Slide 1: Agora, Inc. 2025 Q3 Earnings
Agora, Inc. 2025 Q3 Earnings November 19, 2025
Slide 2: Disclaimer
Disclaimer Information in this presentation contains forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act
Slide 3: Business Highlights
Business Highlights Agora, Inc.
Slide 4: Voice Agents: Easy to Use, Hard to Build
Voice Agents: Easy to Use, Hard to Build https://greylock.com/greymatter/voice-agents-easy-to-use-hard-to-build/ Agora, Inc. 4
Slide 5: Voice Agents: Hard to Build, Even Harder to Scale
Voice Agents: Hard to Build, Even Harder to Scale Orchestration-Layer Competitor Us Presence in only a few locations, limited Global Network SD-RTN provides low-latency, highly experience in handling global traffic, Coverage reliable global coverage bottlenecked by stability & scalability Enterprise
Slide 6: Significant Room for Improvement
Significant Room for Improvement Typical Pain Points • High latency, slow response • Misinterpret of numbers, phone numbers, scientific formulas, idioms, proper nouns 21% • Unable to interrupt, loss of context after interruption • Often interrupted by irrelevant noises • Misaligned emotions, overrea
Slide 7: Work Required for Human-Like Conversation
Work Required for Human-Like Conversation Latency Interruption Attention Handling Locking Contextual Visual Emotion Detection Reasoning Understanding and Expression Agora, Inc. 7
Slide 8: Core Pillars of Capabilities
Core Pillars of Capabilities Global Coverage, Compatibility and 3A(1) Voice Engine 30000+ SD-RTN™ Last-Mile 3A(1) Voice Devices Global Coverage Optimization Engine Compatible Notes: (1) 3A stands for Adaptive Noise Suppression (ANS), Acoustic Echo Cancellation (AEC) and Automatic Gain Control (AGC),
Slide 9: Conversational AI Engine 2.0
Conversational AI Engine 2.0 Chained Model Text Text User Voice STT Any LLM Any TTS SD-RTN Advanced Real-time Interactive SIP / PSTN Attention Vision Avatars Support Locking Understanding Agent Voice Automatic Intelligent AI Noise User Echo Interruption Suppression Cancelation Handling SD-RTN Functi
Slide 10: Conversational AI Studio
Conversational AI Studio Building Voice AI Agents with No-Code Zero-code Extensions Use Case Templates Fast Deployment Visual configuration Easy to add SIP, One-click cloning for 15 minutes from interface; models and avatars popular use cases configuration to 1 Hour to build voice agent as extension
Slide 11: Industry Thought Leader
Industry Thought Leader White Paper on Convo AI & Development Manual Published Agora, Inc. 11
Slide 12: Convo AI & RTE Conference
Convo AI & RTE Conference Over 3,000 On-Site Attendees Set New Record Agora, Inc. 12
Slide 13: 2025 Q3 Financial Update
2025 Q3 Financial Update Agora, Inc.
Slide 14: Growing Customer Base with Strong Net Retention
Growing Customer Base with Strong Net Retention ACTIVE CUSTOMERS (1)(3) DOLLAR–BASED NET RETENTION RATE (2)(3) 3,877 3,944 3,731 3,702 3,800 Sep 24 Dec 24 Mar 25 Jun 25 Sep 25 1,997 1,976 1,969 1,979 1,994 Agora 94% 95% 96% 97% 108% 1,762 1,806 1,880 1,968 1,723 Shengwang 78% 79% 85% 87% 90% Sep 24
Slide 15: Group Revenues
Group Revenues TOTAL REVENUES in US$M $37.0~$38.0 $34.5 $35.4 $34.3 $33.3 $31.6 $17.1 $14.7 $16.1 $17.2 $15.9 $17.4 $18.6 $18.2 $18.2 $15.7 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4E Agora Shengwang YoY Growth (1) (3.1%) 3.6% 12.1% 11.0% 12.0% 7.2% - 10.1% Notes: Agora, Inc. 1. Excluded revenues from certain en
Slide 16: Revenues by Division
Revenues by Division AGORA REVENUES SHENGWANG REVENUES in US$M in RMB Millions $18.6 $18.2 $18.2 $17.4 ¥122.2 ¥122.4 $15.7 ¥112.9 ¥115.5 ¥105.5 24Q3 24Q4 25Q1 25Q2 25Q3 24Q3 24Q4 25Q1 25Q2 25Q3 YoY Growth YoY Growth (1) 2.6% 13.7% 17.7% 16.7% 15.9% (8.8%) (5.5%) 6.7% 6.7% 8.4% USD/RMB 7.12 7.16 7.18
Slide 17: Gross Profit and Operating Expenses (GAAP)
Gross Profit and Operating Expenses (GAAP) GROSS PROFIT OPERATING EXPENSES in US$M; as % of Total Revenues in US$M; as % of Total Revenues 95.2% 82.7% 79.5% $30.1 77.4% 68.0% $28.5 71.5% 66.7% 66.6% 66.8% 66.0% $26.5 $26.5 $25.3 $7.3 $6.4 $6.2 $6.0 $5.0 $6.2 $7.3 $6.2 $6.5 $6.5 $22.9 $22.6 $22.9 $23
Slide 18: GAAP Income/(Loss)
GAAP Income/(Loss) Loss from Operations Net Income (Loss) in US$M in US$M $2.7 $1.5 7.8% $0.2 $0.4 4.3% 0.5% 1.2% ($1.6) (4.6%) ($3.1) ($3.7) (9.1%) ($3.9) ($4.9) (11.1%) (12.4%) (14.2%) ($8.5) (27.0%) 24Q3PF (1) 24Q4 25Q1 25Q2 25Q3 24Q3PF (1) 24Q4 25Q1 25Q2 25Q3 Loss from Operations Loss from Opera
Slide 19: Cash Flow Summary
Cash Flow Summary CASH, CASH EQUIVALENT, BANK DEPOSITS AND FINANCIAL PRODUCTS ISSUED BY BANKS in US$M 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 At beginning of the period $371.0 $362.6 $363.8 $388.0 $377.3 Operating cash flow ($4.6) $4.5 $17.6 ($0.4) $0.7 Disposal of long-term investments - - $4.4 -
Slide 20: Balance Sheet
Balance Sheet BALANCE SHEETS SNAPSHOT AS OF SEPTEMBER 30, 2025 in US$M Cash & cash equivalents 80 49 Short-term bank deposits 40 94 Short-term financial 45 products issued by banks 374 Long-term bank deposits 189 Long-term financial 20 products issued by banks Total 374 46 29 567 161 82 18 Cash, cas
Slide 21: Share Repurchase Program
Share Repurchase Program VALUE OF SHARES REPURCHASED TOTAL ADSs (1) OUTSTANDING (2) AND in US$M CASH (3) PER ADS $20.7 $132.1 million worth of $4.24 $4.08 $4.01 $4.13 $4.15 $4.16 $4.17 $19.5 shares repurchased in total $3.96 $4.03 $4.03 $3.94 $3.90 $18.6 106.7 102.2 $12.3 97.5 $10.8 94.3 93.5 93.3 $
Slide 22: Thank you
Thank you Agora, Inc.