Agora, Inc. reported lower total revenues but increased revenue, with a net loss.

From GlobeNewswire: 2024-05-22 18:00:00

Agora, Inc. (NASDAQ: API) reported its unaudited financial results for the first quarter ended March 31, 2024. Total revenues were $33.0 million, down 9.4% from the first quarter of 2023. Agora’s revenue was $15.8 million, up 4.6%. Active customers for Agora increased to 1,720, with a net retention rate of 92%. Net loss was $9.5 million, adjusted EBITDA was negative $6.1 million. Total cash stood at $380.8 million.Operating expenses were down 17.3% from last year, with a loss from operations of $12.6 million. Interest income was $4.7 million, and investment loss was $2.0 million. Net loss was $9.5 million. The Company also repurchased approximately 4.8 million of its class A ordinary shares for $3.2 million. Financial outlook for the second quarter of 2024 is between $34 million and $36 million in total revenues. The Company will host a conference call on May 22, 2024, to discuss the financial results. Non-GAAP financial measures were used in analyzing the results.



Read more at GlobeNewswire:: Agora, Inc. Reports First Quarter 2024 Financial Results