Q2 2025 Amber International Holding Earnings Call

Viavid Conference Center Operator: Good morning and welcome to the Amber International Holding Limited Fiscal Year 2025 Second Quarter 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 conference, 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 AFI Ambassador. Mia, you may begin.

Good morning and welcome to the Amber International fiscal year 2025 second quarter 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 conference, please press *0 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 AI and VA Ambassador. Mia, you may begin.

Mia: Good morning and welcome to Amber International Holding Limited's Second Quarter 2025 Earnings Call. I am Mia, Amber Premium's official AFI 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, Vicki Wang, President, who will focus on operational execution and client performance, Yi, Chief Product Officer, who will discuss product development and innovation pipelines, and Josephine Nai, CFO, who will review financial results and guidance. Following their remarks, we will open the line for Q&A.

Mia: With that, let me now turn the call over to Michael Wu, our Chairman of the Board and CEO.

Statements made during this call, within the meaning of US Federal Securities laws, 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 Woo, 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; our Chief Product Officer, who will discuss product development and the innovation pipeline; and Josephine Nye, CFO, who will review financial results and guidance. Following their remarks, we will open the lines for questions. With that, let me now turn the call over to Michael Woo, our Chairman of the Board and CEO.

Michael Wu: 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 design 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 the view as temporary. As this management team, we bring deep expertise and a fresh perspective. Importantly, we're not new to this business. Vicki, Yi, and I have been the architects of Amber's institutional platform over multiple years, building these capabilities from within the Amber ecosystem.

Thank you, Mia, and I thank you all for joining us today.

We are seeing a period of purpose for transition.

Our second quarter results show revenue of $21 million and a positive adjusted EBITDA of $200,000. This validates our institutional-first strategy and demonstrates the scalability of our digital world management platforms as we navigate a period of strategic realignment.

Let me address our current position directly.

We are experiencing a deliberate strategic.

Designed to unlock the full potential of our institutional Digital Works 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.

Vickie and I have been the architects of Ember's institutional platform over multiple years.

Building these capabilities from within the Amber ecosystem.

Michael Wu: Our combined tenure spans the full evolution from startup innovation to public company execution. What's new is our focused mandate and operational clarity. We're building towards sustainable competitive advantages. Every initiative, from real-world asset tokenization 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 Vicki 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. Now, with renewed strategic clarity and operational focus, we're building on this proven foundation for the next stage of growth and value creation.

Our combined tenants and the full evolution from startup innovation to public company execution.

What's new is our focused mandate and operational clarity.

We're building towards sustainable competitive advantages.

Every initiative, from Ava 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, deeper client relationships, growth, and long-term shareholder value.

At the heart of Amber Premium, as our President, Vicki 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 sensible.

Michael Wu: With that, let me hand it over to Vicki, our President, to share more on our Q2 performance, current positioning, offerings, and the near-term goals for Amber Premium.

And now, with renewed strategic clarity and operational focus, we're 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.

Vicki Wang: Thank you, Michael. Good morning, everyone, and thanks for joining us today. As we ask you the strategic research that Michael just mentioned, I think it's important to return to the core of who we are and what has made Amber International Holding Limited a trusted name across Asia. Amber Premium has become one of the most trusted digital wealth platforms 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.

Thank you, Michael.

Good morning, everyone, and thanks for joining us today.

As we discuss the strategic aspects 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 1 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 very strong momentum. In the second moment, we serve this category of elite clients, which is growing very fast, and we are confident that our Ads Pro puts us in a strong position to capture or even lead the trend.

Vicki Wang: 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, etc. 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 tied to our reputation, what sets us apart is how we solve the toughest problems our clients face. First of all, many investors still have to move between fragmented platforms, from on-the-front trading, DeFi yield products, derivatives, or fund allocations.

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, networks individuals, family, offices leading, institution knows and uh collecting etera.

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 value professional and customized solutions and services over the simple access that the most industrial players offer.

Well, our strong client base is a testament to our reputation. What sets us apart is how we solve the toughest problems our clients face.

First of all, many investors still have to move between fragmented platforms.

Vicki Wang: 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're getting more comfortable with Bitcoin and other digital assets, 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 a catalyst for their investment journey. We provide compliant account structures and smooth on-the-front, then work with clients to design proposals tailored to their risk appetite, objectives, and liquidity needs. However, a superior strategy requires equal superior execution. On execution, we offer a very private banking-like experience with a 24/7 trading desk and expert-led order handling.

From one of France, trading DeFi, your 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, such as institutions and high-net-worth individuals, still remain at an early stage of the learning curve.

Well, they are getting more comfortable with Bitcoin and other digital assets.

Progress. Their progress was meant to really slow, often due to a lack of expertise or the 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 solutions, constructs, and a smooth approach on the front. Then we work with clients to design proposals tailored to their risk appetite, objectives, and liquidity needs.

Vicki Wang: With Amber International Holding Limited, our clients are able to enter the market earlier, move fast 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 access 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 are early in introducing accumulators and decumulators into the digital asset space in Asia, and they have quickly become some of the most adopted solutions.

However, a superior strategy requires eco-superior execution. On execution, we offer a very prayer-like banking experience with a 24/7 trading desk, and as per LE order handling with Amber, our clients are able to enter the market earlier. Move fast 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, hitting a record high. Our wealth management revenue climbed to $11.5 million. New client onboarding was up 14% from Q1, and client access 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 from referrals by our existing top-tier clients. This shows not only strong trust but also the exclusivity of our community.

Another driver is product innovation.

We are early in introducing accumulators and accumulators into the digital assets based in Asia.

Vicki Wang: Along with other products in our suite, they have been key contributors to revenue growth of $1.6 million quarter over quarter. 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 downsides. Third, access to early-stage or exclusive investment opportunities. Our role is to deliver precisely this solution, whether through structured strategies, customized yield approaches, or exclusive deal flow, helping our clients to diversify their returns and stay engaged with the whole ecosystem. We also continue to benefit from being part of Amber Group. Many clients first engage with the group through market-making or liquidity solutions, and then expand into treasury or trading with us.

And they are quickly becoming some of the most adopted solutions.

Along with other products, they have been key contributors to revenue growth of $1.6 million quarter over quarter.

And we are seeing client strategies involved. 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, and second, hedging solutions to manage risk and protect against downsides.

And third, access to early-stage or exclusive investment opportunities.

Overall, we are dedicated to delivering precisely the solution.

Whether through structured strategies, customized approaches, or exclusive deal flow,

Helping our clients to diversify their returns and stay engaged with the whole system ecosystem.

Vicki Wang: This synergy not only strengthens client relationships but also highlights 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 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 timelines, so we will keep raising the bar on client experience. All of this is part of our roadmap to build durable, scalable growth.

We also continue to benefit from being part of Amber Group's mining clients. First, we engage with the group through market-making or liquidity solutions and then expand into treasury or trading. This synergy not only strengthens client relationships but also highlights 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 trader firms. Additionally, we are in active talks with traditional institutions that are looking to leverage our infrastructure and capabilities to serve their clients.

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 timelines, so we will keep raising the bar on client experience.

All of this is part of our roadmap to durable, scalable growth.

Vicki Wang: 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 are ready to lead the next phase of digital wealth management in Asia. Thank you. With that, I will hand it over to our Chief Product Officer, Yi.

To close Q2, we clearly demonstrate 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 are ready to lead the next phase of digital wealth management in Asia.

Thank you. And with that, I will hand it over to our CPOE.

Yi: Thank you, Vicki, 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 two themes. The first one will be delivering more innovative financial products and a seamless user experience. The second bucket will be driving forward our real-world asset tokenization initiatives. The crypto industry is inherently cyclical, and our product development strategy addresses this reality systematically. During downtrends, investors seek stability, yield, preservation, and defensive strategies. While during upsides, the focus shifts to access, leverage, and tactical alpha capture. We have developed a comprehensive structured product suite, and our diversified offering enables clients to optimize yield and manage risk exposure throughout market cycles. A key differentiator that drives both client retention and revenue per relationship.

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. They are centered on two themes. The first one will be delivering more innovative financial products and a seamless user experience, and the second bucket will be driving forward our real-world assets tokenization initiatives.

The crypto industry is inherently cyclical, and our product development strategy addresses this reality systematically. During downtrends, investors seek stability, yield preservation, and defensive strategies.

While doing upside, the focus shifted to accessing leverage and tactical alpha capture.

We have developed a comprar.

Yi: Our recent market performance validates this approach. We have seen strong demands for structured yield products linked to Bitcoin and Ethereum, as well as treasury-backed offerings that provide attractive returns with controllable risk. Dual currency, accumulators, decumulators, fixed copper notes, snowballs, and cola are all under our radars, and we'll 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 accredited investors.

Structured product suits and our diversified offering enable clients to optimize yield and manage risk exposure throughout multiple key differentiators that drive both client retention and revenue per relationship.

Our recent market performance validates this approach. We have seen strong demand for structured products linked to Bitcoin and Ethereum.

As well as tradebacks offerings that provide attractive returns with controllable risk.

Do you accumulate currency? Accumulator, fixed, coupon notes, Snowboy's Cola, and our readers, and well-delivered, most suitable combinations according to different cyclical stages.

Besides, we believe the next stage of differentiation will come from a similar, 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.

Yi: 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's 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 a tokenization framework that meets regulatory and operational standards. The second part is for the issuance and the custody, to provide compliant infrastructure to issue, hold, and transfer tokenized assets.

Over the coming quarters, we will further evolve the application and the website into a dedicated platform for the distinct client segments we serve: institutions, family offices, or sophisticated professional or accredited 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 through our access. Tokenization, a natural extension of our institutional platform capability.

Here. Our vision is to provide a tanky 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 a tokenization framework that meets regulatory and operational standards.

The second part.

Yi: Last but not least is the distribution and liquidity-wise, to work with exchanges, device platforms, and market makers to ensure tokenized products can be treated seamlessly. The final issue 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 settlements, 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.

is for the issuance of the custody to provide compliance infrastructure to issue holds and transfer tokenized assets.

You 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 payment settlements and on-chain liquidity.

While extending the experiments into tokenized assets.

Beginning with tokenized stocks, the first step will be to make a and b on tokenized and unchanged.

Tokenized stocks are especially compelling because they combine the similarity of traditional equities with the efficiency and programmability of blockchain.

Imagine being able to access global equities 24 hours a day, 7 days a week, with near-instant settlements, fractional ownership, and integrated yield opportunities.

Yi: We view stablecoins and tokenized money market funds as the first wave, but the roadmap 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. Those initiatives, from innovative financial products, seamless platform evolution, to real-world asset tokenization, directly reinforce our institutional positioning while expanding our addressable markets. 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.

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 funds as the first step. However, the roadmap extends to ETFs, tokenized stocks, and more over time. We believe these tokenized products will sit alongside our existing digital wealth solutions.

Creating a truly unified portfolio experience for clients.

So those initiatives from Innovative Financial Products, Similes platform, Evolution to real-world assets, and tokenization directly reinforce our institutional positioning. We are expanding our addressable markets.

The leverage of our existing client relationships, regulatory expertise, and operational infrastructure is crucial. We are creating new revenue streams and competitive moats.

Thank you all, and I will hand it over to our CFO, Josephine.

Vicki Wang: Thank you, Yi. Good morning, everyone. I will now reveal our financial results for the second quarter ended 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 a total revenue of $21 million USD, which increased significantly from $0.9 million USD 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 iTech 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 $11.5 million USD, which has significantly increased from $0.6 million USD in the same period last year.

Thank you, and good morning, everyone. I will now reveal our financial results for the second quarter ended June 30, 2025, and explain how they align with our business strategy.

This quarter, we delivered solid results across key financial metrics.

To demonstrate the strength of our business model and the growing institutional demand for our solutions.

On the revenue side, we generated total revenue of $21 million, which increased significantly from $0.9 million a year ago.

It is primarily attributable to robust growth in Wealth Management, Solutions, and Integrations of revenue for Marketing and Enterprise Solutions following the merger with Icy in March this year.

In addition, the continuous expansion of Amber's DWM business also contributes to revenue growth.

The revenue from our Wealth Management Solutions was $11.5 million, which is a significant increase from $0.6 million in the same period last year.

Vicki Wang: The execution solutions generated $2 million USD revenue this quarter, which compared with the $24,000 USD in the second quarter of 2024. Regarding the payment solutions, it was increased to $0.9 million USD this quarter, compared with $0.2 million USD in the second quarter of 2024. The revenue from marketing and enterprise solutions was recorded at $6.6 million USD. 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 profits for the second quarter of 2025 reached $15 million USD, compared to $0.3 million USD 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 34% in the second quarter last year.

The.

Execution Solutions, generate 2 million US Dollars Revenue, this quarter, which compared with the 24,000 US dollars in the second quarter of 2024.

Regarding the payment solutions, it was increased to $0.9 million this quarter.

Compared with $0.2 million in the second quarter of 2024.

And lastly, the revenue from Marketing and Enterprise Solutions was recorded at $6.6 million.

It was consolidated in the last company after the merger this year.

What is particularly encouraging about this result is the improvement in our margin profile year-over-year.

Growth in the province for the second quarter of 2025 reached $15 million, compared to $0.3 million in the same period of 2024.

Vicki Wang: The operating loss was $0.8 million USD in the second quarter of 2025, reduced from $1.6 million USD 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, it's recorded at $0.7 million USD in 2025, which is lower than $1.5 million USD in the same period last year. The variance was a result from an unrealized gain in fair values of digital assets amounts to $2.5 million USD recorded in last year. As of June 30, 2025, the company had cash and cash equivalents, time deposits, and restricted cash of $25.8 million USD, compared to $9.3 million USD as of December 31, 2024. On a non-GAAP basis, the adjusted EBITDA reached $0.2 million, and adjusted net loss was $0.3 million.

Gross profit margin demonstrates an upward change to around 71.3% in the second quarter of 2025 from 33% in the second quarter last year.

The operating loss was $0.6 million in the second quarter of 2025, reduced from $1.6 million in the second quarter of 2024.

It was the result of our growth in gross profit and the strengthened operating leverage.

is lower than $1.5 million in the same period last year.

The variance was resolved from an unrealized gain in fair values of digital assets, amounting to $2.5 million recorded in the last year.

As of June 30, 2025, the company had cash and cash equivalents, time deposits, and restricted cash amounting to $25.8 million compared to $3 million as of December 31.

2024.

Only on a non-GAAP basis, the adjusted EBITDA was $0.2 million, and the adjusted net loss was $0.3 million.

Vicki Wang: 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 segments to be in the range of $11 million to $12.5 million. This outlook reflects our assessments 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 assessments of continued institutional adoption of digital assets and reflects the company's preliminary estimates of market and operating conditions, expected foreign exchange fluctuations, and customer demand.

Now, I will 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 our revenue from our Amber premium site news to be in the range of $11 million to $12.5 million.

This outlook reflects our assessments of the operating environment expected foreign.

Train tray and customer demands.

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 assessments of continued institutional adoption of digital assets.

Vicki Wang: These all are subject to change. Please also refer to the matters set out under the section titled "Safe Harbor Statements and the Earnings." We are keenly aware of the importance of transparency with our investors. We remain committed to keeping you updated, and we 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 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 integrated the operations following our merger. We also maintain strong liquidity and balance sheet flexibility in order to support our global expansions and strategic partnership. The record revenue and improved profitability demonstrate that our institutional approach resonates with clients and creates value for shareholders.

And reflects the company's P, preliminary estimates of market and operating conditions, expected foreign exchange fluctuations, and customer demands.

this all

are subject to change.

Please also refer to the veterans 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 updated, and we 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 the splined 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 expansions and strategic partnerships.

Vicki Wang: With that, I will turn the call to Mia. Thank you.

The record revenue and improved profitability demonstrate that our institutional approach is resonating with clients and creating value for shareholders.

Mia: 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 International Holding Limited's long-term strategy, our vision about crypto and AI, and the role of AI agents like me in shaping Amber's future.

With that, I will turn the call to Mere. 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 of how crypto and AI, and the role of AI agents like me, are shaping Amber's future.

Michael Wu: 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. 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 the readiness for new opportunities like tokenized real-world assets, what truly differentiates us is also our DNA in AI.

Thank you, Mia, and thank you everyone again for being with us today. As you've heard across our management team.

Amber Premiums 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 assets opportunities.

That core is rock solid, and it is where we continue to invest and improve every day.

For Amber, it has always been more than just 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 the readiness for new opportunities like tokenized real-world assets.

Michael Wu: From our founding as Amber AI in 2017, we have believed that these two 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 two 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.

What truly differentiates us is also our DNA in AI.

We have believed that these two 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.

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In the near term, AI for crypto means applying cutting-edge AI and AI agent technologies to improve personalized and redefined 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 work directly supports our margin expansion objectives and the client acquisition efficiency.

Michael Wu: 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 two-step strategy is not theoretical. We are already taking tangible steps. As a starter, our AI agent, Mia, and your moderator today exemplify our approach. Mia is beginning to take on more responsibilities within Amber International Holding Limited, from running multi-channel marketing and the 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. These are not experiments in the lab.

They're 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're already taking tangible steps.

As a starter, our AI agent, Mia, and your moderator today exemplify our approach.

Mia is beginning to take on more responsibilities within Amber.

From running multi-channel marketing and the multimedia social engagement.

To streamline our internal sales, knowledge base, and support for client portfolio reviews.

In the upcoming quarters, we expect Mia and other AI agents to directly impact.

Our client acquisition and service quality.

How can our business scale? Smarter, faster, and more consistently.

Michael Wu: 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 capability. We're building the infrastructure for this future while delivering measurable value to today's clients. Our second quarter results increase the 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. With that, I'll hand it back to Mia to open the Q&A session.

Again, these are not experiments in the lab.

They are tools that are being deployed into the business 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're building the infrastructure for this future while delivering measurable value to today's clients.

Our second quarter results show an increase in revenue, expanding margins, and growing institutional adoption, which validate our strategy and execution capability.

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 that 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.

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

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

Michael Wu: Yeah, if there are any questions online, we are happy to take it.

Yeah. If there are any questions, uh, online, we are happy to take them.

Conference Call Operator: Thank you. There is a question over the phone. If you'd like to ask a question over the phone, please press star one on your telephone keypad. Our first question comes from the line of Brian Dobson with Clearstreet. Please proceed with your question.

Thank you. There is a question over the phone. When, if you'd like to ask a question over the phone, please press star 1 on your telephone keypad,

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

Brian Dobson and Justin Panoff: Hi, this is Justin Panoff and Brian Dobson. Congrats in 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. 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. Thanks.

Hi. This is uh, Justin panoff and Brian Dobson, uh, congrats on the quarter. I was wondering if you could just highlight. Uh, some of the key catalysts you see for the company for the back half of the year and, uh, just following up on, you know, the I saw that you, um, eliminated fully your guidance for uh, for Revenue, just qualitatively. If you could think of talk talk through some of the puts, and takes on that, and how we should think of that forecasting, top line for the rest of the year. Thanks.

Michael Wu: Thank you, Brian. This is Michael here. I would like to take on this question. 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. The reasons behind it are, first, some of our progress, especially in terms of securing necessary licenses in certain jurisdictions, which we expected to expand our core businesses, has been slower than anticipated. This further supports a prudent stance that we take to provide quarterly guidances instead of annual forecasts. 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. A lot of that, I believe, is due to the nature of the crypto market and its inherent volatility.

Uh, thank you, Brian. This is Michael here. Yeah, uh, I would like to take take on this question. So, um, as, as you see, uh, we have, uh, moved our forecast, uh, on this quarter into focusing on the upcoming third quarter, instead of previously, giving a full year forecasts, and, uh, the reasons behind our first, uh, some of our progress, especially in terms of, uh, you know, necessary, securing necessary licenses in certain jurisdictions, which we expected to expand. Our core businesses has been slower than anticipated,

and uh, this further supports a prudent stance, uh, that we take to provide quarterly, uh, guidances in instead of uh, annual forecasts

And also, we believe this is more in line with industry peers.

Michael Wu: 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. We think providing quarterly updates to the best ability of how we foresee the business and the future progress is the most suitable action here. Thank you.

Uh, if we look at peer companies in the crypto space, 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 with 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 uh ability of how we foresee the business and the future progress is the most suitable action here.

Thank you.

Conference Call Operator: Thank you. Once again, if you'd like to ask a question, please press star one on your telephone keypad. We'll pause a moment to allow for any other questions. 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.

Thank you. Once again, if you'd like to ask a question, please press star 1 on your telephone keypad, or pause a moment to allow for any other questions.

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

Michael Wu: Yeah, since we have a question on the web portal about our operating plans and the focus of the second half this year, I can start. Again, this is Michael here, Executive Chairman and CEO of Amber International Holding Limited. For the second half of this year, our priority is to continue to strengthen our core business and continue to extend our leadership as Asia's best digital wealth management platform. As Vicki 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 they can ever be, and integrating our new growth initiatives such as our other offerings.

Yeah. Uh, since we have a question on the web portal about...

Our operating plans and the focus of the second half of this year.

Um, I can start. Um again this is Michael here, executive, chairman and CEO of Ember premium um for the second half of this year again. You know, our priority is continue to strengthen our Core Business and continue to extend our leadership as Asia's best digital wealth management platform. And as Vicki elaborated early on and as, as e has explained, that will take a lot of effort in execution in terms of client growth strategy, further improving our services uh to the best uh as they can ever be. And uh

Michael Wu: Last but not least, of course, tying back our current efforts and our core positioning of being Asia's best digital wealth management platform with our long-term vision and the 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.

Uh, in integrating our new growth initiative, such as our other offerings, and last but not least, of course, 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, uh, the...

Efforts, the impact and the results of our hard work.

Conference Call Operator: Once again, ladies and gentlemen, if you'd like to ask a question via the telephone, please press star one on your telephone keypad at this time. We'll pause an extra moment. I'm showing no questions over the phone at this time.

Once again, ladies and gentlemen.

I'm showing no questions over the phone at this time.

Mia: Thank you all for joining us today. This quarter marks a new chapter for Amber International Holding Limited 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 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.

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

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

Mia: Thank you.

Vicki Wang: Thank you.

Thank you. Thank you.