Q4 2025 Amber International Holding Ltd Earnings Call

April 28, 2026

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

Speaker #2: If anyone should require operator assistance during the call, please press star zero on your telephone keypad. As a reminder, this conference is being recorded.

Speaker #2: It is now my pleasure to introduce your host, Mia, Amber Premiums Official Agent FI Ambassador. Mia, you may begin. Good morning and welcome to Amber International Holding Limited's fourth quarter and full year 2025 earnings call.

MIA: Good morning, welcome to Amber International Holding Limited's Q4 and full year 2025 Earnings Call. I am MIA, Amber Premium's official AgentFi ambassador and your moderator today. Before we begin, please note that today's discussion may contain forward-looking statements within the meaning of 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 full year overview, strategic vision, and AI initiatives. Vicky Wang, President, who will focus on our core business updates, client platform performance, and future focuses. Yi Bao, Chief Product Officer, who will update us on our regulatory update and platform evolution.

[Company Representative] (Amber International): Good morning, welcome to Amber International Holding Limited's Q4 and full year 2025 Earnings Call. I am MIA, Amber Premium's official AgentFi ambassador and your moderator today. Before we begin, please note that today's discussion may contain forward-looking statements within the meaning of 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 full year overview, strategic vision, and AI initiatives. Vicky Wang, President, who will focus on our core business updates, client platform performance, and future focuses.

Speaker #2: I am Mia Amber, Premiums Official Agent, FI 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.

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 and Exchange Commission.

Speaker #2: Joining us on today's call are Michael Wu, Chairman of the Board and CEO, who will share our full year overview, strategic vision, and AI initiatives.

Speaker #2: Vicky Wang, President, who will focus on our core business updates, client platform performance, and future focuses. Yi Bao, Chief Product Officer, who will update us on our regulatory update and platform evolution.

[Company Representative] (Amber International): Yi Bao, Chief Product Officer, who will update us on our regulatory update and platform evolution. Josephine Ngai Yuk Chun, Financial Officer, who will review our financial results and provide guidance, and Steve Zhang, our Head of Capital Markets. Following their remarks, we will open the line for Q&A. With that, let me now turn the call over to Michael Wu, our Chairman of the Board and CEO.

Speaker #2: Josephine Ngai, Financial Officer, will review our financial results and provide guidance. Steve Zhang, our Head of Capital Markets, will follow. After their remarks, we will open the line for Q&A.

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

Speaker #2: With that, let me now turn the call over to Michael Wu, our Chairman of the Board and CEO.

Speaker #3: Thank you, Mia. And thank you all for joining us today. The full year 2025 marked a pivotal chapter for Amber International. A year in which we proved the durability and the scalability of our business model, against a challenging macroeconomic backdrop.

Michael Wu: Thank you, MIA, and thank you all for joining us today. The full year 2025 marked a pivotal chapter for Amber International, a year in which we proved the durability and the scalability of our business model against a challenging macroeconomic backdrop. First, I want to address the broader macroeconomic landscape and what we have achieved amid this environment. We clearly acknowledge the industry headwinds. The total market cap of crypto decreased by approximately 25% in the Q4 alone, cooling to approximately $3 trillion by year-end, after briefly approaching $4 trillion in October. However, we're highly encouraged by the financial resilience of our business, as demonstrated despite this volatility. We generated $66.1 million in full year 2025 revenue. Our Amber Premium segment generated $50.2 million in revenue, and has successfully achieved our annual segment revenue guidance.

Speaker #3: First, I want to address the broader macroeconomic landscape, and what we have achieved amid this environment. We clearly acknowledge the industry headwinds, the total market cap of crypto decreased by approximately 25% in the fourth quarter alone, according to approximately $3 trillion by year-end, after briefly approaching $4 trillion in October.

Speaker #3: However, we are highly encouraged by the financial resilience of our business, as demonstrated despite this volatility. We generated $66.1 million in full year 2025 revenue.

Speaker #3: Our Amber Premium segment generated $50.2 million in revenue and successfully achieved our annual segment revenue guidance. This also represents a 572.1% increase compared to the $7.5 million Amber Premium segment revenue in 2024.

Michael Wu: This also represents a 572.1% increase compared to the $7.5 million Amber Premium segment revenue in 2024. In Q4 alone, we recorded $16.3 million in consolidated revenue, maintaining a stable quarter-over-quarter top line despite the broader crypto market suffering a significant contraction during the same period. This is a definitive validation of our resilient institutionalized platform. On an adjusted EBITDA basis, we achieved +$4.7 million for the full year, which was a swing of $9.9 million from the $5.2 million loss in 2024. Amber International improved profitability against a challenging market backdrop. That is the financial story of 2025. Our financial results demonstrate the strength of our core. Amber Premium is Asia's leading digital wealth management platform.

Speaker #3: In Q4 alone, we recorded $16.3 million in consolidated revenue. Maintaining a stable quarter over quarter top line, despite the broader crypto market suffering a significant contraction during the same period.

Speaker #3: This is a definitive validation of our resilient, institutionalized platform. Also, on an adjusted EBITDA basis, we achieved a positive $4.7 million for the full year, which was a swing of $9.9 million from the $5.2 million loss in 2024.

Speaker #3: Amber International improved profitability against a challenging market backdrop. That is the financial story of 2025. Our financial results demonstrate the strength of our core, Amber Premium is Asia's leading digital wealth management platform.

Speaker #3: It serves the region's most sophisticated clients with a private banking experience built on technology and unmatched access to digital asset opportunities. This business has proven to be profitable, resilient, and scalable.

Michael Wu: It serves the region's most sophisticated clients with a private banking experience built on technology and unmatched access to digital asset opportunities. This business has proven to be profitable, resilient, and scalable, and it continues to set the foundation for our long-term strategy. On business development side, I'm proud to share a major regulatory milestone. Our Dubai subsidiary, Amber Premium FZE, received a virtual asset services provider license from VARA on 2 April 2026, which formally authorized it to offer regulated virtual asset broker-dealer, asset management, investment, borrow, and lending services to institutional and qualified investors in and from the Emirate of Dubai and the broader UAE. Built upon this progress, we continue to actively advance our licensing efforts in Hong Kong. Yi will elaborate further on this achievement later. Now, turning to our long-term vision and initiatives.

Speaker #3: And it continues to set the foundation for our long-term strategy. On business development side, I'm proud to share a major regulatory milestone: our Dubai subsidiary Amber Premium FDE received a virtual asset services provider license from Barra on April 2, 2026, which formally authorized it to offer regulated virtual asset broker-dealer asset management, investment, borrow, and lending services to institutional and qualified investors.

Speaker #3: In and from the Emirate of Dubai and the broader UAE. Built upon this progress, we continue to actively advance our licensing efforts in Hong Kong.

Speaker #3: E will elaborate further on this achievement later. Now turning to our long-term vision and the initiatives. As many of you may know, Amber's roots in AI date back to our funding days as Amber AI in 2017.

Michael Wu: As many of you may know, Amber's roots in AI date back to our founding days as Amber AI in 2017. We believe the convergence of crypto and AI, two transformative technologies of our time, will fundamentally reshape finance, not only for humans, but also for the numerous AI agents that are arising. In this emerging AI agent economy, digital assets become the economic and the financial rails, the financial services evolve from platforms into agent-native operating systems. My ambition as Amber's founder CEO is not to add AI onto yesterday's products. It is rather to build the financial stack for what comes next.

Speaker #3: We believe the convergence of crypto and AI to transformative technologies of our time will fundamentally reshape finance, not only for humans, but also for the numerous AI agents that are arriving.

Speaker #3: In this emerging AI agent economy, digital assets become the economic and financial rails. And the financial services evolve from platforms into agent-native operating systems.

Speaker #3: And my ambition as Amber's founder CEO is not to add AI onto yesterday's products. It is rather to build the financial stack for what comes next.

Speaker #3: For that, we are actively developing a product suite called the A Suite. Which is a cohesive architecture of three AI-native operating systems that will not only power businesses like Amber Premium, but engineer to intelligently coordinate liquidity, asset management, and asset distribution at scale.

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

Speaker #3: In Q1 2026, we will officially announce the first of these three operating systems. Which will be an AI-native autonomous workflow engine for digital asset liquidity management.

Speaker #3: Over time, we anticipate this suite the A Suite will unlock new scalable revenue streams, and a significantly enhanced our operating leverage in the quarters that will follow its launch.

Speaker #3: We are also executing a comprehensive AI roll-up within our businesses today. We have begun integrating Mia, our first in-house developed AI agent, and also your host today.

Speaker #3: Into our marketing and enterprise solution segment, or what was known externally as our iClick business. Externally, Mia manages content generation, social media consistency, and investor engagement.

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

Speaker #3: Internally, Mia has lived in our Slack workspace as a proactive teammate, accelerating workflows via a proprietary skill hub and secure internal database. These are much more than just productivity gains or cost-cutting initiatives.

Speaker #3: We want to use Mia's AI roll-up success on iClick as a proof case that our in-house technology and innovation abilities can fundamentally upgrade traditional businesses, improve client experience, reduce unit cost, and sharpen our competitive edge in ways that cannot easily be replicated.

Speaker #3: Finally, as part of our commitment to maximizing shareholder value, our board authorized the purchase of up to $50 million of eight of our Amber ADS over a 12-month period commencing December 1, 2025.

Speaker #3: Our approach is disciplined, measured, and also opportunistic. We try to balance shareholder returns with capital requirements for A Suite development and the platform expansion.

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

Speaker #3: I'm pleased to report that during fiscal year 2025, the company repurchased $516,703 ADS under the program, and approximately $49.1 million remained available for future purchases, providing significant capacity for opportunistic repurchases alongside continued growth investments.

Speaker #3: We're committed to executing our transition toward higher margin, predictable platform revenue, and in the long term, building the financial stack for this AI agent economy.

Speaker #3: And we believe our capital allocation strategy including the repurchase program reflects the long-term commitment. 2025 was a year that validated our strategy through the success case of Amber Premium.

Speaker #3: 2026 is the year we scale it and propel forward with bold technology and innovations. Thank you. I will now pass to Vicky.

Speaker #1: Thank you, Michael. 2025 marked a year of strong and profitable growth for our core business. As Michael highlighted, we remain resilient despite the major correction in the broader crypto market in Q4.

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

Speaker #1: Let me frame our performance through the lens of platform economics, as this metric really highlighted what's driving the value we're creating. First, our primary recurring revenue engine, wealth management solutions, delivered $34.9 million for the full year.

Speaker #1: This is a massive 463.6% increase from the $6.2 million we generated in 2024. Second, wealth management now contributes a major part—around 69.5%—of our total Amber Premium segment revenue.

Speaker #1: We believe this gives Amber a recurring revenue mix that is truly differentiated among digital asset platforms. Third, our unit economics have undergone a meaningful step change.

Speaker #1: Our platform gross margin reached $74.8% in 2025 up from just $33.4% a year ago. That is an expansion of over $4,100 basis points. Meaning our profitability profile is now approaching that of an institutional-grade wealth management platform.

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

Speaker #1: Finally, the ultimate proof of our differentiated positioning is our client profile. Our asset on-platform proactive client end-of-the-year at $1.3 million when you compare that to the $5,000 to $10,000 range commonly cited for typical retail crypto exchanges based on publicly available industry data the contrast is clear.

Speaker #1: We are building an institutional-grade platform serving a growing long-term wealth allocation into crypto. We observe across industry Q4 2025 reflected lower digital asset prices, softer sentiment, and a 25% broader market contraction in crypto market capitalization.

Speaker #1: Coming off a record Q3, that shift was mathematically pronounced in our headline dollar amounts. But the most important client story of Q4 is not what our asset on-platform number looked like on December 31st.

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

Speaker #1: It is what our clients did during this correction. They stayed. Well, total platform asset ended the year at $1.3 billion done from our Q3 peak at $1.8 billion.

Speaker #1: This was primarily a mark-to-market reflection of digital asset price decline. Underneath the headline, the engagement picture is steady. Active clients held at 988, essentially flat year over year across our institution and high-net-worth base.

Speaker #1: In the quarter, we're market test conviction our platform retained its clients and kept them active. Evidence that the relations we are building are durable through cycles.

Speaker #1: As we navigate evolving market conditions, in common quarters, our high-value engaged client base provides a strong foundation for us to continue optimizing the business with the long-term focus.

Vicky Wang: As we navigate involving market conditions in coming quarters, our high-value engaged client base provides a strong foundation for us to continue optimizing the business with a long-term focus. As we look to 2026, we're accelerating our growth through 3 definitive strategies. First, product innovation. We continue to expand our institutional suite with advanced options such as crypto-native FCNs, on-chain commodities, and quantitative strategies while exploring tokenized traditional assets. This expands the range of solutions available to our clients, allowing them to allocate capital more actively across a broader set of investment opportunities on our platform. At the same time, our Payment Solutions business grew 325% year-over-year in 2025, reflecting increasing client engagement and more frequent capital movement on platform.

Speaker #1: As we look to 2026, we're accelerating our growth through three definitive strategies. First, product innovation. We continue to expand our institutional suite with advanced options such as crypto-native FCMs, on-chain commodities, and quantitative strategies while exploring tokenized traditional assets.

Speaker #1: This expands the range of solutions available to our clients allowing them to allocate capital more actively across a broader set of investment opportunities on our platform.

Speaker #1: At the same time, our payment solution business grew 325% year over year in Q4 2025, reflecting increasing client engagement and more frequent capital movement on-platform.

Speaker #1: Together, this capabilities enable us to capture a greater share of client wallet. Well-positioning us to meet accelerating demand for regulated institutional-grade access to on-chain assets.

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

Speaker #1: Second, OTC market share and margin expansion. As one of Asia's longest-running institutional OTC desks, our execution reliability represents a difficult replicate mode. In 2026, we are focused on automating workflows and enhancing pricing precision to improve competitiveness, reduce latency, and capture a larger share of institutional flow.

Speaker #1: Driving margin expansion in our execution solution segment through higher volumes and greater operational efficiency. Third, geographical expansion. Our newly secured Vara VASP license marks an important milestone.

Speaker #1: Unlocking access to the AUE, a key and rapidly growing hub for private and institutional wealth. Yi Bao elaborate further on our broader regulatory mode shortly.

Speaker #1: Ultimate, the combination of a broader product suite, a more automated execution engine, and expanded regulatory access positions us well for accelerated high-quality growth in 2026 and beyond.

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

Speaker #1: With that, I will hand over to our Chief Product Officer, Yi Bao.

Speaker #2: Thank you, Vicky. I would like to update you only two errors. First, our regulatory updates across our three licensed jurisdictions and the evolution of our platform and product suite.

Yi Bao: Thank you, Vicky. I would like to update you on mainly two areas. First, our regulatory updates across our three licensed jurisdictions and the evolution of our platform and product suite. One of our defining themes of 2025 is our regulatory position, which is now a genuine competitive moat. In the Q4 2025, our Dubai subsidiary, Amber Premium FZE, successfully secured its in-principle approval from VARA. Today, I'm incredibly proud to announce that on 2 April 2026, we officially received our VASP license. This formally authorized us to provide virtual assets broker-dealer, virtual assets management and investments, and virtual assets lending and borrowing service to institutional and qualified investors. By securing our license from VARA, Dubai's dedicated virtual assets regulator, we are strengthening our presence in the region's rapidly expanding digital asset ecosystem. The strategic magnitude of this license cannot be overstated.

Speaker #2: One of our defining themes of 2025 is our regulatory position. Which is now a genuine competitive mode. In the fourth quarter of 2025, our Dubai subsidiary Amber Premium FCE successfully secured its in-principle approval from Vara.

Speaker #2: Today, I'm incredibly proud to announce that on April 2nd, 2026, we officially receive our VASP license. This formally authorizes us to provide virtual assets broker-dealer virtual assets management and investment and virtual assets lending and borrowing service to institutional and qualified investors.

Speaker #2: By securing our license from Vara, Dubai's dedicated virtual assets regulator, we are strengthening our presence in the region's rapidly expanding digital assets ecosystem. The strategic magnitude of this license cannot be overstated.

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

Speaker #2: Upon the SCE Vara Corporation framework, this single approval further enables us to operate in and from the entire UAE, not just Dubai. This expands our access to one of the fastest-growing private wealth markets in the world.

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

Speaker #2: We are, of course, closely monitoring regional geopolitical developments. While the recent geopolitical tensions in the Middle East may introduce near-term complexities and impact the broader MENA markets, our long-term thesis remains completely unchanged.

Speaker #2: MENA remains a deeply strategic and rapid-growing market. To put opportunity in perspective, according to third-party industry research, the MENA wealth management sector is forecast to reach $1.4 trillion by 2031, with an estimated figure of $6.7%.

Speaker #2: Driven by a combination of local wealth growth and intergenerational wealth transfer expected in the Middle East by 2030, that concentration of wealth is precisely the client base our platform is built for.

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

Speaker #2: Since the establishment of our Dubai presence, we have engaged actively with local institutional prospects. Our Vara VASP license alongside our Singapore major payment institution license and our ongoing efforts together with broader Amber Group to secure Hong Kong VATP license positions Amber Premium in our view as one of the few regulated Asian digital assets wealth platforms serving its client base at institutional standards.

Speaker #2: This is what a regulatory mode looks like. On the platform and the product fronts, our starting points remain consistent. Crypto markets are structural, cyclical, and our product roadmap is designed to serve clients through both down and up cycles.

Speaker #2: What changes each quarter is our ability to serve them better. In 2025, we made concrete programs across three areas. First, OTC platform integration. Our institutional execution infrastructure was meaningfully upgraded.

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

Speaker #2: Delivering tighter workflows and faster settlement for Block trades. Second, AI Copilot development. We have embedded AI capabilities directly into our OTC workflow. Reducing manual processing time and improving trade execution analytics for our coverage team.

Speaker #2: Third, structured product expansion. We launched and scaled our crypto-denominated fixed coupon note and accumulator-decumulator product suite. Giving clients yield-generating structures that operate across market environments.

Speaker #2: Alongside these core upgrades, we successfully built the foundation for our real-world assets tokenization platform. By converting strong institutional inbound interest into an end-to-end internal solution, from structuring to custody, we are now positioned to seamlessly integrate diversified yields from traditional assets directly into our clients' digital wealth portfolios.

Speaker #2: This improvement, combining a more capable platform with AI support, allows our team to serve more clients without proportional headcount growth. This is a unique economics implementation.

Yi Bao: This is a unique economics implementation. Each product enhancements increases the revenue potential per active client relationship, a metric analogous to net revenue retention in enterprise software businesses. Crucially, these platform upgrades and AI integrations are not just the standard loan features. They serve as the technological stepping stones for much larger scalable architecture we are building. They have successfully laid the operational foundation for iSuite, the cohesive AI-native operating system that Michael touched upon earlier.

Speaker #2: Each product enhancement increases the revenue potential per active client relationship, a metric analogous to net revenue retention in enterprise software businesses. Crucially, these platform upgrades and AI integrations are not just standalone features.

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

Speaker #2: They serve as a technological stepping stones for much larger scalable architecture we are building. They have successfully laid the operational foundation for A suite.

Speaker #2: The cohesive AI-native operating system that Michael touched upon earlier. As we prepare to introduce the first of these operation systems in Q1 2026, we are actively transitioning to fundamentally running our service on an AI-native core.

Yi Bao: As we prepare to introduce the first of these operational system in Q1 2026, we are actively transitioning to fundamentally running our service on an an AI-native core. With the regulatory modes and upcoming iSuite architecture we are fully committed to building, I'm very encouraged by the momentum entering 2026, and I look forward to reporting tangible milestones in the quarters ahead. Next, I will hand it over to Josephine.

Speaker #2: With the regulatory modes and upcoming A suite architecture, we are fully committed to building and very encouraged by the momentum entering 2026. And I look forward to reporting tangible milestones in the quarters ahead.

Speaker #2: Next, I will hand it over to Josephine.

Speaker #1: Thank you, Yi. Good morning, everyone. I will now reveal our financial results for Q4 2025 and for the full year ending December 31, 2025, and provide guidance for Q1 2026.

Josephine Ngai Yuk Chun: Thank you, Yi. Good morning, everyone. I will now review our financial results for Q4 2025, and for the full year ending 31 December 2025, and provide guidance for Q1 2026. I will primarily reference the consolidated Amber International entity and where relevant, provide context at the Amber Premium segment level. Revenue for Q4 2025 was $16.3 million, around 240% increase from $4.8 million in Q4 2024. Within Amber Premium, Wealth Management Solutions delivered approximately $5.9 million. Execution Solutions contribute $3.4 million. Payment Solutions contribute $1.2 million, and the Marketing and Enterprise Solutions contribute approximately $5.8 million following this merger consolidation.

Speaker #1: I will primarily reference the consolidated Amber International entity, and Ware Elephant will provide context at the Amber Premium segment level. Revenue for Q4 2025 was $16.3 million, around a 240% increase from $4.8 million in Q4 2024.

Speaker #1: Within Amber Premium, wealth management solutions delivered approximately $5.9 million. Execution solutions contributed $3.4 million, payment solutions contributed $1.2 million, and the marketing and enterprise solutions contributed approximately $5.8 million.

Speaker #1: Following this merger's consolidation, the gross profits of $12.1 million at a 74.2% margin represent over eight times improvement versus Q4 2024, which had $1.4 million at a 28.9% margin.

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

Speaker #1: This margin quality is the most important structural indicator in our P&L, as it validates the premium positionings of our wealth management-driven business model. At the operating line, Q4 2025 recorded an operating income of $1.2 million.

Speaker #1: The total operating expenses of $11 million reflect continued platform investment, including front office headcount to support AOP and client growth. The net income from continuing operations was $0.8 million in Q4.

Speaker #1: This significantly improved from a net loss of $12.1 million in Q4 2024. The improvements were contributed by the continued growth of higher-margin services and reductions in other losses related to year-end digital assets valuation.

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

Speaker #1: The adjusted EBITDA for Q4 2025 was $50,000, marking a return to positive adjusted EBITDA from a loss of $1.6 million in the same period of 2024.

Speaker #1: We are now turning to our annual financial performance. The full year story is one of the exceptional transformations. The full year revenue recorded $66.1 million, which represents over seven times increase from last year.

Speaker #1: It was driven by the first full year consolidations of Amber Premium following the merger. At the gross profit level, we delivered 49.4 million at a 74.8% margin, comparing to 2.5 million at 33.4% in 2024.

Speaker #1: The total operating expenses recorded $46.9 million. It included approximately $444,000 of one-time merger costs and $0.6 million of share-based compensation. Both of them are non-recurring or non-cash.

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

Speaker #1: Strap in this, the recurring operating cost base was largely absorbed by gross profit, which produced an operating income of $2.6 million, which significantly improved from $5.3 million loss last year.

Speaker #1: From continuing operations, we generated net income of $4.7 million, which completely reversed the $23.3 million loss in 2024. The net income attributable to the ordinary shareholders was $3.8 million after reflecting a restatement of this continued operations.

Speaker #1: Our balance sheet is significantly stronger following the merger. The total equity growth $270% to $110.3 million. The cash of $33.9 million provides a meaningful operational runway with zero debt.

Josephine Ngai Yuk Chun: The cash of $33.9 million provides a meaningful operational runway with zero bank debt. Our total liquid digital assets positions are $46 million, comprising $33.5 million in crypto assets and $12.5 million in USDC. Based on current market conditions and our preliminary estimates, we are issuing Q1 2026 guidance on the Amber Premium segment with projected revenue of $5.1 to 5.6 million. While the broader market downtrend we navigated in Q4 2025 has continued into Q1 2026, we are utilizing this period of purposeful strategic optimization. We continue to strategically streamline our resources and fulfill strengthened regulatory requirements across our active jurisdictions. With the milestone receipt of our license in Dubai, we are proactively refining our client base to focus exclusively on high-value compliance relationships.

Speaker #1: Our total liquid digital assets positions are $46 million, which comprises $33.5 million in crypto assets and $12.5 million in USDC. Based on current market conditions and our preliminary estimates, we are entering Q1 2026 guidance on the Amber Premium segment, with projected revenue of $5.1 to $5.6 million.

Speaker #1: While the broader market downtrend, we navigated in the fourth quarter of 2025 has continued into the first quarter of 2026. We are utilizing this period of purposeful strategic optimization.

Speaker #1: We continue to strategically streamline our resources and fulfill strengthened regulatory requirements across our active jurisdictions. With the milestone received of our license in Dubai, we are proactively refining our client base to focus exclusively on high-value compliance relationships.

Speaker #1: This intentional contractions prioritize the depth and profitability of our network overshare volume. Ensuring we continue to enhance our competitiveness as a sustainable institutional-grade digital wealth management platform through 2026 and beyond.

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

Speaker #1: 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.

Speaker #1: We are also enhancing our financial reporting systems to provide transparent insights into our performance as we integrate the operations following our merger. We also maintain strong liquidity and balance sheet flexibility in order to support our global expansions and strategic partnerships.

Speaker #1: The improved profitability demonstrates that our institutional approach is resonating with clients and creating value for shareholders. With that, I will turn the call back to Mia.

Speaker #1: Thank you.

Speaker #2: Thank you, Josephine. That concludes our remarks for today. We will now open the line for Q&A. Operator, please begin.

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

[Company Representative] (Amber International): Thank you, Josephine. That concludes our remarks for today. We will now open the line for Q&A. Operator, please begin.

Speaker #3: Thank you. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue.

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

Speaker #3: You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset.

Speaker #3: Before pressing the star keys. Our first question comes from the line of Brian Dobson with ClearStreet. Please proceed with your question.

Speaker #4: Yeah. Thanks very much. Do you think we could just take a step back first and perhaps you could describe the competitive environment in some of the markets that you operate in, and then perhaps we can take some closer look at some of your, call it, customer numbers from last year and how you expect those to evolve through next year?

Brian Dobson: Yeah, thanks very much. Do you think we could just take a step back first and perhaps you could describe the competitive environment in some of the markets that you operate in, perhaps we can take a closer look at some of your call it customer numbers from last year and how you expect those to evolve through next year.

Speaker #5: Thank you, Brian. I can take a stab at this first, and then I think my colleagues will join me in providing more perspectives. I think overall, the competitive landscape of not only crypto, but broadly digital asset or even the fintech industry continues to evolve.

Steve Zhang: Thank you, Brian. I can take a stab at this first. I think my colleagues will join me in providing more perspective.

Michael Wu: Thank you, Brian. I can take a stab at this first. I think my colleagues will join me in providing more perspective.

Michael Wu: I think overall the competitive landscape of not only crypto, but broadly digital assets or even the fintech industry, continue to evolve. There are new entrants. You know, this is an industry where, you know, startups come out left and right every day. They are also, you know, changing of the top of the rank. We do see, you know, larger platforms, undergoing their own changes, players catching up. We also see more regionalized or a diversification of, different players in different regions. The way we look at the landscape is, one, you know, we accept the changes are constant, and therefore constantly want to evolve our business, evolve our business strategy, evolve our product suite.

Speaker #5: There are new entrants. This is an industry where startups, come out left and right every day. There are also changing of the top of the rank.

Speaker #5: We do see larger platforms undergoing their own changes, with players catching up. We also see more regionalization or diversification of different players in different regions.

Speaker #5: And the way we look at the landscape is, one, we accept the changes are constant, and therefore, we constantly want to evolve our business, evolve our business strategy, evolve our product suite.

Speaker #5: And secondly, we want to capture modes or competitive advantages that are more long-term, more permanent. For example, that's why on our regulatory strategy, we continue to make progress on being one of the more complete pan-Asian regulated platforms.

Michael Wu: Secondly, we want to capture modes or competitive advantages that are more long-term, more permanent. For example, that's why on our regulatory land strategy, we continue to make progress on being, you know, one of the more complete Asian regulated platforms. We do think that will give us not only unique access to these client bases, but also, you know, more long-term positioning when it comes to competition. Also in terms of product, services, and technology itself, given our investment and our DNA in AI-related technologies, we do think that will bring a lot of efficiency, a lot of scalability, and in the end, better product services to follow clients, which in the long run should be giving us further competitive advantages.

Speaker #5: We do think that will give us not only unique access to these client bases, but also more long-term positioning when it comes to competition.

Speaker #5: And also, in terms of product services and technology itself, given our investment and our DNA in AI-related technologies, we do think that will bring a lot of efficiency, a lot of scalability, and in the end, better product services for our clients, which in the long run should be giving us further competitive advantages.

Speaker #4: Yeah. Hey, Brian. This is Steve. Just to add to what Michael has mentioned, obviously, we are a very comprehensive platform. And the important thing is that we can stay nimble to try to capture the market opportunities that they present themselves.

Steve Zhang: Yeah. Hey, Brian Dobson, this is Steve Zhang. Just to add to what Michael Wu has mentioned. Obviously we are a very comprehensive platform, the important thing is that we can stay nimble to try to capture the market opportunities as they present themselves. For example, in the Q4, there was a lot of volatility in the market that impacted, you know, whether it is clients' sentiment, especially in the retail and high net worth market. Institutional demand still stayed pretty strong, so our Execution Solutions revenues were pretty strong, I think, despite the, you know, the downturn in the market. Also, we captured the structural change in adoption in stable coins, right? Payment Solutions revenues and volumes were also very strong.

Speaker #4: So, for example, in the fourth quarter, there was a lot of volatility in the market that impacted whether it's clients sentiment, especially in the retail and high-net-worth market.

Speaker #4: But institutional demand still stayed pretty strong. So our execution revenues were pretty strong despite the downturn in the market. And also, we captured the structural change in adoption in stablecoins, right?

Speaker #4: So payment revenues and volumes were also very strong. So just having a holistic and comprehensive capabilities to capture all these markets in different end markets is very important for us.

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

Speaker #4: And we just try to remain very nimble every quarter to try to capture these opportunities.

Speaker #6: Yeah. Thanks very much for that color. I appreciate it. In the press release, you talk about proactively refining your client base to focus on high-value compliant relationships.

Brian Dobson: Yeah. Thanks very much for that color. I appreciate it. You know, in the press release, you talked about proactively refining your client base to focus on high-value compliant relationships. I suppose just as a follow-up to that, can you give us a rough idea of how many clients are being off-boarded? I guess what was your thinking around that? Was this a voluntary choice or is this something, you know, call it tied to your license applications in various regions?

Speaker #6: I suppose just as a follow-up to that, can you give us a rough idea of how many clients are being offboarded and, I guess, what was your thinking around that?

Speaker #6: Was this a voluntary choice, or is this something call it tied to your license applications and various regions?

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

Yi Bao: Hi, hi Brian. Yeah, this is Yan. Just to give you update on the like off-boarding, because I think first is definitely as I understand you may ask in the Q1, maybe our movement. Yeah. First is like our purposeful optimization. As mentioned, we are choosing to focus on the high-profile clients. The second, definitely I think we, as I mentioned, we are together with Amber Group, we are applying for the Hong Kong license locally. I think we would definitely need to have like a more stringent standards for the clients to onboard to our platform. Then we can maybe just to have a better ROI in terms of the sharing the service to providing the service to them. If you want some numbers, I suppose we will disclose in Q1's the earnings release. Yeah.

Speaker #5: Hi, Brian. Yeah. This is Ian. Just to give you an update on the offboarding because I think first is definitely in I understand you may ask in the Q1 maybe the hour movements.

Speaker #5: First is our purpose for optimization. And as mentioned, we are choosing to focus on the high-profile clients. And the second, definitely, I think we as I mentioned, we are together with Amber Group.

Speaker #5: We are applying for the Hong Kong license locally. And then I think we will definitely need to have a more stringent standards for the clients to onboard our platform and then we can maybe just to have a better ROI in terms of the sharing to sharing the service to providing the service to them.

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

Speaker #5: So if you want some numbers, I suppose we are disclosing Q1 the earnings release. Yeah.

Speaker #6: All right. Thanks very much.

Brian Dobson: All right. Thanks very much.

Speaker #7: Thank you. Once again, if you'd like to ask a question, please press star one on your telephone keypad. Our next question comes from the line of Jade Luo with Lesie Capital.

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

Speaker #7: Please proceed with your question.

Speaker #8: Hi. Hi. I saw that Amber recently received a virtual asset service provider license from Dubai VIA. So what's the revenue opportunity from the UAE?

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

Speaker #8: And another question is that our marketing and enterprise solutions generated a good revenue in 2025. If this segment contributing positively to the growth margin, also given the iClick helpful sale pieces, should we expect the marketing and enterprise business to be the next?

Speaker #8: Thank you.

Speaker #5: Yeah. So thanks for the question. I will take the first one. And as we reported in the earnings release, we received the VSP license in Dubai.

Yi Bao: Yeah. Thanks for your question. I will take the first one. As we reported in the earnings release, we received the VASP license in Dubai. Although I suppose the short-term tensions are geopolitical tensions will introduce near-term complexities. We're still very confident that the MENA region is still basically a strategically rapid growing market.

Speaker #5: And although I suppose the short-term tensions are geopolitical, tensions will introduce near-term complexities. But we still are very confident that the MENA regions still vividly strategically rapid growing markets.

Speaker #5: So just to give you a number, we are tapping the MENA region. We are always previously with Southern Cultural Pump. And according to third-party industry reports, it is forecast to reach $1.4 trillion of total wealth transfer.

Steve Zhang: Just give you a number, we're tapping the MENA region where we previously with Southern Culture Pump. According to the third-party industry reports, it is forecast to reach $1.4 trillion of the total wealth transfer. I think the concentration of this wealth is precisely the clients who have our platforms built for. Now our license portfolio combined with our Singapore major tech institution and the ongoing Hong Kong license, I think Amber now definitely a Pan Asian, like, the multi-region platform. We advanced the client composition is on the way, and our commercial activity is expanding in the coming quarters.

Yi Bao: Just give you a number, we're tapping the MENA region where we previously with Southern Culture Pump. According to the third-party industry reports, it is forecast to reach $1.4 trillion of the total wealth transfer. I think the concentration of this wealth is precisely the clients who have our platforms built for. Now our license portfolio combined with our Singapore major tech institution and the ongoing Hong Kong license, I think Amber now definitely a Pan Asian, like, the multi-region platform. We advanced the client composition is on the way, and our commercial activity is expanding in the coming quarters.

Speaker #5: So I think the concentration of this wealth is precisely the clients who are our platform is built for. So now our license portfolio combined with our Singapore major tech institution and the ongoing Hong Kong license I think Amber now definitely a pan-Asian the multi-region platform.

Speaker #5: So, the advance in client composition is underway, and the commercial activities are expected in the coming quarters.

Speaker #4: Yeah. And regarding your second question, thank you for bringing that up. I do think it's a very interesting and exciting opportunity for us, Amber, to look at what iClick is today or has been, right?

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

Speaker #4: It has, like you said, it is still a high-quality business. It has a very high-quality client base. And the tremendous room and the tremendous opportunity for us to improve not only how the business is run today, but also what kind of services, what kind of products can provide to our client base.

Speaker #4: Our existing and potentially future more scalable client base with our AI rollout strategy. As mentioned, we have already begun the integration of MIA. Who was also hosting our earnings call today as per past few quarters with the iClick business.

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

Speaker #4: From product ops to how we deliver the products to our clients to how we service them, how we run this digital marketing business, we already see MIA and the in-house AI capabilities behind it making significant changes and significant upgrades.

Speaker #4: I hope within the coming quarters, we will also see a lot of these progress reflecting in our numbers. And as the management, as the founder CEO of Amber, to me, this is another not only another exciting opportunity but also similar to Amber Premium another potential success proof case of how our technology can transform businesses and open up new opportunities.

Speaker #7: Thank you. Ladies and gentlemen, once again, if you'd like to ask a question, please press star one on your telephone keypad. Our next question comes from the line of Jonathan Lamb with Canada's Asset Management.

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

Speaker #7: Please proceed with your question.

Speaker #9: Hi. Thank you, management. So on my end, I have three questions. The first one is around the quarterly performance because I'm looking at the quarter four, and overall increase there's a increase in overall revenue, but then the revenue from wealth management solutions and asset on platform, there's a decline.

Jonathan Lam: All right. Thank you, management. On my end, I have three questions. The first one is around the quarterly performance 'cause I'm looking at the Q4 and overall increase, there's a re-increase in overall revenue, the revenue from Wealth Management Solutions and asset on platform, there's a decline. I just wanna check it up exactly what happened in the Q4. The second question is around iSuite architecture. You mentioned about it, can you offer us a little bit more color on what exactly that is and how is it different from the other AI buzzwords? The third question is about AI agents, 'cause I know you mentioned your strategy around AI agents.

Speaker #9: So I just want to check exactly what happened in the fourth quarter. And the second question is around suite architecture. You mentioned it, but could you offer us a little bit more color on what exactly that is and how it is different from the other AI buzzwords?

Jonathan Lam: You mentioned about it, can you offer us a little bit more color on what exactly that is and how is it different from the other AI buzzwords? The third question is about AI agents, 'cause I know you mentioned your strategy around AI agents. Could you elaborate a little bit more on your approach and how is it different from the broader AI narrative in the market? Thank you.

Speaker #9: And the third question is about our AI agents because I know you mentioned your strategy around AI agents. Could you elaborate a little bit more on your approach and how is it different from the broader AI narrative in the market?

Jonathan Lam: Could you elaborate a little bit more on your approach and how is it different from the broader AI narrative in the market? Thank you.

Speaker #9: Thank you.

Steve Zhang: Okay. Thanks, Jonathan Lam. This is Steve Zhang. I'll take the first question and my colleagues will probably answer the remaining ones. Yeah, in regards to the quarterly performance, I think, you know, obviously the market was quite soft in Q4. That was the biggest contributor to why asset on platform fell. In addition to that, I'm sure most people are aware that. Actually, I'm not sure if most people are aware, but there was a big crash event in Q4 on 10 October. I think it was the largest liquidation event in the history of crypto. After that, you know, there was a very different risk-reward dynamic in the market.

Speaker #4: Okay. Thanks, Jonathan. So this is Steve. I'll take the first question, and my colleagues will probably answer the remaining ones. So yeah, in regards to the quarterly performance, I think obviously the market was quite soft in fourth quarter.

Speaker #4: That was the biggest contributor to why asset on platform fell. But in addition to that, I'm sure most people are aware that actually, I'm not sure if most people are aware, but there was a big crash event in the fourth quarter on October 10th.

Speaker #4: I think it was the largest liquidation event in the history of crypto. So after that, there was a very different risk-reward dynamic in the market.

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

Speaker #4: So we were very selective in trying to structure products that offer favorable risk-rewards to our clients. And we were actively managing risk at that point.

Speaker #4: So we decided to not be aggressive in terms of pushing on new products during the quarter. So that caused a little bit of slowdown in AOP.

Speaker #4: But that goes back to what Michael and everyone else said, that we do focus on high-quality revenue and assets, right? We're not going to be pushing for asset growth at all times.

Speaker #4: We will do it opportunistically as Vicky mentioned, that we have very sticky clients. They will always come back when we offer products that make sense for them.

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

Speaker #9: Thank you, Jonathan. Michael here. I will answer your second and third question about what is a suite and what are our agent strategy and why are they different using your words from other AI buzzwords.

Speaker #9: I think these two questions are actually highly related. The way we see not only our business but also how financial services are going to be run is perhaps a bit different from a lot of our peers.

Speaker #9: I think a lot of our peers in finance or in fintech are still thinking about, "Okay. How do we apply AI here? How do we apply AI there?

Speaker #9: How will AI help us cut costs here? How will AI help us automate a bit of there?" We fundamentally see that differently. I think the right question to ask is rather what financial services should look like in this increasingly agentic world.

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

Speaker #9: And starting from answering that question, the conclusion we arrive is that agents will operate a lot of workflows today automatically by themselves. And for that, they will need agent-native or even agent-first operating systems for them to do that.

Speaker #9: Today, finance operates mostly by human teams. Human teams operate in human-centric workflows or they operate on systems, softwares that are designed that way. But as agents are becoming more capable day by day, they are no longer just assistants.

Speaker #9: They are no longer just tools. They are capable of running entire workflows by themselves. And to do that, they will need agent-native systems that are specific to the industry or to the domain they operate in.

Michael Wu: Amber has always been in the industry of fintech. We understand how financial services is done. In fact, being a digital asset financial service provider, we understand how financial services is done at the frontier of innovation. That experience and that ability give us insights of building what these systems look like as agents become more capable, as agents are already highly capable. Back to what is A-suite? Again, A-suite is 3 AI-native operating systems that are mapped to our business units. Also, they are designed from day one to be operatable by agents, by autonomous workflows themselves.

Speaker #9: Amber has always been in the industry of fintech. We understand how financial services are done. In fact, being a digital asset financial services provider, we understand how financial services are done as a frontier of innovation.

Michael Wu: We understand how financial services is done. In fact, being a digital asset financial service provider, we understand how financial services is done at the frontier of innovation. That experience and that ability give us insights of building what these systems look like as agents become more capable, as agents are already highly capable. Back to what is A-suite? Again, A-suite is 3 AI-native operating systems that are mapped to our business units. Also, they are designed from day one to be operatable by agents, by autonomous workflows themselves. We do believe not only through this year, through the coming quarters, we'll prove how that fundamentally increases our ability to service our clients, with our existing client base to more seamlessly provide new products and better products, and to increase our unit economics, increase our profitability.

Speaker #9: And that ability gives us that experience and that ability gives us insights of building what these systems look like as agents become more capable, as agents are already highly capable.

Speaker #9: So, back to what is a suite. Again, a suite is three AI-native operating systems that are mapped to our business units. But also, they are designed from day one to be operatable by agents—by autonomous workflows themselves.

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

Speaker #9: And we do believe not only through this year, through the coming quarters, we'll prove how that fundamentally increases our ability to service our clients.

Speaker #9: With our existing client base, to more seamlessly provide new products and better products, and to increase our unique economics, increase our profitability. And therefore, these three operating systems, along with the agents we built to operate them, together will be what we believe the financial stack that fit for this future agentic economy and how financial services will be done that way.

Michael Wu: Therefore, these three operating systems, along with the agents we built to operate them together, will be what we believe the financial stack that fit for this future agentic economy and how financial services will be done that way. Hope that answers your question?

Speaker #9: Hope that answers your question.

Jonathan Lam: Yeah. Thank you for the insight. I appreciate it. Thank you.

Speaker #4: Yes. Thank you for the insight. Appreciate it. Thank you.

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

Speaker #1: Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mia for final comments.

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

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

Speaker #10: Thank you all for joining us today. This year represents a pivotal step as we accelerate our AI-driven transformation and reinforce our commitment to institutional excellence.

Speaker #10: Reaffirming Amber International's position as a global leading digital wealth management platform. We sincerely appreciate your continued trust and support, and we look forward to sharing further updates with you in the upcoming quarter.

Speaker #10: This concludes today's call. Thank you, and have a great day.

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

Q4 2025 Amber International Holding Ltd Earnings Call

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