Agora, Inc. (NASDAQ: API) (“Agora”), a pioneer and leading platform for real-time engagement APIs, today announced its unaudited financial results for the third quarter ended September 30, 2022.
“We delivered robust operational results this quarter despite a very challenging global macroeconomic environment,” said Tony Zhao, founder, chairman and CEO of Agora. “In recent months, we have been working hard to improve our operational efficiency and focus our efforts on priorities including enhancing the quality of experience and ease of use of our core products, strengthening our go-to-market efforts, and winning benchmark customers, which will help us navigate near term uncertainties and emerge as a stronger and healthier company.”
Third Quarter 2022 Highlights
- Total revenues for the quarter were $41.0 million, a decrease of 9.0% from $45.0 million in the third quarter of 2021.
- Active Customers as of September 30, 2022 were 2,987, excluding those for Easemob, an increase of 16.5% from 2,564 as of September 30, 2021.
- Constant Currency Dollar-Based Net Expansion Rate (DBNER), excluding Easemob, was 84% for the trailing 12-month period ended September 30, 2022. Specifically, DNBER was above 130% for the US and International business, and approximately 70% for the China business.
- Net loss for the quarter was $27.7 million, compared to net loss of $21.1 million in the third quarter of 2021. After excluding share-based compensation expenses, acquisition related expenses, financing related expenses, amortization expenses of acquired intangible assets and income tax related to acquired intangible assets, non-GAAP net loss for the quarter was $17.6 million, compared to non-GAAP net loss of $11.4 million in the third quarter of 2021. Adjusted EBITDA for the quarter was negative $16.4 million, compared to negative $9.1 million in the third quarter of 2021.
- Total cash, cash equivalents and short-term investments as of September 30, 2022 was $483.4 million.
- Net cash used in operating activities for the quarter was $8.8 million, compared to $14.0 million in the third quarter of 2021. Free cash flow for the quarter was negative $9.9 million, compared to negative $15.6 million in the third quarter of 2021.