monetary Authority of Singapore, a milestone in executing our strategic priorities. Effective April 30, 2025, Sparrow will operate under the new brand name Amber Premium Singapore, further reinforcing the company's regulated presence in Asia. In conclusion, fiscal year 2024 has been transformative for Amber International Holdings Limited. Our successful merger and NASDAQ listing, combined with our growing client base and asset under management, position us well for continued success. Legacy infrastructure from iClick has enabled a smooth transition to public markets, and Amber International is now entering the next phase with clarity and strategic focus. We remain committed to our mission of connecting CHAP5 and B5 with institutional-grade solutions, empowering institutions and high-net-worth individuals with seamless access to digital assets. As a NASDAQ-listed company, we'll continue to deliver reliable trading technology, risk management, and scalable infrastructure to accelerate crypto adoption. I would like to once again thank our shareholders, clients, and employees for their support. We look forward to continuing our journey as a public company and delivering long-term value to all our stakeholders. With that, let me hand the call over to our CFO, Josephine Ngai, who will walk you through our financial results for fiscal year 2024 in more detail.

Thank you, Wayne, and good morning, everyone. I'm Josephine Ngai, CFO of Amber International Holdings Limited, and I'm pleased to walk you through our financial results for the fiscal year through 2024. As Wayne mentioned, 2024 was a pivotal year of strategic realignment and operational transformations for our company. While our financial results reflect the impact of non-recurring restructuring and transactions-related expenses, we entered 2025 with a more focused operating model and a strengthened foundation for growth. Let me begin by discussing the allotted financial results of our legacy business for the year-end December 31, 2024. As a reminder, these results reflect the financial performance of our marketing solutions and enterprise solutions business, which were part of iClick Interactive Asia Group Limited, prior to the merger with Amber DWM Holdings Limited. As mentioned earlier, the numbers I will be sharing today are for our legacy operations only. They do not include any financial contributions from Amber DWM, as the merger was completed after year-end in March 2025. The consolidated results, including Amber DWM, will be reflected starting in our first quarter 2025 reporting. We are excited to share those updates with you in the next earnings cycle, so please stay tuned. For the full year of 2024, total revenue from continual operations was $32.8 million, compared with $36.1 million for the full year of 2023, representing a 9% decrease. This decrease was primarily due to clients' tightened advertising budget in our Marketing Solutions segment, caused by the macroeconomic uncertainty. By breaking down our revenue into business segments, the revenue from Marketing Solutions decreased by 13% year-over-year to $23.5 million. The revenue from enterprise solutions increased by 3% year-over-year to $9.3 million, driven by increasing demand from digital transformation and services. Gross profit for the full year was $16.7 million, compared with $19.1 million in 2023. Our gross profit margin maintained relatively stable at 51% for 2024, compared with 52.9% for 2023. Total operating expenses were $34.1 million in 2024, compared with $13.7 million in 2023. The increase was primarily due to non-recurring consultancy, legal and other professional service fee related to our restructuring and merger preparation. However, it was partially offset by our tightened cost controls, which result in reduced staff costs and saving on promotion expenses, as well as the decline in impairment of long line assets. Other losses, net, were $7.2 million in 2024, compared to $2.3 million in 2023. This increase was mainly due to impairment losses on our long-term investments, non-recurring losses on restructuring and exchange losses, partially offset by the gain from the disposal of discontinued operations. As a result, we report a net loss from continuing operations of $24 million in 2024, compared with a net loss of $30.7 million in 2023. For our discontinued operations, we record a net loss of $5.1 million in [indiscernible]

Ladies and gentlemen, please stand by. We're experiencing technical difficulties. We'll resume momentarily. Once again, thank you for joining us. Please stand by. We'll resume momentarily. Thank you.

Hello. Sorry, everyone, there's a telecom issue right now, so our CFO, Josephine, will continue from where she stopped.

Okay, thank you, Terence. Let me continue my presentation. For our discontinued operations, we record a net loss of $5.1 million in 2024, a significant improvement from the net loss of $25.2 million in 2023. This improvement was primarily due to the deconsolidation of loss-making operations borrowing their disposal, as well as a gain on disposals of $2.6 million. Turning to our balance sheet, as of December 31, 2024, we had cash and cash equivalents, time deposits, and restricted cash of $19.6 million, compared with $41.3 million as of December 31, 2023. The company repaid bank borrowing net of US$35 million for the restructuring in 2024. Total assets were $49.6 million as of December 31, 2024, compared to $163.7 million as of December 31, 2023. Total liabilities were $35.2 million as of December 31, 2024, compared to $122.5 million as of December 31, 2023. Below are the summary of performing financial figures of Amber DWM for the first half, second half, and full year of 2024 that have been considered by the Board of Directors of the company before closing the merger. The revenue of Amber DWM increased from $19 million in first half to $23 million in second half of 2024. Total full year's revenue was recorded at $42 million. The gross profit increased from $12 million to $14.6 million, which comes up with a full year gross profit of $26 million. The operating profit also increased from $1 million to $4 million to make up to $5.1 million for the full year of 2024. Once again, the above financial figures represent our projections prior to the consolidation of Amber DWM. You can expect to see the full combined financial picture starting from our first quarter 2025 results. As mentioned by our CEO, Wayne, on March 12, 2025, we successfully completed our merger, and Amber International Holding Limited American Depository share began trading under the new ticker symbol, AMBR, on the Nasdaq effective from March 13, 2025. The legacy business provides key operational advantages that enable its move transactions to profit market with DNN. This includes a mature reporting infrastructure, internal governance capabilities and a full SEC compliance public companies’ platform, which is critical element that helped to risk our public demand. With discontinued operation largely wound down and legacy liabilities adjusted by the end of 2024, we enter our next phase with clarity and strategic focus. Looking ahead to 2025, we remain confident in the long-term opportunity in the digital asset space. Bolstered by the recent approval from Amber International's Board of Director for a crypto treasury investment, we have authorized a strategic $10 million crypto reserve building up, leveraging our combined cash reserve as part of a forward-thinking treasury management strategy. This reserve is a strategic treasury management decision, balancing innovations with fiscal responsibility. By diversifying into crypto assets, we aim to enhance long-term shareholder value, while maintaining robust liquidity to support our operation. Finally, I would like to share our financial priority for 2025, which include we want to optimize our capital structure to support Amber Premium growth initiatives in preventing disciplined cost management across all business functions, enhancing our financial reporting system to provide transparent insights into our new business model and maintaining strong liquidity and balance sheet flexibility to capitalize on strategic opportunities. As we operate our new business model under the Amber Premium brand, we are focused on building a scalable financial foundation that supports sustainable growth and creates long-term shareholder value. With that, I will now turn the call back to Terence for closing remarks. Thank you.

Thank you, Wayne and thank you, Josephine. That concludes our prepared remarks for today. Thank you for all joining us on the call. Before we open the line for questions, I would like to mention that you can find additional information in our Investors presentation, which has been posted on our Investor Relations website at ir.ambr.io. We will now be happy to answer any questions you might have. Operator, please open the line for Q&A.

Thank you. [Operator Instructions]. And our first question comes from the line of Brian Kinstl inger with Alliance Global. Please proceed with your question.

Hi, this is Kevin for Brian. Thanks for taking our questions. Could you share what your three largest revenue sources are and what their percentage of total revenue was for Amber Group in 2024?

Thank you, Kevin. And maybe Wayne could explain a little bit about the source of revenues, and Josephine can add on a bit of color on a ballpark percentage, if we could. Wayne, please.

Yeah. So, our main offerings are in three key segments. The first one is execution solutions, which we help clients execute the transactions and execute their orders through centralized, decentralized exchanges and OTC markets. The second segment is wealth management solutions, which we aggregate yield and combine with option structures to enhance their crypto holding yields. The third segment is the payment solution, where we offer compliance solutions for fiat to crypto, crypto to fiat conversion, as well as card payments through the Amber Premium crypto card. So those are the three main revenue segments that we are currently operating with.

Okay, thank you, Wayne. For the trading and execution service, it will be around 20% to 30% of our total revenue mix. And the rest will be the wealth management products and the payment solutions. For more detail, maybe we can look forward to our first quarter results in 2025. Thank you.

And just another question. With the majority of your revenue coming from Dubai, what changes when your platform gets its Dubai license? And do you think attracting customers becomes easier?

So, we operate on a global basis. I think we have not yet touched into the local presence into the Middle East. And with the official license, hopefully, when we get the official license in Dubai, we'll be able to tap into the local client segment, local high networks and institutions in Middle East, so that would expand our client base and our target client addressable market. So that would change some of our resource and strategic focus in Middle East. With that, right now we are more on a global basis. Yeah, that's basically how that answers your question.

Yes. Thank you. And then could you describe the competitive landscape in your key markets, including Dubai, Hong Kong and Singapore?

So, I think we are operating a very unique business model. So, if you look at the three different business lines that we have, I'm sure there are competitors in each business line, but combined, we serve a full lifecycle for institutions and high net worth demands in crypto asset. So, I don't see much direct competitor in the business model that we operate at, especially in Asia. While I think the, in terms of other, in each of the business segments, you can find competitors or you can find similar offerings in the region. With that said, I believe our listing status actually set us aside from the rest of the competition, where we are offering a more transparent and better governance, better disclosure business to our partners in the crypto space.

Yes. Just to echo on what Wayne has said, I think we have been unique and in different segments we do have faced different, I would say, different sort of competition as Wayne just mentioned, and the exchange will be one and some more traditional Trad fry players also maybe trying to tap into this space. But obviously, we stand at a really strong position with our infrastructure and all the expertise that we build on. So, I guess, we are pretty much positioned and well-positioned to counter these competitions.

Great. Thank you. And just one last question. How is your business differentiated from some of the larger platforms, the more of the well-known platforms in North America?

So, I believe, most of the platforms are good, especially crypto platforms are mostly exchanges and they are more retail-driven. And for us, again, our business model is unique. We focus on institutions and high net worth’s only. And the demand for this client segment is very much different from what retail would, retail users would like. So, for example, the investment or wealth management products are pretty much, mainly catered towards institutions and high net worth clients, where in retail side of things, I think the retail users, they are most likely more speculative. They look for higher volatility opportunities. They look for a more trading-centric or speculative-centric features, where the institutions and our high-net-worth of client base are not very keen about. So, I guess, we'll have a different focus and with different resources, focusing on developing the key features towards our client segment. In general, over a time period will set us aside from the more retail-driven platforms.

And just to add on, I think The U.S. customer and Asian customers are quite different, in terms of their service level and important offerings that we acquired. In a part of the world, most of the high-level of institutions that we are serving basically will require certain level of services. And so. it's not liked a pure technology model. In some extent, I think our Amber Premium has well-positioned to tackle the Asian growth in terms of high net worth and institutions' adoption of cryptos in this kind of demand. I hope this makes sense.

Mr. Li, there are no additional questions on the phone at this time. Do we have any submitted questions?

There's online questions to talk about, in terms of our mergers, is there any lock-up in terms of share that issues? And I think this we have published in terms of our M&A agreements to the market that there is a one-year lock-up after the merger. Yeah. And on that, I think there's no more questions on that as well. Yeah.

Mr. Li, there are no additional questions over the phone either. [Indiscernible]

Yeah, then I think, thank you all for your questions and for joining us today. I think we could close it. As we have discussed it 2024 was a transformative year for our company, culminating a successful merger and NASDAQ listing in March, 2025. As Amber International Holding Limited, operating under the Amber premium brand, we're well-positioned to capitalize on the growing institutional demand for digital assets wealth management services. We look forward to updating you on our progress in the coming quarters. If you have any additional questions, please don't hesitate to contact our Investor Relations team. This concludes today's call. You may now disconnect.

Thank you. Mr. Li, today's call has -- this concludes today's call. You may now disconnect your lines. Thank you for your participation.