Amber International Holding Limited Reports Second Quarter 2025 Unaudited Financial Results
- Record-quarter with historical high revenue and gross profit, led by significant growth in Wealth Management Solutions -
Michael Wu, Chairman of the Board and CEO of
Our technology-driven vision is a defining pillar of our strategy. By integrating our crypto-native infrastructure and advanced AI technologies, we are elevating personalization, efficiency, and scalability across all aspects of our business. Looking ahead, we are well-positioned to serve as a gateway for institutional digital asset adoption, broadening our RWA and AgentFi offerings, in collaboration with partners where appropriate, with the goal of delivering meaningful and long-term value for our clients, partners, and shareholders."
Second Quarter and First Half 2025 Highlights
-
Total Revenue: Reached
US$21.0 million in the second quarter of 2025, mainly contributed by WFTL Assigned Contracts and robust growth in wealth management solutions and integration of revenue from Marketing and Enterprise Solutions following the Merger. It reachedUS$35.9 million in the first half of 2025. -
Wealth Management Solutions Revenue: Reached
US$11.5 million in the second quarter of 2025, achieving multi-fold increase. It reachedUS$21.5 million in the first half of 2025. -
Gross Profit: Surged to
US$15.0 million in the second quarter of 2025, andUS$26.0 million in the first half 2025. -
Adjusted EBITDA:
US$0.2 million in the second quarter of 2025, versus aUS$1.0 million loss in the same period of 2024. It wasUS$1.8 million in the first half 2025, versus aUS$1.8 million loss in the same period last year. -
Client Assets on Platform[1]: Increased to
US$1,535.3 million as ofJune 30, 2025 , up 35.7% fromJune 30, 2024 . -
Cumulative KYC'ed Users[2]: Reached 4,911 as of
June 30, 2025 , up 20.8% fromJune 30, 2024 .
[1] Client Assets on Platform is defined as the total |
[2] Cumulative KYC'ed Users is defined as the total number of clients that completed the Company's Know Your Customer identity verification as of a specific date. |
Business Developments and Strategic Updates
In the second quarter of 2025,
Total revenue for the quarter reached
Strategically,
-
AMBR Tokenization & On-Chain Exposure:
Amber Premium is the firstAsia -based public company whose stock is made available onchain via xStocks, enabling 24/7 global access and trading of tokenized AMBR shares alongside major global stocks, bridging traditional finance with DeFi and highlighting Amber's leadership in crypto-native digital asset innovation. -
Innovative Financial Products & Seamless Platform Evolution:
Focusing on the delivery of comprehensive structured product suites, enabling clients to optimize yield and manage risk exposure across market cycles. Concurrently, we are evolving a frictionless, AI-embedded platform to enhance client onboarding, product selection, and portfolio monitoring, catering to sophisticated clients and investors. -
RWA Initiatives:
Our end-to-end solution brings together advisory, custody, and liquidity, positioning Amber Premium at the forefront of bridging traditional finance and DeFi. Building on the success of our stablecoin infrastructure, we are exploring opportunities to expand into tokenization of real-world assets. Over time, we aim to broaden the range of tokenized products, working alongside ecosystem partners where appropriate, to deliver a more unified portfolio experience for clients. -
Crypto and AI Integration:
Leveraging cutting-edge AI technologies and intelligent agents like MIA across marketing, social engagement, and client support functions in assisting client acquisition and service quality, enabling our businesses and operations to scale efficiently and more consistently.
Second Quarter 2025 Financial Results Summary
On
[3] In connection with the Merger, we entered into intercompany services agreements with certain wholly owned subsidiaries of our parent, |
The following table sets forth the key financial metrics of the Company for the periods indicated.
|
|
Three Months Ended |
||||
|
|
|
|
|
|
Percentage |
(US$ in thousands, except per share data; unaudited) |
|
2025 |
|
2024 |
|
change |
Financial Metrics: |
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Wealth Management Solutions |
|
11,544 |
|
610 |
|
1,792.5 % |
Execution Solutions |
|
2,010 |
|
24 |
|
8,275.0 % |
|
|
858 |
|
233 |
|
268.2 % |
Sub-total of Amber Premium Business[4] |
|
14,412 |
|
867 |
|
1,562.3 % |
Marketing and Enterprise Solutions |
|
6,551 |
|
— |
|
N/M |
Total revenue |
|
20,963 |
|
867 |
|
2,317.9 % |
Gross profit |
|
14,956 |
|
286 |
|
5,129.4 % |
Operating loss |
|
(798) |
|
(1,570) |
|
N/M |
Net income |
|
728 |
|
1,532 |
|
(52.5 %) |
Diluted net income per American Depositary Shares ("ADS") |
|
0.01 |
|
0.02 |
|
(50.0 %) |
Adjusted EBITDA[5] |
|
172 |
|
(1,044) |
|
N/M |
Adjusted net loss[5] |
|
(311) |
|
(1,070) |
|
N/M |
Diluted adjusted net loss per ADS[5] |
|
(0.00) |
|
(0.02) |
|
N/M |
|
[4] Amber Premium business comprises our Wealth Management Solutions, Execution Solutions, and |
[5] For more details on these non-GAAP financial measures, please see the tables captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release. |
Revenue for the second quarter of 2025 was
1) Revenue from Wealth Management Solutions was record high at
2) Revenue from Execution Solutions grew to
3) Revenue from
4) Marketing and Enterprise Solutions revenue was
Gross profit for the second quarter of 2025 reached
Total operating expenses were
Operating loss was
Other gains, net were
Net income was
Adjusted EBITDA and adjusted net loss were
Balance Sheet Highlights
As of
Second Quarter 2025 Operating Data
In addition to the measures presented in our consolidated financial statements, we use the operating metrics listed below to evaluate our business, measure our performance, identify trends and make strategic decisions:
|
|
As of |
||||
|
|
|
|
|
|
Percentage |
(US$ in thousands, unless specified) |
|
2025 |
|
2024 |
|
change |
Operating Metrics [6] : |
|
|
|
|
|
|
Cumulative KYC'ed users (in number) |
|
4,911 |
|
4,067 |
|
20.8 % |
Active clients[7] (in number) |
|
967 |
|
944 |
|
2.4 % |
Client assets on platform |
|
1,535,343 |
|
1,131,713 |
|
35.7 % |
|
|
For the three months ended |
||||
|
|
|
|
|
|
Percentage |
|
|
2025 |
|
2024 |
|
change |
New onboarded KYC'ed users[8] (in number) |
|
254 |
|
240 |
|
5.8 % |
Execution trading volume[9] |
|
1,918,758 |
|
2,422,586 |
|
(20.8 %) |
Payment trading volume[10] |
|
347,762 |
|
326,227 |
|
6.6 % |
|
[6] The operating metrics presented in this press release include operating data from Sparrow business and the WFTL Assigned Contracts. While the relevant entities were not consolidated subsidiaries of the Company throughout the relevant periods, their operating data have been included on a pro forma basis for illustrative purposes assuming the completion of DWM Asset Restructuring contemplated in the Merger. As of the date of this earnings release, other than the consolidation of Sparrow business following the relevant regulatory approval in |
[7] An active client is defined as a client who has conducted at least one transaction during any consecutive three months ended as of a specific date, or the assets under the client's management were greater than |
[8] New onboarded KYC'ed user is defined as the number of clients that completed the Company's Know Your Customer onboarding procedures during the period. |
[9] Execution trading volume is defined as the total |
[10] Payment trading volume is defined as the total |
Outlook
Based on the information available as of the date of this press release, the Company provides the following revenue outlook of Amber Premium business:
Third Quarter 2025:
- Revenue of Amber Premium business is estimated to be between
US$11.0 million andUS$12.5 million .
The above outlook is based on current market conditions 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 section titled "Safe Harbor Statement."
Withdrawal of Full Year Outlook
Given the anticipated market volatility in the fourth quarter, the Company has decided to take a more prudent approach to the financial guidance. Accordingly, the Company withdrew its previously disclosed 2025 full-year revenue guidance.
Conference Call
The Company will host an earnings conference call at
Toll Free: 1-844-539-3703
Toll/International: 1-412-652-1273
The conference call will also be available via a live webcast
at
https://viavid.webcasts.com/starthere.jsp?ei=1731922&tp_key=9cb3f85351
Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 13755513
A replay of the call will be available on
The Company's earnings release and investor presentation will be available shortly after issuance in the Investor Relations section of
About
Non-GAAP Financial Measures
The Company uses adjusted EBITDA, adjusted net (loss)/income, and diluted adjusted net (loss)/income per ADS, each a non-GAAP financial measure, in evaluating the Company's operating results and for financial and operational decision-making purposes. The Company believes that adjusted EBITDA, adjusted net (loss)/income, and diluted adjusted net (loss)/income per ADS help identify underlying trends in the Company's business that could otherwise be distorted by the effect of the expenses and gains that the Company includes in net income/(loss). The Company believes that adjusted EBITDA and adjusted net (loss)/income provide useful information about the Company's operating results, enhance the overall understanding of the Company's past performance and future prospects, assess operating performance on a consistent basis, and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making.
Adjusted EBITDA, adjusted net (loss)/income, and diluted adjusted net (loss)/income per ADS should not be considered in isolation or construed as an alternative to net income/(loss) or any other measure of performance or as an indicator of the Company's operating performance. Investors are encouraged to review the historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted EBITDA, adjusted net (loss)/income, and diluted adjusted net (loss)/income per ADS presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. The Company encourages investors and others to review the Company's financial information in its entirety and not rely on a single financial measure.
For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release.
These non-GAAP financial measures were presented with the most directly comparable GAAP financial measures together for facilitating a more comprehensive understanding of operating performance between periods.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements are inherently uncertain, and shareholders and other potential investors must recognize that actual results may differ materially from the expectations as a result of a variety of factors. Such forward-looking statements are based upon management's current expectations and include known and unknown risks, uncertainties and other factors, many of which are hard to predict or control, that may cause the actual results, performance, or plans to differ materially from any future results, performance or plans expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: (i) the risk that the Company may not obtain the regulatory approval in relation to DWM Asset Restructuring in a timely manner or at all and may need to continue relying on the intercompany service agreements to receive the economic benefits of the WFTL Assigned Contracts; (ii) risks related to the performance of the amendment, waiver and framework agreement, including the expected timing and likelihood of receipt of the regulatory approvals contemplated therein; (iii) the risk that the Company's business lines are nascent, not fully proven by market and subject to material legal, regulatory, operational, reputational, tax and other risks in the jurisdictions where it operates; (iv) the risk of declining prices of digital assets and reduced transaction volumes conducted by the Company; (v) regulatory and market risks related to cryptocurrencies and digital assets and in the jurisdictions where the Company operates; (vi) risks related to fluctuations in the market price of bitcoin and any associated unrealized gains or losses on the digital assets that the Company may record in its financial statements as a result of a change in the market price of bitcoin from the value at which the Company's bitcoins are carried on its balance sheet, as well as commercial, legal, regulatory, accounting and technical uncertainties associated with the Company's crypto holdings; (vii) a decrease in liquidity in the markets in which the cryptocurrencies and digital assets are traded; (viii) the impact of the availability of spot exchange traded products and other investment vehicles for digital assets; and (ix) reliance on strategic partners or potential strategic partners. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and other filings with the
Media & Investor Contacts
In
Media Relations Team
Phone: +65 6022 0228
E-mail: pr@ambr.io | ir@ambr.io | ambr@paradigmconsulting.com.hk
In
Tel: +1 (646) 866-7928
E-mail: amber@iecapitalusa.com
(financial tables follow)
AMBER INTERNATIONAL HOLDING LIMITED |
|
|
|
|
|
|
|
|
Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss) |
|
|
|
|
|
|||
(US$'000, except share data and per share data, or otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Revenue |
|
20,963 |
|
867 |
|
35,903 |
|
1,878 |
Cost of revenue |
|
(6,007) |
|
(581) |
|
(9,942) |
|
(1,128) |
Gross profit |
|
14,956 |
|
286 |
|
25,961 |
|
750 |
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
Research and development expenses |
|
(4,621) |
|
(13) |
|
(8,014) |
|
(158) |
Sales and marketing expenses |
|
(2,806) |
|
(3) |
|
(3,616) |
|
(5) |
General and administrative expenses |
|
(8,327) |
|
(1,840) |
|
(14,302) |
|
(3,050) |
Total operating expenses |
|
(15,754) |
|
(1,856) |
|
(25,932) |
|
(3,213) |
Operating (loss)/income |
|
(798) |
|
(1,570) |
|
29 |
|
(2,463) |
Finance income, net |
|
— |
|
63 |
|
38 |
|
52 |
Other gains/(losses), net |
|
1,549 |
|
3,039 |
|
1,605 |
|
(7,930) |
Income/(loss) before share of losses from an |
|
751 |
|
1,532 |
|
1,672 |
|
(10,341) |
equity investee and income tax expense |
|
|
|
|
|
|
|
|
Share of losses from an equity investee |
|
(24) |
|
— |
|
(24) |
|
— |
Income/(loss) before income tax expense |
|
727 |
|
1,532 |
|
1,648 |
|
(10,341) |
Income tax credit/(expense) |
|
1 |
|
— |
|
(4) |
|
— |
Net income/(loss) |
|
728 |
|
1,532 |
|
1,644 |
|
(10,341) |
Net loss attributable to non-controlling interests |
|
13 |
|
— |
|
28 |
|
— |
Net income/(loss) attributable to the Company's |
|
741 |
|
1,532 |
|
1,672 |
|
(10,341) |
ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) |
|
728 |
|
1,532 |
|
1,644 |
|
(10,341) |
Other comprehensive loss: |
|
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of |
|
(115) |
|
— |
|
(115) |
|
— |
US$nil Tax |
|
|
|
|
|
|
|
|
Comprehensive income/(loss) |
|
613 |
|
1,532 |
|
1,529 |
|
(10,341) |
Comprehensive loss attributable to |
|
(24) |
|
— |
|
(24) |
|
— |
noncontrolling Interests |
|
|
|
|
|
|
|
|
Comprehensive income/(loss) attributable to the |
|
589 |
|
1,532 |
|
1,505 |
|
(10,341) |
Company's ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) per ADS attributable to the |
|
|
|
|
|
|
|
|
Company's ordinary shareholders |
|
|
|
|
|
|
|
|
— Basic |
|
0.01 |
|
0.02 |
|
0.02 |
|
(0.17) |
— Diluted |
|
0.01 |
|
0.02 |
|
0.02 |
|
(0.17) |
|
|
|
|
|
|
|
|
|
Weighted average number of ADS used in per |
|
|
|
|
|
|
|
|
share calculation: |
|
|
|
|
|
|
|
|
— Basic |
|
90,548,508 |
|
61,966,949 |
|
79,493,454 |
|
61,966,949 |
— Diluted |
|
90,551,286 |
|
61,966,949 |
|
79,496,261 |
|
61,966,949 |
|
|
|
|
|
|
|
|
|
AMBER INTERNATIONAL HOLDING LIMITED |
|
|
|
|
Unaudited Condensed Consolidated Statements of Financial Position |
|
|
|
|
(US$'000) |
|
|
|
|
|
|
|
|
|
|
|
As of |
|
As of |
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents, time deposits and restricted cash |
|
25,827 |
|
9,326 |
Accounts receivable, net of allowance for credit losses of |
|
7,034 |
|
12 |
US$nil as of |
|
|
|
|
Derivative contracts |
|
68,770 |
|
69,934 |
Digital assets |
|
9,428 |
|
4,832 |
Amounts due from related parties |
|
18,525 |
|
11,533 |
Collateral receivables |
|
20,902 |
|
14,414 |
Other current assets, net of allowance for credit losses of US$nil and |
|
24,928 |
|
2,184 |
US$nil as of |
|
|
|
|
Total current assets |
|
175,414 |
|
112,235 |
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
65,922 |
|
16,735 |
Intangible assets |
|
3,180 |
|
160 |
Other assets |
|
3,650 |
|
704 |
Total non-current assets |
|
72,752 |
|
17,599 |
|
|
|
|
|
Total assets |
|
248,166 |
|
129,834 |
|
|
|
|
|
Liabilities and equity |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable |
|
5,887 |
|
763 |
Collateral payables |
|
20,902 |
|
14,414 |
Liabilities due to customers |
|
84,180 |
|
71,523 |
Payable to related parties |
|
16,701 |
|
9,980 |
Bank borrowings |
|
2,673 |
|
— |
Other current liabilities |
|
24,234 |
|
2,884 |
Total current liabilities |
|
154,577 |
|
99,564 |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Other liabilities |
|
2,294 |
|
485 |
Total non-current liabilities |
|
2,294 |
|
485 |
|
|
|
|
|
Total liabilities |
|
156,871 |
|
100,049 |
|
|
|
|
|
Equity |
|
|
|
|
Share capital |
|
73,431 |
|
13,500 |
Accumulated losses |
|
(35,218) |
|
(36,890) |
Reserve |
|
53,086 |
|
53,175 |
Total equity attributable to equity holders of the Company |
|
91,299 |
|
29,785 |
Non-controlling interests |
|
(4) |
|
— |
Total equity |
|
91,295 |
|
29,785 |
|
|
|
|
|
Total equity and liabilities |
|
248,166 |
|
129,834 |
AMBER INTERNATIONAL HOLDING LIMITED
Unaudited Reconciliations of GAAP and Non-GAAP Results
(US$'000, except share data and per share data, or otherwise noted)
Adjusted EBITDA represents net income/(loss) before (i) depreciation and amortization, (ii) finance income, net, (iii) income tax (credit)/expense, (iv) share-based compensation, (v) other (gains)/losses, net, (vi) net loss attributable to non-controlling interests, (vii) unrealized (gain)/loss in fair value of digital assets, and (viii) cost related to merger.
The table below sets forth a reconciliation of the Company's adjusted EBITDA from net income/(loss) for the periods indicated:
|
|
Three Months Ended |
|
Six Months Ended |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Net income/(loss) |
|
728 |
|
1,532 |
|
1,644 |
|
(10,341) |
Add/(less): |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
484 |
|
89 |
|
621 |
|
196 |
Finance income, net |
|
— |
|
(63) |
|
(38) |
|
(52) |
Income tax (credit)/expense |
|
(1) |
|
— |
|
4 |
|
— |
EBITDA |
|
1,211 |
|
1,558 |
|
2,231 |
|
(10,197) |
Add/(less): |
|
|
|
|
|
|
|
|
Share-based compensation |
|
178 |
|
— |
|
805 |
|
— |
Other (gains)/losses, net |
|
(1,642) |
|
17 |
|
(1,755) |
|
(38) |
Net loss attributable to non-controlling interests[11] |
|
13 |
|
— |
|
28 |
|
— |
Unrealized (gain)/loss in fair value of digital assets |
|
— |
|
(2,619) |
|
— |
|
8,399 |
Cost related to merger[12] |
|
412 |
|
— |
|
444 |
|
— |
Adjusted EBITDA |
|
172 |
|
(1,044) |
|
1,753 |
|
(1,836) |
|
|
|
|
|
|
|
|
|
|
[11] Net loss attributable to non-controlling interests has been adjusted back because the Company's management regularly reviews EBITDA excluding non-controlling interests as a measure of its operational performance. |
[12] Cost related to the merger relates to legal and professional fees. |
Adjusted net (loss)/income represents net income/(loss) before (i) share-based compensation, (ii) other (gains)/losses, net, (iii) net loss attributable to non-controlling interests, (iv) unrealized (gain)/loss in fair value of digital assets, and (v) cost related to merger. There is no material tax effects on these non-GAAP adjustments.
The table below sets forth a reconciliation of the Company's adjusted net (loss)/income from net income/(loss) for the periods indicated:
|
|
Three Months Ended |
|
Six Months Ended |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Net income/(loss) |
|
728 |
|
1,532 |
|
1,644 |
|
(10,341) |
Add/(less): |
|
|
|
|
|
|
|
|
Share-based compensation |
|
178 |
|
— |
|
805 |
|
— |
Other (gains)/losses, net |
|
(1,642) |
|
17 |
|
(1,755) |
|
(38) |
Net loss attributable to non-controlling interests[11] |
|
13 |
|
— |
|
28 |
|
— |
Unrealized (gain)/loss in fair value of digital assets |
|
— |
|
(2,619) |
|
— |
|
8,399 |
Cost related to merger[12] |
|
412 |
|
— |
|
444 |
|
— |
Adjusted net (loss)/income |
|
(311) |
|
(1,070) |
|
1,166 |
|
(1,980) |
|
|
|
|
|
|
|
|
|
The diluted adjusted net (loss)/income per ADS for the periods indicated are calculated as follows:
|
|
Three Months Ended |
|
Six Months Ended |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Net income/(loss) |
|
728 |
|
1,532 |
|
1,644 |
|
(10,341) |
Add: Non-GAAP adjustments to net income/(loss) |
|
(1,039) |
|
(2,602) |
|
(478) |
|
8,361 |
Adjusted net (loss)/income |
|
(311) |
|
(1,070) |
|
1,166 |
|
(1,980) |
|
|
|
|
|
|
|
|
|
Denominator for net income/(loss) per ADS |
|
90,548,508 |
|
61,966,949 |
|
79,493,454 |
|
61,966,949 |
– Weighted average ADS outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for diluted adjusted net (loss)/income |
|
90,551,286 |
|
61,966,949 |
|
79,496,261 |
|
61,966,949 |
per ADS - Weighted average ADS outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income/(loss) per ADS |
|
0.01 |
|
0.02 |
|
0.02 |
|
(0.17) |
Add: Non-GAAP adjustments to net income/(loss) |
|
(0.01) |
|
(0.04) |
|
(0.01) |
|
0.14 |
per ADS |
|
|
|
|
|
|
|
|
Diluted adjusted net (loss)/income per ADS |
|
0.00 |
|
(0.02) |
|
0.01 |
|
(0.03) |
|
|
|
|
|
|
|
|
|
View original content to download multimedia:https://www.prnewswire.com/news-releases/amber-international-holding-limited-reports-second-quarter-2025-unaudited-financial-results-302552382.html
SOURCE