Agora, Inc. Reports Third Quarter 2021 Financial Results

Agora, Inc. (NASDAQ: API) (“Agora”), a pioneer and leading platform for real-time engagement APIs, today announced its financial results for the third quarter ended September 30, 2021.

“We delivered another quarter of strong revenue growth, underpinned by the continued adoption of our real-time engagement platform by developers,” said Tony Zhao, founder, chairman and CEO of Agora. “At our recent RTE 2021 conferences in the United States and China, I was overwhelmed by the enthusiasm from developers around the world for real-time engagement technology, and I’m very excited about the innovative applications they are building with our platform, such as live audio cast, virtual concert and metaverse. In this quarter, we released several important new products, such as the full-path accelerator, and we will continue to expand our product portfolio to empower more real-time engagement possibilities.”

Third Quarter 2021 Highlights

  • Total revenues for the quarter were $45.0 million, an increase of 46.0% from $30.8 million in the third quarter of 2020.
  • Active Customers as of September 30, 2021 were 2,564, excluding those for Easemob, an increase of 41.3% from 1,815 as of September 30, 2020.
  • Constant Currency Dollar-Based Net Expansion Rate, excluding Easemob, was 104% for the trailing 12-month period ended September 30, 2021.
  • Net loss for the quarter was $21.1 million, compared to net loss of $2.9 million in the third quarter of 2020. 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 $11.4 million, compared to non-GAAP net income of $0.6 million in the third quarter of 2020. Adjusted EBITDA for the quarter was negative $9.1 million, compared to $1 million in the third quarter of 2020.
  • Total cash, cash equivalents and short-term investments as of September 30, 2021 was $767.4 million.
  • Net cash used in operating activities for the quarter was $14.0 million, compared to net cash generated from operating activities of $1.9 million in the third quarter of 2020. Free cash flow for the quarter was negative $15.6 million, compared to negative $5.1 million in the third quarter of 2020.

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