Amber International Holding Limited Reports Fourth Quarter and Full Year 2025 Unaudited Financial Results

- Revenue surged 784.1% YoY to US$66.1 million in the first full year as a Nasdaq-listed company -- Secured VARA VASP license, expanding access to the UAE's fast-growing family office and institutional market -- Unveiled "A-Suite" architecture; first AI-native operating system scheduled for launch in Q1 2026 -Amber International Holding Limited (Nasdaq: AMBR) ("Amber International", "we," "us," or the "Company"), a global leading digital wealth management platform, today announced Fourth Quarter and Full Year 2025 Unaudited Financial Results.Management CommentaryMichael Wu, Chairman of the Board and CEO of Amber International, commented, "Fiscal 2025 was a defining year for Amber International. In our first full year as a Nasdaq-listed company, we grew total revenue to US$66.1 million, and achieved our first profitable year on a GAAP continuing-operations basis, representing a US$27.9 million turnaround from our 2024 results. Our Amber Premium operations generated US$50.2 million in revenue with 572.1% growth, and Adjusted EBITDA turned positive at US$4.7 million — a US$9.9 million swing year-over-year.""These results provide the financial bedrock to build what we believe will define the next generation of digital wealth management. Today, we are introducing A-Suite: a cohesive architecture of three AI-native operating systems designed to coordinate on-chain liquidity, yield generation, and asset distribution at scale. We are building the financial infrastructure for the AI agent economy, where digital assets serve as the economic rails and financial services evolve into agent-native operating systems."Vicky Wang, President of Amber International, added, "Our 2025 fiscal year results demonstrate the unmatched quality of our revenue and our clear differentiation from the broader digital asset market. Wealth Management Solutions delivered US$34.9 million for the full year — a 463.6% increase — and constitutes nearly seventy percent of Amber Premium segment revenue. Our platform gross margin reached 74.8%, up from 33.4% a year ago, showing our profitability profile that now aligns with institutional-grade wealth management platforms. Furthermore, closing 2025 with an average of US$1.3 million in Assets on Platform per active client underscores our success in building a premier, institutional-grade platform.""Building upon this optimized foundation, 2026 is the year we continue to scale globally. While we continue to advance our product innovations through new tokenized assets and expand our OTC Market Share by optimizing execution workflows, a meaningful catalyst for our business is our regulatory milestone. Leveraging our VARA VASP license granted on April 2, 2026, we have unlocked expanded access to one of the fastest-growing UAE HNWI markets, positioning Amber as one of the few regulated, pan-Asian digital asset wealth platforms capable of serving this client base at institutional standards."Fourth Quarter and Full Year 2025 Highlights Total Revenue: Reached US$16.3 million in Q4 2025, a 240.6% increase from US$4.8 million in Q4 2024. For the full year 2025, total revenue reached US$66.1 million, a 784.1% increase from US$7.5 million in 2024. Wealth Management Solutions Revenue: Reached approximately US$5.9 million in Q4 2025, a 33.4% increase from US$4.4 million in Q4 2024. For the full year 2025, Wealth Management Solutions revenue reached US$34.9 million, a 463.6% increase from US$6.2 million in 2024, representing 69.5% of Amber Premium segment revenue. Gross Profit: Reached US$12.1 million in Q4 2025 at a gross margin of 74.2%, compared to 28.9% in Q4 2024. For the full year 2025, gross profit reached US$49.4 million at a gross margin of 74.8%, compared to 33.4% in 2024. Non-GAAP Adjusted EBITDA from continuing operations: US$50 thousand in Q4 2025, versus a loss of US$1.6 million in Q4 2024. For the full year 2025, Adjusted EBITDA was US$4.7 million, or 7.1% of revenue, improved from a loss of US$5.2 million in 2024. Client Assets on Platform[1]: Stood at US$1.3 billion as of December 31, 2025. Client Assets per Active Client[2] reached US$1.3 million as of December 31, 2025, reflecting the Company's differentiated client profile. Cumulative KYC'ed Users[3]: Reached 5,229 as of December 31, 2025, up 16.7% from December 31, 2024. [1] Client Assets on Platform is defined as the total U.S. dollar equivalent value of client assets as of a specific date. [2] 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 whose assets under management with the Company greater than US$10 thousand as of a specific date. [3] 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. The Company does not offer or provide any services to registered users who have not successfully completed the Know Your Customer identity verification process. Business Developments and Strategic UpdatesIn fiscal year 2025, Amber International delivered strong operational and financial performance, completed its first full year as a Nasdaq-listed public company, and executed on several strategic initiatives to expand its addressable market.Multi-Jurisdiction Regulatory Platform: On April 2, 2026, the Company's Dubai subsidiary, Amber Premium FZE, received its Virtual Asset Service Provider (VASP) Licence from the Virtual Assets Regulatory Authority (VARA), authorizing regulated VA Broker-Dealer, VA Management and Investment, and VA Lending and Borrowing services. Under the SCA-VARA cooperation framework, this authorization enables the Company to service the broader UAE market under a unified regulatory standard. In Singapore, Sparrow Tech Private Limited, a wholly owned subsidiary of the Company, holds a Major Payment Institution (MPI) licence issued by the Monetary Authority of Singapore. In Hong Kong, the Company, together with Amber Group, continues to advance applications for a VATP licence and SFC Type 1 & 7 licences via WhaleFin Markets Limited and its wholly-owned subsidiary, Amber Custodian Services Limited[4].High-Quality Revenue Mix and Margin Expansion: Throughout 2025, management continued its deliberate focus on higher-quality and higher-margin revenue streams. Wealth Management Solutions revenue reached US$34.9 million — a 463.6% increase — driven by robust demand for structured products and institutional advisory services. Wealth Management now represents 69.5% of Amber Premium segment revenue, giving the Company one of the highest recurring revenue mixes among peers. Platform gross margin expanded from 33.4% to 74.8%, approaching the profitability profile of an institutional-grade wealth management platform.Strengthening Client Metrics: Assets on Platform per active client ended the year at US$1.3 million as of December 31, 2025, a metric that significantly differentiates our institutional-grade digital wealth management platform from the retail-focused peers. The Amber Premium community ended the fiscal year with 988 active clients demonstrating exceptional retention through the Q4 market correction. Cumulative KYC'ed users grew 16.7% year-over-year to a record 5,229, representing a highly lucrative pipeline for future capital activation. This growth potential will be further accelerated by our newly secured regulatory licenses, which unlock massive external client expansion opportunities across key global wealth hubs.AI Integration and MIA Deployment: The Company continued to deepen AI integration across its operations. MIA, the Company's first in-house developed AI agent, has been deployed externally for content generation, social media consistency, and investor engagement, and internally as a proactive workspace assistant accelerating workflows via a proprietary skill hub and secure internal database. [4] While WhaleFin Markets Limited ("WML") and its subsidiary are not currently subsidiaries of the Company, the Company will acquire 100% of the equity interests in WML as part of the DWM Asset Restructuring contemplated in the Merger (as defined below), subject to relevant regulatory approvals. Pending such completion, the Company is entitled to the economic benefits of WML and its subsidiary through existing intercompany arrangements. Share Repurchase ProgramOn November 26, 2025, the Company announced a share repurchase program authorizing the purchase of up to US$50.0 million of its ADSs over a 12-month period commencing December 1, 2025. As of December 31, 2025, the Company had repurchased a total of 516,703 ADSs under this program for an aggregate consideration of approximately US$0.9 million. As of December 31, 2025, approximately US$49.1 million remained available for future repurchases under the program, providing significant capacity for opportunistic repurchases alongside continued growth investment.Fourth Quarter and Full Year 2025 Financial Results Summary On March 12, 2025, iClick Interactive Asia Group Limited ("iClick") completed its merger (the "Merger") with Amber DWM Holding Limited ("Amber DWM")[5] . The Merger is accounted for as a reverse acquisition for accounting purposes. Accordingly, the Merger is treated as the equivalent of Amber DWM issuing shares for the acquisition of iClick, accompanied by a recapitalization, for accounting purposes. The financial results of iClick have been included in our consolidated financial results since March 12, 2025. We completed one of the disposals in October 2025, and as of the end of year 2025, certain operations under iClick were classified as held-for-sale.The following table sets forth the key financial metrics of the Company for the periods indicated. Three Months Ended December 31, Year Ended December 31, (US$ in thousands, except per share data; unaudited) 2025 2024 Percentagechange 2025 2024 Percentagechange Financial Metrics: Revenue Wealth Management Solutions 5,935 4,448 33.4 % 34,909 6,194 463.6 % Execution Solutions 3,391 157 2,059.9 % 11,243 320 3,413.4 % Payment Solutions 1,231 191 544.5 % 4,086 961 325.2 % Sub-total of Amber Premium Business[6] 10,557 4,796 120.1 % 50,238 7,475 572.1 % Marketing and Enterprise Solutions 5,780 — N/M 15,851 — N/M Total revenue 16,337 4,796 240.6 % 66,089 7,475 784.1 % Gross profit 12,128 1,387 774.4 % 49,436 2,495 1,881.4 % Operating income/(loss) 1,159 (1,055) N/M 2,595 (5,306) N/M Net income/(loss) from continuing operations 827 (12,099) N/M 4,665 (23,273) N/M Diluted net income/(loss) from continuing operations per American Depositary Shares ("ADS") 0.01 (0.20) N/M 0.05 (0.38) N/M Adjusted EBITDA from continuing operations[7] 50 (1,559) N/M 4,694 (5,158) N/M Adjusted net income/(loss) from continuing operations[7] 937 (1,629) N/M 4,858 (5,433) N/M Diluted adjusted net income/(loss) per ADS from continuing operations[7] 0.01 (0.03) N/M 0.06 (0.09) N/M [5] In connection with the Merger, we entered into intercompany services agreements with certain wholly owned subsidiaries of our parent, Amber Group. These agreements would afford us with substantially the same economic benefits as the transactions contemplated under the merger agreement signed in connection with the Merger, pending certain regulatory approvals for DWM Asset Restructuring contemplated under the merger agreement. This includes our entitlement to 100% of the consolidated net income generated from certain contracts associated with WhaleFin Technologies Limited ("WFTL") (the "WFTL Assigned Contracts") effective from January 1, 2025 to October 27, 2025, and our entitlement to 100% of the consolidated net income generated from certain contracts associated with AG Global Technology Limited Inc. ("AGTL") (the "AGTL Assigned Contracts") effective from October 28, 2025. Therefore, our results for the three months and year ended December 31, 2025 have included the net income from WFTL Assigned Contracts and AGTL Assigned Contracts (collectively, the "Assigned Contracts"), which was not reflected in our results for the corresponding periods in 2024. [6] Amber Premium business comprises our Wealth Management Solutions, Execution Solutions, and Payment Solutions. [7] 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. Fourth Quarter 2025 Results:Revenue for the fourth quarter of 2025 was US$16.3 million, representing a 240.6% increase year-over-year. The solid performance was contributed by the substantial growth in Amber Premium Business reflected by the Assigned Contracts[8], in addition with the Marketing and Enterprise Solutions following the Merger:Revenue from Wealth Management Solutions was US$5.9 million in the fourth quarter of 2025, up from US$4.4 million in the same period a year earlier. The growth was driven by stronger institutional adoption of our offerings, supported by the increasing demand for our expanded and advanced investment products and services. Revenue from Execution Solutions reached US$3.4 million in the fourth quarter of 2025, grew from US$0.2 million in the same period of 2024, together with the increase in client trading activities with us and improved fee rate and spread mix during the quarter. Revenue from Payment Solutions rose to US$1.2 million in the fourth quarter of 2025, from US$0.2 million for the same period of 2024, benefited from the and continued structural growth in stablecoin-based payment flows for risk-off positioning and treasury management. Marketing and Enterprise Solutions revenue was US$5.8 million in the fourth quarter of 2025, generated from online marketing, SaaS products and services from iClick. [8] For purposes of this release, unless otherwise indicated, the financial results discussed under "Amber Premium Business" include the net income attributable to the Company from the Assigned Contracts under the intercompany services agreements as described above. Gross profit for the fourth quarter of 2025 was US$12.1 million, compared to US$1.4 million in the same period of 2024. Gross profit margin reached 74.2% in the fourth quarter of 2025, from 28.9% in the fourth quarter of 2024. These improvements were mainly driven by the continuous growth of higher-margin Amber Premium offerings and marketing and enterprise solutions.Total operating expenses were US$11.0 million in the fourth quarter of 2025, increased from US$2.4 million in the same period of 2024. The change reflected our strategic business expansion, accompanied by higher personnel expenses, technology and development expenses, and legal and professional fees.Operating income was US$1.2 million in the fourth quarter of 2025, compared to US$1.1 million operating loss in the same period of 2024, driven by the growth of higher-margin services, partially offset by increased expenses for expansion.Other losses, net were US$1.6 million in the fourth quarter of 2025, versus US$11.1 million in the fourth quarter of 2024. The losses in the fourth quarter of 2025 were mainly attributable to the fair value change of crypto assets loan receivables and digital assets, partially offset by the write-off of certain other payables, whereas the losses in the fourth quarter of 2024 were primarily represented the unrealized loss in fair value of digital assets from a related party, which was waived prior to the Merger.Net income from continuing operations improved to US$0.8 million in the fourth quarter of 2025 from a net loss of US$12.1 million in the same period of 2024.Adjusted EBITDA from continuing operations was US$50 thousand, versus a loss of US$1.6 million in the same period of 2024. Adjusted net income from continuing operations was US$0.9 million, versus adjusted net loss of US$1.6 million a year earlier.Net loss from discontinued operations was US$0.3 million in the fourth quarter of 2025, attributable to the financial results of certain operations under iClick that were either disposed of during the quarter or classified as held-for-sale as of quarter end.Full Year 2025 Results: Revenue for 2025 surged to US$66.1 million, representing a 784.1% increase year-over-year. The strong momentum was driven by incremental contribution from the growth in the core Amber Premium Business, and the Marketing and Enterprise Solutions following the Merger on March 12, 2025:Revenue from Wealth Management Solutions reached US$34.9 million in 2025, reflecting robust growth from US$6.2 million in 2024 and broader adoption of our offerings, supported by the strong demand on our diversified investment products and services, including new accumulator/decumulator products introduced in the fourth quarter of 2024. Revenue from Execution Solutions surged to US$11.2 million in 2025, compared to US$0.3 million a year earlier, fueled by the increase in client trading activities with us and improved average fee rate and spread mix throughout the year. Revenue from Payment Solutions rose to US$4.1 million in 2025, from US$1.0 million in 2024, mainly resulting from increased volumes. Marketing and Enterprise Solutions revenue was US$15.9 million in 2025.Gross profit in 2025 reached US$49.4 million, up from US$2.5 million in 2024. Gross profit margin surged to 74.8% in 2025, from 33.4% in 2024. The substantial growth was mainly contributed from the accelerated growth in Amber Premium business and higher-margin marketing and enterprise solutions.Total operating expenses were US$46.8 million in 2025, compared to US$7.8 million in 2024, primarily due to higher personnel expenses, technology infrastructure and software services expenses, and legal and professional service fees associated with business expansion and new products and services development.Operating income was US$2.6 million in 2025, a substantial improvement from the operating loss of US$5.3 million in 2024, driven by a significant increase in gross profit and strengthened operating leverage.Other gains, net were US$0.5 million in 2025, compared to other losses, net of US$18.1 million in 2024. Other gains, net in 2025 mainly represents the write-off of certain other payables, dividend income from investment, and investment gains during the year, partially offset by fair value change of crypto asset loan receivables and digital assets. The losses in 2024 mainly represented the unrealized fair value loss of digital assets on loan from a related party, and the loan was subsequently waived.Net income from continuing operations was US$4.7 million in 2025, representing a turnaround from net loss from continuing operations of US$23.3 million in 2024.Adjusted EBITDA and adjusted net income from continuing operations reached US$4.7 million and US$4.9 million, respectively, in 2025, achieving profitability from adjusted EBITDA loss of US$5.2 million and adjusted net loss of US$5.4 million in 2024.Net loss from discontinued operations was US$2.0 million in 2025.Balance Sheet HighlightsAs of December 31, 2025, the Company had cash and cash equivalents, time deposits and restricted cash of US$33.9 million, compared to US$9.3 million as of December 31, 2024.Operating DataIn addition to the measures presented in our consolidated financial statements, we use the operating metrics listed below to evaluate our business, measure our performance, identify trends and make strategic decisions: As of December 31, (US$ in thousands, unless specified) 2025 2024 Percentagechange Operating Metrics[9]: Cumulative KYC'ed users (in number) 5,229 4,479 16.7 % Active clients (in number) 988 985 0.3 % Client assets on platform 1,318,413 1,478,884 (10.9 %) For the three months ended December 31, 2025 2024 Percentagechange New onboarded KYC'ed users[10] (in number) 161 230 (30.0 %) Execution trading volume[11] 2,341,376 2,964,789 (21.0 %) Payment trading volume[12] 533,753 369,358 44.5 % [9] The operating metrics presented in this press release include operating data from Sparrow business and the 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 April 2025, the DWM Asset Restructuring has not been completed. [10] 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. [11] Execution trading volume is defined as the total U.S. dollar equivalent value of two-side spot matched trades transacted of crypto assets between a buyer and seller through the Company, and excluding the deposit or withdrawal of crypto assets during the period. [12] Payment trading volume is defined as the total U.S. dollar equivalent value of one-side on/off-ramp through the Company during the period. OutlookBased on the information available as of the date of this press release, the Company provides the following revenue outlook of Amber Premium business:First Quarter 2026:Revenue of Amber Premium business is estimated to be between US$5.1 million and US$5.6 million.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 for purposeful strategic optimization. We continue to strategically streamline our resources and fulfill stringent regulatory requirements across our active jurisdictions. With greater regulatory visibility—culminating in the milestone receipt of our VARA VASP license in Dubai—we are proactively refining our client base to focus exclusively on high-value, compliant relationships. This intentional contraction prioritizes the depth and profitability of our network over sheer volume, ensuring we continue to enhance our competitiveness as a sustainable, institutional-grade digital wealth management platform through 2026 and beyond.Please also refer to the factors set out under the section titled "Safe Harbor Statement."Conference CallThe Company will host an earnings conference call at 8:00 AM U.S. Eastern Time on April 28, 2026 (8:00 PM Singapore time on April 28, 2026). Participants are asked to use one of the following teleconferencing numbers to participate in the call and reference the Access ID number 13760041. The Company requests that participants dial in 10 minutes before the conference call begins.Participant Dial-in Numbers:Toll Free: 1-844-539-3703Toll/International: 1-412-652-1273The conference call will also be available via a live webcast athttps://viavid.webcasts.com/starthere.jsp?ei=1759715&tp_key=74466dd863Read More

Amber International Holding Limited Reports Fourth Quarter and Full Year 2025 Unaudited Financial Results

Інші новини компанії