Agora (API) financial statements
Agora reported revenue of $141M in fiscal 2025, up 18.2% a year over 7 years.
Net income was $10M and the operating margin -6.7%, against 0.6% in 2018.
Free cash flow was $26M.
The diluted share count rose 262% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Agora's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $44M | $64M | $134M | $168M | $161M | $142M | $133M | $141M |
| Cost of revenue | $13M | $20M | $47M | $64M | $61M | $52M | $48M | $47M |
| Gross profit | $31M | $44M | $86M | $104M | $99M | $89M | $85M | $94M |
| Research and development | $14M | $24M | $49M | $111M | $115M | $78M | $80M | $55M |
| Selling, general and admin | $17M | $27M | $44M | $77M | $92M | $69M | $60M | $49M |
| Operating income | $262,567 | -$6M | -$5M | -$81M | -$116M | -$87M | -$53M | -$9M |
| Interest expense | — | — | — | — | — | $20,000 | $253,000 | $36,000 |
| Pre-tax income | $481,194 | -$5M | -$3M | -$72M | -$120M | -$87M | -$39M | $10M |
| Income tax | $105,078 | $801,000 | $562,000 | $840,000 | $663,000 | $422,000 | $258,000 | $323,000 |
| Net income | $376,116 | -$6M | -$3M | -$72M | -$120M | -$87M | -$43M | $10M |
| EPS (diluted) | -$0.39 | -$0.58 | -$0.76 | -$0.16 | -$0.27 | -$0.22 | -$0.11 | $0.02 |
| Diluted shares | 109M | 116M | 269M | 441M | 446M | 398M | 373M | 395M |
| Gross margin | 71.1% | 68.3% | 64.7% | 61.9% | 61.9% | 63.2% | 64.1% | 66.4% |
| Operating margin | 0.6% | -9.5% | -3.9% | -48.0% | -72.1% | -61.7% | -40.0% | -6.7% |
| Net margin | 0.9% | -9.6% | -2.3% | -43.1% | -74.9% | -61.6% | -32.1% | 6.8% |
Balance sheet
Fiscal years, from Agora's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $109M | $106M | $635M | $755M | $60M | $45M | $30M | $80M |
| Receivables | — | $16M | $28M | $33M | $33M | $35M | $31M | $25M |
| Total current assets | — | $123M | $671M | $798M | $485M | $261M | $328M | $260M |
| Property, plant and equipment | — | $6M | $17M | $19M | $13M | $23M | $49M | $88M |
| Goodwill | — | $0 | $3M | $56M | $32M | $0 | — | — |
| Total assets | — | $131M | $693M | $945M | $801M | $675M | $700M | $721M |
| Total current liabilities | — | $18M | $36M | $74M | $72M | $57M | $58M | $57M |
| Total liabilities | — | $18M | $36M | $79M | $72M | $70M | $127M | $158M |
| Shareholders' equity | -$73M | -$127M | $656M | $866M | $728M | $605M | $573M | $563M |
| Net debt | -$109M | -$106M | -$111M | -$286M | -$46M | -$37M | -$27M | -$75M |
Cash flow
Fiscal years, from Agora's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $536,101 | $706,000 | $7M | -$20M | -$52M | -$14M | -$14M | $27M |
| Capital spending | $2M | $5M | $13M | $12M | $4M | $924,000 | $3M | $2M |
| Free cash flow | -$2M | -$4M | -$6M | -$32M | -$57M | -$15M | -$17M | $26M |
| Stock-based compensation | $3M | $3M | $12M | $31M | $32M | $25M | $23M | $6M |
| Share buybacks (net) | -$784,799 | $0 | $0 | — | — | — | — | — |
| Net borrowing | — | — | — | — | — | $11M | $36M | $32M |
| Free cash flow margin | -4.0% | -6.4% | -4.7% | -19.2% | -35.2% | -10.3% | -12.5% | 18.1% |
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Open API in InvestinglyQuestions
What was Agora's revenue in 2025?
$141M in fiscal 2025, from its 10-K filing.
How much free cash flow does Agora generate?
$26M in fiscal 2025 (operating cash flow minus capital spending).
From Agora's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.