Agora, Inc. (NASDAQ: API) (“Agora”), a pioneer and leading platform for real-time engagement APIs, today announced its financial results for the third quarter ended September 30, 2021.
Third Quarter 2021 Highlights
- Total revenues for the quarter were $45.0 million, an increase of 46.0% from $30.8 million in the third quarter of 2020.
- Active Customers as of September 30, 2021 were 2,564, excluding those for Easemob, an increase of 41.3% from 1,815 as of September 30, 2020.
- Constant Currency Dollar-Based Net Expansion Rate, excluding Easemob, was 104% for the trailing 12-month period ended September 30, 2021.
- Net loss for the quarter was $21.1 million, compared to net loss of $2.9 million in the third quarter of 2020. After excluding share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets and income tax related to acquired intangible assets, non-GAAP net loss for the quarter was $11.4 million, compared to non-GAAP net income of $0.6 million in the third quarter of 2020.Adjusted EBITDA for the quarter was negative $9.1 million, compared to $1 million in the third quarter of 2020.
- Total cash, cash equivalents and short-term investments as of September 30, 2021 was $767.4 million.
- Net cash used in operating activities for the quarter was $14.0 million, compared to net cash generated from operating activities of $1.9 million in the third quarter of 2020.Free cash flow for the quarter was negative $15.6 million, compared to negative $5.1 million in the third quarter of 2020.
Financial Outlook
Based on currently available information, Agora expects total revenues for the year ending December 31, 2021 to be between $163 million and $165 million. This outlook reflects Agora’s current and preliminary views on the market and operational conditions, and the outlook ranges for the year ending December 31, 2021 reflect various assumptions that are subject to change based on uncertainties, including but not limited to the impact of the COVID-19 pandemic and the new regulation on the K12 academic tutoring sector in China.