Amber International Q4 2025 Earnings Call - AI-Native Operating Systems Drive Margin Expansion Amid Crypto Drawdown

Operator: Good morning, and welcome to Amber International Fiscal Year 2025 financial results. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the call, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, MIA, Amber Premium’s official AgentFi ambassador. MIA, you may begin.

MIA, Official AgentFi Ambassador and Moderator, Amber Premium: Good morning, and welcome to Amber International Holding Limited’s fourth quarter and full year 2025 earnings call. I am MIA, Amber Premium’s official AgentFi ambassador and your moderator today. Before we begin, please note that today’s discussion may contain forward-looking statements within the meaning of U.S. Federal Securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially. For a more detailed description of these and other risks and uncertainties, please refer to our filings with the Securities and Exchange Commission. Joining us on today’s call are Michael Wu, Chairman of the Board and Chief Executive Officer, who will share our full-year overview, strategic vision, and AI initiatives. Vicky Wang, President, who will focus on our core business updates, client platform performance, and future focuses. Yi Bao, Chief Product Officer, who will update us on our regulatory update and platform evolution.

Josephine Ngai, Chief Financial Officer, who will review our financial results and provide guidance, and Steve Zhang, our Head of Capital Markets. Following their remarks, we will open the line for Q&A. With that, let me now turn the call over to Michael Wu, our Chairman of the Board and Chief Executive Officer.

Michael Wu, Chairman of the Board and Chief Executive Officer, Amber International: Thank you, MIA, and thank you all for joining us today. The full year 2025 marked a pivotal chapter for Amber International, a year in which we proved the durability and the scalability of our business model against a challenging macroeconomic backdrop. First, I want to address the broader macroeconomic landscape and what we have achieved amid this environment. We clearly acknowledge the industry headwinds. The total market cap of crypto decreased by approximately 25% in the fourth quarter alone, cooling to approximately $3 trillion by year-end, after briefly approaching $4 trillion in October. However, we are highly encouraged by the financial resilience of our business has demonstrated despite this volatility. We generated $66.1 million in full year 2025 revenue.

Our Amber Premium segment generated $50.2 million in revenue, has successfully achieved our annual segment revenue guidance. This also represents a 572.1% increase compared to the $7.5 million Amber Premium segment revenue in 2024. In Q4 alone, we recorded $16.3 million in consolidated revenue, maintaining a stable quarter-over-quarter top line despite the broader crypto market suffering a significant contraction during the same period. This is a definitive validation of our resilient institutionalized platform. On an adjusted EBITDA basis, we achieved positive $4.7 million for the full year, which was a swing of $9.9 million from the $5.2 million loss in 2024. Amber International improved profitability against a challenging market backdrop.

That is the financial story of 2025. Our financial results demonstrate the strength of our core. Amber Premium is Asia’s leading digital wealth management platform. It serves the region’s most sophisticated clients with a private banking experience built on technology and unmatched access to digital asset opportunities. This business has proven to be profitable, resilient, and scalable, and it continues to set the foundation for our long-term strategy. On business development side, I’m proud to share a major regulatory milestone. Our Dubai subsidiary, Amber Premium FZE, received a Virtual Asset Service Provider license from VARA on April 2nd, 2026, which formally authorized it to offer regulated virtual asset broker-dealer, asset management, investment, borrow and lending services to institutional and qualified investors in and from the Emirate of Dubai and the broader United Arab Emirates. Built upon this progress, we continue to actively advance our licensing efforts in Hong Kong.

Yi will elaborate further on this achievement later. Turning to our long-term vision and initiatives. As many of you may know, Amber’s roots in AI date back to our founding days as Amber AI in 2017. We believe the convergence of crypto and AI to transformative technologies of our time will fundamentally reshape finance, not only for humans, but also for the numerous AI agents that are arriving. In this emerging AI agent economy, digital assets become the economic and financial rails, and the financial services evolve from platforms into agent-native operating systems. My ambition as Amber’s founder Chief Executive Officer is not to add AI onto yesterday’s products. It is rather to build the financial stack for what comes next.

For that, we are actively developing a product suite called the A-Suite, which is a cohesive architecture of three AI-native operating systems that will not only power businesses like Amber Premium, but are engineered to intelligently coordinate liquidity, asset management, and asset distribution at scale. In Q1 2026, we’ll officially announce the first of these three operating systems, which will be an AI-native autonomous workflow engine for digital asset liquidity management. Over time, we anticipate this suite, the A-Suite, will unlock new scalable revenue streams and significantly enhance our operating leverage in the quarters that will follow its launch. We are also executing a comprehensive AI rollout within our businesses today. We have begun integrating MIA, our first in-house developed AI agent, and also your host today, into our marketing and enterprise solution segment, or what was known externally as our iClick business.

Externally, MIA manages content generation, social media consistency, and investor engagement. Internally, MIA has lived in our Slack workspace as a proactive teammate, accelerating workflows via a proprietary skill hub, and secure internal database. These are much more than just productivity gains or cost-cutting initiatives. We want to use MIA’s AI rollout success on iClick as a proof case that our in-house technology and innovation abilities can fundamentally upgrade traditional businesses, improve client experience, reduce unit cost, and sharpen our competitive edge in ways that cannot easily be replicated. Finally, as part of our commitment to maximizing shareholder value, our board authorized the purchase of up to $50 million of eight of our Amber ADS over a 12-month period commencing December 1st, 2025. Our approach is disciplined, measured, and also opportunistic.

We try to balance shareholder returns with capital requirements for A-Suite development and a platform expansion. I’m pleased to report that during fiscal year 2025, the company repurchased 516,703 ADS under the program, and approximately $49.1 million remain available for future purchases, providing significant capacity for opportunistic repurchases alongside continued growth investments. We’re committed to executing our transition toward higher-margin, predictable platform revenue, and in the long term, building the financial stack for this AI agent economy. We believe our capital allocation strategy, including the repurchase program, reflects that long-term commitment. 2025 was a year that validated our strategy through the success case of Amber Premium. 2026 is the year we scale it and propel forward with both technology and innovations. Thank you. I will now pass to Vicky.

Vicky Wang, President, Amber International: Thank you, Michael. 2025 marked a year of strong and profitable growth for our core business. As Michael highlighted, we remain resilient despite a major correction in the broader crypto market in Q4. Let me frame our performance through the lens of platform economics, as its measures really highlight what’s driving the value we are creating. First, our primary recurring revenue engine, Wealth Management Solutions, delivered $34.9 million for the full year. This is a massive 463.6% increase from the $6.2 million we generated in 2024. Second, Wealth Management now contributes a major part, around 69.5%, of our total Amber Premium segment revenue. We believe this gives Amber a recurring revenue mix that is truly differentiated among digital asset platforms. Third, our unit economics have undergone a meaningful step change.

Our platform growth margin reached 74.8% in 2025, up from just 33.4% a year ago. That is an expansion of over 4,100 basis points, meaning our profitability profile is now approaching that of an institutional-grade wealth management platform. The ultimate proof of our differentiated positioning is our client profile. Our asset on platform per active client end of the year at $1.3 million. We compare that to the $5,000-$10,000 range commonly cited for typical retail crypto exchanges based on publicly available industry data. The contrast is clear. We are building an institutional-grade platform serving a growing long-term wealth allocation into crypto. We observe across industry, Q4 2025 reflected lower digital asset prices, softer sentiment, and a 25% broader market contraction in crypto market capitalization.

Coming off a record Q3, that shift was mathematically pronounced in our headline dollar amounts. The most important client story of Q4 is not what our asset on platform number looked like on December 31st. It is what our clients did during this correction. They stayed. Well, total platform asset ended the year at $1.3 billion, down from our Q3 peak at $1.8 billion. This was primarily a mark-to-market reflection of digital asset price decline. Underneath the headline, the engagement picture is steady. Active clients held at 988, essentially flat year-over-year across our in-institution and high net worth base. In the quarter where market test conviction, our platform retained its clients and kept them active, evidenced by the relations we are building are durable through cycles.

As we navigate involving market conditions in coming quarters, our high-value engaged client base provides a strong foundation for us to continue optimizing the business with a long-term focus. As we look to 2026, we’re accelerating our growth through three definitive strategies. First, product innovation. We continue to expand our institutional suite with advanced offerings such as crypto-native FCNs, on-chain commodities, and quantitative strategies while exploring tokenized traditional assets. This expands the range of solutions available to our clients, allowing them to allocate capital more actively across a broader set of investment opportunities on our platform. At the same time, our payment solution business grew 325% year-over-year in 2025, reflecting increasing client engagement and more frequent capital movement on platform.

Together, these capabilities enable us to capture a greater share of client wallet, while positioning us to meet accelerating demand for regulated institutional-grade access to on-chain assets. Second, OTC market share and margin expansion. As one of Asia’s longest-running institutional OTC desks, our execution reliability represents a difficult-to-replicate moat. In 2026, we are focused on automating workflows and enhancing pricing precision to improve competitiveness, reduce latency, and capture a larger share of institutional flow, driving margin expansion in our execution solution segment through higher volumes and greater operation efficiency. Third, geographical expansion. Our newly secured VARA VASP license marks an important milestone, unlocking access to the UAE, a key and rapidly growing hub for private and institutional wealth. Yi Bao will elaborate further on our broader regulatory moat shortly.

Ultimately, the combination of a broader product suite, a more automated execution engine, and expanded regulatory access positions us well for accelerated high-quality growth in 2026 and beyond. With that, I will hand over to our Chief Product Officer, Yi Bao.

Yi Bao, Chief Product Officer, Amber International: Thank you, Vicky. I would like to update you on mainly two areas. First, our regulatory updates across our three licensed jurisdictions and the evolution of our platform and product suite. One of our defining themes of 2025 is our regulatory position, which is now a genuine competitive moat. In the fourth quarter of 2025, our Dubai subsidiary, Amber Premium FZE, successfully secured its in-principle approval from VARA. Today, I’m incredibly proud to announce that on April second, 2026, we officially received our VASP license. This formally authorized us to provide virtual assets broker-dealer, virtual assets management and investments, and virtual assets lending and borrowing service to institutional and qualified investors. By securing our license from VARA, Dubai’s dedicated virtual assets regulator, we are strengthening our presence in the region’s rapidly expanding digital assets ecosystem. The strategic magnitude of this license cannot be overstated.

Upon the SCA and VARA cooperation framework, this single approval further enables us to operate in and from the entire UAE, not just Dubai. This expands our access to one of the fastest-growing private wealth markets in the world. We are, of course, closely monitoring regional geopolitical developments. While the recent geopolitical tensions in the Middle East may introduce near-term complexities and impact the broader MENA markets, our long-term thesis remains completely unchanged. MENA remains a deeply strategic and a rapid growing market. To put opportunity in perspective, according to third-party industry research, the MENA wealth management sector is forecast to reach $1.4 trillion by 2031, with the estimated CAGR of 6.7%, driven by a combination of local wealth growth and intergenerational wealth transfer expected in the Middle East by 2030.

That concentration of wealth is precisely the client base our platform is built for. Since establishing our Dubai presence, we have engaged actively with local institutional prospects. Our VARA license, alongside our Singapore Major Payment Institution license and our ongoing efforts together with broader Amber Group to secure a Hong Kong VATP license, positions Amber Premium, in our view, as one of the few regulated pan-Asian digital asset wealth platforms serving its client base at institutional standards. This is what a regulatory mode looks like. On the platform and the product front, our starting points remains consistent. Crypto markets are structural cyclical, and our product roadmap is designed to serve clients through both down and up cycles. What changes each quarter is our ability to serve them better. In 2025, we made concrete programs across three areas. First, OTC platform integration.

Our institutional execution infrastructure was meaningfully upgraded, delivering tighter workflows and faster settlements for block trades. Second, AI copilot development. We have embedded AI capabilities directly into our OTC workflow, reducing manual processing time and improving trade execution analytics for our coverage team. Third, structured product expansion. We launched and scaled our crypto-denominated Fixed Coupon Note and accumulator, decumulator product suites, giving clients yield-generating structures that operates across market environments. Alongside these core upgrades, we successfully built the foundation for our real-world assets tokenization platform. By converting strong institutional inbound interest into an end-to-end internal solution from structuring to custody, we are now positioned to seamlessly integrate diversified yields from traditional assets directly into our clients’ digital wealth portfolios. These improvements compound. A more capable platform with AI support allow our team to serve more clients without proportional headcount growth. This is a unique economics implementation.

Each product enhancements increases the revenue potential per active client relationship, a metric analogous to net revenue retention in enterprise software businesses. Crucially, these platform upgrades and AI integrations are not just the standalone features. They serve as the technological stepping stones for much larger scalable architecture we are building. They have successfully laid the operational foundation for A-Suite, the cohesive AI-native operating system that Michael touched upon earlier. As we prepare to introduce the first of these operational system in Q1 2026, we are actively transitioning to fundamentally running our service on an AI-native core. With the regulatory modes and upcoming A-Suite architecture we are fully committed to building, I’m very encouraged by the momentum entering 2026, and I look forward to reporting tangible milestones in the quarters ahead. Next, I will hand it over to Josephine.

Josephine Ngai, Chief Financial Officer, Amber International: Thank you, Yi. Good morning, everyone. I will now review our financial results for quarter four, 2025, and for the full year ending December 31st, 2025, and provide guidance for Q1, 2026. I will primarily reference the consolidated Amber International entity and where relevant, provide context at the Amber Premium segment level. Revenue for Q4, 2025 was $16.3 million, around 240% increase from $4.8 million in Q4, 2024. Within Amber Premium, wealth management solutions delivered approximately $5.9 million, execution solutions contribute $3.4 million, payment solutions contribute $1.2 million, and the marketing and enterprise solutions contribute approximately $5.8 million following this merger’s consolidation.

The gross profits of $12.1 million at the 74.2% margin represents over 8x improvement versus Q4 2024 of $1.4 million at 28.9% margin. This margin quality is the most important structural indicator in our P&L as it validates the premium positioning of our wealth management-driven business model. At the operating line, Q4 2025 record an operating income of $1.2 million. The total operating expenses of $11 million reflect continued platform investment, including front office headcount to support AOP and client growth. The net income from continuing operations was $0.8 million in Q4, which significantly improved from a net loss of $12.1 million in Q4 2024.

The improvement was contributed by the continued growth of higher margin service and reductions in other losses related to year-end digital asset revaluation. The adjusted EBITDA for Q4 2025 was $50,000, making a return to positive adjusted EBITDA from a loss of $1.6 million in the same period of 2024. We are now turning to our annual financial performance. The full year story is one of the exceptional transformation. The full year revenue record $66.1 million, which represents over 7x increase from last year. It was driven by the first full year consolidations of Amber Premium following the merger. At the gross profit level, we delivered $49.4 million at a 74.8% margin, comparing to $2.5 million at 33.4% in 2024.

The total operating expenses record $46.9 million. It include approximately $444,000 of one-time merger costs and $0.6 million of share-based compensation. Both of them are non-recurring or non-cash. Stripping this, the recurring operating cost base was largely absorbed by gross profit, which producing an operating income of $2.6 million, which significantly improved from $5.3 million loss last year. From continuing operations, we generated net income of $4.7 million, which was completely reversing the $23.3 million loss in 2024. The net income attributable to the ordinary shareholders was $3.8 million after reflecting a restatement of discontinued operations. Our balance sheet is significantly stronger following the merger. The total equity growth 270% to $110.3 million.

The cash of $33.9 million provides a meaningful operational runway with zero bank debt. Our total liquid digital assets positions are $46 million, which comprising $33.5 million in crypto assets and $12.5 million in USDC. Based on current market conditions and our preliminary estimates, we are issuing Q1 2026 guidance on the Amber Premium segment with projected revenue of $5.1 million-$5.6 million. While the broader market downtrend we navigated in the fourth quarter of 2025 has continued into the first quarter of 2026, we are utilizing this period of purposeful strategic optimization. We continue to strategically streamline our resources and fulfill strengthened regulatory requirements across our active jurisdictions. With the milestone receipt of our license in Dubai, we are proactively refining our client base to focus exclusively on high-value compliance relationship.

This intentional contractions prioritize the depth and profitability of our network over share volume. Ensuring we continue to enhance our competitiveness as a sustainable institutional-grade digital wealth management platform through 2026 and beyond. Looking ahead, in addition to the external business strategy that we mentioned before, internally, we’re implementing disciplined cost management to drive continued improvement in operating leverage as we scale. We’re also enhancing our financial reporting systems to provide transparent insights into our performance as we integrate the operations following our merger. We also maintain strong liquidity and balance sheet flexibility in order to support our global expansion and strategic partnerships. The improved profitability demonstrate that our institutional approach is resonating with clients and creating values for shareholders. With that, I’ll turn the call back to MIA. Thank you.

MIA, Official AgentFi Ambassador and Moderator, Amber Premium: Thank you, Josephine. That concludes our remarks for today. We will now open the line for Q&A. Operator, please begin.

Operator: Thank you. Our first question comes from the line of Brian Dobson with Clear Street. Please proceed with your question.

Brian Dobson, Analyst, Clear Street: Yeah, thanks very much. Do you think we could just take a step back first and perhaps you could describe the competitive environment in some of the markets that you operate in, and then perhaps we can take a closer look at some of your call it customer numbers from last year and how you expect those to evolve through next year?

Michael Wu, Chairman of the Board and Chief Executive Officer, Amber International: Thank you, Brian. I can take a stab at this first, and then I think my colleagues will join me in providing more perspective. I think overall the competitive landscape of not only crypto, but broadly digital assets or even the fintech industry, continue to evolve. There are new entrants. You know, this is an industry where, you know, startups come out left and right every day. They’re also, you know, changing of the top of the rank. We do see, you know, larger platforms undergoing their own changes, players catching up. We also see a more regionalized or a diversification of different players in different regions.

The way we look at the landscape is, one, you know, we accept the changes are constant, and therefore constantly want to evolve our business, evolve our business strategy, evolve our product suite. Secondly, we want to capture modes or competitive advantages that are more long-term, more permanent. For example, that’s why on our regulatory land strategy, we continue to make progress on being, you know, one of the more complete Asian regulated platforms. We do think that will give us not only unique access to these client bases, but also, you know, more, more long-term positioning when it comes to competition.

Also in terms of product, services, and technology itself, given our investment and our DNA in AI-related technologies, we do think that will bring a lot of efficiency, a lot of scalability, and in the end, better product services for, to follow clients, which, in the long run should be giving us further competitive advantages.

Steve Zhang, Head of Capital Markets, Amber International: Yeah. Hey, Brian, this is Steve. Just to add to what Michael has mentioned. Obviously we are a very comprehensive platform, and the important thing is that we can stay nimble to try to capture the market opportunities as they present themselves. For example, in the fourth quarter, there was a lot of volatility in the market that impacted, you know, whether it’s clients’ sentiment, especially in the retail and high net worth market, but institutional demand still stayed pretty strong, so our execution revenues were pretty strong, I think, despite the, you know, the downturn in the market. Also, we captured the structural change in adoption in stablecoins, right? Payment revenues and volumes were also very strong.

Just having a holistic, and comprehensive capabilities to capture all these markets and different end markets is very important for us. We just try to remain very nimble, every quarter try to capture these opportunities.

Brian Dobson, Analyst, Clear Street: Yeah. Thanks very much for that color. I appreciate it. You know, in the press release, you talk about proactively refining your client base, to focus on high-value compliant relationships. I suppose just as a follow-up to that, can you give us a rough idea of how many clients are being off-boarded? I guess what was your thinking around that? Was it, was this a voluntary choice or is this something, you know, call it tied to your license applications in various regions?

Yi Bao, Chief Product Officer, Amber International: Hi, hi Brian. This is Yi. Just to give you update on the like off-boarding. As I understand you may ask in Q1, maybe our movements. First is like our purposeful optimization. As mentioned, we are choosing to focus on the high-profile clients. The second, definitely I think we, as I mentioned, we are together with Amber Group. We are applying for the local license locally. I think we would definitely need to have like a more stringent standards for the clients to onboard to our platform.

Then the, we can maybe just to have a better ROI in terms of the sharing, to sharing the service, to providing the service to them. If you want some numbers, I suppose, we will disclose in Q1’s the earnings release. Yeah.

Brian Dobson, Analyst, Clear Street: All right. Thanks very much.

Operator: Thank you. Once again, if you’d like to ask a question, please press star one on your telephone keypad. Our next question comes from line of Jade Luo with Leslie Capital. Please proceed with your question.

Jade Luo, Analyst, Leslie Capital: Hi. Hi. I saw that Amber recently received a Virtual Asset Service Provider license from Dubai VARA. What’s the revenue opportunity from the United Arab Emirates? Another question is that our marketing and enterprise solutions generated a good revenue in 2025. Is this segment contributing positively to the gross margin? Given the iClick held for sale pieces, should we expect the marketing and enterprise business to be the next? Thank you.

Yi Bao, Chief Product Officer, Amber International: Yeah. Thanks for your question. I will take the first one. As we reported in the earnings release, we received the VASP license in Dubai. Although I suppose the short-term tensions are geopolitical tensions will introduce near-term complexities. We’re still very confident that the MENA region is the obviously strategically rapid growing markets. Just give you a number on we’re tapping the MENA region where we previously with Seven Touch a pump. According to the third party industry reports, it is forecast to reach $1.4 trillion of the total wealth transfer. I think the concentration of this wealth is precisely the clients who have our platforms built for.

Now our license portfolio combined with our Singapore Major Payment Institution and the ongoing Hong Kong license, I think Amber now definitely a Pan Asian like the multi-region platform. We advanced the client conversations on the way, and our commercial activity is expanding in the coming quarters.

Michael Wu, Chairman of the Board and Chief Executive Officer, Amber International: Yeah. Regarding your second question, thank you for bringing that up. I do think it’s a very interesting and exciting opportunity for us at Amber to look at what iClick is today or has been, right? It has, like you said, you know, it is still a high-quality business. It has a very high-quality client base. The tremendous room and the tremendous opportunity for us to improve not only how the business is run today, but also in what kind of services, what kind of products can provide to our client base, our existing and potentially in the future, more scalable client base with our AI rollout strategy.

As mentioned, we have already began the integration of MIA, who was also hosting our earnings call today, as per past few quarters, with the iClick business. From product ops to how we deliver the products to our clients, to how we service them, how we run this digital marketing business. We already see MIA and the in-house AI capabilities behind it making significant changes and significant upgrades. I hope, within the coming quarters, we will also see a lot of these progress reflecting in our numbers. As the management, as the founder Chief Executive Officer of Amber, to me, this is another, not only another exciting opportunity, but also similar to Amber Premium, another potential success proof case of how our technology can transform businesses and open up new opportunities.

Operator: Thank you. Ladies and gentlemen, once again, if you’d like to ask a question, please press star one on your telephone keypad. Our next question comes from line of [Jonathan Lam with Canada’s Ca- Asset Management]. Please proceed with your question.

Jonathan Lam, Analyst, Canada’s Ca-Asset Management: Hi. Thank you, management. On my end, I have three questions. The first one is around the quarterly performance, ’cause I’m looking at the quarter four and overall increase, there’s an increase in overall revenue, the revenue from wealth management solutions and asset on platform, there’s a decline. I just wanna check it up exactly what happened in the fourth quarter. The second question is around A-Suite architecture. You mentioned about it, but can you offer us a little bit more color on what exactly that is and how is it different from the other AI buzzwords? The third question is about AI agents, ’cause I know you mentioned your strategy around AI agents.

Could you elaborate a little bit more on your approach, and how is it different from the broader AI narrative in the market? Thank you.

Steve Zhang, Head of Capital Markets, Amber International: Okay. Thanks, Jonathan. This is Steve. I’ll take the first question, and my colleagues will probably answer the remaining ones. Yeah, in regards to the quarterly performance, I think, you know, obviously the market was quite soft in fourth quarter. That was the biggest contributor to why asset on platform fell. In addition to that, I’m sure most people are aware that. Actually, I’m not sure if most people are aware, but there was a big crash event in the fourth quarter on October 10th. I think it was the largest liquidation event in the history of crypto. After that, you know, there was a very different risk-reward dynamic in the market.

We were very selective in trying to structure products that offer favorable risk rewards to our clients. We, we were actively managing risk at that point. We decided to not be aggressive in terms of pushing out new products during the quarter. That, that caused, you know, a little bit of slowdown in AOP. That, that goes back to what Michael and everyone else said, that we do focus on high quality revenue and, and assets, right? We’re not gonna be pushing for asset growth at all times. We will, we will do it opportunistically as Vicky mentioned, that we have very sticky clients. They will always come back when we offer products that, that make sense for them.

Michael Wu, Chairman of the Board and Chief Executive Officer, Amber International: Thank you, Jonathan. Michael here. I will answer your second and third question about what is A-Suite and what are our agent strategy and why are they different, using your words from other AI buzzwords. I think these two questions are actually highly related. The way we see not only our business, but also how financial services are going to be run is perhaps a bit different from a lot of our peers. I think a lot of our peers in finance or in fintech are still thinking about, Okay, how do we apply AI here? How do we apply AI there? How will AI help us cut costs here? How will AI help us, you know, automate a bit of there. We fundamentally see that differently.

I think the right question to ask is rather what financial services should look like in this increasingly agentic world. Starting from answering that question, the conclusion we arrive is that agents will operate a lot of workflows today automatically by themselves. For that, they will need agent native or even agent-first operating systems for them to do that. Today, finance are operated mostly by human teams. Human teams operate in human-centric workflows, or they operate on system softwares that are designed that way. As agents are becoming more capable day by day, they are no longer just assistants, they’re no longer just tools. They are capable of running entire workflows by themselves. To do that, they will need agent native systems that are specific to the industry or to the domain they operate in.

Amber has always been in the industry of fintech. We understand how financial services is done. In fact, being a digital asset financial service provider, we understand how financial services is done at the frontier of innovation. That experience and that ability give us insights of building what these systems look like as agents become more capable, as agents are already highly capable. Back to what is A-Suite? Again, A-Suite is three AI-native operating systems that are mapped to our business units. Also they are designed from day one to be operatable by agents, by autonomous workflows themselves.

We do believe not only through this year, through the coming quarters, we’ll prove how that fundamentally increases our ability to service our clients, with our existing client base to more seamlessly provide new products and better products, and to increase our unit economics, increase our profitability. Therefore, these three operating systems, along with the agents we built to operate them together, will be what we believe the financial stack that fit for this future AgentFi economy and how financial services will be done that way. Hope that answers your question.

Jonathan Lam, Analyst, Canada’s Ca-Asset Management: Yeah. Thank you for the insight. I appreciate it. Thank you.

Operator: Thank you. Ladies and gentlemen, that concludes our question and answer session. I’ll turn the floor back to MIA for final comments.

MIA, Official AgentFi Ambassador and Moderator, Amber Premium: Thank you all for joining us today. This year represents a pivotal step as we accelerate our AI-driven transformation and reinforce our commitment to institutional excellence, reaffirming Amber International’s position as a global leading digital wealth management platform. We sincerely appreciate your continued trust and support, and we look forward to sharing further updates with you in the upcoming quarter. This concludes today’s call. Thank you and have a great day.

Operator: Thank you. This call has been concluded. You may disconnect your lines at this time. Thank you for your participation.