Amber International (NASDAQ:AMBR) reported fiscal 2025 results highlighting sharp revenue growth, improved profitability, and an expanded regulatory footprint, while management emphasized an ongoing shift toward AI-native infrastructure and a higher-margin, wealth management-led business mix.
FY2025 revenue surged as Amber Premium scaled
Chairman and CEO Michael Wu said fiscal 2025 was “a pivotal chapter” that demonstrated the “durability and scalability” of the company’s model despite crypto market volatility. Wu noted total crypto market capitalization fell about 25% in the fourth quarter, ending the year at roughly $3 trillion after “briefly approaching $4 trillion in October.”
For the fourth quarter, Amber posted $16.3 million in consolidated revenue, which Wu characterized as stable quarter-over-quarter even as the broader crypto market contracted. On profitability, Wu said adjusted EBITDA was positive $4.7 million for the full year, improving from a $5.2 million loss in 2024.
Platform economics: recurring wealth management mix and margin expansion
President Vicky Wang framed results around platform economics, pointing to the rise of wealth management as a recurring revenue engine. Wang said Wealth Management Solutions delivered $34.9 million in 2025 revenue, up 463.6% from $6.2 million in 2024, and represented about 69.5% of Amber Premium segment revenue.
Wang also emphasized margin improvements, saying platform gross margin reached 74.8% in 2025, up from 33.4% a year earlier, which she described as a “meaningful step change” in unit economics.
On customer positioning, Wang said assets on platform per active client ended the year at $1.3 million, contrasting that with what she cited as typical retail crypto exchange averages of $5,000-$10,000 based on publicly available industry data. She said this difference reflects Amber’s “institutional-grade” client base.
Q4 volatility pressured assets on platform, but client activity held steady
Wang said total platform assets ended 2025 at $1.3 billion, down from a $1.8 billion peak in Q3, primarily due to mark-to-market impacts from lower digital asset prices. Active clients were 988, “essentially flat” year-over-year, and Wang said the key takeaway from the downturn was client retention and continued engagement through the correction.
During Q&A, Head of Capital Markets Steve Zhang addressed why wealth management revenue rose even as assets on platform declined. Zhang pointed to the weaker market environment in Q4 and also cited a “big crash event” on October 10, which he described as “the largest liquidation event in the history of crypto.” He said the company became more selective in structuring products with favorable risk-reward profiles and “decided to not be aggressive” in pushing new products during the quarter as it actively managed risk.
Regulatory milestones: Dubai VARA license and ongoing Hong Kong efforts
Wu and Chief Product Officer Yi Bao highlighted a major regulatory development in the UAE. Wu said Amber’s Dubai subsidiary, Amber Premium FZE, received a Virtual Asset Service Provider license from Dubai’s regulator VARA on April 2, 2026, authorizing regulated virtual asset broker-dealer, asset management and investment, and borrow/lending services to institutional and qualified investors in and from Dubai and the broader UAE. Wu added the company continues to “actively advance” licensing efforts in Hong Kong.
Bao said Amber Premium first secured in-principle approval from VARA in Q4 2025 and then received the full VASP license in April 2026. He described the regulatory position across its jurisdictions as a “genuine competitive moat,” noting that, under an SCA-VARA cooperation framework, the approval enables operations “in and from the entire UAE, not just Dubai.”
Bao also said the company is monitoring geopolitical tensions in the Middle East, which “may introduce near-term complexities,” but maintained that the long-term thesis on the region is unchanged. Citing third-party industry research, he said the MENA wealth management sector is forecast to reach $1.4 trillion by 2031 with an estimated 6.7% CAGR.
AI strategy and capital allocation: A-Suite roadmap, Mia rollout, and buybacks
Management repeatedly returned to its AI roadmap. Wu said Amber is developing a product suite called the A-Suite, described as “a cohesive architecture of three AI-native operating systems” intended to coordinate liquidity, asset management, and asset distribution at scale. He said the company expects to officially announce the first of the three operating systems in Q1 2026, calling it an “AI-native autonomous workflow engine for digital asset liquidity management.”
In response to an analyst question about differentiating the A-Suite from “AI buzzwords,” Wu said Amber is building “agent-native or even agent-first operating systems” designed for autonomous workflows, arguing that financial services will evolve away from human-centric systems as AI agents become capable of running entire workflows.
Wu also said the company has begun integrating “Mia,” its in-house AI agent and the call’s moderator, into its marketing and enterprise solutions segment (previously known externally as iClick). He said Mia supports content generation, social media consistency, and investor engagement externally, and acts internally within Slack to accelerate workflows using a “proprietary skill hub” and secure internal database.
On capital returns, Wu said the board authorized a share repurchase of up to $50 million of Amber ADS over a 12-month period commencing December 1, 2025. He said Amber repurchased 516,703 ADS during fiscal 2025 and that about $49.1 million remained available under the program.
Financial details and Q1 2026 guidance
CFO Josephine Ngai reported fourth-quarter 2025 revenue of $16.3 million, up about 240% from $4.8 million in Q4 2024. She provided a breakdown of Q4 revenue components, stating that within Amber Premium, wealth management solutions delivered about $5.9 million, execution solutions $3.4 million, payment solutions $1.2 million, and marketing and enterprise solutions approximately $5.8 million “following this merger’s consolidation.”
Ngai said Q4 gross profit was $12.1 million at a 74.2% margin, compared with $1.4 million at a 28.9% margin in Q4 2024. Amber recorded $1.2 million of operating income in Q4 2025, with operating expenses of $11.0 million. Net income from continuing operations was $0.8 million, improving from a $12.1 million net loss in Q4 2024. Adjusted EBITDA was $50,000, compared with a $1.6 million loss in the prior-year quarter.
For the full year, Ngai said gross profit was $49.4 million at a 74.8% margin, compared with $2.5 million at 33.4% in 2024. Operating expenses totaled $46.9 million, including about $444,000 of one-time merger costs and $0.6 million of share-based compensation. Operating income was $2.6 million, compared with a $5.3 million loss the prior year.
Ngai said net income from continuing operations was $4.7 million, reversing a $23.3 million loss in 2024. Net income attributable to ordinary shareholders was $3.8 million “after reflecting a restatement of discontinued operations.”
On the balance sheet, Ngai said total equity increased 270% to $110.3 million. Amber ended the year with $33.9 million in cash and “zero bank debt,” along with total liquid digital assets of $46.0 million, comprised of $33.5 million in crypto assets and $12.5 million in USDC.
For Q1 2026, Ngai issued guidance for the Amber Premium segment of $5.1 million to $5.6 million in projected revenue. She said the market downtrend that began in Q4 2025 continued into Q1 2026, and described the period as one of “purposeful strategic optimization,” including resource streamlining and meeting strengthened regulatory requirements. Ngai also said Amber is “proactively refining” its client base to focus on “high-value compliance relationship,” prioritizing depth and profitability over volume. During Q&A, management said it would provide numbers related to off-boarding in the Q1 earnings release.
About Amber International (NASDAQ:AMBR)
iClick Interactive Asia Group Limited, together with its subsidiaries, provides online marketing services in the People’s Republic of China and internationally. It offers iAudience, an audience identification solution that allows marketers to search, identify, and customize their targeted audience to generate or enhance brand awareness; iAccess and iActivation, an audience engagement and activation solution tailored for brand awareness-driven and performance-driven campaigns; iExpress, the lite version of iAccess solution for small and medium-sized enterprises; iNsights, an online campaign results monitoring and measurement solution; and iExperience, a content creation solution.
