Agora, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Agora, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	43.7	64.4	134	168	161	142	133	141
Cost of revenue	12.6	20.4	47.2	64	61.2	52.1	47.8	47.4
Gross profit	31	44	86.4	104	99.4	89.5	85.4	93.7
Research and development	14.4	23.6	49.5	111	115	77.7	80.3	55.5
Selling and marketing	12	19.4	25.7	46.3	53.8	34	27.2	26.4
General and administrative	5.37	7.18	18	30.3	38.7	35	32.8	22.7
Operating expenses	31.8	50.2	93.2	187	207	147	140	104
Operating income	0.26	-6.09	-5.19	-80.7	-116	-87.3	-53.3	-9.41
Interest expense						0.02	0.25	0.04
Interest income		0	0	0.3	0.4	0.11	0	0
Pre-tax income	0.48	-5.38	-2.55	-71.8	-120	-86.8	-39	9.88
Income tax	0.11	0.8	0.56	0.84	0.66	0.42	0.26	0.32
Net income	0.38	-6.18	-3.12	-72.4	-120	-87.2	-42.7	9.53
EBITDA	1.18	-4.22	-0.73	-72.4	-106	-80.2	-49.9	-7.4
EPS, basic	-0.39	-0.58	-0.76	-0.16	-0.27	-0.22	-0.11	0.03
EPS, diluted	-0.39	-0.58	-0.76	-0.16	-0.27	-0.22	-0.11	0.02
Shares, basic (weighted)	109	116	269	441	446	398	373	368
Shares, diluted (weighted)	109	116	269	441	446	398	373	395

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	109	106	111	286	45.7	36.9	27.1	75.4
Short-term investments		0	524	470	14.1	7.98	2.79	4.58
Receivables		16.2	27.8	32.6	32.8	34.7	31	24.9
Other current assets		0.09	0.01	0.15	0.05	0.89	1.26	0.86
Total current assets		123	671	798	485	261	328	260
Property, plant and equipment		6.28	16.8	19.2	12.9	22.7	49.2	88.2
Lease right-of-use assets			0	7.44	2.34	4.01	3.87	2.15
Goodwill		0	3.09	56.1	31.9	0
Intangible assets		0	0.21	6.7	2.73	1.27	0.61	0.1
Long-term investments		0	0	53.9	55.2	43.9	40.7	29.2
Other non-current assets		0.81	1.6	3.92	2.89	10.9	19	19.8
Total assets		131	693	945	801	675	700	721
Accounts payable		4.09	7.72	5.31	10.1	13	13	9.64
Deferred revenue		0.92	1.34
Total current liabilities		18.5	36.3	73.8	71.7	56.9	58.3	56.8
Lease liabilities			0	3.45	0.34	1.73	1.92	0.4
Other non-current liabilities							20.2	20.6
Total liabilities		18.5	36.4	78.7	72.5	69.8	127	158
Total debt					0	11	46.5	80.4
Paid-in capital		0	818	1,099	1,135	1,138	1,144	1,145
Retained earnings		-126	-164	-236	-357	-444	-487	-477
Treasury stock				0	-41.8	-79.7	-72.7	-95.2
Other comprehensive income		-0.99	1.94	3.15	-7.99	-10	-12.3	-9.99
Shareholders' equity	-73.2	-127	656	866	728	605	573	563
Total equity	-73.2	-127	656	866	728	605	573	563
Total liabilities and equity		131	693	945	801	675	700	721
Shares outstanding		119	415	450	427	369	373	349

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	0.38	-6.18	-3.12	-72.4	-120	-87.2	-42.7	9.53
Depreciation and amortization	0.92	1.87	4.46	8.28	9.5	7.1	3.46	2.01
Stock-based compensation	2.85	3.41	12	31.5	32.4	24.6	22.7	5.56
Deferred income tax	-0.36	-0.34	0.38	0.24	-0.34	-0.21	-0.1	-0.08
Change in receivables	-5.61	5.59	-11.2	-8.51	-8.03	-9.1	-5.05	2.41
Change in payables	0.81	1.12	1.76	-0.73	5.53	3.25	-0.25	-3.12
Cash from operations	0.54	0.71	6.56	-20	-52.4	-13.6	-14.1	27.2
Capital expenditures	-2.26	-4.8	-12.9	-12.2	-4.12	-0.92	-2.55	-1.7
Acquisitions		0	0.56	-50.6		-3.68
Purchases of investments	-1.51	-97.6	-523	-9.13	-14.7	-0.79	0	0
Cash from investing	-3.77	-3.35	-535	-57.7	-144	56.6	-38	13.3
Debt issued						10.9	35.8	32.4
Stock issued	0	0	0.01	2.04	1.1	0.63	0.85	0.61
Share buybacks	-0.78	0	0
Cash from financing	65.8	0	534	252	-41.2	-52.4	46	4.99
Exchange rate effect	-0.56	-0.27	0.47	0.28	-0.92	-0.8	-0.16	-0.72
Net change in cash	62	-2.92	5.62	175	-239	-10.1	-6.35	44.8
Free cash flow	-1.72	-4.1	-6.31	-32.2	-56.5	-14.5	-16.7	25.5
Income taxes paid	0.42	0.41	0.74	0.97	0.06	0.15	0.19	0.23

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $4.21 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	66.4%	Gross profit / revenue.
Operating margin	-6.7%	Operating income / revenue.
EBITDA margin	-5.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.0%	Pre-tax income / revenue.
Net margin	6.8%	Net income / revenue.
FCF margin	18.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.3%	Cash from operations / revenue.
Effective tax rate	3.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	1.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.3%	Net income / average total assets.
Return on invested capital (ROIC)	-1.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	39.3%	Research and development expense / revenue.
Stock-based pay / revenue	3.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.2%	Capital expenditures / revenue.
D&A / revenue	1.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-2.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	32.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-1.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-8.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-3.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	6.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	8.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.58x	Current assets / current liabilities.
Quick ratio	1.85x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.41x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.14x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	11.2%	Total debt / total assets.
Liabilities / assets	21.9%	Total liabilities / total assets.
Net debt	$391.0K	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-261x	Operating income / interest expense.
Working capital	$203.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$562.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.20x	Revenue / average total assets.
Fixed asset turnover	2.05x	Revenue / average property, plant and equipment.
Receivables turnover	5.05x	Revenue / average receivables.
Days sales outstanding	72 days	365 x average receivables / revenue.
Days payables	87 days	365 x average accounts payable / cost of revenue.
FCF conversion	268.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	6.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.02	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.03	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.36	Revenue / diluted weighted shares.
FCF per share	$0.06	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.07	Cash from operations / diluted weighted shares.
Book value per share	$1.61	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.61	Tangible book value / shares outstanding.
Cash per share	$0.23	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$352.7M	Share price x shares outstanding.
Enterprise value	$353.1M	Market cap + total debt - cash - short-term investments.
P/E	37.0x	Market cap / net income. Only when net income is positive.
P/S	2.50x	Market cap / revenue.
P/B	0.63x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.63x	Market cap / tangible book value, when positive.
P/FCF	13.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.0x	Market cap / cash from operations, when positive.
EV/Sales	2.50x	Enterprise value / revenue.
EV/FCF	13.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.2%	Free cash flow / market cap.
Earnings yield	2.7%	Net income / market cap (the inverse of P/E).

What was Agora, Inc.'s revenue in fiscal 2025?

Agora, Inc. reported revenue of $141.1M for fiscal 2025, 5.9% higher than the year before.

Was Agora, Inc. profitable in fiscal 2025?

Yes. Net income was $9.5M, a net margin of 6.8%.

How much free cash flow did Agora, Inc. generate in fiscal 2025?

Cash from operations of $27.2M minus capital expenditures of $1.7M left free cash flow of $25.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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