Agora Inc. (API) Misses Q1 EPS by 13c, Revenues Beat

Agora Inc. (NASDAQ: API) reported Q1 EPS of ($0.14), $0.13 worse than the analyst estimate of ($0.01). Revenue for the quarter came in at $40.2 million versus the consensus estimate of $36.67 million.

First Quarter 2021 Highlights

• Total revenues for the quarter were $40.2 million, an increase of 13.1% from $35.6 million in the first quarter of 2020.
• Active Customers as of March 31, 2021 were 2,324, excluding those for Easemob, an increase of 97.6% from 1,176 as of March 31, 2020.
• Constant Currency Dollar-Based Net Expansion Rate, excluding Easemob, was 131% for the trailing 12-month period ended March 31, 2021.
• Net loss for the quarter was $14.7 million, compared to net income of $3.0 million in the first quarter of 2020. After excluding share-based compensation expense, acquisition related expenses, amortization expense of acquired intangible assets and income tax related to acquired intangible assets, non-GAAP net loss for the quarter was $4.3 million, compared to the non-GAAP net income of $5.7 million in the first quarter of 2020. Adjusted EBITDA for the quarter was negative $3.7 million, compared to $6.7 million in the first quarter of 2020.
• Total cash, cash equivalents and short-term investments as of March 31, 2021 was $876.8 million.
• Net cash used in operating activities for the quarter was $2.7 million, compared to $0.9 million in the first quarter of 2020. Free cash flow for the quarter was negative $8.0 million, compared to negative $3.4 million in the first quarter of 2020.

“We opened the year with another quarter of strong growth, as developers and innovators around the world continue to create new immersive experiences with our real time voice, video, chat and streaming APIs, transforming all industries,” said Tony Zhao, founder, chairman and CEO of Agora. “In particular, we are excited to see early signs of the emergence of next-generation use cases such as extended reality and metaverse on the Agora platform, and we are committed to helping developers to bring about groundbreaking innovations.”

For earnings history and earnings-related data on Agora Inc. (API) click here.

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