Agora, Inc.
Agora, Inc. is a U.S.-based software company that provides real-time engagement infrastructure through cloud APIs and SDKs. Its platform is used to add voice, video, live interactive streaming, and messaging capabilities into third-party applications, including both public cloud and on-premise deployments.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueCloud-based APIs and SDKs for voice, video, messaging, and live interaction features.
Software deployed on customer infrastructure and related non-core revenue streams.
Products
Reported · share of revenue- Services97.8 %
- Other2.2 %
Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Agora sells to software developers and organizations that embed communications features into their own products. Its customers use the platform to launch real-time interaction experiences without building telecom-grade infrastructure from scratch. The business serves application builders across consumer internet, education, social, enterprise collaboration, and live-streaming use cases.
Buy APIs and SDKs to integrate voice, video, chat, and streaming into applications.
Use the platform for social, live interaction, and community features in end-user apps.
Use real-time video and messaging for virtual classrooms and interactive learning.
Use communications infrastructure to power meetings, support, and workflow apps.
Buy low-latency audio/video tools to support interactive broadcasting and events.
Strategy
The company’s strategic focus is to expand adoption of its real-time engagement platform among developers and application builders. It also emphasizes customer retention and usage growth, as reflected in its active customer and dollar-based net retention metrics, while maintaining optionality through both cloud and on-premise offerings.
More applications using the platform increases usage density and creates recurring developer dependency.
Higher renewal and usage within existing customers supports platform economics and reduces acquisition dependence.
Offering cloud and on-premise solutions broadens addressable use cases and customer preferences.
Share repurchases can offset dilution and signal balance-sheet strength to investors.
Geography
2025Agora is headquartered in Santa Clara, California and operates as a global software platform business. Its reporting highlights both Agora and Shengwang, indicating a dual-market structure with material exposure to China and other international markets. Geography matters because demand, product usage, and currency denomination differ between the U.S.-dollar-based Agora business and the renminbi-based Shengwang business.
Share of the revenue the company reports by geography.
Risks
Agora’s results depend on customer adoption and ongoing usage of real-time communications features, which can be cyclical and competitive in software infrastructure markets. The company also faces geographic and currency exposure because parts of the business are denominated in U.S. dollars while Shengwang revenues are denominated in renminbi, and the business may be affected by changes in technology demand, regulation, and customer concentration.
- Usage volatility in a consumption-based modelImpact: HighLikelihood: High
Revenue depends on customer activity and application traffic rather than fixed subscriptions.
Exposure: Real-time engagement services
- Competition from other communications platformsImpact: HighLikelihood: Medium
Customers can choose alternative APIs, SDKs, or in-house solutions for voice and video.
Exposure: Developer platform and CPaaS-like offerings
- China regulatory and geopolitical exposureImpact: HighLikelihood: Medium
A meaningful part of the business is linked to Shengwang and China-based operations.
Exposure: Shengwang revenues and operations
- Foreign exchange translation and functional currency effectsImpact: MediumLikelihood: High
Agora and Shengwang report in different operating currencies, affecting comparability.
Exposure: USD and RMB revenue mix
- Customer concentration or large-account churnImpact: MediumLikelihood: Medium
Developer-platform revenue can be sensitive to the loss of high-usage accounts.
Exposure: Active customer base
Accounting
Judgemental itemsConsumption-based services can create quarter-end timing differences in reported revenue.
Impact: Affects quarterly comparability and growth rates
Active customers and dollar-based net retention provide context for future revenue quality.
Impact: Helps assess underlying demand trends
Equity awards affect reported operating expenses and diluted share counts.
Impact: Impacts margins and per-share earnings
Agora and Shengwang operate with different revenue currencies, which affects translation.
Impact: Affects comparability and reported growth
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Last updated: 28/09/2026