Q3 2025 Amber International Holding Earnings Call

Speaker #1: Good

Speaker #1: Good morning. Welcome to Amber International Fiscal Year 2025 third quarter financial results. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation.

Speaker #1: If you'd like to ask a question at that time, you may press *1 from your telephone keypad. A confirmation tone will indicate your line is in the question queue.

Speaker #1: Press star two if you'd like to withdraw your question from the queue. For participants using speaker equipment, it may be necessary to pick up keys. Reminder, this conference is being recorded.

For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Mia, Amber Premium's official H&FI Ambassador. Mia, you may begin.

Speaker #1: recorded. It's now my pleasure to introduce your host, Mia, Amber your handset before pressing the star begin. Premium's official agent FI

Moderator: Good morning, and welcome to iClick Interactive Asia Group Limited's Third Quarter 2025 Earnings Call. I am Mia, Amber Premium's official H&FI Ambassador and your moderator today.

Speaker #2: Amber Premium's official agent, FI, as an 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.

Operator: Before we begin, please note that today's discussion may contain forward-looking statements within the meaning of US 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 our strategic vision and AI transformation initiatives, Vicky Wang, President, who will focus on our core business updates, current positioning, offerings, and goals, Yi Bao, Chief Product Officer, who will update us on our product development and innovation pipeline, Josephine Ngai, CFO, who will review our financial results and provide guidance, and Steve Jiang, our Head of Capital Markets. Following their remarks, we will open the line for Q&A.

Before we begin, please note that today's discussion may contain forward-looking statements within the meaning of US 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 our strategic vision and AI transformation initiatives, Vicky Wang, President, who will focus on our core business updates, current positioning, offerings, and goals, Yi Bao, Chief Product Officer, who will update us on our product development and innovation pipeline, Josephine Ngai, CFO, who will review our financial results and provide guidance, and Steve Jiang, our Head of Capital Markets. Following their remarks, we will open the line for Q&A.

Speaker #2: 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 us on today's call are Michael and Exchange Commission.

Speaker #2: Michael Wu, chairman of the board and joining initiatives; Vicky Wang, vision and AI transformation CEO, who will share our strategic vision; and our president, who will focus on our core goals.

Speaker #2: positioning, offerings, and business updates, current Yi Bao, chief product officer, who will update us on our product development and innovation pipeline. Josephine Ngai, CFO, who will review our financial results and provide guidance, and Steve Zhang, our head of capital markets.

Speaker #2: The line for Q&A. With that, let me now turn the call over to Michael Wu, our Chairman. Following their remarks, we will open the call for questions.

Operator: 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. Q3 was a defining quarter for Amber International. We delivered operating income of $1.4 million within an 8% operating margin, strong profitability, and a clear validation of the operating leverage we have been building quarter after quarter. This improvement reflects not only disciplined cost management, but also a stronger, more durable revenue mix anchored in premium client engagement and high-quality business activity. Underneath the financials, client behavior tells an even more compelling story. Assets on platform grew 20% quarter on quarter to $1.84 billion, supported by robust inflows and deepening client relationships.

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

Michael Wu: Thank you, Mia, and thank you all for joining us today. Q3 was a defining quarter for Amber International. We delivered operating income of $1.4 million within an 8% operating margin, strong profitability, and a clear validation of the operating leverage we have been building quarter after quarter. This improvement reflects not only disciplined cost management, but also a stronger, more durable revenue mix anchored in premium client engagement and high-quality business activity. Underneath the financials, client behavior tells an even more compelling story.

Speaker #3: Thank you, Mia, and thank you all for attending today's call.

Speaker #3: Thank you for joining us today. Q3 was a defining quarter for Amber International. We delivered operating income of $1.4 million, with an 8% operating margin.

Speaker #3: Clear validation of the operating leverage we have been building, quarter after quarter. This improvement reflects not only disciplined cost management but also more durable revenue management, as well as a stronger mix anchored in the premium quality business, client engagement, and high financials. Client behavior tells an even more compelling story.

Speaker #3: Clear validation of the operating leverage we have been building quarter after quarter. This improvement reflects not only disciplined cost management and more durable revenue management, but also a stronger mix anchored in the premium quality business, client engagement, and high financials. Client behavior tells an even more compelling story.

Speaker #3: These results demonstrate the strength of our core differentiated capabilities. We are Asia's leading digital wealth management platform, serving the region's most sophisticated clients with a private banking experience built on technology and unmatched access to digital asset opportunities.

Assets on platform grew 20% quarter on quarter to $1.84 billion, supported by robust inflows and deepening client relationships.

Speaker #3: $1.84 billion U.S. inflows and deepening assets on platform grew, supported by robust client relationships. Trading activity accelerated across segments, reaffirming that our platform remains a trusted high-touch partner for sophisticated investors, particularly in volatile markets where most.

Operator: Trading activity accelerated across segments, reaffirming that our platform remains a trusted, high-touch partner for sophisticated investors, particularly in volatile markets where our differentiated capabilities matter most. These results demonstrate the strength of our core. We are Asia's leading digital wealth management platform, serving the region's most sophisticated clients with a private banking experience built on technology and unmatched access to digital asset opportunities. This business is profitable, resilient, and scalable, and it continues to set the foundation for our long-term strategy. As part of our ongoing commitment to maximizing shareholder value and demonstrating our confidence in the long-term prospects of our business, I'm pleased to announce that our Board of Directors has authorized a share repurchase program of up to $50 million of our outstanding ADS over the next 12 months, starting from 1 December 2025.

Trading activity accelerated across segments, reaffirming that our platform remains a trusted, high-touch partner for sophisticated investors, particularly in volatile markets where our differentiated capabilities matter most. These results demonstrate the strength of our core. We are Asia's leading digital wealth management platform, serving the region's most sophisticated clients with a private banking experience built on technology and unmatched access to digital asset opportunities. This business is profitable, resilient, and scalable, and it continues to set the foundation for our long-term strategy. As part of our ongoing commitment to maximizing shareholder value and demonstrating our confidence in the long-term prospects of our business, I'm pleased to announce that our Board of Directors has authorized a share repurchase program of up to $50 million of our outstanding ADS over the next 12 months, starting from 1 December 2025.

Speaker #3: This business is profitable, resilient, and scalable, and it continues to align with our long-term strategy. As part of setting the foundation for our ongoing commitment to maximizing shareholder value and demonstrating our confidence in the long-term prospects of our business, I'm pleased to announce that our board of directors has authorized a share repurchase program of up to $50 million.

Speaker #3: Dollars ADS over the next 12 months, starting from December 1, 2025. This decision follows directly from the strong Q3 results we just shared with you.

Operator: This decision follows directly from the strong Q3 results we just shared with you. The authorization reflects our Board's confidence on multiple fronts. First, in the durability and the scalability of our core digital wealth management business. Second, in our ability to generate sustainable cash flows. Third, in our belief that the current valuation does not fully reflect iClick Interactive Asia Group Limited's intrinsic value and the long-term potential. We intend to execute this program optimistically over the next 12 months, balancing repurchases with our ongoing investments in technology, AI capabilities, and the platform expansion. Importantly, this buyback does not signal a shift away from growth. Rather, it demonstrates that we can deliver both: returning value to shareholders today while building the AI-powered crypto finance platform of tomorrow. As many of you know, iClick is more than a crypto finance platform.

This decision follows directly from the strong Q3 results we just shared with you. The authorization reflects our Board's confidence on multiple fronts. First, in the durability and the scalability of our core digital wealth management business. Second, in our ability to generate sustainable cash flows. Third, in our belief that the current valuation does not fully reflect iClick Interactive Asia Group Limited's intrinsic value and the long-term potential. We intend to execute this program optimistically over the next 12 months, balancing repurchases with our ongoing investments in technology, AI capabilities, and the platform expansion. Importantly, this buyback does not signal a shift away from growth.

Speaker #3: The authorization reflects our board's confidence on multiple fronts. First, in the durability and scalability of our core digital wealth management business. Second, in our ability to generate sustainable cash flows. And third, in our belief that the current valuation does not fully reflect Amber's long-term potential.

Speaker #3: We intend to execute this program optimistically over the next 12 months, balancing repurchases with our ongoing investments in technology, AI capabilities, and platform expansion.

Speaker #3: Importantly, this signals a shift away from growth. Rather, it demonstrates that this buyback does not deliver both, returning value to shareholders today while building the AI-powered crypto finance platform of tomorrow.

Rather, it demonstrates that we can deliver both: returning value to shareholders today while building the AI-powered crypto finance platform of tomorrow. As many of you know, iClick is more than a crypto finance platform.

Speaker #3: As many of you know, Amber is a crypto finance platform. At our core, we have always been a technology-driven company.

Operator: At our core, we are and have always been a technology-driven company. To remain at the forefront of technology, we must be relentlessly forward-looking, technology-driven, and bold in building what comes next. That brings me to the broader strategic arc. From our founding as Amber AI in 2017, we have held a steadfast belief: two technologies, crypto and AI, would fundamentally reshape finance and the broader economy. That conviction has only grown, and today we are uniquely positioned to capitalize on that convergence. This quarter, we continued to make significant strides in embedding AI at every layer of our operations. Most notably, we have successfully launched the Work with Mia Portal, an advancing AI integration across both our internal and external processes.

At our core, we are and have always been a technology-driven company. To remain at the forefront of technology, we must be relentlessly forward-looking, technology-driven, and bold in building what comes next. That brings me to the broader strategic arc. From our founding as Amber AI in 2017, we have held a steadfast belief: two technologies, crypto and AI, would fundamentally reshape finance and the broader economy. That conviction has only grown, and today we are uniquely positioned to capitalize on that convergence. This quarter, we continued to make significant strides in embedding AI at every layer of our operations.

Speaker #3: We must remain at the forefront of technology. We must be relentlessly forward-looking about what comes next. That brings me to the broader, technology-driven, and bold strategy we are building.

Speaker #3: From our founding as Amber AI in 2017, we have a belief: two technologies, crypto and AI, have held a steadfast role in fundamentally reshaping finance and the broader economy.

Speaker #3: That conviction has only grown, and today we are uniquely positioned to capitalize on their convergence. This quarter, we continued to make significant strides in embedding AI at every layer of our operations.

Most notably, we have successfully launched the Work with Mia Portal, an advancing AI integration across both our internal and external processes.

Speaker #3: Most notably, we have successfully launched the work with the Mia portal, advancing AI integration across both our internal processes and Mia, our AI agent.

Operator: Mia, our AI agent and your host today, now plays a hands-on role in nearly every aspect of our content generation and social media management, ensuring a new level of operational efficiency and consistency. Inside the organization, Mia is now live within our internal Slack workspace, acting as a proactive, always-available teammate, accelerating knowledge sharing, and empowering our staff to operate with greater agility. Additionally, we have developed a proprietary knowledge-based engine inspired by Amber's unique needs and modeled after Perplexity, which is currently undergoing a comprehensive security review prior to full deployment. Together, these initiatives are not simply efficiency upgrades. They are reinforcing Amber as a true technology-driven leader at the intersection of AI and crypto finance. We remain committed to harnessing AI to improve the client experience, drive scalable and sustainable growth, and further sharpen our competitive edge.

Mia, our AI agent and your host today, now plays a hands-on role in nearly every aspect of our content generation and social media management, ensuring a new level of operational efficiency and consistency. Inside the organization, Mia is now live within our internal Slack workspace, acting as a proactive, always-available teammate, accelerating knowledge sharing, and empowering our staff to operate with greater agility. Additionally, we have developed a proprietary knowledge-based engine inspired by Amber's unique needs and modeled after Perplexity, which is currently undergoing a comprehensive security review prior to full deployment. Together, these initiatives are not simply efficiency upgrades. They are reinforcing Amber as a true technology-driven leader at the intersection of AI and crypto finance. We remain committed to harnessing AI to improve the client experience, drive scalable and sustainable growth, and further sharpen our competitive edge.

Speaker #3: A hands-on role in nearly every aspect of our content generation and social media management, ensuring a new level of operational efficiency and consistency. Inside our internal Slack workspace, acting as a proactive, always available organization, Mia is now live within Teammate.

Speaker #3: Accelerating knowledge sharing and empowering our staff to operate with greater agility, we have developed a proprietary knowledge base engine inspired by Amber's unique needs. Additionally, we have modeled it after Perplexity.

Speaker #3: Which is currently comprehensive security review prior to ongoing full deployment. Together, these upgrades are not simply efficiency initiatives. They are true technology-driven upgrades reinforcing Amber as a leader at the intersection of AI and crypto finance.

Speaker #3: We remain committed to harnessing AI to improve the client experience, drive scalable and sustainable growth, and further sharpen our competitive edge. Q3 showed that the foundation of our business is strong.

Operator: Q3 showed that the foundation of our business is strong, the transformation is accelerating, and the long-term vision remains deeply compelling. AI for crypto in the near term, employing the most advanced agent technologies to scale and personalize premium services, empowering us to better serve sophisticated clients and improve our unit economics. Looking further out, crypto for AI, building the rails for the coming agent economy, where crypto and AI converge to redefine how value is created and transferred, with Amber positioned at the very heart of this future. Thank you. Thank you, Michael. As Michael mentioned, in Q3, we are carrying forward the same strategic focus from Q2, really doubling down on our high-net-worth, ultra-high-net-worth individuals, and institutional segments. We are doing that by advancing our infrastructure, new product initiatives, and operational disciplines. We are already seeing clear evidence that the strategy is taking hold.

Q3 showed that the foundation of our business is strong, the transformation is accelerating, and the long-term vision remains deeply compelling. AI for crypto in the near term, employing the most advanced agent technologies to scale and personalize premium services, empowering us to better serve sophisticated clients and improve our unit economics. Looking further out, crypto for AI, building the rails for the coming agent economy, where crypto and AI converge to redefine how value is created and transferred, with Amber positioned at the very heart of this future. Thank you.

Speaker #3: The transformation is accelerating and the deeply compelling. AI for crypto in the near term, employing the long-term vision, remains the most advanced agent technologies to scale and personalize premium services.

Speaker #3: Empowering us to better serve sophisticated clients and improve our unique economics. Looking further out, crypto for AI. Building the rails for the coming agent economy where crypto and AI converge to redefine how value is created and transferred.

Speaker #3: With Amber positioned at the very heart of this future.

Speaker #3: you. Thank you,

Vicky Wang: Thank you, Michael. As Michael mentioned, in Q3, we are carrying forward the same strategic focus from Q2, really doubling down on our high-net-worth, ultra-high-net-worth individuals, and institutional segments. We are doing that by advancing our infrastructure, new product initiatives, and operational disciplines. We are already seeing clear evidence that the strategy is taking hold.

Speaker #1: Michael, as Michael mentioned, in Q3, we are carrying forward the same strategic focus from Q2, really doubling down on our 100 Words ultra 100 Words individuals and institutional segments.

Speaker #1: And we are doing that by advancing our infrastructure, new product initiatives, and operational disciplines. We are already seeing clear evidence that the strategy is taking hold.

Operator: Our revenue is more diversified, client engagement is deeper, and our business fundamentals are stronger. That is why we are increasingly confident in both the growth momentum of our business and its sustainability. As we execute against the strategy, our core business performance is now showing clear and encouraging progress. Assets on platform increased to $1.84 billion, up 20% from $1.53 billion in Q2, driven largely by strong new asset inflows and stronger client allocations. Together with the significant increase in trading volumes, this clearly shows that clients are not only staying with us, but are growing their engagement across multiple product lines, despite market volatility. We have also brought on board experienced professionals with backgrounds in leading professional financial institutions, including J.P. Morgan and Morgan Stanley, which enables stronger client coverage and a level of professional standard that is still unmatched in our part of the industry.

Our revenue is more diversified, client engagement is deeper, and our business fundamentals are stronger. That is why we are increasingly confident in both the growth momentum of our business and its sustainability. As we execute against the strategy, our core business performance is now showing clear and encouraging progress. Assets on platform increased to $1.84 billion, up 20% from $1.53 billion in Q2, driven largely by strong new asset inflows and stronger client allocations. Together with the significant increase in trading volumes, this clearly shows that clients are not only staying with us, but are growing their engagement across multiple product lines, despite market volatility. We have also brought on board experienced professionals with backgrounds in leading professional financial institutions, including J.P. Morgan and Morgan Stanley, which enables stronger client coverage and a level of professional standard that is still unmatched in our part of the industry.

Speaker #1: Diversified client engagement is deeper. Our revenue is stronger, and our business fundamentals are solid. That's why we are increasingly confident in both the growth momentum of our business and its sustainability.

Speaker #1: As we assess our core business performance, we are now seeing clear and encouraging progress. Assets and the platform increased to $1.84 billion, up 20% from $1.53 billion in Q2, driven largely by strong new asset inflows and stronger client allocations.

Speaker #1: Together with a significant increase in trading volumes, this clearly shows that clients are not only staying with us, but are growing their engagement across multiple product lines despite market volatility.

Speaker #1: experienced professionals with backgrounds in leading professional financial institutions, including JP Morgan and Morgan Stanley, We have also brought on board which enables stronger client coverage and a level of professional standard that is still unmatched in our part of the industry.

Speaker #1: Now let me turn quarter. Total revenue to our financial results for the for Q3 was 16.3 million. The major step down is expected. As we begin to shift our revenue mix towards higher margins, higher quality revenue streams, and more scalable business.

Operator: Now, let me turn to our financial results for the quarter. Total revenue for Q3 was $16.3 million. The major step down is expected as we begin to shift our revenue mix towards higher margins, higher quality revenue streams, and more scalable business. As a result, operating profitability was meaningfully improved quarter over quarter, with operating margin rising to 8% in Q3 from -0.4% in Q2. Meanwhile, our core activity continued to gain momentum, with transaction volumes up 40% and payment volumes up 26% quarter over quarter. Under this improving revenue mix, the execution solution revenue saw strong progress, increasing 57.6% quarter over quarter to $3.17 million from $2.01 million in Q2. This growth was driven by greater institutional OTC market share and more sophisticated trading needs from clients. It underscores our focus on execution quality and discipline optimization.

Now, let me turn to our financial results for the quarter. Total revenue for Q3 was $16.3 million. The major step down is expected as we begin to shift our revenue mix towards higher margins, higher quality revenue streams, and more scalable business. As a result, operating profitability was meaningfully improved quarter over quarter, with operating margin rising to 8% in Q3 from -0.4% in Q2. Meanwhile, our core activity continued to gain momentum, with transaction volumes up 40% and payment volumes up 26% quarter over quarter. Under this improving revenue mix, the execution solution revenue saw strong progress, increasing 57.6% quarter over quarter to $3.17 million from $2.01 million in Q2. This growth was driven by greater institutional OTC market share and more sophisticated trading needs from clients. It underscores our focus on execution quality and discipline optimization.

Speaker #1: Operating profitability was meaningfully improved quarter over quarter, with operating margin rising to 8% in Q3 from minus 4% in Q2.

Speaker #1: Meanwhile, our core activity continued to gain momentum, with transaction volumes up 40% and payment volumes up 26% quarter over quarter. Under this improving revenue mix, the execution solution revenue saw strong progress, increasing 57.6% quarter over quarter.

Speaker #1: To $3.17 million, from $2.01 million in Q2. This growth was driven by greater institutional OTC market share and more sophisticated trading needs from clients.

Speaker #1: It underscores our focus on execution quality and disciplined optimization. Payment solution revenue also delivered robust growth, rising $1.2 million, supported by stronger institutional adoption and higher client engagement across the platform.

Operator: Payment solution revenue also delivered robust growth, rising 39.9% quarter over quarter to $1.2 million, supported by stronger institutional adoption and higher client engagement across the platform. To support this shift towards higher quality revenue, we have been steadily expanding our product offerings and upgrading our underlying infrastructure so we can better meet a wider range of client objectives and risk profiles. Looking ahead, we are planning to build on this foundation by further enhancing our execution capabilities and product lines. In particular, we are looking to grow our structured product suite, including FDNs and daily dual currency offerings, to help clients generate yields across different market environments while maintaining robust downside protection through stronger risk monitoring.

Payment solution revenue also delivered robust growth, rising 39.9% quarter over quarter to $1.2 million, supported by stronger institutional adoption and higher client engagement across the platform. To support this shift towards higher quality revenue, we have been steadily expanding our product offerings and upgrading our underlying infrastructure so we can better meet a wider range of client objectives and risk profiles. Looking ahead, we are planning to build on this foundation by further enhancing our execution capabilities and product lines. In particular, we are looking to grow our structured product suite, including FDNs and daily dual currency offerings, to help clients generate yields across different market environments while maintaining robust downside protection through stronger risk monitoring.

Speaker #1: To support the shift towards higher quality revenue, we have been steadily expanding our product offering and upgrading our underlying infrastructure. So we can better meet a wider range of client objectives and raise ahead, we plan to build on this foundation by further enhancing our execution profiles.

Speaker #1: Capabilities and product lines. In particular, we are looking to grow our structured product suite, including SDNs, and help clients generate yields across different daily due currency offerings, while maintaining robust downside protection through ongoing monitoring.

Speaker #1: Stronger risk focused on further optimizing our pricing models and refining our OTC workflows, so clients can benefit from more competitive execution and timely access to more market opportunities.

Operator: On the trading side, we are focused on further optimizing our pricing models and refining our OTC workflows so clients can benefit from more competitive execution, timely access to more market opportunities. We will also keep pushing forward on our RWA initiatives, which are designed to unlock more diversified yields and improve capital efficiency across both traditional and digital exposures. I will elaborate further on this shortly. In addition, we are developing digital asset inheritance solutions to support long-term wealth planning for family offices and ultra-high net worth clients. This is a natural extension of our ambition to deliver private banking growth service in digital assets, with a clear institutional framework for succession and estate planning. By making digital assets a seamless part of their broader wealth plans, we're making it more confident for this client to bring more meaningful capital to work with us over time.

On the trading side, we are focused on further optimizing our pricing models and refining our OTC workflows so clients can benefit from more competitive execution, timely access to more market opportunities. We will also keep pushing forward on our RWA initiatives, which are designed to unlock more diversified yields and improve capital efficiency across both traditional and digital exposures. I will elaborate further on this shortly. In addition, we are developing digital asset inheritance solutions to support long-term wealth planning for family offices and ultra-high net worth clients. This is a natural extension of our ambition to deliver private banking growth service in digital assets, with a clear institutional framework for succession and estate planning. By making digital assets a seamless part of their broader wealth plans, we're making it more confident for this client to bring more meaningful capital to work with us over time.

Speaker #1: Keep pushing forward on our RWA initiatives, which are designed to unlock more diversified yields and improve capital efficiency across both traditional and digital exposures.

Speaker #1: will elaborate further on this And you shortly. In digital asset inhabitant solutions to support long-term wealth planning for family offices and ultra high net worth addition, we are developing clients.

Speaker #1: This is naturally a natural extension of our growth service in digital assets, with a clear institutional framework for succession and estate ambition to deliver private banking planning.

Speaker #1: By making digital assets a seamless part of their broader wealth plans, we're making it more confident for this client to bring more meaningful capital to work with us over time.

Speaker #1: On the client acquisition side, with our front office team growing, we are taking a more proactive approach to reaching premium clients. We are rolling out curated offline and online engagement programs in key wealth communities across Asia.

Operator: On the client acquisition side, with our front office team growing, we are taking a more proactive approach to reaching premium clients. We are rolling out curated offline and online engagement programs in key wealth communities across Asia. This initiative will definitely help us to increase our visibility in elite networks, accelerate trust-based client acquisition, and strengthen long-term relationships with elite clients. Taken together, we are very confident that we are moving in the right direction, investing in high-quality revenue, enhancing our product and execution capabilities, and continuing to deepen engagement with our core client segments. We believe that these steps will position us well for long-term growth and value creation in the quarters ahead. Okay. Thanks, Vicky. I would like to update you on the two areas where we continue to invest for future growth.

On the client acquisition side, with our front office team growing, we are taking a more proactive approach to reaching premium clients. We are rolling out curated offline and online engagement programs in key wealth communities across Asia. This initiative will definitely help us to increase our visibility in elite networks, accelerate trust-based client acquisition, and strengthen long-term relationships with elite clients. Taken together, we are very confident that we are moving in the right direction, investing in high-quality revenue, enhancing our product and execution capabilities, and continuing to deepen engagement with our core client segments. We believe that these steps will position us well for long-term growth and value creation in the quarters ahead.

Speaker #1: This initiative will definitely help us increase our visibility in elite networks, accelerate trust-based client acquisition, and strengthen long-term relationships with elite clients. Taken together, we are very confident that we are moving in high-quality revenue, enhancing our product and execution capabilities, and continuing to engage with our core client segments.

Speaker #1: This step will position us well for long-term growth and value creation. We believe we are heading in the right direction, investing in the quarters ahead.

Yi Bao: Okay. Thanks, Vicky. I would like to update you on the two areas where we continue to invest for future growth.

Speaker #2: Okay, thanks, Vicky. I would like to update you on the two areas where we continue to invest for future growth. The first part will be the evolution of our platform and product suites, and the second part is to build out our real-world assets, or RWA, tokenization capabilities.

Operator: The first part will be the evolution of our platform and product suites, and the second part is the build-out of our real-world assets, or RWA tokenization capabilities. These are the same pillars I highlighted last quarter, and in Q3, we moved meaningfully from vision to execution. For platform evolution and product innovation, our starting point remains the same. Crypto is structural, cyclical, and our product roadmap is built to support clients through both down and up cycles, from capital preservation and yields to access, leverage, and alpha. In Q3, we made concrete progress on three fronts. First, we are integrating OTC into the platform. We are streamlining the OTC desks, execution, operations, and product illustration within our application and website.

The first part will be the evolution of our platform and product suites, and the second part is the build-out of our real-world assets, or RWA tokenization capabilities. These are the same pillars I highlighted last quarter, and in Q3, we moved meaningfully from vision to execution. For platform evolution and product innovation, our starting point remains the same. Crypto is structural, cyclical, and our product roadmap is built to support clients through both down and up cycles, from capital preservation and yields to access, leverage, and alpha. In Q3, we made concrete progress on three fronts. First, we are integrating OTC into the platform.

Speaker #2: These are the same pillars I highlighted last quarter, and in Q3, we moved meaningfully from vision to execution. For platform evolution and product innovation, our starting point remains the same.

Speaker #2: Crypto is structural; the roadmap is built to support clients through both down and up cycles. From cyclical, our product focuses on capital preservation and yields, to access, leverage, and alpha.

Speaker #2: In Q3, we made concrete programs on three fronts. First, we are integrating OTC into the platform. We are streamlining the OTC desk execution, operations, and product illustration within our application, allowing client trades via flow traders, relationship managers, or self-directs on what is increasingly becoming a single website.

We are streamlining the OTC desks, execution, operations, and product illustration within our application and website.

Operator: Whether a client trades via Flow Traders, relationship managers, or self-directs on the platform, they are increasingly getting a single, holistic view of their total assets and exposure with us. This reduces internal friction and gives institutional and family offices clients cleaner, real-time visibility. Second, we are building our AI Copilot. We advanced developments in AI Copilot designed to make the platform more proactive and adversarial, not just transactional. It will support the daily account recaps, the key P&L and risk drivers, and the portfolio and account reviews highlighting what requires attention, and the target markets and product insights within each client's risk parameters. We have started internal pilots, and we see this as a core enabler of scalable and high-touch coverage. Third, about the new structured products. On the product side, we soft launched more advanced structures such as the Leveraged Accumulator, decumulator, and the FCN-type payoffs.

Whether a client trades via Flow Traders, relationship managers, or self-directs on the platform, they are increasingly getting a single, holistic view of their total assets and exposure with us. This reduces internal friction and gives institutional and family offices clients cleaner, real-time visibility. Second, we are building our AI Copilot. We advanced developments in AI Copilot designed to make the platform more proactive and adversarial, not just transactional. It will support the daily account recaps, the key P&L and risk drivers, and the portfolio and account reviews highlighting what requires attention, and the target markets and product insights within each client's risk parameters. We have started internal pilots, and we see this as a core enabler of scalable and high-touch coverage. Third, about the new structured products.

Speaker #2: Assets and exposure with the platform create internal friction, which affects institutional and family offices. This reduces real-time visibility. Secondly, we are building our AI co-pilot.

Speaker #2: Target markets and product insights within each client's risk. Whether a We parameters. We have started internal pilots, and we see this as a core enabler of scalable and high-touch coverage.

Speaker #2: Third, regarding the new structured products. On the product side, we soft-launched more advanced structures such as the leveraged accumulator, decumulator, and the FCN-type payoffs.

On the product side, we soft launched more advanced structures such as the Leveraged Accumulator, decumulator, and the FCN-type payoffs.

Speaker #2: These solutions help sophisticated clients express views and enhance yield with defined payoff ranges. Anchored in robust risk management and suitability, combined with our existing suits, this strengthens our ability across different stages of the market cycle.

Operator: This solution helps sophisticated clients express views and enhance yield with defined payoff ranges, anchored in robust risk management and suitability. Combined with our existing suites, this strengthens our ability to serve clients across different stages of the market cycle. Overall, platform evolution is about making our efforts to institutions, family offices, and accredited investors more seamless, more intelligent, and easier to scale. These initiatives directly support our goal of improving unit economics while delivering superior client experiences, enabling us to serve more sophisticated clients profitably without proportional increases in headcounts. Let's turn to RWA tokenization. In Q3, we saw growing inbound interest from listed companies, family offices, and corporates exploring how to bring assets on-chain. For capital efficiency, distribution, and more programmable instruments, the demand drivers are clear. The challenge for most organizations is execution.

This solution helps sophisticated clients express views and enhance yield with defined payoff ranges, anchored in robust risk management and suitability. Combined with our existing suites, this strengthens our ability to serve clients across different stages of the market cycle. Overall, platform evolution is about making our efforts to institutions, family offices, and accredited investors more seamless, more intelligent, and easier to scale. These initiatives directly support our goal of improving unit economics while delivering superior client experiences, enabling us to serve more sophisticated clients profitably without proportional increases in headcounts. Let's turn to RWA tokenization. In Q3, we saw growing inbound interest from listed companies, family offices, and corporates exploring how to bring assets on-chain.

Speaker #2: Overall, platform evolution is to serve clients by making our efforts to institutions, family offices, and accredited investors more seamless, more intelligent, and easier to scale.

Speaker #2: This initiative directly supports our goal of improving unique economics while delivering superior client experiences, enabling us to serve more sophisticated.

Speaker #1: let's turn into Then RWA tokenization we Q3 , saw in inbound interest listed from growing companies , family offices and corporate to bring , exploring how on chain capital assets for efficiency , distribution and more instruments programmable .

For capital efficiency, distribution, and more programmable instruments, the demand drivers are clear. The challenge for most organizations is execution.

Speaker #1: The demand is clear. The challenge most organizations face is with their drivers. In response, we are focusing on productizing our internal RW platform solution.

Speaker #1: execution Rather than treating each opportunity one off The project . is a standard , seamless into can a technology offer as service provider , covering onboarding the and structuring issuance technology , capability servicing and instruments as a tokenized of and custody connectivity and to distribution venues .

Operator: In response, we focus on productizing our capabilities into an internal RWA platform solution rather than treating each opportunity as a one-off project. The goal is a standard, seamless SOP we can offer as a technology service provider, covering onboarding and structuring, insurance technology capability, and servicing of tokenized instruments, and the cost and connectivity to distribution venues. We are on track to set up the core RWA platform in Q4 and expect it to start generating revenues thereafter, mainly via technology and service fee initially. Over time, we see this platform sitting naturally alongside our trading and structured product business, and enabling clients to hold tokenized products directly within their broader digital wealth portfolio with us. To close, both pillars, platform evolution and RWA tokenization, are fully aligned with our institutional strategy.

In response, we focus on productizing our capabilities into an internal RWA platform solution rather than treating each opportunity as a one-off project. The goal is a standard, seamless SOP we can offer as a technology service provider, covering onboarding and structuring, insurance technology capability, and servicing of tokenized instruments, and the cost and connectivity to distribution venues. We are on track to set up the core RWA platform in Q4 and expect it to start generating revenues thereafter, mainly via technology and service fee initially. Over time, we see this platform sitting naturally alongside our trading and structured product business, and enabling clients to hold tokenized products directly within their broader digital wealth portfolio with us. To close, both pillars, platform evolution and RWA tokenization, are fully aligned with our institutional strategy.

Speaker #1: We are set to call up the platform in Q4 and expect it to start generating revenues thereafter, mainly via technology and service fees.

Speaker #1: Initially . time , we see this platform sitting naturally alongside Over structured product business and enabling clients to hold and tokenized , tokenized products directly within their digital wealth portfolio .

Speaker #1: With us to close pillars , platform both evolution broader and RWA tokenization are fully aligned our with institutional strategy . They deepen our value proposition to sophisticated clients , leverage our existing regulatory and strengths , and expand our product addressable markets while improving scalability and unique economics .

Operator: They deepen our value proposition to sophisticated clients, leverage our existing regulatory and product strengths, and expand our addressable markets while improving scalability and unique economics. I'm encouraged by the programs in Q3, and looking forward to the milestones ahead in Q4 and beyond. I will handle the mic to our CFO, Josephine Ngai. Thank you, Yi. Good morning, everyone. I will now reveal our financial results for the third quarter end, 30 September 2025, and explain how they align with our business strategy. Please be noted that all financial results discussed during this call reflect continuing operations only. Since we optimize our business to drive return to the shareholders through proactive monitoring on our operations and market trends, certain operations under iClick were classified as held for sale as of the end of the third quarter of 2025.

They deepen our value proposition to sophisticated clients, leverage our existing regulatory and product strengths, and expand our addressable markets while improving scalability and unique economics. I'm encouraged by the programs in Q3, and looking forward to the milestones ahead in Q4 and beyond. I will handle the mic to our CFO, Josephine Ngai.

Speaker #1: I'm encouraged by the programs in Q3 and looking forward to the milestones in Q4 and beyond. Ahead, I will hand the mic to our CFO, Josephine.

Speaker #1: Now, thank you, Yi.

Speaker #2: Good morning, everyone. I will now review our financial results for the third quarter and September 30, 2025, and explain how they align with our business strategy.

Josephine Ngai: Thank you, Yi. Good morning, everyone. I will now reveal our financial results for the third quarter end, 30 September 2025, and explain how they align with our business strategy. Please be noted that all financial results discussed during this call reflect continuing operations only. Since we optimize our business to drive return to the shareholders through proactive monitoring on our operations and market trends, certain operations under iClick were classified as held for sale as of the end of the third quarter of 2025.

Speaker #2: Please note that all financial results discussed during this call reflect continuing operations only, as we optimize our drive to return to shareholders through proactive monitoring of our operations and market trends.

Speaker #2: And certain operations under I were classified as held for sale. As of the end of the third quarter of this year, we delivered solid record results for Q3 2025.

Speaker #2: Metrics demonstrating the strength of our business model and the growing institutional demand for our solutions. Regenerated total revenue reached $16.3 million, which represents a significant increase from $0.6 million a year ago.

Operator: This quarter, we delivered solid, record results across key financial metrics, demonstrating the strength of our business model and the growing institutional demand for our solutions. We generated total revenue of $16.3 million, which increased significantly from $0.6 million a year ago. It is primarily attributable to robust growth in wealth management solutions and execution solutions, as well as integrations of revenue from marketing solutions and enterprise solutions following the merger with iClick. In addition, the continuous expansions of embeddable M business also contribute to the revenue growth. Revenue from our wealth management solutions was $7.5 million, which significantly increased from $0.5 million in the same period last year. The execution solutions generated $3.2 million revenue this quarter, compared with $0.1 million in the third quarter of 2024.

This quarter, we delivered solid, record results across key financial metrics, demonstrating the strength of our business model and the growing institutional demand for our solutions. We generated total revenue of $16.3 million, which increased significantly from $0.6 million a year ago. It is primarily attributable to robust growth in wealth management solutions and execution solutions, as well as integrations of revenue from marketing solutions and enterprise solutions following the merger with iClick. In addition, the continuous expansions of embeddable M business also contribute to the revenue growth. Revenue from our wealth management solutions was $7.5 million, which significantly increased from $0.5 million in the same period last year. The execution solutions generated $3.2 million revenue this quarter, compared with $0.1 million in the third quarter of 2024.

Speaker #2: Following the with Eclipse in addition , the continuous expansion of and also contributed to the revenue growth digital . Revenue from our management wealth solutions was 7.5 million USD , which significantly increased from 0.5 million USD in the same period last year .

Speaker #2: The execution solutions generated 3.2 million USD revenue this quarter , compared with 0.1 million USD in the third quarter of 2020 . For payment regarding the solutions , it was increased quarter 1.2 million USD this , compared with 0.1 million USD in the quarter of For revenue from 2020 .

Operator: Regarding the payment solutions, it was increased to $1.2 million this quarter, compared with $0.1 million in the third quarter 2024. Revenue from marketing and enterprise solutions was $4.4 million after the reclassifications of income statements from disposing units in Q4, which was consolidated in the listed company after the merger last year. What's particularly encouraging about this result is the ongoing improvement in our profit profile year over year. Gross profit for the third quarter of 2025 reached $11.8 million, compared to $0.4 million in the same period of 2024. Gross profit margin demonstrated an upward trend to 72.3% in the third quarter of 2025, from 44.7% in the third quarter last year.

Regarding the payment solutions, it was increased to $1.2 million this quarter, compared with $0.1 million in the third quarter 2024. Revenue from marketing and enterprise solutions was $4.4 million after the reclassifications of income statements from disposing units in Q4, which was consolidated in the listed company after the merger last year. What's particularly encouraging about this result is the ongoing improvement in our profit profile year over year. Gross profit for the third quarter of 2025 reached $11.8 million, compared to $0.4 million in the same period of 2024. Gross profit margin demonstrated an upward trend to 72.3% in the third quarter of 2025, from 44.7% in the third quarter last year.

Speaker #2: Solutions amounted to $4.4 million USD after the reclassifications of enterprise statements from disposing units in Q4, which were consolidated in the listed company after this year.

Speaker #2: What particularly encouraging about , which this result is the ongoing improvement in merger . profit our profile year over year . Gross profit for the third quarter of 2025 reached 11.8 million USD , compared to 0.4 million USD in the same period of 2020 .

Speaker #2: The gross profit margin demonstrated an upward trend to 72.3% in the third quarter of 2025, compared to the third quarter last year. The operating income was $1.4 million in the third quarter of 2025, an increase of 44.7%, achieving a turnaround from an operating loss of $1.8 million in the third quarter of 2024.

Operator: The operating income was $1.4 million in the third quarter of 2025, and achieved a turnaround from $1.8 million operating loss in the third quarter of 2024, as a result of our growth in gross profit and strengthened operating leverage. The net income from continuing operations was $2.2 million, compared to net loss from continuing operations of $0.8 million in the third quarter of 2024, as a result of the foregoing. As of 30 September 2025, the company has cash and cash equivalents, timed deposits, and restricted cash of $39.9 million, compared to $9.3 million as of 31 December 2024. This strong cash position, supported by both our July 2025 private placements, provides us with strategic possibilities to invest in high-return growth initiatives, including RWA tokenizations and our AI-powered platform capabilities.

The operating income was $1.4 million in the third quarter of 2025, and achieved a turnaround from $1.8 million operating loss in the third quarter of 2024, as a result of our growth in gross profit and strengthened operating leverage. The net income from continuing operations was $2.2 million, compared to net loss from continuing operations of $0.8 million in the third quarter of 2024, as a result of the foregoing. As of 30 September 2025, the company has cash and cash equivalents, timed deposits, and restricted cash of $39.9 million, compared to $9.3 million as of 31 December 2024. This strong cash position, supported by both our July 2025 private placements, provides us with strategic possibilities to invest in high-return growth initiatives, including RWA tokenizations and our AI-powered platform capabilities.

Speaker #2: As a result of our growth, gross strengthened operating leverage led to income from continuing operations. The net profit was $2.2 million, compared to a net loss from continuing operations of $0.8 million in the third quarter of 2020.

Speaker #2: As Four . a result of the foregoing . As of these 2025 , the company had cash and September 30th , equivalents . Time deposits and restricted cash of 39.9 million USD , compared 9.3 million USD as of December 31st , to 2020 .

Speaker #2: For . This strong cash , supported position by both our July 2025 placements with us strategic flexibility to invest in high , provide growth , including initiatives tokenization and our AI powered platform capabilities .

Speaker #2: On and on . GAAP the basis , adjusted EBITDA from continuing operations reached 2.9 million USD and adjusted net income from continuing operations was 2.7 million USD .

Operator: On an on-game basis, the adjusted EBITDA from continuing operations reached $2.9 million, and the adjusted net income from continuing operations was $2.7 million. I will now provide an update on our forward-looking outlook. Based on current market conditions and our preliminary estimates, we expect 2025 full-year revenue from our Amber Premium segments to be in the range of $50 million to $52.5 million. This guidance reflects our expectations on sustainable institutional demand, and the diversification of our revenue stream across wealth management, executions, and payment solutions. This outlook is also based on current market conditions and our assessments of continued institutional adoptions of digital assets, and reflects the company's preliminary estimates of market and operating conditions, expected foreign exchange fluctuation, and customer demand, which are all subject to change. Please also refer to the factors set out under the sections titled Safe Harvest Statements and the Earnings.

On an on-game basis, the adjusted EBITDA from continuing operations reached $2.9 million, and the adjusted net income from continuing operations was $2.7 million. I will now provide an update on our forward-looking outlook. Based on current market conditions and our preliminary estimates, we expect 2025 full-year revenue from our Amber Premium segments to be in the range of $50 million to $52.5 million. This guidance reflects our expectations on sustainable institutional demand, and the diversification of our revenue stream across wealth management, executions, and payment solutions. This outlook is also based on current market conditions and our assessments of continued institutional adoptions of digital assets, and reflects the company's preliminary estimates of market and operating conditions, expected foreign exchange fluctuation, and customer demand, which are all subject to change. Please also refer to the factors set out under the sections titled Safe Harvest Statements and the Earnings.

Speaker #2: I will now provide an update on our forward looking outlook . Look , based on current market conditions and our preliminary estimates , we expect 2025 full year revenue from our segments to be in the range of 50 million to 52.5 million .

Speaker #2: premium guidance reflects our expectations on sustainable institutional demand and diversification revenue streams across of our wealth management , executions and payment solutions . This outlook is also based on current market and conditions our assessments of continued This adoption of digital institutional assets , and reflects the company's preliminary estimates of market and operating conditions , expected foreign exchange fluctuations and customer demand , which are all subject to change also .

Speaker #2: Please refer to the factors set out under the sections titled "Harbor Safe Statement" in the earnings report. Looking ahead, in addition to the external business strategy that we mentioned before, internally, we implemented disciplined management to drive cost improvement and continued operating leverage as we scale.

Operator: 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 integrate the operations following our merger. We maintain strong liquidity and balance sheet possibility in order to support our global expansions and strategic partnerships. To improve the profitability demonstrates that our institutional approach is resonating with clients and creating values for shareholders. With that, I will turn the call back to Mia. Thank you. Thank you, Josephine. That concludes our prepared remarks for today. We will now open the line for Q&A. Operator, please begin. Thank you.

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 integrate the operations following our merger. We maintain strong liquidity and balance sheet possibility in order to support our global expansions and strategic partnerships. To improve the profitability demonstrates that our institutional approach is resonating with clients and creating values for shareholders. With that, I will turn the call back to Mia. Thank you.

Speaker #2: We are also enhancing our financial reporting system to provide transparent insights into our performance as we integrate the operations following our merger. We maintain a strong liquidity balance sheet flexibility to support our global order and expansion strategic partnerships to improve profitability, demonstrating that our institutional approach is resonating with clients and creating value for.

Speaker #2: With that, I will turn the call back to shareholders to thank Mia. Thank you.

Speaker #3: Thank you . Josephine . That concludes our prepared remarks for today . We will now open the line for Q&A . Operator , please begin .

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

Speaker #4: Thank you. If you'd like to ask a question, you may at this time press the star key on your telephone keypad. A confirmation tone will indicate your line is in the question queue.

Operator: If you'd like to ask a question at this time, you may press Star 1 from your telephone keypad and a confirmation tone to indicate your line is in the question queue. You may press Star 2 if you'd like to withdraw your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the Star keys. One moment, please, for our first question. Thank you. The first question comes from the line of Brian Dodson with Clear Street. Please just use your questions. Hi, good morning. First question on the share repurchase authorization. As you're thinking about utilizing that, would you take a more opportunistic or programmatic approach to retiring common shares? Hi, Brian. Thanks for the question. Regarding the execution of this share repurchase program, I mean, we are taking an open-minded approach, right?

Operator: If you'd like to ask a question at this time, you may press Star 1 from your telephone keypad and a confirmation tone to indicate your line is in the question queue. You may press Star 2 if you'd like to withdraw your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the Star keys. One moment, please, for our first question. Thank you. The first question comes from the line of Brian Dodson with Clear Street. Please just use your questions.

Speaker #4: You may press star two if you'd like to withdraw from your question queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key.

Speaker #4: One moment For please . first question our . Thank you . pressing the from the line of Brian Dodson with Clear Street . Please review with your questions .

Speaker #5: Hi . Good morning . first question So share repurchase authorization . As you're thinking about utilizing on the that , would you take a more opportunistic or programmatic approach to retiring shares common

Brian Dodson: Hi, good morning. First question on the share repurchase authorization. As you're thinking about utilizing that, would you take a more opportunistic or programmatic approach to retiring common shares?

Speaker #1: Hi, Brian, thanks for the question.

Michael Wu: Hi, Brian. Thanks for the question. Regarding the execution of this share repurchase program, I mean, we are taking an open-minded approach, right?

Speaker #6: Regarding the of this execution share repurchase I mean , we program are taking a , you know . , an You know , open minded approach , right ?

Speaker #6: We may repurchase ads through open market transactions at prevailing prices. We might conduct private transactions. We might do market block trades, or any negotiated combination of these.

Operator: We may repurchase ADS through open market transactions at prevailing market prices. We might conduct privately negotiated transactions. We might do block trades or any combination of these. We will conduct all purchases in compliance. Regarding the specific timing, the type of transactions, the amount will all depend on a lot of factors, including the share price itself, the volume, market conditions, working capital requirements, and other general business conditions. Given the decision is from our board of directors, our board will also review the program periodically and may authorize adjustments to the terms, size, based on evolving business needs and the market conditions. Yeah, great. Thanks. Do you think you could just touch on some of the key drivers of better-than-expected volumes in Q3? I know it's early in Q4, but what are you seeing so far?

We may repurchase ADS through open market transactions at prevailing market prices. We might conduct privately negotiated transactions. We might do block trades or any combination of these. We will conduct all purchases in compliance. Regarding the specific timing, the type of transactions, the amount will all depend on a lot of factors, including the share price itself, the volume, market conditions, working capital requirements, and other general business conditions. Given the decision is from our board of directors, our board will also review the program periodically and may authorize adjustments to the terms, size, based on evolving business needs and the market conditions.

Speaker #6: we Again , you know , will conduct all purchases in compliance . But , you know , regarding the specific timing , the type of transactions , the will all depend a on lot of factors , including the share price amount itself , the volume , market conditions , you know , capital working requirements and other general business conditions .

Speaker #6: And again , you know , the given the decision is , you know , from from our board of directors , our border will also review the program periodically .

Speaker #6: And may authorize adjustments to the terms' size based on evolving business needs and the market conditions.

Speaker #5: Yeah , great . Thanks . And think you then do you could just touch on some of the key drivers of better than volumes in three Q and I know it's it's early in four Q but but what are you seeing so far .

Brian Dodson: Yeah, great. Thanks. Do you think you could just touch on some of the key drivers of better-than-expected volumes in Q3? I know it's early in Q4, but what are you seeing so far?

Speaker #5: Do you expect that strength to continue?

Operator: Do you expect that strength to continue? Yeah, hi, Brian. Yeah, this is Yi. For the volume side, I think you may see the number in Q3, both the execution and payment volumes pick up dramatically. In Q3, the main driver is about, I mean, the risk of ETH price. You can see in Q3. It prompts the ETH miners, just some of the previous ETH miners, to take profits and engage in the direction of trading, which sparks our, I mean, the execution volume a lot. Also, the ETH price rally really well sparked the imagination of the small-cap tokens. Some hedge funds, etc., they're just doing the rebalancing with their portfolios, and then they engage us with the execution service. Also, yeah, there were some high-profile IEO, etc., projects.

Do you expect that strength to continue?

Speaker #1: Hi , Brian . Yeah . Yeah , this is Ian for the volume side . I think you may see number in Q3 the the are both the execution and payment volumes pick up .

Yi Bao: Yeah, hi, Brian. Yeah, this is Yi. For the volume side, I think you may see the number in Q3, both the execution and payment volumes pick up dramatically. In Q3, the main driver is about, I mean, the risk of ETH price. You can see in Q3. It prompts the ETH miners, just some of the previous ETH miners, to take profits and engage in the direction of trading, which sparks our, I mean, the execution volume a lot. Also, the ETH price rally really well sparked the imagination of the small-cap tokens. Some hedge funds, etc., they're just doing the rebalancing with their portfolios, and then they engage us with the execution service. Also, yeah, there were some high-profile IEO, etc., projects.

Speaker #1: Dramatically . And in Q3 the main driver is about I mean , the the racing the risk of ETH can see in you the Q3 and the price .

Speaker #1: Prompts the ETH miners, they just some of the may previous edition miners to take profits and engaging in the directional trading, which sparks our, I mean, the execution volume a lot. Also, you know, the ETH price rally really well sparks the imagination of the small cap tokens.

Speaker #1: some like the hedge etc. , they just doing funds the rebalancing with their portfolios . And then they engage us You with And so the execution service and also yeah , there was some high profile IEO or etc.

Speaker #1: projects . They just maybe engage us to do some . I mean , the buying and selling activity as well . So this this will be the , the key drivers of the execution volume side .

Operator: They just maybe engage us to do some, I mean, the buy and selling activity as well. This will be the key drivers of the execution volume side. In terms of Q4, I could anticipate that if the market volatiles continue, we can imagine there were still active trading behaviors which will engage us to using our execution or the trading desk capabilities going forward. I hope I answered your question. Yeah, that was very helpful, particularly the commentary regarding volatility. Thanks very much. Thank you, Brian. Our next question is from the line of Ed Engel with Compass Point. Please just use your questions. Hi, everyone. Thanks for taking my question. I know over in Hong Kong, we're coming off of a pretty big FinTech festival over there. Obviously, we had Token 24/9 the past couple of weeks.

They just maybe engage us to do some, I mean, the buy and selling activity as well. This will be the key drivers of the execution volume side. In terms of Q4, I could anticipate that if the market volatiles continue, we can imagine there were still active trading behaviors which will engage us to using our execution or the trading desk capabilities going forward. I hope I answered your question.

Speaker #1: And in terms of the Q4 , could anticipate that if the market volatile continues , we can imagine there was active trading behaviors and which engage to or us our execution or the trading desk capabilities going using forward , I hope I answer your question .

Speaker #5: Yeah, that was very helpful, particularly the commentary regarding volatility. Thanks very much.

Brian Dodson: Yeah, that was very helpful, particularly the commentary regarding volatility. Thanks very much.

Speaker #6: Thank you . Brian .

Speaker #4: Our next question from the line of Ed with Compass Point. Please see if you have any questions, Engle.

Michael Wu: Thank you, Brian.

Operator: Our next question is from the line of Ed Engel with Compass Point. Please just use your questions.

Speaker #7: Hi , everyone . Thanks for taking my question . I know over in Hong Kong we're coming off a pretty big the Fintech festival over there .

Ed Engel: Hi, everyone. Thanks for taking my question. I know over in Hong Kong, we're coming off of a pretty big FinTech festival over there. Obviously, we had Token 24/9 the past couple of weeks.

Speaker #7: Then obviously we had token , a 24/9 last couple of weeks . Just wondering as you start to see more of these mainstream financial institutions , kind of attending conferences , how are your conversations with this kind of group and how close do you think we are to potentially one day kind of partnership with a company like one of these more traditional forming a institutions ?

Operator: Just wondering, as you start to see more of these mainstream financial institutions kind of attend these conferences, how are your conversations with this kind of group, and how close do you think we are to potentially one day kind of forming a partnership with a company like one of these more traditional institutions? Thanks. Hi, yeah. Thanks for the question. Yeah, I think I have attended several panels in the Hong Kong FinTech Festival, and, I mean, the Singapore FinTech Festival. I think their interests are mainly focused on the stablecoins and the RWA perspective, and they just want maybe finding some solutions for them to tokenize their money market funds, real estate, stocks, public stock, private shares, and they want a one-stop service even for them to distribute, right? This is what the inbound, lots of the inbound interests come into us.

Just wondering, as you start to see more of these mainstream financial institutions kind of attend these conferences, how are your conversations with this kind of group, and how close do you think we are to potentially one day kind of forming a partnership with a company like one of these more traditional institutions? Thanks.

Speaker #7: Thanks .

Yi Bao: Hi, yeah. Thanks for the question. Yeah, I think I have attended several panels in the Hong Kong FinTech Festival, and, I mean, the Singapore FinTech Festival. I think their interests are mainly focused on the stablecoins and the RWA perspective, and they just want maybe finding some solutions for them to tokenize their money market funds, real estate, stocks, public stock, private shares, and they want a one-stop service even for them to distribute, right? This is what the inbound, lots of the inbound interests come into us.

Speaker #1: Hi . Yeah . Excellent question . Yeah , I actually I , I have changed in several panels in the Hong Kong film Festival and the I mean the , the , the Singapore Fintech Festival .

Speaker #1: I think they are interest are on the stablecoins and the RWA perspective . mainly focused they just And maybe finding some solutions want for them to tokenize their the money market funds , real stocks , public stock , private shares .

Speaker #1: And they want like a service one stop even for them to distribute . Right . So this is the assets , inbound lots of inbound coming to us .

Speaker #1: So we as I interest mentioned during the the past session , we are actively engaged with them talking about how could I how we help them to to do the other initiatives .

Operator: As I mentioned during maybe the past session, we are actively engaged with them, talking about how we could help them to do the RWA initiatives. In terms of the stablecoins, yes, as you may know, Hong Kong is rolling out the stablecoin regulation and the license regime. I hope we anticipate there will be some of the stablecoin partners in the future to maybe discuss with about how to list within our licensed regulatory platform, etc. Yeah, it is still, I mean, some preliminary discussion. Yeah, to answer your questions, we do find that lots of the traditional institutions are quite interested in the stablecoin and RWA kind of initiatives, and we are definitely one of maybe the potential service providers among their options. Thank you. Great. Appreciate the call there.

As I mentioned during maybe the past session, we are actively engaged with them, talking about how we could help them to do the RWA initiatives. In terms of the stablecoins, yes, as you may know, Hong Kong is rolling out the stablecoin regulation and the license regime. I hope we anticipate there will be some of the stablecoin partners in the future to maybe discuss with about how to list within our licensed regulatory platform, etc. Yeah, it is still, I mean, some preliminary discussion. Yeah, to answer your questions, we do find that lots of the traditional institutions are quite interested in the stablecoin and RWA kind of initiatives, and we are definitely one of maybe the potential service providers among their options. Thank you.

Speaker #1: terms of the stablecoins , yes . As you may know , like Hong Kong is rolling out the the stablecoin And in regulation could and license regime , and I hope we anticipate there will be the some of like the stablecoins partners in the to maybe discuss with them about future how to list within our licensed regulatory platform , etc.

Speaker #1: . it's still , I mean , some preliminary , preliminary Yeah , discussion . Yeah , but to answer your questions , we do find that lots but of the institutions they are traditional interesting interested in the a stablecoin .

Speaker #1: and quite initiatives .

Speaker #1: And RWA kind of, and we are maybe the potential service, definitely one of the providers among their options. Yeah. Thank you.

Speaker #7: Great . Appreciate the color . And then I guess since the flash crash or liquidations for the industry back in October early on a , curious medium term perspective , does this create any opportunity for kind of amber , I guess , to increase market share in any of the areas ?

Ed Engel: Great. Appreciate the call there.

Operator: I guess since the flash crash or liquidations for the industry back in early October, curious on a medium-term perspective, does this create any opportunity for kind of Amber, I guess, to increase market share in any of the areas? Thanks. Hi, this is Steve. I'll take that one. As with cycles before, typically in these kind of events, there are players whose risk management might not be completely up to par that would be hurt by such a liquidation event. However, that presents opportunities for market share to shift to players with, I guess, more stringent risk control, and platforms where folks perceive to have more stability or financial backing, right?

I guess since the flash crash or liquidations for the industry back in early October, curious on a medium-term perspective, does this create any opportunity for kind of Amber, I guess, to increase market share in any of the areas? Thanks.

Speaker #7: Thanks .

Speaker #8: this is Hi , Steve . I'll take that one . So with , you know , cycles before typically in these kind of as , there are players that would be risk not be , you know , who completely up to par .

Steve Zhang: Hi, this is Steve. I'll take that one. As with cycles before, typically in these kind of events, there are players whose risk management might not be completely up to par that would be hurt by such a liquidation event. However, that presents opportunities for market share to shift to players with, I guess, more stringent risk control, and platforms where folks perceive to have more stability or financial backing, right?

Speaker #8: That would be hurt by , by such a event . However , that presents opportunities for market share to shift to players with guess , more I stringent liquidation control and and platforms where where folks perceive to have more stability or financial or financial backing .

Speaker #8: Right . So I think we did benefit from that , that shift in the past month or so , and we continue to to , to , to hope to capitalize on these opportunities as some of the other smaller desks and players retrench from such an event .

Operator: I think we did benefit from that shift in the past month or so, and we continue to hope to capitalize on these opportunities as some of the other smaller desks and smaller players retrench from such an event. Right now, we're still looking at this as an incremental opportunity for us. Great. Thanks, everyone, and congrats on all the progress. Thank you. Thank you. Thank you. There are no additional questions at this time. Mia, do you have any comments? Thank you. I'll turn the call back to Mia for closing remarks. We're going to answer one more question. Sure. Yeah, we've got some questions from the system. There's a question from Kelvin.

I think we did benefit from that shift in the past month or so, and we continue to hope to capitalize on these opportunities as some of the other smaller desks and smaller players retrench from such an event. Right now, we're still looking at this as an incremental opportunity for us.

Speaker #8: So , you know , right , right now , still we're still looking at we're this as an smaller additional opportunity , incremental opportunities for us .

Speaker #7: Everyone, and great. Thanks, congrats on all the progress from.

Ed Engel: Great. Thanks, everyone, and congrats on all the progress.

Speaker #6: Thank you .

Michael Wu: Thank you.

Speaker #4: you . There are no additional questions at this Thank time . Mia , do you have any comments ? Thank you . I'll turn I'll turn the call back to Mia for closing remarks .

Steve Zhang: Thank you.

Operator: Thank you. There are no additional questions at this time. Mia, do you have any comments? Thank you. I'll turn the call back to Mia for closing remarks.

Speaker #9: We're going to answer question one more time.

Speaker #6: Sure . Yeah . We have we've got some questions from from the system . There's a question from Kelvin . The question since the merger , price stock ML softened .

Vicky Wang: We're going to answer one more question.

Operator: Sure.

Michael Wu: Yeah, we've got some questions from the system. There's a question from Kelvin.

Speaker #6: How do you position your valuation versus peers what key should investors focus on reads . So you know , I think and again , fundamentally we are as we mentioned , you know , we are building what we believe a company as a frontier of technologies .

Operator: The question reads, since the merger, iClick Interactive Asia Group Limited's stock price has softened, how do you position your valuation versus peers, and what key metrics should investors focus on? I think, again, fundamentally, as we mentioned, we are building what we believe is a company at the frontier of technologies. We really position iClick Interactive Asia Group Limited to be at the forefront of crypto and AI, and we do believe the two technologies will not only converge, but they will reshape finance and the broader economy. Therefore, we are really taking a long-term, technology-driven growth approach towards our business and towards how we build the company. Rome is not built in one day. We have a lot of patience, a lot of commitment to realize that really, really greater and ambitious vision. In the meantime, that does not mean we only focus on the long term.

The question reads, since the merger, iClick Interactive Asia Group Limited's stock price has softened, how do you position your valuation versus peers, and what key metrics should investors focus on? I think, again, fundamentally, as we mentioned, we are building what we believe is a company at the frontier of technologies. We really position iClick Interactive Asia Group Limited to be at the forefront of crypto and AI, and we do believe the two technologies will not only converge, but they will reshape finance and the broader economy. Therefore, we are really taking a long-term, technology-driven growth approach towards our business and towards how we build the company. Rome is not built in one day. We have a lot of patience, a lot of commitment to realize that really, really greater and ambitious vision. In the meantime, that does not mean we only focus on the long term.

Speaker #6: really position We're Amber be at the metrics forefront crypto and AI . And do we believe the two technologies will not only to converge , but they will finance and economy .

Speaker #6: we are taking a long really term reshape , technology driven Therefore , approach towards our towards business and the company how we build .

Speaker #6: Rome is day. We have a lot of growth, a commitment to realize that we really have a greater lot of ambitious vision.

Speaker #6: Now , in the the broader meantime , mean that does we not only focus on the we long term . We do about how care to maximize shareholder values .

Speaker #6: You know , market not built in . sometimes does its own One thing , but , you know , that's why both , you know , we are focused day to day to improve our business , to revenue , to generate generate you can profits .

Operator: We do care about how to maximize shareholder values. Market sometimes does its own thing, but that's why we are focused day to day to improve our business, to generate revenue, to generate profits. As you can see, the business is profitable, the business is strong, the business is highly resilient across market cycles. At the same time, we are taking different approaches. We are trying different ideas, and the board, in this case, blessed us with this share buyback program. Again, we are trying to, both with a very long-term approach, build towards our vision, and we do think iClick has an opportunity to become really a cornerstone of that future we envision. At the same time, in the immediate term, we care a lot about how to return values to shareholders, and taking all kinds of measures in that as well.

We do care about how to maximize shareholder values. Market sometimes does its own thing, but that's why we are focused day to day to improve our business, to generate revenue, to generate profits. As you can see, the business is profitable, the business is strong, the business is highly resilient across market cycles. At the same time, we are taking different approaches. We are trying different ideas, and the board, in this case, blessed us with this share buyback program. Again, we are trying to, both with a very long-term approach, build towards our vision, and we do think iClick has an opportunity to become really a cornerstone of that future we envision.

Speaker #6: see , you know , profitable . The business is strong . As really , the highly resilient across market cycles . At the you know , we are , you know , taking , you know , different same time , approaches .

Speaker #6: We are trying different ideas. And you know the board, in this case, blessed us with this, you know, with the share buyback program.

Speaker #6: And again, you know, we are trying to both, with a very long-term approach, build towards our vision. And we do think Amber has an opportunity to become really a cornerstone for the future.

Speaker #6: We envision at the same time , you of that know , in the immediate term , we care a lot know , how to about , you return shareholders values to .

At the same time, in the immediate term, we care a lot about how to return values to shareholders, and taking all kinds of measures in that as well.

Speaker #6: And , you know , taking all kinds of measures in that as in terms of valuation versus peers . Again , I do think , you know , we are quite uniquely positioned most listed crypto companies , a either fall into the category them lot of of , you know , retail focused crypto exchanges or into the category of crypto miner or miner related companies .

Operator: In terms of valuation versus peers, again, I do think we are quite uniquely positioned. Most listed crypto companies, a lot of them either fall into the category of retail-focused crypto exchanges or into the category of crypto miner or miner-related companies. Amber is neither. We are positioned as Asia's leading digital wealth management platform, and we do service a very unique and extremely strong client base of institutions, family offices, and high-net-worths alike. We do think we are in a unique position, and it's a bit harder to compare us directly with other companies. If you really want to look at metrics, you do see we are a profitable company. We're growing our revenue.

In terms of valuation versus peers, again, I do think we are quite uniquely positioned. Most listed crypto companies, a lot of them either fall into the category of retail-focused crypto exchanges or into the category of crypto miner or miner-related companies. Amber is neither. We are positioned as Asia's leading digital wealth management platform, and we do service a very unique and extremely strong client base of institutions, family offices, and high-net-worths alike. We do think we are in a unique position, and it's a bit harder to compare us directly with other companies. If you really want to look at metrics, you do see we are a profitable company. We're growing our revenue.

Speaker #6: Amber is well , neither . We are as we are positioned as Asia's leading digital wealth management platform , and we do service a very unique and extremely , you know client base , strong of , you know , institutions and family offices and high net worth alike .

Speaker #6: So we do think are in a unique we position and it's a harder to compare us bit with other companies . But if you really want to look at , you you know , metrics , you do see , you know , we are a We're company .

Speaker #6: profitable growing our revenue . Of course , you the the know , be cyclical , but at the you know , same time , I think over time , if you look at the history company's going backwards and if you , you know , see the company's going forward , I do think it will continue to see growth in revenue and profitability .

Operator: Of course, the industry can be cyclical, but at the same time, I think over time, if you look at the company's history going backwards and if you see the companies going forward, I do think it will continue to see growth in revenue and profitability. Another question reads, Congrats on Q3. I'm curious about your outlook on the crypto market and how you expect it to influence revenue and the profitability going forward. I think my colleagues, Yi and Steve, both touched upon this question a little bit. I think it's very hard to predict the market in the short term. Long term, we're extremely confident about the growth of the crypto industry, the crypto market, and the blue-chip assets such as Bitcoin itself. In the near term, there will be volatilities.

Of course, the industry can be cyclical, but at the same time, I think over time, if you look at the company's history going backwards and if you see the companies going forward, I do think it will continue to see growth in revenue and profitability. Another question reads, Congrats on Q3. I'm curious about your outlook on the crypto market and how you expect it to influence revenue and the profitability going forward. I think my colleagues, Yi and Steve, both touched upon this question a little bit. I think it's very hard to predict the market in the short term. Long term, we're extremely confident about the growth of the crypto industry, the crypto market, and the blue-chip assets such as Bitcoin itself.

Speaker #6: Another question I received on Q3. I'm curious about your outlook on the crypto market and how you expect it to influence revenue and profitability.

Speaker #6: Going forward . I think my colleagues Steve , both touched upon E and question a little bit . I think it's very hard to predict the market in the in the short term , long term , we extremely confident about the growth of , you know , the the industry , crypto market and the blue chip assets such as Bitcoin itself .

Speaker #6: But in crypto, in the near term, there will be volatilities. We do see, you know, since October, there has been a price decline.

In the near term, there will be volatilities.

Operator: We do see since October, there has been a sharp price decline and overall shrinking liquidity in the crypto market in the near term. That will impose challenges to some investors, to some investor confidence. At the same time, there are also factors potentially benefiting us, such as what Steve mentioned, that there are other potential smaller players or players who are less robust in terms of their risk management that will leave market share and leave potential client activities towards us or players like us. Yeah, I mean, it's hard to predict the market itself, but again, if we bring the horizon a bit further and look at the long term, we are both extremely confident about the industry, about the market long term, and also confident about our own growth. I think that's all the questions we have answered today. Thank you.

We do see since October, there has been a sharp price decline and overall shrinking liquidity in the crypto market in the near term. That will impose challenges to some investors, to some investor confidence. At the same time, there are also factors potentially benefiting us, such as what Steve mentioned, that there are other potential smaller players or players who are less robust in terms of their risk management that will leave market share and leave potential client activities towards us or players like us. Yeah, I mean, it's hard to predict the market itself, but again, if we bring the horizon a bit further and look at the long term, we are both extremely confident about the industry, about the market long term, and also confident about our own growth. I think that's all the questions we have answered today. Thank you.

Speaker #6: and overall , you know And , shrinking liquidity in the crypto market in the near sharp term . That will impose challenges to to some investors , to some investor confidence .

Speaker #6: But at the same time, there are also factors potentially benefiting us, such as what was mentioned. I know there are other potential smaller players or players who are less robust in terms of their risk management.

Speaker #6: That are will leave Steve market share and leave potential client activities towards us or players like us . So . yeah , I So mean , you know , it's hard to predict the market itself , but , you know , again , if we bring the horizon a bit further and look at the long term , we are both extremely confident about the industry , about the market , long term and also confident about our own growth .

Speaker #6: I think that's all the questions we have answered today.

Speaker #4: Thank you. Additional questions? There are no…

Speaker #3: Thank you for joining us today. This quarter represents a pivotal step as we accelerate our AI-driven transformation and reinforce our commitment to institutional excellence.

Operator: There are no additional phone questions. Thank you all for joining us today. This quarter represents a pivotal step as we accelerate our AI-driven transformation and reinforce our commitment to institutional excellence, reaffirming iClick Interactive Asia Group Limited'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.

Operator: There are no additional phone questions.

Moderator: Thank you all for joining us today. This quarter represents a pivotal step as we accelerate our AI-driven transformation and reinforce our commitment to institutional excellence, reaffirming iClick Interactive Asia Group Limited'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.

Speaker #3: Reaffirming International's position as a global leading digital wealth management platform, we sincerely appreciate your continued trust and support. We look forward to sharing further updates with you in the upcoming quarter.