Agora, Inc. (NASDAQ: API) (“Agora”), a pioneer and leading platform for real-time engagement APIs, today announced its financial results for the first quarter ended March 31, 2022.
“We delivered robust results in the first quarter as we navigated through a complex and fast-evolving market environment. Strong revenue growth momentum continued in markets such as Middle East, Southeast Asia and Europe as developers increasingly choose our platform to create immersive real-time engagement experiences,” said Tony Zhao, founder, chairman and CEO of Agora. “We are particularly excited to see a long-lasting shift of people’s mindset and behavior as they continued to accelerate online migration and spend more time in virtual engagement sessions, even in regions where lives have predominantly returned to pre-pandemic norms.”
First Quarter 2022 Highlights
Total revenues for the quarter were $38.6 million, a decrease of 4.1% from $40.2 million in the first quarter of 2021. Active Customers as of March 31, 2022 were 2,706, excluding those for Easemob, an increase of 16.4% from 2,324 as of March 31, 2021. Constant Currency Dollar-Based Net Expansion Rate, excluding Easemob, was 95% for the trailing 12-month period ended March 31, 2022. Net loss for the quarter was $26.9 million, compared to net loss of $14.7 million in the first quarter of 2021. After excluding share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets and income tax related to acquired intangible assets, non-GAAP net loss for the quarter was $16.9 million, compared to the non-GAAP net loss of $4.3 million in the first quarter of 2021. Adjusted EBITDA for the quarter was negative $16.4 million, compared to negative $3.7 million in the first quarter of 2021. Total cash, cash equivalents and short-term investments as of March 31, 2022 was $717.5 million. Net cash used in operating activities for the quarter was $15.9 million, compared to $2.7 million in the first quarter of 2021. Free cash flow for the quarter was negative $17.0 million, compared to negative $8.0 million in the first quarter of 2021.