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Income Taxes - Current and Deferred Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Current income tax expense	$ 403	$ 361	$ 633
Deferred income tax benefit	(80)	(103)	(211)
Income taxes	$ 323	$ 258	$ 422

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Leases - Schedule of Lessee, Operating Lease, Liability, Maturity (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2026	$ 1,771
2027	400
Total undiscounted lease payments	2,171
Less: imputed interest	(251)
Total present value of lease liabilities	$ 1,920

Restricted Net Assets (Details) $ in Millions	Dec. 31, 2025 USD ($)
VIE \| Shanghai Zhaoyan Network Technology Co., Ltd. ("Zhaoyan")
Accounts, Notes, Loans and Financing Receivable [Line Items]
Restricted net assets for subsidiaries	$ 192.4

Taxes Payable (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Taxes Payable

Taxes payable consisted of the following:


	As of December 31,
	2024		2025
	(in US$ thousands)
Individual income tax withholding	$	1,332	$	612
VAT payable		742		56
Other taxes payable		78		28
Corporate income taxes payable		58	—
Taxes payable	$	2,210	$	696

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Tax loss carry-forwards	$ 43,408	$ 47,507
Current expected credit losses	2,468	3,042
Capitalized research and development costs	1,603	0
U.S. tax credits	902	0
Impairment of long-term investments	0	2,379
Other deductible temporary difference	698	665
Deferred tax assets	49,079	53,593
Less valuation allowance	(49,079)	(53,593)
Deferred tax assets, net	0	0
Recognition of intangible assets arising from business combination	(12)	(92)
Deferred tax liabilities, net	$ (12)	$ (92)

Share Based Compensation - Restricted Shares Activity (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Numbers of Shares
Beginning balance (in shares) \| shares	21,392,760
Granted (in shares) \| shares	14,917,524
Vested (in shares) \| shares	(3,199,096)
Forfeited (in shares) \| shares	(405,546)
Ending balance (in shares) \| shares	32,705,642
Weighted-average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 0.6
Granted (in dollars per share) \| $ / shares	0.44
Vested (in dollars per share) \| $ / shares	0.76
Forfeited (in dollars per share) \| $ / shares	0.73
Ending balance (in dollars per share) \| $ / shares	$ 0.52

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	ITEM 16K. CYBERSECURITY Cybersecurity risk management is a foundational aspect of our comprehensive risk management program. Our cybersecurity risk management initiative aligns with various industry and regulatory frameworks, and we hold multiple certifications and attestations, including ISO 27001/2, ISO27017, ISO27018, Sarbanes-Oxley, AICPA SOC 2 Type 2, HIPAA, and GDPR, as well as various regional compliance frameworks. We have implemented security controls compliant with these frameworks to effectively address potential material cybersecurity incidents. Additionally, we have established internal processes such as vulnerability management, third-party penetration testing, third-party audits, continuous monitoring, and ongoing compliance assessments. We continuously monitor and review threats and cybersecurity incidents associated with the use of services and security tools by third-party service providers. We operate an Incident Response Program (“IRP”) to ensure coordinated responses across company departments to manage potential material cybersecurity incidents effectively. This program entails assessing threat severity, identifying threat sources (especially related to third-party services), implementing countermeasures and mitigation strategies, and promptly informing management and the board of directors of material cybersecurity threats and incidents. Regular assessments by our cybersecurity team help evaluate and enhance our cybersecurity risk management program, with specific focus areas assessed by third-party experts in critical risk domains. In addition, our cybersecurity team facilitates compliance and cybersecurity training to all employees. Our executive officers are regularly updated on the status of the cybersecurity and risk management program by the Head of Information Security for Agora and the Head of Information Security for Shengwang. Together, they have the overall oversight responsibility for our risk management and are charged with oversight of our cybersecurity risk management program / delegates cybersecurity risk management oversight to the cybersecurity team. Our executive officers are responsible for ensuring that management has processes in place designed to identify and evaluate cybersecurity risks to which the company is exposed and implement processes and programs to manage cybersecurity risks and mitigate cybersecurity incidents. Our executive officers shall report any material cybersecurity risks to our Board. Our senior management team is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation measures and maintaining cybersecurity programs. Our cybersecurity programs are under the direction of our CEO and chairman of the board, who receives reports from our Heads of Information Security and cybersecurity team and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our Heads of Information Security and dedicated personnel are experienced information systems security professionals and information security managers with years of experience. Management, including the Heads of Information Security and our cybersecurity team, regularly update the Chief Executive Officer on the company’s cybersecurity and risk programs, material cybersecurity risks and mitigation strategies and provide regular cybersecurity reports that cover, among other topics, third-party assessments of the company’s cybersecurity programs such as AICPA SOC2 Type 2 developments in cybersecurity and updates to the company’s cybersecurity programs and mitigation strategies. In 2025, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. However, despite our efforts, we cannot eliminate all risks from cybersecurity threats or provide assurances that we have not experienced an undetected cybersecurity incident. For more information about these risks, please see “Item 3. Key Information—D. Risk Factors—Risk Related to Our Business and Industry— Breaches of networks or systems of our suppliers, could degrade our ability to conduct our business, compromise the integrity of our products, platform and data, result in significant data losses and leakage and the theft of our intellectual property, damage our reputation, expose us to liability to third parties and require us to incur significant additional costs to maintain the security of our networks and data” on page 17 of this annual report.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our executive officers are regularly updated on the status of the cybersecurity and risk management program by the Head of Information Security for Agora and the Head of Information Security for Shengwang. Together, they have the overall oversight responsibility for our risk management and are charged with oversight of our cybersecurity risk management program / delegates cybersecurity risk management oversight to the cybersecurity team.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Management, including the Heads of Information Security and our cybersecurity team, regularly update the Chief Executive Officer on the company’s cybersecurity and risk programs, material cybersecurity risks and mitigation strategies and provide regular cybersecurity reports that cover, among other topics, third-party assessments of the company’s cybersecurity programs such as AICPA SOC2 Type 2 developments in cybersecurity and updates to the company’s cybersecurity programs and mitigation strategies.
Cybersecurity Risk Role of Management [Text Block]	Our senior management team is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation measures and maintaining cybersecurity programs. Our cybersecurity programs are under the direction of our CEO and chairman of the board, who receives reports from our Heads of Information Security and cybersecurity team and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our Heads of Information Security and dedicated personnel are experienced information systems security professionals and information security managers with years of experience. Management, including the Heads of Information Security and our cybersecurity team, regularly update the Chief Executive Officer on the company’s cybersecurity and risk programs, material cybersecurity risks and mitigation strategies and provide regular cybersecurity reports that cover, among other topics, third-party assessments of the company’s cybersecurity programs such as AICPA SOC2 Type 2 developments in cybersecurity and updates to the company’s cybersecurity programs and mitigation strategies.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our senior management team is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation measures and maintaining cybersecurity programs.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Heads of Information Security and dedicated personnel are experienced information systems security professionals and information security managers with years of experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	We operate an Incident Response Program (“IRP”) to ensure coordinated responses across company departments to manage potential material cybersecurity incidents effectively. This program entails assessing threat severity, identifying threat sources (especially related to third-party services), implementing countermeasures and mitigation strategies, and promptly informing management and the board of directors of material cybersecurity threats and incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Other Non-current Assets - Schedule of Other Non-current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepayment in relation to the headquarters project	$ 7,129	$ 12,025
Long-term VAT recoverable	5,505	2,737
Long-term interest receivables	4,366	1,411
Deferred financing costs	2,035
Long-term deposit	646	693
Equipment in-transit	101	58
Prepayment for long-term investment	0	1,844
Others	16	188
Other non-current assets	$ 19,798	$ 18,956

Basic and Diluted Net (Loss) Income per Share - Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share options - weighted average
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	10,018,862	12,720,197	25,288,633
Restricted share units - weighted average
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	12,204	5,317,082	1,356,455
VPP shares – weighted average
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	0	426,296

Principal Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 141,057	$ 133,256	$ 141,538
PRC
Disaggregation of Revenue [Line Items]
Total revenues	66,048	68,590	79,193
United States
Disaggregation of Revenue [Line Items]
Total revenues	28,242	24,106	22,849
Others
Disaggregation of Revenue [Line Items]
Total revenues	$ 46,767	$ 40,560	$ 39,496

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Total lease costs	$ 2.3	$ 2.8	$ 3.2
Short-term Lease, Cost	$ 0.2	$ 0.2	$ 0.2
Maximum [Member]
Lessee, Lease, Description [Line Items]
Operating leases terms varying	5 years
Minimum [Member]
Lessee, Lease, Description [Line Items]
Operating leases terms varying	1 year

Long-term Borrowings in relation to the Headquarters Project - Schedule of Long-term Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-term borrowings	$ 80,420	$ 46,469

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Goodwill - Schedule of Changes in the Carrying Amount of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Goodwill [Line Items]
Impairment	$ (31,928)

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Income Taxes - Effect of Tax Holidays (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
The aggregate amount of effect	$ (1,859)	$ (3,431)	$ (9,764)
Per share effect - basic		$ 0.01	$ 0.02
Per share effect - diluted		$ 0.01	$ 0.02

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	As of December 31,
	2024		2025
	(in US$ thousands)
Accrued salary and social welfare costs	$	10,686	$	11,465
Liability classified awards for share-based compensation (Note 17)		2,721		2,685
Payables for deferred financing costs		—		1,762
Accrued professional service fees		886		869
Accrued advertising and marketing fees		765		672
Accrued staff reimbursements		441		500
Share option deposit held on behalf of employees		294		444
Accrued office expense		78		113
Payables for interest		40		64
Payables for acquisition		2,593	—
Others		1,335		1,843
Accrued expenses and other current liabilities	$	19,839	$	20,417

Prepayments and Other Current Assets

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepayments and Other Current Assets

The prepayments and other current assets consisted of the following:


	As of December 31,
	2024		2025
	(in US$ thousands)
Interest receivables	$	16,162	$	8,189
Amount due from Shanghai Zhaoyan		—		2,472
Prepayments(1)		3,024		2,337
VAT recoverable(2)		1,502		570
Employee loans and advances(3)		231		153
Proceeds receivable for employee share option exercises		417		13
Others		1,257		856
Prepayments and other current assets	$	22,593	$	14,590

(1)

Prepayments are primarily related to prepayments for services, advertisements and other deposits.

(2)

VAT recoverable represented the balances that the Group can utilize to deduct its VAT liabilities within the next 12 months.

(3)

Employee loans and advances are primarily advances to employees that are business related, or personal loans granted to select qualified employees with interest or a guarantee. The loan balances are expected to be repaid by the employee within one year.

Ordinary Shares

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Ordinary Shares

16.

Ordinary Shares

As of December 31, 2024 and 2025 the Company had in aggregate of 468,556,155 and 470,619,019 ordinary shares issued and 373,336,531 and 349,264,771 ordinary shares outstanding, respectively.

Initial public offering and concurrent private placement

In June 2020, the Company completed its initial public offering (“IPO”) on the Nasdaq Global Select Market of 20,125,000 American Depositary Shares (“ADS”) (including 2,625,000 ADSs sold upon the full exercise of the underwriters’ over-allotment option) (every four Class A ordinary shares represents one ADS), and completed the concurrent private placement (“CPP”) of 22,000,000 ordinary shares, for a total ordinary shares offering of 102,500,000 shares at a price of US$20.00 per ADS. The net proceeds raised from the IPO amounted to approximately US$483.6 million after deducting underwriting discounts and commissions and other offering expenses.

Upon the completion of the IPO and CPP, all classes of preferred shares of the Company were converted and designated as Class A ordinary shares on a one-for-one basis. 76,179,938 ordinary shares were designated as Class B ordinary share on a one-for-one basis. The remaining ordinary shares were designated as Class A ordinary shares on a one-for-one basis.

In respect of all matters subject to shareholders’ vote, each holder of Class A ordinary share is entitled to one and each holder of Class B ordinary share is entitled to twenty votes.

Private Placement

In February 2021, the Company completed an additional private placement of 20,000,000 Class A ordinary shares. The net proceeds raised from the private placement amounted to approximately US$250.0 million after immaterial offering expenses.

Share repurchase

On February 21, 2022, the board of directors authorized a share repurchase program under which the Company may repurchase up to US$200 million of its Class A ordinary shares in the form of American depositary shares over the next 12 months, subject to relevant rules under the Securities Exchange Act of 1934, as amended, and the Company’s insider trading policy.

In each of February 2023, 2024 and 2025, the board of directors authorized the extension of the foregoing share repurchase program for another 12 months, respectively, with all other terms remaining unchanged. For the years ended December 31, 2024 and 2025, the Company repurchased approximately 16.8 million of its class A ordinary shares (equivalent to approximately 4.2 million ADSs) for approximately US$10.9 million and 31.5 million of its class A ordinary shares (equivalent to approximately 7.9 million ADSs) for approximately US$28.0 million under its share repurchase program, respectively.

In February 2026, the board of directors authorized an extension of the existing share repurchase program through February 28, 2027 with all other terms remaining unchanged.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basic and Diluted Net (Loss) Income per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Basic and Diluted Net (Loss) Income per Share

21.

Basic and Diluted Net (Loss) Income per Share

Basic and diluted net (loss) income per share have been calculated in accordance with ASC 260, Earnings Per Share. Basic net (loss) income per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted net (loss) income per share is computed using the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the period. The computation of earnings per share for the years ended December 31, 2023, 2024 and 2025 is as follows:


	Year Ended December 31,
	2023			2024			2025
	(in US$ thousands)
Numerator:
Net (loss) income attributable to Agora, Inc.’s ordinary shareholders - basic and diluted	$	(87,219	)	$	(42,727	)	$	9,528
Denominator:
Denominator for basic earnings per share
Weighted-average ordinary shares outstanding(1)		398,384,385			373,122,317			367,898,081
Denominator for diluted earnings per share
Weighted-average ordinary shares outstanding(1)		398,384,385			373,122,317			395,420,348
Basic (loss) income per share	$	(0.22	)	$	(0.11	)	$	0.03
Diluted (loss) income per share	$	(0.22	)	$	(0.11	)	$	0.02

(1)

Options exercisable for a minimal exercise price are included in the denominator of basic earnings per share calculation once there are no further vesting conditions or contingencies associated with them, as they are considered contingently issuable shares. Accordingly, a weighted average of 4,584,794 shares, 6,209,645 shares and 5,616,539 shares related to these options, for which the exercise price is close to zero dollars per share, are included in the denominator for the computation of basic earnings per share for the years ended December 31, 2023, 2024 and 2025, respectively.

The following ordinary shares equivalent were excluded from the computation of diluted net (loss) earnings per ordinary share for the periods presented because including them would have had an anti-dilutive effect:


	Year Ended December 31,
	2023		2024		2025
Share options - weighted average		25,288,633		12,720,197		10,018,862
Restricted share units - weighted average		1,356,455		5,317,082		12,204
VPP shares - weighted average		426,296		—	—

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible asset is comprised of following:


			As of December 31, 2024							As of December 31, 2025
	Weighted average amortization period		Cost		Accumulated Amortization			Net		Cost		Accumulated Amortization			Net
	(in years)		(in US$ thousands)							(in US$ thousands)
Developed technology (Note 3)		5	$	2,575	$	(1,985	)	$	590	$	2,575	$	(2,496	)	$	79
Customer relationships (Note 3)		3		2,600		(2,600	)		—		2,600		(2,600	)		—
Others		5		308		(287	)		21		308		(291	)		17
Total		4	$	5,483	$	(4,872	)	$	611	$	5,483	$	(5,387	)	$	96

Principal Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

(a)

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

The Corporate Reorganization was a recapitalization with no substantial changes in the shareholding of the Company. Accordingly, the accompanying consolidated financial statements have been prepared as if the current corporate structure had been in existence throughout the periods.

Principal accounting policies followed by the Company in the preparation of the accompanying consolidated financial statements are summarized below.

Basis of Consolidation

(b)

Basis of Consolidation

The Group’s consolidated financial statements include the financial statements of the Company, its subsidiaries and Shanghai Zhaoyan for which the Company is the primary beneficiary. All transactions and balances among the Company, its subsidiaries, and the Former VIE have been eliminated upon consolidation.

A subsidiary is an entity in which the Company, directly or indirectly: (1) controls more than one half of the voting power; (2) has the power to appoint or remove the majority of the members of the board of directors; (3) casts a majority of votes at the meeting of the board of directors; or (4) governs the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

The Company applies the guidance codified in Accounting Standard Codification (“ASC”) 810, Consolidations, which contains guidance of accounting for VIE. The guidance requires certain variable interest entities to be consolidated by the primary beneficiary of the entity in which it has a controlling financial interest. A consolidated VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, bears the risks of, and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity.

Use of Estimates

(c)

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets, long-lived assets and liabilities at the balance sheet dates, and the reported revenues and expenses during the reporting periods in the consolidated financial statements and accompanying notes. The Company believes that the valuation of the Company’s share-based awards, probability of achievement assessed for performance conditions of share options, impairment of goodwill, impairment of long-term investments, impairment of long-lived assets and the determination of allowance for current expected credit losses reflect more significant judgments and estimates used in the preparation of its consolidated financial statements. Estimates are based on historical experiences and on various assumptions that the Company believes are reasonable under current circumstances. However, changes in circumstances, facts and experience may cause the Company to revise its estimates; therefore, actual results could differ materially from those estimates.

Functional Currencies and Foreign Currency Translation

(d)

Functional Currencies and Foreign Currency Translation

The Group uses U.S. dollars (“US$”) as its reporting currency. The functional currency of the Company and its subsidiaries incorporated outside of PRC is US$, while the functional currency of the PRC entities in the Group is Renminbi (“RMB”) as determined based on the criteria of ASC 830, Foreign Currency Matters.

Transactions denominated in other than the functional currencies are re-measured into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Financial assets and liabilities denominated in other than the functional currency are re-measured at the balance sheet date exchange rate. The resulting exchange differences are recorded in the consolidated statements of comprehensive (loss) income as foreign exchange related gain or loss.

The financial statements of the Group’s entities using functional currency other than US$ are translated from the functional currency to the reporting currency, US$. Assets and liabilities of the Group’s subsidiaries incorporated in PRC are translated into US$ at balance sheet date exchange rates, while income and expense items are translated at average exchange rates prevailing during the fiscal year, representing the index rates stipulated by the People’s Bank of China. Translation adjustments arising from these are reported as foreign currency translation adjustments and are shown as accumulated other comprehensive (loss) income on the consolidated financial statement.

Concentration of Credit Risk

(e)

Concentration of Credit Risk

Financial instruments that potentially subject the Group to concentration of credit risk consist of cash and cash equivalents, short-term bank deposits, short-term financial products issued by banks, short-term investments, restricted cash, long-term bank deposits, long-term financial products issued by banks and accounts receivable.

The Group deposits its cash and cash equivalents, short-term bank deposits, short-term financial products issued by banks, short-term investments, restricted cash, long-term bank deposits and long-term financial products issued by banks in the various jurisdictions that they operate in. The deposits are with major reputable financial institutions which the Group believes that there is no significant credit risk. As of December 31, 2025, the Group had US$379.7 million in cash and cash equivalents, short-term bank deposits, short-term financial products issued by banks, short-term investments, restricted cash and long-term bank deposits, among which 25%, 24%, 22%, 19% and 10% is held by financial institutions in United Kingdom, United States, Hong Kong, Singapore and PRC, respectively. The Group continues to monitor the financial strength of the financial institutions.

The Group has not experienced any significant recoverability issue with respect to its accounts receivable. The Group assesses the credit worthiness of each customer when providing services and may require the customers to make advance payments or a deposit before the services are rendered. The Group typically offer payment terms of 30 to 60 days to its customers, but can be longer for select qualified customers. The Group also periodically determines an allowance for credit losses based on the accounting policy indicated in Note 2(j) - Accounts Receivable.

No individual customer accounted for more than 10% of the accounts receivables as of December 31, 2024 and 2025.

No individual customer accounted for more than 10% of revenues for the years ended December 31, 2023, 2024 and 2025.

Fair Value Measurements

(f)

Fair Value Measurements

Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that may be used to measure fair value include:

•

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

•

Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.

•

Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

Recurring Fair Value Measurements

The Company’s financial instruments include cash and cash equivalents, accounts receivable, certain prepayments and other current assets, accounts payable, certain accrued expenses and other current liabilities, whose carrying amounts approximate their fair values due to the short-term maturity of these instruments. The Company measures equity method investments at fair value on a non-recurring basis only if an impairment charge were to be recognized. Equity investments accounted for using the measurement alternative are generally not categorized in the fair value hierarchy. However, if equity investments without readily determinable fair values were remeasured during the periods presented, they would be classified within Level 3 in the fair value hierarchy based on the nature of the fair value inputs.

Short-term investment in equity investment in a publicly traded security is categorized as Level 1 under the fair value hierarchy and their fair value is based on quoted stock prices in active markets.

Short-term and long-term financial products issued by banks are categorized as Level 2 under the fair value hierarchy and their fair values are based on quoted prices or other observable inputs in active markets.

The following table sets forth the Group’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:


	As of December 31, 2025
	Level 1		Level 2		Level 3	Balance at Fair value
	(in US$ thousands)
Short-term financial products issued by banks	—			55,000	—		55,000
Short-term investments — equity investment in a publicly traded security		4,583	—		—		4,583


	As of December 31, 2024
	Level 1		Level 2		Level 3	Balance at Fair value
	(in US$ thousands)
Short-term financial products and structured deposits issued by banks	—			71,464	—		71,464
Short-term investments — equity investment in a publicly traded security		2,787	—		—		2,787
Long-term financial products issued by banks	—			61,400	—		61,400

Nonrecurring Fair Value Measurements

The Company’s non-financial asset which is measured at fair value on a nonrecurring basis includes goodwill.

The Company’s goodwill are fair valued using discounted cash flows. Goodwill impairment testing requires significant use of judgment and assumptions including the identification of reporting units, the assignment of assets and liabilities to reporting units, and the estimation of revenue growth, gross margin, operating expenses, terminal growth rate and discount rates. Accordingly, these fair value measurements fall in Level 3 of the fair value hierarchy.

For the year ended December 31, 2023, goodwill of certain reporting units was recorded at fair value based upon the Company’s impairment testing and full goodwill impairment was provided. The most significant unobservable inputs (Level 3) used to estimate the fair values of the Company’s goodwill was discount rate of 21.0%.

Cash and Cash Equivalents

(g)

Cash and Cash Equivalents

Cash and cash equivalents include cash in bank, money market funds and time deposits placed with banks which have original maturities of three months or less at the time of purchase and are readily convertible to known amounts of cash. The Company’s money market funds are classified as cash equivalent as it meet all of the qualifying criteria: (1) A fund’s policies include a provision that requires the weighted average maturity of the fund’s securities holdings not to exceed 90 days; (2) The investor has the ability to redeem the fund’s shares daily in accordance with its cash management policy; (3) The fund’s investment attributes are consistent with the investment attributes of an SEC-registered money market fund. As of December 31, 2024 and 2025, the amount of cash equivalents were US$20.9 million and US$31.7 million in the consolidated balance sheets, respectively.

Restricted Cash

(h)

Restricted Cash

The Group’s restricted cash mainly represents secured deposits held in designated bank accounts to secure a payment in relation to the headquarters project and issuance of a letter of credit. See Note 6—Restricted Cash.

Short-term Investments

(i)

Short-term Investments

Short-term investments are comprised of (i) held-to-maturity investments such as time deposits, which have a due date that is longer than three months but within one year and is stated at amortized cost; (ii) investments in financial products issued by banks or other financial institutions, which contain a variable interest rate and with maturities between three months and one year; (iii) structured deposits issued by certain banks whose interest is indexed to the fluctuation of foreign exchange rates, with maturities between three months and one year and; (iv) equity investment in a publicly traded security. The Company measures the short-term investments in financial products and structured deposits issued by banks at fair value using the quoted subscription or redemption prices published by these banks.

These investments, except held-to-maturity investments, are stated at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive (loss) income. There was no other-than-temporary impairment of short-term investments measured at amortized cost for the years ended December 31, 2023, 2024 and 2025

Accounts Receivable, net

(j)

Accounts Receivable, net

Accounts receivable are stated at the amount management expects to collect from customers based on their outstanding invoices in according with ASC Topic 326, Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASC Topic 326”), which creates an impairment model that is based on expected losses rather than incurred losses. To estimate the allowance for current expected credit losses (“CECL”), the Company has identified the relevant risk characteristics of its customers and the related receivables and other receivables which include but are not limited to geographic region and industry. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Company considers the past collection history, future forecasts and macroeconomic factors. Other key factors that influence the CECL analysis include industry-specific factors and certain qualitative adjustments that could impact the Company’s receivables. This is assessed at each period end based on the Company’s specific facts and circumstances. There have been no significant impact of changes in the assumptions since adoption.

Property and Equipment, Net

(k)

Property and Equipment, net

Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives, taking into account any estimated residual value. Expenditures for maintenance and repairs are expensed as incurred.

The estimated useful lives of property and equipment are as follows:


		Estimated Useful Lives
Electronic equipment		3 – 5 years
Furniture, computers and office equipment		3 years
Network equipment		3 years
Leasehold improvements		Shorter of the lease term or the estimated useful life
Self-developed software		3 – 5 years

Construction in progress primarily represents the construction of headquarter building. Costs incurred in the construction are capitalized and transferred to property, plant and equipment when it is ready for intended use at which time depreciation commences.

Interest Capitalization

(l)

Interest Capitalization

Interest income during the years ended December 31, 2023, 2024 and 2025 were US$18.8 million, US$16.9 million and US$15.1 million, net of interest expense of US$20.1 thousand, US$0.3 million and US$36.4 thousand, respectively.

The interest cost associated with major development and construction projects is capitalized and included in the cost of the property, plant and equipment. Interest capitalization ceases once a project is substantially completed or no longer undergoing construction activities to prepare it for its intended use. When no debt is specifically identified as being incurred in connection with a construction project, the Company capitalizes interest on amounts expended on the project at the Company’s weighted average cost of borrowings. Interest expense capitalized associated with the construction projects for the years ended December 31, 2023, 2024 and 2025 were US$14.8 thousand, US$0.5 million and US$1.7 million, respectively.

Long-term investments

(m)

Long-term investments

The Company’s long-term investments include held-to-maturity investments such as time deposits with due date over one year and are stated at amortized cost, financial products issued by bank over one year, equity investments accounted for using the measurement alternative and the equity method.

The Company’s long-term investment in financial products issued by banks contain a minimum guaranteed interest rate and a floating but capped interest rate with maturities over one year. The Company measures the carrying amount of investments based on the principal amount plus the minimum guaranteed interest rate published by these banks.

For equity investments which the Company cannot exercise significant influence and does not have a readily determinable fair value, the Company has elected to apply the measurement alternative and recorded these investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes, in accordance with ASC topic 321 – Investments – Equity Securities (“ASC 321”). Under this measurement alternative, changes in the carrying value of the equity investments are required to be made whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer.

Investments in entities in which the Company does not control, but can exercise significant influence, are accounted for using the equity method of accounting in accordance with ASC topic 323, Investments—Equity Method and Joint Ventures (“ASC 323”). Under the equity method, the Company initially records its investments at cost. The Company subsequently adjusts the carrying amount of the investments to recognize the Company’s proportionate share of each equity investee’s net income or loss into earnings as well as distributions received after the date of investment.

The Company reviews its investments in equity method investees for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable.

Business combinations

(n)

Business combinations

The Company allocates the purchase price of the acquisition to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition dates. The excess of the purchase price over those fair values is recorded as goodwill. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of comprehensive (loss) income.

Goodwill and intangible assets

(o)

Goodwill and intangible assets

Intangible assets

Intangible assets are recognized at fair value and consists of developed technology and customer relationships from acquisitions (see Note 9). Intangible assets are amortized over the period of estimated benefit using the straight-line method which are 5 or 3 years, respectively. The estimated life of intangible assets subject to amortization is reassessed if circumstances occur that indicate the life has changed. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. No impairment of intangible assets was recognized for the years ended December 31, 2023, 2024 and 2025.

Goodwill

Goodwill represents the excess of the total cost of the acquisition over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed of the acquired entity as a result of the Company’s business acquisitions.

Goodwill is not amortized but is tested for impairment on an annual basis, in the fourth quarter, at the reporting unit level, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The annual impairment test includes an option to perform a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying value. If as a result of the qualitative assessment, that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the quantitative goodwill impairment test is performed to determine if the fair value of the reporting unit exceeds its carrying value. Under the qualitative assessment, the Company considers primary factors such as industry and market considerations, overall financial performance of the reporting unit and other specific information related to the operations. If the reporting unit does not pass the qualitative assessment, the Company estimates its fair value and compares the fair value with the carrying value of its reporting unit, including goodwill. If the fair value is greater than the carrying value of its reporting unit, no impairment is recorded. If the fair value is less than the carrying value, an impairment loss is recognized for the amount that the carrying amount of a reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. The impairment charge would be recorded to earnings in the consolidated statements of comprehensive (loss) income. Additionally, the Company’s policy is to update the fair value calculation of its reporting units and perform the quantitative goodwill impairment test on a periodic basis.

Impairment of long-lived assets other than goodwill

(p)

Impairment of long-lived assets other than goodwill

Long-lived assets (including amortizable intangible assets) are evaluated for impairment whenever events or changes in circumstances occur that indicate that the carrying value of an asset may not be recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, an impairment loss is recognized for the excess of the carrying value of the assets over the fair value of the assets. No impairment charges were recognized for the years ended December 31, 2023, 2024 and 2025.

Leases

(q)

Leases

The Company accounts for its leases in accordance with ASC Topic 842, which generally require lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements.

The Company determines if an arrangement is a lease or contains a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liability, and operating lease liability, non-current in the Company’s consolidated balance sheets.

ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate, which it calculates based on the credit quality of the Company and by comparing interest rates available in the market for similar borrowings, and adjusting this amount based on the impact of collateral over the term of each lease.

The Company has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) elect for each lease not to separate non-lease components from lease components and instead to account for each separate lease component and the non-lease components associated with that lease component as a single lease component; (ii) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements; and (iii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2021 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and (c) initial direct costs.

Advances from Customers

(r)

Advances from Customers

Certain customers pay in advance prior to the service usage. Payments received from customers are initially recorded as advances from customers and are recognized as revenues when revenue recognition criteria are met. See Note 2(v)—Revenue Recognition.

Value Added Taxes

(s)

Value Added Taxes

The Group’s entities in the PRC are subject to value-added taxes (“VAT”) at a rate of 6% on their services, less any deductible VAT the Group has already paid or borne. They are also subject to surcharges on VAT payments in accordance with PRC law. VAT is not included in the revenue recognized for the Group.

Land use right

(t)

Land use right

Land use right represent acquisition costs to purchase land use right from the PRC government, which is evidenced by property certificate. The period of the purchased land use right is 50 years. The Company classifies land use right as long-term assets on the balance sheet and cash outflows related to acquisition of land use right as investing activities.

Land use right is carried at cost less accumulated amortization and impairment losses, if any. Amortization is computed using the straight-line method over the term specified in the land use right certificate for 50 years.

Deferred financing costs

(u)

Deferred financing costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred financing costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in shareholders’ equity as a reduction of additional paid-in capital generated as a result of the offering. Should the in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the consolidated statements of comprehensive (loss) income

As of December 31, 2024 and 2025, deferred offering costs of nil and US$2.0 million were recorded in the consolidated balance sheet. See Note 12—Other Non-current Assets.

Revenue Recognition

(v)

Revenue Recognition

The Group accounts for its revenue contracts in accordance with ASC Topic 606, Revenue from Contracts with Customers (ASC 606). According to ASC 606, revenue is recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services. The Group determines revenue recognition through the following steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation.

The Group’s revenue is primarily derived from real-time engagement services, which are usage-based fees earned from customers accessing the Group’s enterprise cloud computing platform. The performance obligation associated with the platform access is a series of distinct services that have the same pattern of transfer, and the usage-based fees are recognized as revenue in the period in which the usage occurs.

The Group’s other revenues are comprised primarily of project revenues, which are arrangements with specific customers where the Company will customize a software development kit to be integrated with the customer’s system based on the customer’s specific requirements. The progress of the project is defined by the readiness of the system integration as specified in the contract. To date, the Group’s projects are considered a single performance obligation, as the individual components of the project are not sold on a standalone basis and does not provide benefit to the customer on its own. Revenue with substantial acceptance clauses is recognized at a point in time based on the complete satisfaction of the performance obligation.

Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivables represent amounts invoiced and revenue recognized prior to invoicing, when the Group has satisfied its performance obligations and has the unconditional right to payment. The Group records a contract asset when the Group has incurred costs to fulfill their obligations under a contract once it is obtained but before transferring goods or services to the customer. The contract assets are comprised primarily of direct labor costs and direct materials used in providing the promised services to a customer. As of December 31, 2024 and 2025, contract assets recorded in the Group’s consolidated balance sheets were US$1.1 million and US$0.1 million, respectively.

If a customer pays consideration, or the Group has a right to an amount of consideration that is unconditional (that is, a receivable), before the Group transfers a good or service to the customer, the Group shall present the contract as a contract liability when the payment is made or the payment is due (whichever is earlier). A contract liability is the Group’s obligation to transfer goods or services to a customer for which it has received consideration (or an amount of consideration is due) from the customer. As of December 31, 2024 and 2025, contract liabilities recorded as advances from customers were US$8.7 million and US$7.9 million, respectively, in the Group’s consolidated balance sheets. Revenue recognized for the years ended December 31, 2023, 2024 and 2025 that was included in the contract liabilities balance at the beginning of the period were US$8.4 million, US$3.2 million and US$3.6 million, respectively.

Practical Expedients and Exemptions

Incremental costs of obtaining a contract are expensed when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less. For all periods presented, there were no incremental contract obtaining costs that were capitalized as assets due to short term of the amortization period.

Cost of Revenues

(w)

Cost of Revenues

Cost of revenue consists primarily of costs of bandwidth purchased from network service providers and costs of hosting services purchased from data center operators, and personnel costs for the customer care and support services employees. These costs are charged to the consolidated statements of comprehensive (loss) income as incurred.

Research and Development Expenses

(x)

Research and Development Expenses

Research and development expenses consist primarily of employee wages and benefits for research and development personnel, cloud infrastructure fees for staging and development, third party software testing services, and an allocation of general overhead expenses. Research and development costs are expensed as incurred in accordance with ASC 730, Research and Development.

Software Development Costs

(y)

Software Development Costs

The Group accounts for costs to develop or obtain internal use software in accordance with ASC 350-40, Internal-Use Software. For internal use software, the Group expenses costs incurred for the preliminary project stage and post implementation-operation stage of development, and costs associated with repair or maintenance of the existing applications. Costs incurred in the application development stage are capitalized.

Capitalized costs of platform and other software applications are included in property and equipment, net. These costs are amortized on a straight- line basis over the estimated useful life of the software, which is evaluated for each specific project. Management evaluates the useful life of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.

Sales and Marketing Expenses

(z)

Sales and Marketing Expenses

Sales and marketing expenses consist primarily of marketing and promotional expenses, salaries and payroll expenses to the Group’s sales and marketing personnel. Advertising expenses consist primarily of costs for the promotion of corporate image and product marketing. The Group expenses all advertising costs as incurred and classifies these costs under sales and marketing. For the years ended December 31, 2023, 2024 and 2025, advertising expenses totaled US$1.9 million, US$1.4 million and US$1.0 million, respectively.

General and Administrative Expenses

(aa)

General and Administrative Expenses

General and administrative expenses consist of employee wages and benefits for corporate employees, rental expenses, audit and legal fees, depreciation of property and equipment, current expected credit loss, amortization of land use right, and other corporate overhead cost.

Income Tax

Current income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Group accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Tax. Under this method, deferred tax assets and liabilities are recognized for the tax consequences attributable to differences between carrying amounts of existing assets and liabilities in the financial statements and their respective tax basis, and operating loss carry-forwards. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be received or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the statement of comprehensive (loss) income in the period of the enactment of the change.

The Company considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Company has considered possible sources of taxable income including (1) future reversals of existing taxable temporary differences, (2) future taxable income exclusive of reversing temporary differences and carry-forwards, (3) future taxable income arising from implementing tax planning strategies, and (4) specific known trend of profits expected to be reflected in the Company’s operations.

The Company recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The Company’s liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company’s effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense. For the years ended December 31, 2023, 2024 and 2025, there were no uncertain tax position liabilities or deferred tax recognized.

Share-based Compensation

All share-based awards are measured at fair value on the grant date. The share-based compensation expenses have been categorized as either cost of revenues, research and development expenses, sales and marketing expenses or general and administrative expenses, depending on the job functions of the grantees.

Share Options Granted

For the service condition only options granted to employees without a repurchase feature, the compensation expense is recognized using the straight-line method over the requisite service period. The Group early adopted Accounting Standards Update (“ASU”) 2016-09, Compensation—Share-Based Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting from the earliest period presented to recognize the effect of forfeiture in compensation cost when they occur. In determining the fair value of the Company’s share options, the binomial option pricing model has been applied.

For certain share options that have performance condition, the final number of share options may vest and settle depending on the employee’s performance against performance metrics over predefined performance periods. Over the performance period, the number of share options that may be issued and the related share-based compensation expense that is recognized is adjusted upward or downward based upon the probability of achieving the approved performance targets against the performance metrics.

Liability Classified Awards

For the Venture Partners Plan awards (See Note 17—Share-based Compensation), these awards can be settled through the issuance of shares or cash to employees at the decision of the Company and the number of shares that an employee ultimately receives is variable based on the share price at the settlement date. The Company accounts for these awards as a liability and will remeasure the liability at each reporting period until the award is settled. For the annual shared profit, compensation is recognized using the straight-line method over the performance period, using the estimated liability of the award at service inception date and begin to recognize compensation expense. For the accumulated retained profit, if any, compensation is recognized using the straight-line method over the requisite service period, using the estimated liability of the award at service inception date and begin to recognize compensation expense. The Group will true-up the compensation cost each reporting period for changes in liability prorated for the portion of the requisite service period rendered, if applicable. Once vested (that is, the performance period or the requisite-service period is complete), the Group will immediately recognize compensation cost for any changes in liability upon settlement.

Restricted Shares and Restricted Share Units (“RSUs”)

For the restricted shares and RSUs granted with service conditions, the awards are measured at fair value on the grant date. Share-based compensation expense is recognized using the straight-line method over the requisite service period. The fair value of the restricted shares granted prior to the IPO was assessed using the income approaches, with a discount for lack of marketability given that the shares underlying the awards were not publicly traded at the time of grant. This assessment required complex and subjective judgments regarding the Company’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants were made. The fair value of restricted shares and RSUs granted post-IPO is determined based on the closing quoted price of the Company’s ordinary share on the date of grant.

For certain RSUs granted with both service condition and market condition, the awards are measured at fair value on the grant date by using the Monte Carlo Simulation Model with the effect market condition reflected in the fair value. Share-based compensation expense shall be recognized using the straight-line method over the requisite service period, which is the longer of a) the derived service period of the market condition which is determined based on valuation techniques, and b) any explicit service period. All compensation cost for an award that has a market condition should be recognized if the requisite service period is fulfilled, even if the market condition is never satisfied.

Similar to options above, the Group recognizes the effect of forfeitures in compensation costs when they occur. For the restricted shares that the Company is obligated to repurchase at grantee’s election, they are classified as liability awards and are applied the accounting policy of liability classified awards as mentioned above. For the restricted shares granted by the Founder to the Company’s employees, the compensation expense of these awards is pushed down to the Company and recorded by the Company based on grant-date fair value with total compensation expense recognized over the grantee’s own requisite service period. See Note 17—Share-based Compensation.

Cancellation of an award accompanied by the grant of a replacement award is accounted for as a modification of the terms of the canceled award (“modification awards”). The compensation costs associated with the modification awards are recognized if either the original vesting condition or the new vesting condition has been achieved. If the awards are expected to vest under the original vesting condition, the compensation cost would be recognized regardless of whether the employee satisfies the modified condition. Such compensation costs cannot be less than the grant-date fair value of the original award. The incremental compensation cost is measured as the excess of the fair value of the replacement award over the fair value of the canceled award at the cancellation date. Therefore, in relation to the modification awards, the Group recognizes share-based compensation over the vesting periods of the new awards, which comprises (1) the amortization of the incremental portion of share-based compensation over the remaining vesting term and (2) any unrecognized compensation cost of original award, using either the original term or the new term, whichever is higher for each reporting period.

Related Parties

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholder, or a related corporation.

(ae)

Dividends

Dividends are recognized when declared. No dividends were declared for the years ended December 31, 2023, 2024 and 2025, respectively. The Group does not have any present plan to pay any dividends on ordinary shares in the foreseeable future. The Group currently intends to retain the available funds and any future earnings to operate and expand its business.

(Loss) Earnings Per Share

Basic (loss) earnings per share is computed by dividing net (loss) income attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year using the two class method. Ordinary shares issuable for little or no cash consideration are also included as outstanding shares once all of their conditions have been met as they are considered contingently issuable shares. The net (loss) income will be adjusted by deducting (1) dividends declared in the period on preferred shares (if any), (2) cumulative dividends on preferred shares (whether or not declared) and (3) deemed dividends as required by U.S. GAAP. Using the two-class method, net income loss is allocated between ordinary shares and other participating securities (that is, the Preferred Shares) based on their participating rights.

Diluted (loss) earnings per share is calculated by dividing net (loss) income attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalents shares outstanding during the year. Dilutive equivalent shares are excluded from the computation of diluted loss per share if their effects would be anti-dilutive. Ordinary share equivalents consist of the ordinary shares issuable in connection with the Group’s convertible redeemable preferred shares using the if-converted method, and ordinary shares issuable upon the conversion of share options, liability classified awards, restricted shares and RSUs, using the treasury stock method. Except for voting rights, the Class A and Class B ordinary shares have all the same rights and therefore the loss per share for both classes of shares are identical.

Comprehensive (Loss) Income

Comprehensive (loss) income is defined to include all changes in equity of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Other comprehensive (loss) income, as presented in the consolidated balance sheets, consists of accumulated foreign currency translation adjustments as well as fair value changes of the Company’s debt security.

Segment Reporting

The Company adopted ASU No. 2023-07, “Improvements to Reportable Segment Disclosures” (“ASC Topic 280”) in fiscal year 2024, which establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available that is regularly evaluated by the Group’s chief operating decision makers (“CODM”) in deciding how to allocate resources and assess performance. The Group’s CODM has been identified as the Chief Executive Officer, who reviews consolidated results including revenue, gross profit and operating profit at a consolidated level only. The Group does not distinguish between markets for the purpose of making decisions about resources allocation and performance assessment. Hence, the Group has only one operating segment and one reportable segment. This segment is engaged in real-time engagement business.

The primary measure of segment profitability for the Company’s operating segment is considered to be consolidated net (loss) income. Net (loss) income is used by the CODM to monitor budget versus actual results as well as comparison with the Group’s competitors, which are used in assessing performance of the segment. Significant segment expenses reviewed by the chief operating decision maker on a regular basis included within net (loss) income include cost of revenues, research and development expenses, sales and marketing expenses, general and administrative expenses which are separately presented on the Company’s consolidated statements of comprehensive (loss) income. Other segment items within net (loss) income include interest income, investment (loss) income and other income.

The following table presents the Group’s revenues disaggregated by primary geographical markets:


	Year Ended December 31,
	2023		2024		2025
	(in US$ thousands)
Primary geographical markets based on customers’ location
PRC	$	79,193	$	68,590	$	66,048
United States		22,849		24,106		28,242
Others		39,496		40,560		46,767
Total revenues	$	141,538	$	133,256	$	141,057

The majority of the Group’s long-lived assets are located and maintained within the PRC.

Recently Issued Accounting Pronouncements

New and Amended Standards Adopted by the Group

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s income tax disclosures on the effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted, and the disclosures in this standard are required to be applied on a prospective basis with the option to apply the standard retrospectively. The Company adopted this ASU on a prospective basis for the period ended December 31, 2025. Refer to Note 20, Income Taxes for the inclusion of new disclosures required.

New and Amended Standards not yet Adopted by the Group

In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220): Reporting Comprehensive Income – Expense Disaggregation Disclosures. Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. This new standard expanding disclosure requirements related to certain income statement expenses. This new standard requires more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in certain expense captions presented on the face of the income statement. The effective date is for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. The Company is in the process of evaluating the impact of the new guidance on its consolidated financial statement and related disclosures and this ASU will likely result in the required additional disclosures being included in the Group’s consolidated financial statements, once adopted.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This standard introduces a practical expedient that companies can choose to apply when determining allowances for credit losses. Specifically, it permits companies to assume that the current conditions as of the balance sheet remain unchanged throughout the remaining life of the asset. The amendment is effective for annual reporting periods beginning after December 15, 2025, and requires prospective application. The Company is in the process of evaluating the impact of the new guidance on its consolidated financial statement and related disclosures and does not expect this ASU to have a material impact on the Group’s consolidated financial statements.

In July 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40). The ASU modernizes the accounting for internal-use software to reflect current development practices, clarifies when to begin capitalizing costs, and enhances disclosure requirements. The ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The amendments permit an entity to apply the new guidance using either (1) a prospective transition approach or (2) a modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption or (3) a retrospective transition approach. The Company is in the process of evaluating the impact of the amendments on the Group’s consolidated financial statements and does not expect this ASU to have a material impact on the Group’s consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832). ASU No. 2025-10 establishes guidance on the recognition, measurement, and presentation of government grants received by business entities. The guidance is effective for annual reporting periods beginning after December 15, 2029, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The amendments require that a business entity apply the guidance using one of the following transition approaches: (1) a modified prospective approach or (2) a modified retrospective approach or (3) a retrospective approach. The Company is in the process of evaluating the impact of the amendments on the Group’s consolidated financial statements and does not expect this ASU to have a material impact on the Group’s consolidated financial statements.

Restricted Cash (Tables)

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

Schedule of Restricted Cash

Restricted cash consisted of the following:


	As of December 31,
	2024		2025
	(in US$ thousands)
Secured deposits for a letter of credit	$	267	$	200
Secured deposits in relation to the headquarter project		3,478		—
Restricted cash	$	3,745	$	200

Principal Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Schedule Assets and Liabilities Measured at Fair Value

The following table sets forth the Group’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:


	As of December 31, 2025
	Level 1		Level 2		Level 3	Balance at Fair value
	(in US$ thousands)
Short-term financial products issued by banks	—			55,000	—		55,000
Short-term investments — equity investment in a publicly traded security		4,583	—		—		4,583


	As of December 31, 2024
	Level 1		Level 2		Level 3	Balance at Fair value
	(in US$ thousands)
Short-term financial products and structured deposits issued by banks	—			71,464	—		71,464
Short-term investments — equity investment in a publicly traded security		2,787	—		—		2,787
Long-term financial products issued by banks	—			61,400	—		61,400

Schedule of Useful lives of Property and Equipment


	As of December 31,
	2024			2025
	(in US$ thousands)
Cost:
Network equipment	$	28,810		$	29,744
Leasehold improvements		4,994			5,111
Electronic equipment		2,783			2,972
Furniture, computers and office equipment		1,027			891
Self-developed software		851			870
Total cost		38,465			39,588
Less: accumulated depreciation		(33,827	)		(35,641	)
Capitalized internal-use software development costs		42			—
Property and Equipment, Net		4,680			3,947
Construction in progress in relation to the headquarters project		44,486			84,239
Total	$	49,166		$	88,186

Schedule of Disaggregation of Revenue

The following table presents the Group’s revenues disaggregated by primary geographical markets:


	Year Ended December 31,
	2023		2024		2025
	(in US$ thousands)
Primary geographical markets based on customers’ location
PRC	$	79,193	$	68,590	$	66,048
United States		22,849		24,106		28,242
Others		39,496		40,560		46,767
Total revenues	$	141,538	$	133,256	$	141,057

Property and equipment of estimated useful lives [Member]

Schedule of Useful lives of Property and Equipment

The estimated useful lives of property and equipment are as follows:


		Estimated Useful Lives
Electronic equipment		3 – 5 years
Furniture, computers and office equipment		3 years
Network equipment		3 years
Leasehold improvements		Shorter of the lease term or the estimated useful life
Self-developed software		3 – 5 years

Income Taxes - Narrative (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025 HKD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Income Tax Contingency [Line Items]
Effective income tax rate	3.27%	3.27%	(0.66%)	(0.49%)
Cash paid for income taxes, net of refunds		$ 233	$ 185	$ 152
Operating loss carryforwards		$ 248,100
Hong Kong
Income Tax Contingency [Line Items]
Effective income tax rate for first HK$2 million	8.25%	8.25%
Effective income tax rate for remaining income	16.50%	16.50%
Limit for reduced income tax rate	$ 2
Domestic Tax Authority \| United States \| Agora Lab, Inc.
Income Tax Contingency [Line Items]
Operating loss carryforwards		$ 14,000
State and Local Jurisdiction \| United States \| Agora Lab, Inc.
Income Tax Contingency [Line Items]
Operating loss carryforwards		$ 23,100

Organization and Nature of Operations (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of principal subsidiaries

The Company’s principal subsidiaries as of December 31, 2025 are as follows:


Principal Subsidiaries:	Date of Incorporation	Place of Incorporation	Percentage of Direct/Indirect Economic Interest			Principal Activities
Agora Lab, Inc.	January 13, 2014	California, United States		100	%	Provision of RTE-PaaS services
ShengWang HongKong Limited (formerly known as Agora IO Hongkong Limited)	December 12, 2014	Hong Kong		100	%	Provision of RTE-PaaS services
Shanghai Shengwang Technology Co., Ltd. (“Shanghai Shengwang”, formerly known as Shanghai Jiyin Network Technology Co., Ltd.)	May 26, 2020	PRC		100	%	Provision of RTE-PaaS services
Agora IO Singapore PTE. Ltd.	November 4, 2020	Singapore		100	%	Provision of RTE-PaaS services
Shanghai Shengshi Chuangtuo Construction and Development Co., Ltd. (“Shengshi”) (i)	July 29, 2022	PRC		100	%	Construction of headquarters project
Agora (Shanghai) Technology Co., Ltd.	February 6, 2023	RPC		100	%	Research and development

(i) Shanghai Shengshi Chuangtuo Construction and Development Co., Ltd. is a structured entity consolidated by the Group, being set up in 2022 for construction of the Group’s headquarter project. As of December 31, 2025, Shengshi had total outstanding balances of the long-term borrowings amounted to US$80.4 million (Note 15), construction in progress amounted to US$84.2 million (Note 7) and the land use right amounted to US$161.6 million (Note 11).

Schedule of financial information of the Group

The following financial information set forth the assets, liabilities, results of operations and changes in cash and cash equivalents of the consolidated Shanghai Zhaoyan and Shanghai Zhaoyan’s subsidiaries taken as a whole of the Group as of December 31, 2024 and for the years ended December 31, 2023 and 2024 which was included in the accompanying consolidated financial statements of the Group with intercompany transactions eliminated as follows:


	As of December 31,
	2024
	(in US$ thousands)
Assets
Current assets:
Cash and cash equivalents	$	3,806
Accounts receivable, net		16,075
Amounts due from related parties		5,533
Prepayments and other current assets		1,668
Restricted cash		37
Contract assets		66
Total current assets		27,185
Non-current assets:
Property and equipment, net		226
Long-term investments		6,956
Other non-current assets		1,794
Total non-current assets		8,976
Total assets	$	36,161
Liabilities
Current liabilities:
Accounts payable		6,402
Amounts due to related parties		21,909
Advances from customers		5,694
Taxes payable		68
Accrued expenses and other current liabilities		2,087
Total current liabilities		36,160
Non-current liabilities:
Long term payable		1
Total non-current liabilities		1
Total liabilities	$	36,161


	Year Ended December 31,
	2023			2024
	(in US$ thousands)
Third-party revenues	$	80,267		$	59,504
Net (loss) income		(2,184	)		1,019


	Year Ended December 31,
	2023			2024
	(in US$ thousands)
Net cash and cash equivalents used in operating activities	$	(3,865	)	$	(4,339	)
Net cash and cash equivalents provided by (used in) investing activities		10,089			(177	)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Long-term investments - Schedule Of Equity Method Investments (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Long-term bank deposits

$ 160,001

$ 35,500

Equity investments without readily determinable fair value

^[1]

23,037

34,479

Financial products issued by banks

61,400

Equity method investments

6,145

6,231

Long-term Investments

$ 189,183

$ 137,610

[1]	In June 2025, the Group disposed two wholly-owned subsidiaries holding certain equity investments and prepayment for the long-term investment to a third party with total consideration of US$7.3 million and immaterial gain or loss.

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Organization and Nature of Operations

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Nature of Operations

(a)

Principal Activities

Agora, Inc. (the “Company”), an exempted company with limited liability, was incorporated in Cayman Islands on November 28, 2013. The Company, through its consolidated subsidiaries (and through certain former variable interest entities ("VIE") prior to the termination of the contractual arrangements) (collectively referred to as the “Group”) engages primarily in providing Real-Time Engagement Platform-as-a-Service (“RTE-PaaS”), which offers developers software tools to embed real-time engagement functionalities — such as video, voice, chat, live streaming and conversational AI — into their applications without the need to create and maintain the underlying infrastructure themselves. The Group’s real-time engagement products are delivered through its Software-Defined Real-Time Network (“SD-RTN”), which is a virtual network overlay on top of the public internet. The Group’s principal operation and geographic market is in the People’s Republic of China (“PRC”) and the United States.

(b)

Reorganization and acquisitions

The Group commenced its operations in 2014 through Agora Lab, Inc. and Shanghai Zhaoyan Network Technology Co., Ltd. (“Shanghai Zhaoyan” or the “Former VIE”), both of which were established and controlled by Bin (Tony) Zhao (the “Founder”). In December 2014, API Investment Limited (formerly known as Agora IO, Inc) was formed as part of a reorganization through which the Company, API Investment Limited and their respective shareholders entered into a share swap arrangement resulting in the Company along with its subsidiary, Agora Lab, Inc., becoming API Investment Limited’s subsidiaries. Further, ShengWang HongKong Limited (Formerly known as Agora IO Hongkong Limited) and Shanghai Dayin Network Technology Co., Ltd. (“Dayin”) were established. The Group then entered into a series of contractual arrangements among Dayin, Shanghai Zhaoyan and Shanghai Zhaoyan’s shareholders in June 2015, and thereafter Shanghai Zhaoyan became the variable interest entity of the Group (collectively referred to as the “Historical Reorganization”).

In January 2020, the Group underwent another reorganization (the “Corporate Reorganization”) which ultimately resulted in Agora, Inc. becoming the parent company of the Group and the issuer in connection with its planned initial public offering in the United States in the following steps:

First, API Investment Limited contributed 100% of the shares of ShengWang HongKong Limited into Agora, Inc., after which Agora, Inc. held 100% of the equity securities of ShengWang HongKong Limited. Second, the Company obtained shares of API Investment Limited by having the shareholders swap their current API Investment Limited shares for the same number of shares in Agora, Inc., which mirrored the restrictions, rights, preferences and privileges as stipulated in the current shareholder agreements governing API Investment Limited. API Investment Limited became a wholly owned subsidiary of Agora, Inc., and in return, the shareholders of API Investment Limited became shareholders of Agora, Inc. As a result of the Corporate Reorganization, Agora, Inc. became wholly owned by the former shareholders of API Investment Limited while API Investment Limited became wholly owned by Agora, Inc.

The Corporate Reorganization was completed on January 19, 2020. Through the Historical Reorganization and the Corporate Reorganization, the Group’s business continued to be carried out by Agora Lab, Inc. and Shanghai Zhaoyan without a change in control. The Historical Reorganization and the Corporate Reorganization were accounted for as transactions under common control and therefore, the carryover basis was used to record assets and liabilities of Agora Lab, Inc. and Shanghai Zhaoyan using historical costs for all periods presented as if the current corporate structure after the Corporate Reorganization had existed as of the beginning of the earliest period presented in the consolidated financial statements to reflect the final shares issued in the Corporate Reorganization. After the completion of the Corporate Reorganization, the Group’s consolidated financial statements include the financial statements of the Company, its subsidiaries and the consolidated Former VIE (Shanghai Zhaoyan).

During 2020, the Company established Shanghai Shengwang Technology Co., Ltd. (formerly known as Shanghai Jiyin Network Technology Co., Ltd.) to further develop their business in the PRC.

On November 27, 2020, the Company acquired 100% equity interests of Netless, a real-time interactive whiteboard solution provider, from its shareholders for a cash and share consideration totaling to $4 million (Note 3).

On February 28, 2021, the Company acquired 100% equity interests of Easemob, providing instant messaging APIs and customer engagement cloud services in China, from its shareholders for a cash consideration totaling to $53.4 million (Note 3). On December 14, 2022, the Group entered into a definitive agreement to sell the customer engagement cloud business of Easemob to a third party, which was subsequently completed on February 1, 2023. There was a consolidated variable interest entity (the “Zhonghuan Chuanyin”) within the Easemob group structure that was acquired as part of the transaction, which was disposed along with the selling of customer engagement cloud business of Easemob. The related financial statement balances and business volume of this variable interest entity was not material.

During 2023, the Company established AGORA.IO INC. and Agora (Shanghai) Technology Co., Ltd. to further support their business in the United States and other international markets.

The Company’s principal subsidiaries as of December 31, 2025 are as follows:


Principal Subsidiaries:	Date of Incorporation	Place of Incorporation	Percentage of Direct/Indirect Economic Interest			Principal Activities
Agora Lab, Inc.	January 13, 2014	California, United States		100	%	Provision of RTE-PaaS services
ShengWang HongKong Limited (formerly known as Agora IO Hongkong Limited)	December 12, 2014	Hong Kong		100	%	Provision of RTE-PaaS services
Shanghai Shengwang Technology Co., Ltd. (“Shanghai Shengwang”, formerly known as Shanghai Jiyin Network Technology Co., Ltd.)	May 26, 2020	PRC		100	%	Provision of RTE-PaaS services
Agora IO Singapore PTE. Ltd.	November 4, 2020	Singapore		100	%	Provision of RTE-PaaS services
Shanghai Shengshi Chuangtuo Construction and Development Co., Ltd. (“Shengshi”) (i)	July 29, 2022	PRC		100	%	Construction of headquarters project
Agora (Shanghai) Technology Co., Ltd.	February 6, 2023	RPC		100	%	Research and development

(c)

Consolidated Variable Interest Entity

The VIE structure was used to provide foreign investors with economic exposure to China-based businesses in sectors where direct foreign investment was restricted under PRC law. Under this structure, Shanghai Zhaoyan held the Company’s key operating licenses, provided services to customers, and entered into contracts with suppliers in China.

Over the years, the legal and regulatory framework for the RTE-PaaS industry in China has continued to evolve, providing clearer guidance for value-added telecommunication services. The Company’s business activities in China are not currently classified as restricted or prohibited for foreign investment, and a VIE structure is not necessary for its current business activities in China. Shanghai Shengwang already obtained the necessary permits and licenses to operate the business in China. To reduce structure complexity and regulatory uncertainty, the Company terminated the contractual arrangements among Shanghai Zhaoyan, Daying and the nominee shareholders of Shanghai Zhaoyan, following the Company’s board resolution on January 3, 2025. All the assets and liabilities of Shanghai Zhaoyan were transferred to Shanghai Shengwang prior to the termination of the contractual arrangements based on the net carrying amount which was close to zero. The Company’s PRC business is conducted through PRC subsidiaries.

Before the termination of the contractual arrangements, the Company obtained a controlling financial interest in Shanghai Zhaoyan by entering into a series of contractual arrangements with Shanghai Zhaoyan and the legal shareholders who were also referred to as nominee shareholders. These nominee shareholders were the legal owners of Shanghai Zhaoyan. However, the rights of those nominee shareholders were transferred to the Company through a series of contractual arrangements.

The principal terms of the contractual arrangements entered into by and among the Group’s wholly foreign-owned enterprises, Dayin, known as “the WFOE”, Shanghai Zhaoyan and the nominee shareholders of Shanghai Zhaoyan are described below:

Exclusive Technology Consulting and Services Agreement

Under the Exclusive Technology Consulting and Services Agreement between the WFOE and Shanghai Zhaoyan, the WFOE had the exclusive right to provide Shanghai Zhaoyan consulting services related to, among other things, information consulting, assisting in information collection and market research, and providing training to personnel. The WFOE had the exclusive ownership of intellectual property rights created as a result of the performance of this agreement. Shanghai Zhaoyan paid to Dayin an annual service fee, which might only be adjusted with the approval of Dayin and ShengWang Hongkong Limited.

For the years ended December 31, 2023 and 2024, the service fees charged by the WFOE to Shanghai Zhaoyan pursuant to the above agreements were US$2.2 million and US$3.0 million, respectively.

Voting Rights Proxy Agreement and Irrevocable Powers of Attorney

Under the Voting Rights Proxy Agreement, by and among the WFOE, Shanghai Zhaoyan and each of the shareholders of Shanghai Zhaoyan, and the related irrevocable powers of attorney executed by Shanghai Zhaoyan’s shareholders pursuant to the Voting Rights Proxy Agreement, each of the shareholders of Shanghai Zhaoyan irrevocably granted the WFOE’s designated representative full power of attorney to exercise his or her rights as a shareholder of Shanghai Zhaoyan including rights to convene and attend shareholders’ meeting, nominate and elect directors, and appoint and dismiss the senior management of Shanghai Zhaoyan.

Share Pledge Agreement

Pursuant to the Share Pledge Agreement, among the WFOE, Shanghai Zhaoyan and Shanghai Zhaoyan’s shareholders, the shareholders of Shanghai Zhaoyan pledged all of their equity interests in Shanghai Zhaoyan to the WFOE to guarantee their and Shanghai Zhaoyan’s performance of their obligations under the contractual arrangements. Following the terms of the Share Pledge Agreement, the shareholders of Shanghai Zhaoyan registered the pledge at the competent authority on July 29, 2015 and was terminated in January 2025.

Exclusive Option Agreement

Pursuant to the Exclusive Option Agreement, among the WFOE, Shanghai Zhaoyan and Shanghai Zhaoyan’ shareholders, each of the shareholders of Shanghai Zhaoyan irrevocably granted the WFOE an exclusive option to purchase, or had its designated person to purchase, at its discretion, to the extent permitted under PRC law, all or part of their equity interests in Shanghai Zhaoyan, and the purchase price shall be the registered capital of Shanghai Zhaoyan pro rata to Shanghai Zhaoyan’s shareholders’ shareholdings or the lowest price permitted by applicable PRC law in respect of the Exclusive Option Agreement entered into by, among others, Shanghai Zhaoyan and Dayin. The shareholders of Shanghai Zhaoyan undertake that, without the prior written consent of the WFOE, they shall not, among other things, increase or decrease the registered capital of Shanghai Zhaoyan, dispose of its assets, incur any debts or guarantee liabilities, terminate any material agreements or enter into any agreements that are in conflict with any of the existing material agreements, distribute or vote to distribute any profits, interests or dividends, amend its articles of association or provide any loans to third parties.

The contractual arrangements above could not be unilaterally terminated. Management concluded that the Company, through the WFOE and the contractual arrangements, had the power and control to direct the activities that most significantly impact Shanghai Zhaoyan’s economic performance, bore the risks and enjoyed the rewards normally associated with ownership of Shanghai Zhaoyan, received substantially all of the economic benefits and residual returns, and absorbed substantially all the risks and expected losses from Shanghai Zhaoyan as if it was their sole shareholder and therefore the Company was the ultimate primary beneficiary of Shanghai Zhaoyan. As such, the Group consolidated the financial results of Shanghai Zhaoyan which were prepared in accordance with the basis of presentation as stated in Note 2 below.


	As of December 31,
	2024
	(in US$ thousands)
Assets
Current assets:
Cash and cash equivalents	$	3,806
Accounts receivable, net		16,075
Amounts due from related parties		5,533
Prepayments and other current assets		1,668
Restricted cash		37
Contract assets		66
Total current assets		27,185
Non-current assets:
Property and equipment, net		226
Long-term investments		6,956
Other non-current assets		1,794
Total non-current assets		8,976
Total assets	$	36,161
Liabilities
Current liabilities:
Accounts payable		6,402
Amounts due to related parties		21,909
Advances from customers		5,694
Taxes payable		68
Accrued expenses and other current liabilities		2,087
Total current liabilities		36,160
Non-current liabilities:
Long term payable		1
Total non-current liabilities		1
Total liabilities	$	36,161


	Year Ended December 31,
	2023			2024
	(in US$ thousands)
Third-party revenues	$	80,267		$	59,504
Net (loss) income		(2,184	)		1,019


	Year Ended December 31,
	2023			2024
	(in US$ thousands)
Net cash and cash equivalents used in operating activities	$	(3,865	)	$	(4,339	)
Net cash and cash equivalents provided by (used in) investing activities		10,089			(177	)

Before the termination of the contractual arrangements, the Company obtained a controlling financial interest in the Former VIE by entering into the series of contractual arrangements through the WFOE. As a result of these aforementioned contractual agreements, the Company had the power to direct activities of the Former VIE that most significantly affected its economic performance and received the economic benefits from the Former VIE that could be significant to them. Accordingly, the WFOE was entitled to substantially all of the economic benefits from the Former VIE and were obligated to absorb all of the Former VIE’s expected losses and therefore the Company had determined that it was the primary beneficiary of the Former VIE. As a result, the Company had consolidated the Former VIE’s results of operations and assets and liabilities in the Company’s consolidated financial statements in accordance with US GAAP. The Company considered that there was no asset in the Former VIE that could be used only to settle obligations of the Former VIE, except for registered capital, as of December 31, 2024. As the Former VIE were formed as a limited liability company under the PRC Company Law, the creditors did not have recourse to the general credit of the Company for all the liabilities of the Former VIE.

There was no variable interest entity where the Company had variable interest but was not the primary beneficiary.

The Chairman and CEO owned the majority of the voting shares of the Company. The Chairman and CEO, together the nominee shareholders, owned the majority of the voting shares of the Former VIE respectively. The enforceability, and therefore the benefits, of the contractual agreements between the Company and the Former VIE depended on these individuals enforcing the contracts.

The Group’s operations depended on the Former VIE to honor their contractual agreements with the Group and the Company’s ability to control the Former VIE also depended on the authorization by the shareholders of the Former VIE to exercise voting rights on all matters requiring shareholder approval in the Former VIE. The Company’s PRC legal counsel was of the view that the contractual arrangements among the Former VIE’s shareholders, the Former VIE and WFOE were valid, binding and were legally enforceable.

The Company’s ability to control the Former VIE also depended on the voting rights proxy and the effect of the share pledge under the Share Pledge Agreements and the Former WFOE had to vote on all matters requiring shareholders’ approval in the Former VIE. While this voting right proxy was legally enforceable in the view of the Company’s PRC legal counsel, it might not be as effective as direct equity ownership.

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

23.

Related Party Transactions

For the years ended December 31, 2023, 2024 and 2025, the significant related party transactions and balances were as follows:


	Year Ended December 31,
	2023		2024		2025
	(in US$ thousands)
Rental fee charged by a related party	$	198	$	196	$	181

The rental fee charged by a related party represented the costs charged from a company under common control of a principal shareholder for a renewable operating lease for an office facility used by the Group. The Company has recorded nil ROU assets and lease liabilities as of December 31, 2025 associated with this lease (see Note 8 for additional information on leases).

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

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+ Details

Property and Equipment, Net and Construction in Progress in Relation to The Headquarters Project (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net


	As of December 31,
	2024			2025
	(in US$ thousands)
Cost:
Network equipment	$	28,810		$	29,744
Leasehold improvements		4,994			5,111
Electronic equipment		2,783			2,972
Furniture, computers and office equipment		1,027			891
Self-developed software		851			870
Total cost		38,465			39,588
Less: accumulated depreciation		(33,827	)		(35,641	)
Capitalized internal-use software development costs		42			—
Property and Equipment, Net		4,680			3,947
Construction in progress in relation to the headquarters project		44,486			84,239
Total	$	49,166		$	88,186

Other Non-current Assets (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Non-current Assets

Other non-current assets consisted of the following:


	As of December 31,
	2024		2025
	(in US$ thousands)
Prepayment in relation to the headquarters project	$	12,025	$	7,129
Long-term VAT recoverable		2,737		5,505
Long-term interest receivables		1,411		4,366
Deferred financing costs		—		2,035
Long-term deposit		693		646
Equipment in-transit		58		101
Prepayment for long-term investment		1,844	—
Others		188		16
Other non-current assets	$	18,956	$	19,798

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

20.

Income Taxes

Cayman Islands

Agora, Inc. and certain of its subsidiaries are incorporated in the Cayman Islands and conduct its business mainly through its PRC subsidiaries. Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

Hong Kong

Under the current Hong Kong Inland Revenue Ordinance, the first HK$2 million of assessable profits for the entity that elected the two-tiered profits tax rates at 8.25% with the remaining taxable income at the standard tax rate of 16.5%. A group of “connected entities” can only nominate one entity within the group to enjoy the two-tiered rates for a given year of assessment. Additionally, distributions made by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax.

PRC

On March 16, 2007, the National People’s Congress of PRC enacted the Enterprise Income Tax Law (the “EIT Law”), under which foreign invested enterprises (“FIEs”) and domestic companies would be subject to enterprise income tax (“EIT”) at a uniform rate of 25%.

The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The implementing rules of the EIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non-PRC company is located.”

The EIT Law also imposes a withholding income tax of 10% on dividends distributed by a FIE to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. The Cayman Islands, where the Company is incorporated, does not have such a tax treaty with China. According to the Arrangement between the Mainland of China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income, which was promulgated in August 2006, dividends paid by a FIE in China to its immediate holding company in Hong Kong will be subject to withholding tax at a rate of no more than 5% if the immediate holding company in Hong Kong owns directly at least 25% of the shares of the FIE and could be recognized as a beneficial owner of the dividend from a PRC tax perspective.

Dayin obtained a software company certificate in 2018 and was renewed in 2024. Pursuant to such certificate, Dayin qualifies for a tax holiday during which it is entitled to an exemption from EIT for two years commencing from its first profit-making year of operation and a 50% reduction of EIT for the following three years. Dayin qualified for a 50% EIT reduction in 2020 and 2021, and was entitled to preferential tax rate of 12.5% for the year of 2020 and 2021. Dayin also obtained its high-tech enterprise certificate in 2019 and was renewed to be entitled to preferential tax rate of 15% for the year of 2025, 2026 and 2027. Shanghai Zhaoyan obtained its high-tech enterprise certificate in 2021 and was renewed to be entitled to preferential tax rate of 15% for the years of 2023 and 2024. Shanghai Shengwang obtained its high-tech enterprise certificate in 2023 and is entitled to preferential tax rate of 15% for the years of 2023, 2024 and 2025. Beijing Shengwang Technology Co., Ltd. ("Beijing Shengwang") obtained its high-tech enterprise certificate in 2024 and is entitled to preferential tax rate of 15% for the years of 2024, 2025 and 2026.

Deferred income taxes are not provided on undistributed earnings of the Company’s PRC subsidiaries that are intended to be permanently reinvested in China. The Company expects to indefinitely reinvest undistributed earnings generated in the onshore PRC entities.

United States

The Company’s subsidiary in California, United States is subject to U.S. federal corporate tax and California corporate franchise tax on its taxable income as reported in its statutory financial statements adjusted in accordance with relevant U.S. tax laws. The applicable U.S. federal corporate tax rate is 21% and the California corporate franchise tax rate is 8.84% in 2023, 2024 and 2025. The subsidiary’s income derived from India is subject to a 10% withholding tax in India, and such withholding tax may be treated as foreign taxes eligible for credit against the U.S. federal income tax liability.

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code including, but not limited to: (1) reducing the U.S. federal corporate tax rate from 35% to 21%; (2) requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries; (3) generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; (4) requiring a current inclusion in U.S. federal taxable income of certain earnings of controlled foreign corporations; (5) eliminating the corporate alternative minimum tax (“AMT”) and changing how existing AMT credits can be realized; (6) creating the base erosion anti-abuse tax (“BEAT”), a new minimum tax; (7) creating a new limitation on deductible interest expense; and (8) changing rules related to uses and limitations of net operating loss carry-forwards created in tax years beginning after December 31, 2017. See the tax loss carry-forwards disclosure below for the impact of the Tax Act on the Group. In addition, the California corporate franchise tax remained the same after the enactment of the Tax Act.

On July 4, 2025, the One Big Beautiful Bill (OBBB) Act, which includes a broad range of tax reform provisions, was signed into law in the United States. The OBBB Act did not have a material impact on our annual effective tax rate in 2025.

United Kingdom

The Company’s subsidiary in the United Kingdom is subject to the UK corporate income tax rate of 25%.

Singapore

The Company’s subsidiary in Singapore is subject to the corporate income tax rate of 17%.

India

The Company’s subsidiary in the India is subject to the India corporate income tax rate of 25.17%.

As the Group’s business are conducted mainly through the subsidiaries operating in the PRC, the following information is based mainly on PRC statutory income tax rate.

Pre-tax (Loss) Income

The following table presents the composition of pre-tax (loss) income for the years ended December 31, 2023, 2024 and 2025:


	Year Ended December 31,
	2023			2024			2025
	(in US$ thousands)
Pre-tax loss from PRC entities	$	(49,309	)	$	(33,931	)	$	(15,077	)
Pre-tax (loss) income from non-PRC entities		(37,457	)		(5,059	)		24,960
Total pre-tax (loss) income	$	(86,766	)	$	(38,990	)	$	9,883

Reconciliation of the differences between Statutory Tax Rate and the Effective Tax Rate (“EIT” rate)

As described in Note 2(ai), in the current period, the Company adopted ASU 2023-09 on a prospective basis. A reconciliation of the PRC statutory income tax rate to the Company’s effective tax rate for the year ended December 31, 2025, pursuant to the disclosure requirements of ASU 2023-09, is as follows:


	Year Ended December 31, 2025
	Amount (in US$ thousands)			Percent
PRC Statutory income tax rate	$	2,471			25.00	%
Foreign Tax Effects:
United States
Statutory tax rate difference between United States and PRC		904			9.15	%
Change in valuation allowance		(577	)		(5.84	)%
Share-based compensation awards		(138	)		(1.40	)%
Tax Credits		(902	)		(9.13	)%
Others		(45	)		(0.46	)%
Singapore
Statutory tax rate difference between Singapore and PRC		(517	)		(5.23	)%
Change in valuation allowance		(316	)		(3.20	)%
Others		5			0.05	%
Hong Kong
Nontaxable Income		(1,787	)		(18.08	)%
Others		30			0.30	%
Cayman
Statutory tax rate difference between Cayman and PRC		(3,499	)		(35.40	)%
Others		2			0.02	%
The British Virgin Islands (“BVI”)
Statutory tax rate difference between BVI and PRC		707			7.15	%
India
Withholding tax		161			1.63	%
Others		48			0.49	%
Other foreign Jurisdictions		90			0.91	%
Change in valuation allowance (1)		3,626			36.69	%
Effect of tax holiday (2)		1,859			18.81	%
Nontaxable or Nondeductible Items:
Share-based compensation awards		279			2.82	%
Additional tax deduction for qualified research and development expenses		(1,519	)		(15.37	)%
Tax filling difference		(595	)		(6.02	)%
Other adjustments		36			0.38	%
Effective tax rate	$	323			3.27	%

(1)

The change in valuation allowance is primarily attributed to fully provisioning for net operating loss carry-forwards of the Group.

(2)

Effect of tax holidays is primarily attributable to the preferential tax rates of Dayin, Shanghai Shengwang and Beijing Shengwang.

The reconciliation of taxes between the statutory PRC EIT rate of 25% and the effective tax rate for the years ended December 31, 2023 and 2024 in accordance with the guidance prior to the adoption of ASU 2023-09 was as follows:


	Year Ended December 31,
	2023			2024
Statutory income tax rate		25.00	%		25.00	%
Permanent differences		(3.81	)%		2.08	%
Tax rate difference from statutory rate in other jurisdictions (1)		(8.06	)%		5.52	%
Change in valuation allowance (2)		7.80	%		(19.65	)%
Effect of tax holiday (3)		(11.25	)%		(8.80	)%
Additional tax deduction for qualified research and development expenses		3.90	%		5.55	%
Share-based Compensation expenses		(7.73	)%		(9.17	)%
Tax filing differences		(5.73	)%		(0.57	)%
Others		(0.61	)%		(0.62	)%
Effective tax rate		(0.49	)%		(0.66	)%

(1)

The tax rate difference is attributed to varying rates in other jurisdictions where the Group is established or operates, such as the Cayman Islands, the United States or Singapore.

(2)

The change in valuation allowance is primarily attributed to fully provisioning for net operating loss carry-forwards of the Group.

(3)

Effect of tax holidays is primarily attributable to the preferential tax rates of Dayin, Shanghai Zhaoyan, Shanghai Shengwang and Beijing Shengwang.

For the years ended December 31, 2023, 2024 and 2025, substantially all the amounts of current and deferred income tax expense are attributable to the PRC, UK and US entities.


	Year Ended December 31,
	2023			2024			2025
	(in US$ thousands)
Current income tax expense	$	633		$	361		$	403
Deferred income tax benefit		(211	)		(103	)		(80	)
Income tax expense	$	422		$	258		$	323

The aggregate amount and per share effect of reduction of EIT for Shanghai Zhaoyan, Dayin, Shanghai Shengwang and Beijing Shengwang as a result of tax holidays are as follows:


	Year Ended December 31,
	2023			2024			2025
	(in US$ thousands)
The aggregate amount of effect	$	(9,764	)	$	(3,431	)	$	(1,859	)
Per share effect — basic		0.02			0.01			—
Per share effect — diluted (1)		0.02			0.01			—

(1)

Decrease in the aggregated amount of effect in 2025 was mainly attributable to a reduction in the number of subsidiaries qualifying as High-Tech Enterprises.

Upon adoption of ASU 2023-09, Improvements to Income Tax Disclosures, as described in Note 2, Summary of Significant Accounting Policies, cash paid for income taxes, net of refunds, during the year ended December 31, 2025 was as follows:


	Year Ended December 31, 2025
	(in US$ thousands)
PRC taxes	$	—
Non-PRC taxes
India		141
United Kingdom		91
Others		1
Total income taxes paid, net	$	233

Cash paid for income taxes, net of refunds, during the years ended December 31, 2023 and 2024 was 0.2 million and 0.2 million, respectively.

Deferred Tax Assets and Liabilities

The principal components of the deferred tax assets were as follows:


	As of December 31,
	2024			2025
	(in US$ thousands)
Deferred tax assets:
Tax loss carry-forwards	$	47,507		$	43,408
Current expected credit losses		3,042			2,468
Capitalized research and development costs		—			1,603
U.S. tax credits		—			902
Impairment of long-term investments		2,379		—
Other deductible temporary difference		665			698
Deferred tax assets		53,593			49,079
Less valuation allowance		(53,593	)		(49,079	)
Deferred tax assets, net	$	—		—
Deferred tax liabilities:
Recognition of intangible assets arising from business combination		(92	)		(12	)
Deferred tax liabilities, net	$	(92	)	$	(12	)

As of December 31, 2025, the Group had tax loss carryforwards of approximately US$248.1 million, which can be carried forward to offset taxable income. As of December 31, 2025, Agora Lab, Inc., a California corporation, had U.S. federal tax loss carry-forwards of approximately US$14.0 million, and had U.S. state tax loss carry-forwards of approximately US$23.1 million. Under the U.S. tax law, federal tax loss carry-forwards arising in tax years beginning after December 31, 2017 can be carried forward indefinitely but the maximum deduction for any such loss carried forward to tax years beginning on or after January 1, 2021 is reduced to 80% of Agora Lab, Inc.’s taxable income, while loss carry-forwards arising in 2017 or prior years can be carried back two tax years and carried forward up to 20 years (and are not subject to the 80% limitation). California state tax loss carry-forwards may be carried forward for up to 20 years and are subject to limitation on use through the end of 2021 (during which the period of carryforward may be extended). Agora Lab, Inc.’s federal tax loss carry-forwards arisen in 2017 or prior will begin to expire in varying amounts in 2038 and the state tax loss carry-forwards will begin to expire in varying amounts between 2038 and 2043. California has suspended the use of net operating loss carryforwards for tax years 2024 through 2026. The remaining carry-forward tax losses are mainly attributed to PRC entities of the Group, which may be carried forward for up to 10 years.

Movement of Valuation Allowance


	Year Ended December 31,
	2023			2024			2025
	(in US$ thousands)
Balance at beginning of the year	$	(54,273	)	$	(47,507	)	$	(53,593	)
Addition in current year		(9,784	)		(7,626	)		(4,361	)
Reversal in current year		16,550			1,540			2,285
Decrease in valuation allowance related to the disposal of subsidiaries (Note 10)		—			—			6,590
Balance at the end of the year	$	(47,507	)	$	(53,593	)	$	(49,079	)

Full valuation allowance was provided to the deferred tax assets as of December 31, 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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+ Details

Long-term Borrowings in relation to the Headquarters Project - Schedule of Future Principal Repayments on Long-term Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Maturities of Long-Term Debt [Abstract]
2028	$ 951
2029	5,070
2030	5,070
Thereafter	69,329
Total	$ 80,420	$ 46,469

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Principal Accounting Policies - Property and Equipment, Net (Details)	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Electronic equipment \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property equipment, useful life	5 years
Electronic equipment \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property equipment, useful life	3 years
Furniture, computers and office equipment
Property, Plant and Equipment [Line Items]
Property equipment, useful life	3 years
Network equipment
Property, Plant and Equipment [Line Items]
Property equipment, useful life	3 years
Self-developed Software \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property equipment, useful life	5 years
Self-developed Software \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property equipment, useful life	3 years

Accounts Receivable, Net - Schedule of Movement of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
At beginning of the period	$ (19,027)	$ (14,897)	$ (9,869)
Additional provisions	(4,004)	(8,420)	(7,046)
Write-off	9,443	4,128	1,893
Foreign currency translation impact	(257)	162	125
At end of the period	$ (13,845)	$ (19,027)	$ (14,897)

Long-term Borrowings in relation to the Headquarters Project

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long-term Borrowings in relation to the Headquarters Project

15.

Long-term Borrowings in relation to the Headquarters Project

In 2023, Shengshi, a subsidiary of the Group entered into a loan agreement with Shanghai Pudong Development Bank for a maximum principal amount of RMB1.27 billion to build the Group’s headquarter project, which were repayable from 2028 to 2043. The bearing interest rate of the long-term borrowings is based on loan prime rate published by the People's Bank of China minus 95 basis points. As of December 31, 2025, the total outstanding balances of the long-term borrowings amounted to US$80.4 million, which will be due beginning from 2028. The long-term borrowings are guaranteed by another subsidiary of the Group, and secured by the land use right with carrying amount of US$161.6 million as of December 31, 2025.


	As of December 31,
	2024		2025
	(in US$ thousands)
Long-term borrowings	$	46,469	$	80,420

Future principal repayments on the long-term borrowings are as follows:


	As of December 31, 2025
	(in US$ thousands)
2026	$	—
2027		—
2028		951
2029		5,070
2030		5,070
Thereafter		69,329
Total	$	80,420

Share-based Compensation - Narrative (Details) - USD ($)		1 Months Ended	12 Months Ended
	Dec. 16, 2013	Apr. 30, 2019	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2019	Jan. 31, 2019	Dec. 31, 2018	Aug. 08, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)			63,440,488	32,667,241
Aggregate intrinsic value, outstanding			$ 13,528,733	$ 15,733,975	$ 18,100,000
Fair value of options vested in period			3,700,000	9,100,000	14,900,000
Share-based compensation			$ 5,564,000	$ 22,737,000	24,612,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price			$ 0.87	$ 0.59
Cash
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value, outstanding			$ 2,100,000	$ 2,700,000
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			10 years
Founder-Controlled Entities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	5,000,000
Equity Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation expense, share options, period for recognition (in years)			4 years	3 years 6 months
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, expiration period			10 years
Aggregate intrinsic value, outstanding			$ 200,000	$ 200,000
Share-based compensation			3,600,000	6,800,000	11,200,000
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount			$ 12,600,000	$ 6,400,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price			$ 0	$ 0
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation			$ (800,000)	$ (800,000)	(800,000)
Restricted Shares \| VoiceCrew Holdings Limited
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	30,800,000
Restricted Shares \| Sounds of Nature Limited
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	77,000,000
Restricted Shares \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			4 years
Restricted shares granted (in shares)	15,000,000
Number of shares granted with repurchase obligations (in shares)								500,000
Shares repurchased during period (in shares)		100,000
Stock repurchases, consideration		$ 100,000
Shares granted with repurchase obligations waived (in shares)		400,000
Restricted Shares \| Management \| VoiceCrew Holdings Limited
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	15,000,000
Restricted Shares \| Vest upon the first anniversary of stated commencement date \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	25.00%		25.00%
Restricted shares granted (in shares)	10,000,000
Restricted Shares \| Vest upon the first anniversary of stated commencement date \| Founder-Controlled Entities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	25.00%
Restricted Shares \| Vest after the first anniversary of stated commencement date \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, expiration period			36 months
Award vesting period (in years)	36 months
Restricted Shares \| Vest after the first anniversary of stated commencement date \| Founder-Controlled Entities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	36 months
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation			$ 2,351,000	$ 15,636,000	$ 11,455,000
Unrecognized share based compensation expense, share options, period for recognition (in years)			6 years 7 months 6 days	7 years 8 months 12 days	6 years 1 month 6 days
Restricted shares granted (in shares)			14,917,524
Unrecognized share based compensation expenses related to restricted shares			$ 14,800,000	$ 10,900,000	$ 25,700,000
Share based payment arrangement, Nonvested award, Cost not yet recognized, Amount			$ 0	9,500,000	0
Restricted Stock Units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			2 years
Restricted Stock Units (RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			10 years
Restricted Stock Units (RSUs) \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation			$ 0	0	100,000
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for future issuance (in shares)									20,000,000
Share-based compensation arrangement, shares authorized (in shares)						34,613,165
2018 Plan \| API Investment Limited
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for future issuance (in shares)							25,740,835
2018 Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation			2,400,000	15,600,000	$ 11,500,000
VPP shares – weighted average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation			2,700,000	2,000,000
VPP shares – weighted average \| Cash
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value, outstanding			0	600,000
VPP shares – weighted average \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value, outstanding			400,000	$ 300,000
Share based payment arrangement, Nonvested award, Cost not yet recognized, Amount			$ 0

Prepayments and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepayments and Other Current Assets

The prepayments and other current assets consisted of the following:


	As of December 31,
	2024		2025
	(in US$ thousands)
Interest receivables	$	16,162	$	8,189
Amount due from Shanghai Zhaoyan		—		2,472
Prepayments(1)		3,024		2,337
VAT recoverable(2)		1,502		570
Employee loans and advances(3)		231		153
Proceeds receivable for employee share option exercises		417		13
Others		1,257		856
Prepayments and other current assets	$	22,593	$	14,590

(1)

Prepayments are primarily related to prepayments for services, advertisements and other deposits.

(2)

VAT recoverable represented the balances that the Group can utilize to deduct its VAT liabilities within the next 12 months.

(3)

Business acquisition - Narrative (Details) - USD ($)		12 Months Ended
Business acquisition - Narrative (Details) - USD ($)	Nov. 27, 2020	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Feb. 28, 2021
Business Acquisition [Line Items]
Amortization of intangible assets		$ 515,000	$ 663,000	$ 1,384,000	$ 500,000
Impairment of goodwill				31,928,000
Netless
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired	100.00%
Total purchase consideration	$ 3,100
Intangible assets, net	$ 200,000
Finite-lived intangible asset, useful life	5 years
Deferred tax liabilities	$ 53,200
Deferred tax liability, period of recognition	5 years
Netless \| Developed Technology [Member] \| General and Administrative Expense [Member]
Business Acquisition [Line Items]
Amortization of intangible assets		39,000	42,600	42,600
Acquisition Of Easemob [Member]
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired						100.00%
Total purchase consideration						$ 53,400,000
Deferred tax liabilities						1,200,000
Impairment of goodwill				31,900,000	$ 8,900,000
Disposal goodwill				12,300,000
Goodwill						53,100,000
Acquisition Of Easemob [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Intangible assets, net						$ 4,200,000
Finite-lived intangible asset, useful life						3 years
Acquisition Of Easemob [Member] \| Customer Relationships [Member] \| Selling and Marketing Expense [Member]
Business Acquisition [Line Items]
Amortization of intangible assets		100,000		900,000
Acquisition Of Easemob [Member] \| Customer Relationships [Member] \| General and Administrative Expense [Member]
Business Acquisition [Line Items]
Amortization of intangible assets		500,000	$ 500,000	$ 500,000
Acquisition Of Easemob [Member] \| Developed Technology [Member]
Business Acquisition [Line Items]
Intangible assets, net		$ 4,000,000
Finite-lived intangible asset, useful life		5 years

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Compensation Expense

Compensation expenses recognized for share-based awards of the Company were as follows:


	Year Ended December 31,
	2023		2024		2025
	(in US$ thousands)
Cost of revenues	$	621	$	212	$	82
Research and development expenses		12,696		17,062		3,274
Sales and marketing expenses		4,145		778		694
General and administrative expenses		7,150		4,685		1,514
Total	$	24,612	$	22,737	$	5,564

Compensation expenses recognized for different awards were summarized as below:


	Year Ended December 31,
	2023			2024		2025
	(in US$ thousands)
Equity award – share options(1)(4)	$	11,176		$	6,761	$	3,585
Equity award – restricted shares(2)(3)		(730	)		—		—
Equity award – restricted share units(5)		11,455			15,636		2,351
Liability award – venture partners plan		2,711			340		(372	)
Total	$	24,612		$	22,737	$	5,564

(1)

Including share options granted to employees as part of post-combination compensation of US$0.4 million, US$0.1 million and nil for the years ended December 31, 2023, 2024 and 2025, respectively.

(2)

Including restricted shares granted by the Founder for equity classified award of US$0.1 million, nil and nil for the years ended December 31, 2023, 2024 and 2025, respectively.

(3)

Including reversal of restricted shares granted to employees as part of post-combination compensation of US$1.3 million due to certain employees’ failure to meet the service condition, nil and nil for the years ended December 31, 2023, 2024 and 2025, respectively.

(4)

Including immediate recognition of remaining unrecognized compensation expenses of share options granted to certain employees as a result of the cancellation of their equity awards of nil, US$1.9 million and nil for the years ended December 31, 2023, 2024 and 2025, respectively.

(5)

Including immediate recognition of remaining unrecognized compensation expenses of restricted share units granted to certain employees as a result of the cancellation of their equity awards of nil, US$9.5 million and nil for the years ended December 31, 2023, 2024 and 2025, respectively.

Schedule of Share Options Activity

The following table summarizes activities of the Company’s share options for the year ended December 31, 2025:

Equity Classified Share Options


	Number of Options			Weighted Average Exercise Price		Weighted-average Remaining Contractual Life		Aggregate Intrinsic Value		Weighted-average Grant Date Fair Value Per Share
				(US$)		In years		(US$)		In years
Outstanding at December 31, 2024		32,667,241			0.59		8.25		15,733,975		0.75
Granted		34,993,424			1.04						0.30
Exercised		(3,602,932	)		0.05				3,439,966
Forfeited		(617,245	)		0.63
Outstanding at December 31, 2025		63,440,488			0.87		7.85		13,528,733		0.47
Vested and expected to vest at December 31, 2025		63,440,488			0.87		7.85		13,528,733		0.47
Exercisable at December 31, 2025		13,222,724			0.15		4.81		11,751,270		1.20

Schedule of Share Options, Fair Value Assumptions

The fair value of options granted under the Company’s Plans for the years ended December 31, 2023, 2024 and 2025 used the binomial option pricing model, with the assumptions (or ranges thereof) in the following table:


	Year Ended December 31,
	2023			2024			2025
Exercise price		US$0.10		US$0.0001-US$2.0			US$0.1-US$1.5
Fair value of the ordinary shares on the date of option grant	US$0.4950 - US$0.6375			US$0.4575 - US$1.0400			US$0.5500 - US$0.9600
Risk-free interest rate(1)	3.48% - 4.80%			3.94% - 4.57%			4.14% - 4.66%
Expected term (in years)		10			10		8 - 10
Expected dividend yield(2)		0	%		0	%		0	%
Expected volatility(3)	55.18% - 56.32%			43.27% - 56.21%			41.68% - 45.25%
Expected forfeiture rate (post-vesting)		3	%	3%, 10%				10	%

(1)

The risk-free interest rate of periods within the contractual life of the share option is based on the market yield of the U.S. treasury bonds with a maturity life equal to the expected life to expiration.

(2)

The Company has no history or expectation of paying dividends on its ordinary shares.

(3)

Expected volatility is estimated based on the average of historical volatilities of the comparable companies in the same industry and the Company itself as at the valuation dates.

Schedule of Restricted Share Activity

The following table summarizes the RSU activities:


	Numbers of Shares			Weighted-average Grant Date Fair Value Per Share
				(US$)
Outstanding at December 31, 2024		21,392,760			0.60
Granted		14,917,524			0.44
Vested		(3,199,096	)		0.76
Forfeited		(405,546	)		0.73
Outstanding at December 31, 2025		32,705,642			0.52

Monte Carlo Simulation Model

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share Options, Fair Value Assumptions

The grant date fair value of the awards with market condition was evaluated by using the Monte Carlo Simulation Model with the likelihood of achieving the market condition reflected in the fair value. The assumptions used in the measurement of the fair value at grant date were as follows:


	Year Ended December 31,
	2025
Weighted average share price		US$0.8250
Expected volatility(1)		45.72	%
Expected life (years)		6
Risk-free interest rate(2)		3.91	%
Expected dividend yield(3)		0	%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

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+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company leases facilities under non-cancellable operating leases, which have lease terms varying from one to five years. Total lease costs for the years ended December 31, 2023, 2024 and 2025 were US$3.2 million, US$2.8 million and US$2.3 million, respectively, included in cost of revenues, research and development, sales and marketing and general and administrative expenses in the Company’s consolidated statements of comprehensive (loss) income. Out of the total lease costs, there were US$0.2 million, US$0.2 million and US$0.2 million of expenses for short-term leases within 12 months for the years ended December 31, 2023, 2024 and 2025, respectively.

Supplemental cash flow information related to leases were as follows:


	Year Ended December 31,
	2023		2024		2025
	(in US$ thousands)
Cash paid for fixed operating lease costs included in the measurement of lease obligations in operating activities		2,649		2,878		2,163
Right-of-use assets obtained in exchange for operating lease obligations		4,588		2,325		90

Lease term and discount rates were as follows:


	As of December 31,
	2024			2025
Weighted-average remaining lease term
Operating leases	1.7 years			1.3 years
Weighted-average discount rate
Operating leases		3.7	%		3.1	%

Maturities of lease liabilities were as follows:


	As of December 31, 2025
	(in US$ thousands)
2026	$	1,771
2027		400
Total undiscounted lease payments		2,171
Less: imputed interest		(251	)
Total present value of lease liabilities	$	1,920

Long-term investments (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule Of Equity Method Investments


	As of December 31,
	2024		2025
	(in US$ thousands)
Long-term bank deposits	$	35,500	$	160,001
Equity investments without readily determinable fair value (1)		34,479		23,037
Financial products issued by banks		61,400		—
Equity method investments		6,231		6,145
Total	$	137,610	$	189,183

(1)

In June 2025, the Group disposed two wholly-owned subsidiaries holding certain equity investments and prepayment for the long-term investment to a third party with total consideration of US$7.3 million and immaterial gain or loss.

Organization and Nature of Operations - Schedule of Financial Information of the Group (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2025
Current assets:
Cash and cash equivalents	$ 75,446	$ 27,083
Accounts receivable, net	24,867	30,952
Prepayments and other current assets	14,590	22,593
Restricted cash	200	3,745
Contract assets	123	1,099
Total current assets	260,100	328,050
Non-current assets:
Property and equipment, net	88,186	49,166
Long-term investments	29,182	40,710		$ 7,300
Operating lease right-of-use assets	2,145	3,866
Intangible assets	96	611
Other non-current assets	19,798	18,956
Total non-current assets	460,999	371,604
Total assets	721,099	699,654
Current liabilities:
Accounts payable	9,638	12,965
Advances from customers	7,906	8,738
Taxes payable	696	2,210
Total current liabilities	56,785	58,335
Non-current liabilities:
Long term payable	3	1
Long-term operating lease liabilities	399	1,922
Deferred tax liabilities	12	92
Total non-current liabilities	101,466	68,658
Total liabilities	158,251	126,993
Income Statement [Abstract]
Third-party revenues	141,057	133,256	$ 141,538
Net loss	9,528	(42,727)	(87,219)
Statement of Cash Flows [Abstract]
Net cash and cash equivalents used in operating activities	27,233	(14,129)	(13,611)
Net cash and cash equivalents provided by (used in) investing activities	$ 13,314	(38,049)	56,643
VIE
Current assets:
Cash and cash equivalents		3,806
Accounts receivable, net		16,075
Prepayments and other current assets		1,668
Restricted cash		37
Contract assets		66
Total current assets		27,185
Non-current assets:
Property and equipment, net		226
Long-term investments		6,956
Other non-current assets		1,794
Total non-current assets		8,976
Total assets		36,161
Current liabilities:
Accounts payable		6,402
Advances from customers		5,694
Taxes payable		68
Accrued expenses and other current liabilities		2,087
Total current liabilities		36,160
Non-current liabilities:
Long term payable		1
Total non-current liabilities		1
Total liabilities		36,161
Income Statement [Abstract]
Third-party revenues		59,504	80,267
Net loss		1,019	(2,184)
Statement of Cash Flows [Abstract]
Net cash and cash equivalents used in operating activities		(4,339)	(3,865)
Net cash and cash equivalents provided by (used in) investing activities		(177)	$ 10,089
VIE \| Related Parties
Current assets:
Amounts due from related parties		5,533
Current liabilities:
Amounts due to related parties		$ 21,909

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Unrecorded Unconditional Purchase Commitments Disclosure


	Contractual Purchase Commitments
	(in US$ thousands)
2025	$	44,596

Income Taxes - Reconciliation of Statutory Income Tax Rate to Effective Tax Rates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
PRC Statutory income tax rate, Amount	$ 2,471
Change in valuation allowance, Amount	3,626
Effect of tax holiday, Amount	1,859
Share-based compensation awards, Amount	279
Additional tax deduction for qualified research and development expenses, Amount	(1,519)
Tax filling difference, Amount	(595)
Other adjustments, Amount	36
Effective tax rate, Amount	$ 323	$ 258	$ 422
Effective Income Tax Rate Reconciliation, Percent [Abstract]
PRC Statutory income tax rate. Percent	25.00%	25.00%	25.00%
Statutory tax rate difference, Percent		5.52%	(8.06%)
Change in valuation allowance, Percent	36.69%	(19.65%)	7.80%
Others, Percent		(0.62%)	(0.61%)
Effect of tax holiday, Percent	(18.81%)	(8.80%)	(11.25%)
Share-based Compensation expenses, Percent	2.82%	(9.17%)	(7.73%)
Additional tax deduction for qualified research and development expenses, Percent	(15.37%)	(5.55%)	(3.90%)
Tax filing differences, Percent	(6.02%)	(0.57%)	(5.73%)
Other adjustments, Percent	0.38%
Permanent differences, Percent		2.08%	(3.81%)
Effective tax rate, Percent	3.27%	(0.66%)	(0.49%)
United States
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory tax rate difference, Amount	$ 904
Change in valuation allowance, Amount	(577)
Share-based compensation awards, Amount	(138)
Tax Credits, Amount	(902)
Others, Amount	$ (45)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory tax rate difference, Percent	9.15%
Change in valuation allowance, Percent	(5.84%)
Share-based compensation awards, Percent	(1.40%)
Tax Credits, Percent	(9.13%)
Others, Percent	(0.46%)
Singapore
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory tax rate difference, Amount	$ (517)
Change in valuation allowance, Amount	(316)
Others, Amount	$ 5
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory tax rate difference, Percent	(5.23%)
Share-based compensation awards, Percent	(3.20%)
Others, Percent	0.05%
Hong Kong
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Nontaxable Income, Amount	$ (1,787)
Others, Amount	$ 30
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Nontaxable Income, Percent	(18.08%)
Others, Percent	0.30%
Cayman
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory tax rate difference, Amount	$ (3,499)
Others, Amount	$ 2
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory tax rate difference, Percent	(35.40%)
Others, Percent	0.02%
The British Virgin Islands
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory tax rate difference, Amount	$ 707
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory tax rate difference, Percent	7.15%
India
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Withholding tax, Amount	$ 161
Others, Amount	$ 48
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Others, Percent	0.49%
Withholding tax, Percent	1.63%
Other foreign Jurisdictions
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory tax rate difference, Amount	$ 90
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory tax rate difference, Percent	0.91%

Organization and Nature of Operations - Summary Of Principal Subsidiaries And VIEs (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Disclosure Of Major Subsidiaries And Variable Interest Entities [Line Items]
Long-term borrowings	$ 80,420	$ 46,469
Property and equipment, net	88,186	$ 49,166
Shanghai Shengshi Chuangtuo Construction and Development Co., Ltd ("Shengshi")
Disclosure Of Major Subsidiaries And Variable Interest Entities [Line Items]
Long-term borrowings	80,400
Land use rights, net	161,600
Shanghai Shengshi Chuangtuo Construction and Development Co., Ltd ("Shengshi") \| Construction in progress
Disclosure Of Major Subsidiaries And Variable Interest Entities [Line Items]
Property and equipment, net	$ 84,200

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Composition of Pre-Tax (Loss) Income


	Year Ended December 31,
	2023			2024			2025
	(in US$ thousands)
Pre-tax loss from PRC entities	$	(49,309	)	$	(33,931	)	$	(15,077	)
Pre-tax (loss) income from non-PRC entities		(37,457	)		(5,059	)		24,960
Total pre-tax (loss) income	$	(86,766	)	$	(38,990	)	$	9,883

Reconciliation of Statutory Income Tax Rate to Effective Tax Rates

A reconciliation of the PRC statutory income tax rate to the Company’s effective tax rate for the year ended December 31, 2025, pursuant to the disclosure requirements of ASU 2023-09, is as follows:


	Year Ended December 31, 2025
	Amount (in US$ thousands)			Percent
PRC Statutory income tax rate	$	2,471			25.00	%
Foreign Tax Effects:
United States
Statutory tax rate difference between United States and PRC		904			9.15	%
Change in valuation allowance		(577	)		(5.84	)%
Share-based compensation awards		(138	)		(1.40	)%
Tax Credits		(902	)		(9.13	)%
Others		(45	)		(0.46	)%
Singapore
Statutory tax rate difference between Singapore and PRC		(517	)		(5.23	)%
Change in valuation allowance		(316	)		(3.20	)%
Others		5			0.05	%
Hong Kong
Nontaxable Income		(1,787	)		(18.08	)%
Others		30			0.30	%
Cayman
Statutory tax rate difference between Cayman and PRC		(3,499	)		(35.40	)%
Others		2			0.02	%
The British Virgin Islands (“BVI”)
Statutory tax rate difference between BVI and PRC		707			7.15	%
India
Withholding tax		161			1.63	%
Others		48			0.49	%
Other foreign Jurisdictions		90			0.91	%
Change in valuation allowance (1)		3,626			36.69	%
Effect of tax holiday (2)		1,859			18.81	%
Nontaxable or Nondeductible Items:
Share-based compensation awards		279			2.82	%
Additional tax deduction for qualified research and development expenses		(1,519	)		(15.37	)%
Tax filling difference		(595	)		(6.02	)%
Other adjustments		36			0.38	%
Effective tax rate	$	323			3.27	%

(1)

The change in valuation allowance is primarily attributed to fully provisioning for net operating loss carry-forwards of the Group.

(2)

Effect of tax holidays is primarily attributable to the preferential tax rates of Dayin, Shanghai Shengwang and Beijing Shengwang.


	Year Ended December 31,
	2023			2024
Statutory income tax rate		25.00	%		25.00	%
Permanent differences		(3.81	)%		2.08	%
Tax rate difference from statutory rate in other jurisdictions (1)		(8.06	)%		5.52	%
Change in valuation allowance (2)		7.80	%		(19.65	)%
Effect of tax holiday (3)		(11.25	)%		(8.80	)%
Additional tax deduction for qualified research and development expenses		3.90	%		5.55	%
Share-based Compensation expenses		(7.73	)%		(9.17	)%
Tax filing differences		(5.73	)%		(0.57	)%
Others		(0.61	)%		(0.62	)%
Effective tax rate		(0.49	)%		(0.66	)%

(1)

The tax rate difference is attributed to varying rates in other jurisdictions where the Group is established or operates, such as the Cayman Islands, the United States or Singapore.

(2)

The change in valuation allowance is primarily attributed to fully provisioning for net operating loss carry-forwards of the Group.

(3)

Effect of tax holidays is primarily attributable to the preferential tax rates of Dayin, Shanghai Zhaoyan, Shanghai Shengwang and Beijing Shengwang.

Schedule of Current and Deferred Income Tax Expense (Benefit)

For the years ended December 31, 2023, 2024 and 2025, substantially all the amounts of current and deferred income tax expense are attributable to the PRC, UK and US entities.


	Year Ended December 31,
	2023			2024			2025
	(in US$ thousands)
Current income tax expense	$	633		$	361		$	403
Deferred income tax benefit		(211	)		(103	)		(80	)
Income tax expense	$	422		$	258		$	323

Schedule of Impact of Tax Holidays

The aggregate amount and per share effect of reduction of EIT for Shanghai Zhaoyan, Dayin, Shanghai Shengwang and Beijing Shengwang as a result of tax holidays are as follows:


	Year Ended December 31,
	2023			2024			2025
	(in US$ thousands)
The aggregate amount of effect	$	(9,764	)	$	(3,431	)	$	(1,859	)
Per share effect — basic		0.02			0.01			—
Per share effect — diluted (1)		0.02			0.01			—

(1)

Decrease in the aggregated amount of effect in 2025 was mainly attributable to a reduction in the number of subsidiaries qualifying as High-Tech Enterprises.

Summary of Cash Paid for Income Taxes, Net of Refunds


	Year Ended December 31, 2025
	(in US$ thousands)
PRC taxes	$	—
Non-PRC taxes
India		141
United Kingdom		91
Others		1
Total income taxes paid, net	$	233

Components of Deferred Tax Assets

Deferred Tax Assets and Liabilities

The principal components of the deferred tax assets were as follows:


	As of December 31,
	2024			2025
	(in US$ thousands)
Deferred tax assets:
Tax loss carry-forwards	$	47,507		$	43,408
Current expected credit losses		3,042			2,468
Capitalized research and development costs		—			1,603
U.S. tax credits		—			902
Impairment of long-term investments		2,379		—
Other deductible temporary difference		665			698
Deferred tax assets		53,593			49,079
Less valuation allowance		(53,593	)		(49,079	)
Deferred tax assets, net	$	—		—
Deferred tax liabilities:
Recognition of intangible assets arising from business combination		(92	)		(12	)
Deferred tax liabilities, net	$	(92	)	$	(12	)

Schedule of Movement of Valuation Allowance

Movement of Valuation Allowance


	Year Ended December 31,
	2023			2024			2025
	(in US$ thousands)
Balance at beginning of the year	$	(54,273	)	$	(47,507	)	$	(53,593	)
Addition in current year		(9,784	)		(7,626	)		(4,361	)
Reversal in current year		16,550			1,540			2,285
Decrease in valuation allowance related to the disposal of subsidiaries (Note 10)		—			—			6,590
Balance at the end of the year	$	(47,507	)	$	(53,593	)	$	(49,079	)

Property and Equipment, Net and Construction in Progress in Relation to The Headquarters Project

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net and Construction in Progress in Relation to The Headquarters Project


	As of December 31,
	2024			2025
	(in US$ thousands)
Cost:
Network equipment	$	28,810		$	29,744
Leasehold improvements		4,994			5,111
Electronic equipment		2,783			2,972
Furniture, computers and office equipment		1,027			891
Self-developed software		851			870
Total cost		38,465			39,588
Less: accumulated depreciation		(33,827	)		(35,641	)
Capitalized internal-use software development costs		42			—
Property and Equipment, Net		4,680			3,947
Construction in progress in relation to the headquarters project		44,486			84,239
Total	$	49,166		$	88,186

Depreciation expense recognized for the years ended December 31, 2023, 2024 and 2025 were US$7.1 million, US$3.5 million and US$2.0 million, respectively.

Held-for-sale Assets and Held-for-sale Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Procceds from disposal of business	$ 7,319	$ 5,769

Cover	12 Months Ended
Cover	Dec. 31, 2025 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity Shell Company	false
Entity File Number	001-39340
Entity Registrant Name	Agora, Inc.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Floor 8, Building 12
Entity Address, Address Line Two	Phase III of ChuangZhiTianDi
Entity Address, Address Line Three	333 Songhu RoadYangpu District
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Central Index Key	0001802883
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Address, Postal Zip Code	200433
Auditor Name	PricewaterhouseCoopers Zhong Tian LLP
Auditor Firm ID	1424
Auditor Location	Shanghai, the People’s Republic of China
Document Shell Company Report	false
Auditor Opinion [Text Block]	Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of Agora, Inc. and its subsidiaries (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of comprehensive (loss) income, of changes in shareholders’ equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Business Contact
Document Information [Line Items]
Contact Personnel Name	Jingbo Wang
Entity Address, Address Line One	Floor 8, Building 12
Entity Address, Address Line Two	Phase III of ChuangZhiTianDi
Entity Address, Address Line Three	333 Songhu RoadYangpu District
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
City Area Code	+86-400
Local Phone Number	632-6626
Entity Address, Postal Zip Code	200433
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Class A ordinary shares, with a par value of US$0.0001 each
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	273,084,833
No Trading Symbol Flag	true
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	76,179,938
ADR [Member]
Document Information [Line Items]
Title of 12(b) Security	American depositary shares (each American depositary shares representing four Class A ordinary share, par value US$0.0001 each)
Trading Symbol	API
Security Exchange Name	NASDAQ

Interest Expenses - Summary of Interest Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Interest Expense, Operating and Nonoperating [Abstract]
Interest expense	$ 1,700	$ 780	$ 35
Less: Interest capitalization	(1,664)	(527)	(15)
Total	$ 36	$ 253	$ 20

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References

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+ Details

Long-term Borrowings in relation to the Headquarters Project (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Borrowings


	As of December 31,
	2024		2025
	(in US$ thousands)
Long-term borrowings	$	46,469	$	80,420

Schedule of Future Principal Repayments on Long-term Borrowings

Future principal repayments on the long-term borrowings are as follows:


	As of December 31, 2025
	(in US$ thousands)
2026	$	—
2027		—
2028		951
2029		5,070
2030		5,070
Thereafter		69,329
Total	$	80,420

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Long-term investments

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Long-term investments

10.

Long-term investments

The following table sets forth a breakdown of the long-term investments held by the Group as of December 31, 2024 and 2025:


	As of December 31,
	2024		2025
	(in US$ thousands)
Long-term bank deposits	$	35,500	$	160,001
Equity investments without readily determinable fair value (1)		34,479		23,037
Financial products issued by banks		61,400		—
Equity method investments		6,231		6,145
Total	$	137,610	$	189,183

(1)

Long-term bank deposits

As of December 31, 2025, the Group had US$160.0 million time deposits for which the Group has the intent and ability to hold to maturity with due date over one year and were stated at amortized cost. The deposits are with major reputable financial institutions which the Group believes that there is no significant credit risk.

Equity investments without readily determinable fair value

As of December 31, 2025, the Group’s equity investments without readily determinable fair value primarily consist of small, non-controlling investments in companies for which the Group has equity ownership with preferential rights but cannot exert significant influence. In accordance with ASC 321, the Group elected to use the measurement alternative to measure such investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. For those equity investments having observable price changes in orderly transactions for the identical or similar investments of the same issuers, the Group would disclose the fair value of the alternative measure method investments. The initial cost value of equity securities without readily determinable fair values were US$51.7 million and US$26.0 million as of December 31, 2024 and 2025, respectively. There was no re-measurement gain or loss being recognized in connection with equity investments accounted for using the measurement alternative for the years ended December 31, 2024 and 2025. There were nil and US$2.5 million impairment recorded on these investments for the years ended December 31, 2024 and 2025, respectively, primarily due to business deterioration of certain investees as a result of macroeconomic changes..

Financial products issued by banks

As of December 31, 2024, the Company had US$61.4 million financial products issued by banks with original maturities over one year. The weighted average maturities period was 1.7 years. The products contain a minimum guaranteed interest rate and a floating but capped interest rate with original maturities over one year. The Company measures the carrying amount of investments based on the principal amount plus the minimum guaranteed interest rate published by these banks. The Company early redeemed US$6.4 million of the financial products during the year ended December 31, 2025 and the remaining balance of US$55.0 million was reclassified to short-term financial products issued by banks given its maturity date is within a year as of December 31, 2025.

Equity method investments

The Group’s equity method investments are in limited partnership funds as a limited partner and in investee under common control. The Group’s proportionate share of equity investee’s net loss for the years ended December 31, 2023, 2024 and 2025 were US$31.6 thousand, US$3.5 million and US$31.7 thousand, respectively, being recorded in equity in loss of affiliates.

Land use right - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Land Use Right [Abstract]
Amortization expense of land use right	$ 3.4	$ 3.4
Land use right with net book value	$ 161.6

Interest Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Interest Expense, Operating and Nonoperating [Abstract]

Summary of Interest Expenses

Interest expenses consisted of the following.


	Year Ended December 31,
	2023			2024			2025
	(in US$ thousands)
Interest expense	$	35		$	780		$	1,700
Less: Interest capitalization		(15	)		(527	)		(1,664	)
Total	$	20		$	253		$	36

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

14.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	As of December 31,
	2024		2025
	(in US$ thousands)
Accrued salary and social welfare costs	$	10,686	$	11,465
Liability classified awards for share-based compensation (Note 17)		2,721		2,685
Payables for deferred financing costs		—		1,762
Accrued professional service fees		886		869
Accrued advertising and marketing fees		765		672
Accrued staff reimbursements		441		500
Share option deposit held on behalf of employees		294		444
Accrued office expense		78		113
Payables for interest		40		64
Payables for acquisition		2,593	—
Others		1,335		1,843
Accrued expenses and other current liabilities	$	19,839	$	20,417

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases were as follows:


	Year Ended December 31,
	2023		2024		2025
	(in US$ thousands)
Cash paid for fixed operating lease costs included in the measurement of lease obligations in operating activities		2,649		2,878		2,163
Right-of-use assets obtained in exchange for operating lease obligations		4,588		2,325		90

Schedule of Lease, Cost

Lease term and discount rates were as follows:


	As of December 31,
	2024			2025
Weighted-average remaining lease term
Operating leases	1.7 years			1.3 years
Weighted-average discount rate
Operating leases		3.7	%		3.1	%

Schedule of Lessee, Operating Lease, Liability, Maturity

Maturities of lease liabilities were as follows:


	As of December 31, 2025
	(in US$ thousands)
2026	$	1,771
2027		400
Total undiscounted lease payments		2,171
Less: imputed interest		(251	)
Total present value of lease liabilities	$	1,920

Commitment and Contingencies - Narrative (Details) $ in Millions	Feb. 09, 2024 USD ($)
Motion to Dismiss the Adversary Proceeding
Loss Contingencies [Line Items]
Adversary proceeding, amount claimed to be clawed back	$ 3.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Basic and Diluted Net (Loss) Income per Share - Earnings Per Share Computation (Parenthetical) (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Weighted Average Number of Shares Outstanding, Basic and Diluted	5,616,539	6,209,645	4,584,794

Land use right (Tables)

12 Months Ended

Dec. 31, 2025

Land Use Right [Abstract]

Summary of Land Use Right


	As of December 31,
	2024			2025
	(in US$ thousands)
Land use rights	$	167,896		$	171,708
Less: accumulated amortization		(6,501	)		(10,117	)
Land use rights, net	$	161,395		$	161,591

Additional Information - Condensed Financial Statements of The Parent Company - Condensed Statements of Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Expenses [Abstract]
Sales and marketing expenses	$ (26,352)	$ (27,220)	$ (33,958)
General and administrative expenses	(22,670)	(32,772)	(34,976)
Total operating expenses	(104,481)	(140,336)	(146,600)
Other operating income	1,407	1,578	1,729
Exchange (loss) gain	1,623	168	(151)
Interest income	15,051	16,941	18,836
Investment (loss) income	1,457	(3,328)	(18,526)
Other income	1,198	793	1,649
(Loss) income before income taxes	9,883	(38,990)	(86,766)
Income taxes	(323)	(258)	(422)
Net (loss) income attributable to Agora, Inc.'s ordinary shareholders	11,798	(44,957)	(89,252)
Parent Company
Operating Expenses [Abstract]
Sales and marketing expenses	0	0	(178)
General and administrative expenses	(899)	(901)	(477)
Total operating expenses	(899)	(901)	(655)
Losses from subsidiaries and VIEs	(4,132)	(46,558)	(88,197)
Exchange (loss) gain	1,162	(291)	(1,184)
Interest income	8,849	8,366	8,125
Investment (loss) income	3,352	(4,136)	(6,950)
Other income	1,198	793	1,649
(Loss) income before income taxes	9,530	(42,727)	(87,212)
Income taxes	(2)	0	(7)
Net (loss) income attributable to Agora, Inc.'s ordinary shareholders	$ 9,528	$ (42,727)	$ (87,219)

Ordinary Shares (Details)	1 Months Ended		12 Months Ended
Ordinary Shares (Details)	Feb. 28, 2021 USD ($) shares	Jun. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($) Vote shares	Feb. 21, 2022 USD ($)
Subsidiary, Sale of Stock [Line Items]
Ordinary shares issued (in shares)			470,619,019	468,556,155
Ordinary shares outstanding (in shares)			349,264,771	373,336,531
Common Class A
Subsidiary, Sale of Stock [Line Items]
Ordinary shares issued (in shares)			394,439,081	392,376,217
Ordinary shares outstanding (in shares)			273,084,833	297,156,593
Number of shares issued in transaction (in shares)		102,500,000
Number of votes per share \| Vote				1
Stock repurchased during period value \| $			$ 28,000,000	$ 10,900,000
Shares repurchased during period (in shares)			31,500,000	16,800,000
Common Class A \| Maximum
Subsidiary, Sale of Stock [Line Items]
Share repurchase program, authorized amount \| $					$ 200,000,000
Common Class B
Subsidiary, Sale of Stock [Line Items]
Ordinary shares issued (in shares)			76,179,938	76,179,938
Ordinary shares outstanding (in shares)			76,179,938	76,179,938
Conversion of stock, shares issued (in shares)		76,179,938
Number of votes per share \| Vote				20
ADS Shares
Subsidiary, Sale of Stock [Line Items]
Sale of stock, price per share (in dollars per share) \| $ / shares		$ 20
Shares repurchased during period (in shares)			7,900,000	4,200,000
IPO
Subsidiary, Sale of Stock [Line Items]
Proceeds from initial public offering \| $		$ 483,600,000
IPO \| ADS Shares
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares)		20,125,000
Over-Allotment Option \| ADS Shares
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares)		2,625,000
Private Placement
Subsidiary, Sale of Stock [Line Items]
Proceeds from initial public offering \| $	$ 250,000,000
Private Placement \| Common Class A
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares)	20,000,000	22,000,000

Land use right

12 Months Ended

Dec. 31, 2025

Land Use Right [Abstract]

Land use right

11.

Land use right


	As of December 31,
	2024			2025
	(in US$ thousands)
Land use rights	$	167,896		$	171,708
Less: accumulated amortization		(6,501	)		(10,117	)
Land use rights, net	$	161,395		$	161,591

The Company acquired the land use right in February 2023. Amortization expense for land use right were US$3.4 million and US$3.4 million for the years ended December 31, 2024 and 2025, respectively. As of December 31, 2025, land use right with net book value of US$161.6 million were pledged as collateral for the Company’s borrowings (Note 15).

Commitment and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

22.

Commitments and Contingencies

(a)

Contractual Purchase Commitments

The Group has entered into non-cancellable agreements related to the purchase of construction related cost from third party vendors. As of December 31, 2025, contractual purchase commitments with respect to these agreements consist of the following:


	Contractual Purchase Commitments
	(in US$ thousands)
2025	$	44,596

(b)

Contingencies

On February 9, 2024, the trustee of the bankruptcy estate of an individual (the “Debtor”) commenced an adversary proceeding against Agora Lab, Inc. in the United States Bankruptcy Court for the District of Connecticut. In the adversary proceeding, the trustee alleges that certain transfers of US$3.6 million, i.e. the total claim amount, made by entities affiliated with the Debtor to Agora Lab, Inc. can be clawed back into the Debtor's bankruptcy estate. Agora Lab, Inc. was sent to a mediation process, along with numerous other similar situated parties who are defending similar claims brought by the trustee.

In October 2024, Agora Lab, Inc. together with other defendants filed a motion to dismiss the adversary proceeding. In March 2025, the bankruptcy court denied the joint defense group’s motion to dismiss, setting the stage for the joint defense group to file an interlocutory appeal challenging the decision. The case remains in the discovery process up to the date of issuance of the consolidated financial statements.

Based on the information available prior to issuance of the financial statements, the likelihood of an unfavorable outcome is neither probable nor remote, and the Group is also unable to reasonably estimate the amount or the range of any liability in the event of an unfavorable outcome.

Share-based Compensation - Assumptions (Details) - Employee Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share)			$ 0.1
Risk-free interest rate, minimum	4.14%	3.94%	3.48%
Risk-free interest rate, maximum	4.66%	4.57%	4.80%
Expected term (in years)		10 years	10 years
Expected dividend yield	0.00%	0.00%	0.00%
Expected volatility, minimum	41.68%	43.27%	55.18%
Expected volatility, maximum	45.25%	56.21%	56.32%
Expected forfeiture rate (post-vesting)	10.00%		3.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share)	$ 0.1	$ 0.0001
Fair value of the ordinary shares on the date of option grant (in dollars per share)	$ 0.55	$ 0.4575	$ 0.495
Expected term (in years)	8 years
Expected forfeiture rate (post-vesting)		3.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share)	$ 1.5	$ 2
Fair value of the ordinary shares on the date of option grant (in dollars per share)	$ 0.96	$ 1.04	$ 0.6375
Expected term (in years)	10 years
Expected forfeiture rate (post-vesting)		10.00%

Business acquisition

12 Months Ended

Dec. 31, 2025

Business Combination [Abstract]

Business acquisition

Business acquisitions

The Company accounted for its acquisition in accordance with ASC 805, “Business Combination” (“ASC 805”). The result of the acquiree’s operation has been included in the consolidated financial statements since the acquisition date. The excess of the fair value of the acquired entity over the fair value of net tangible and intangible assets acquired was recorded as goodwill, which is not deductible for corporate income taxation purposes.

Acquisition of Netless

On November 27, 2020 (the “acquisition close date”), the Company acquired 100% equity interests of Netless, a real-time interactive whiteboard solution provider. After the acquisition close date, there were cash and share-based awards granted to Netless employees that joined the Company.

The acquisition was recorded as a business combination. As part of the business combination, the Company acquired developed technology at a gross amount of US$0.2 million, with an estimated useful life of 5 years that was amortized on a straight-line basis with amortization expense of US$42.6 thousand, US$42.6 thousand and US$39.0 thousand recorded in general and administrative expense for the years ended December 31, 2023, 2024 and 2025, respectively. A deferred tax liability of US$53.2 thousand arising from the difference between the accounting basis and tax basis of the identifiable intangible asset was recognized and realized over 5 years in line with the developed technology’s amortization period. The recognition of the deferred tax liability related to the intangible asset in turn increased the book basis of the asset.

The excess of purchase price over tangible assets and identifiable intangible assets acquired and liabilities assumed was recorded as goodwill, which was amounting to US$3.1 million. Goodwill associated with acquisition of Netless was attributed to expected synergies arising from the acquisition. The acquired goodwill is not deductible for tax purposes. As of December 31, 2022, the Company recognized a full impairment against the acquired goodwill based on the result of impairment assessment.

The Company has not presented pro forma combined results for this acquisition because the impact to the consolidated statements of operations and comprehensive (loss) income would not have been material individually or in the aggregate.

Acquisition of Easemob

On February 28, 2021 (the “acquisition close date”), the Company acquired 100% equity interests of Easemob, providing instant messaging APIs and customer engagement cloud services in China, from its shareholders for a cash consideration totaling to US$53.4 million.

As part of the business combination, the Company acquired customer relationships at a gross amount of US$4.2 million, with an estimated useful life of 3 years and developed technology at a gross amount of US$4.0 million, with an estimated useful life of 5 years that will be amortized on a straight-line basis; amortization expense of US$0.9 million, US$0.1 million and nil recorded in sales and marketing expense and US$0.5 million, US$0.5 million and US$0.5 million recorded in research and development expense for the years ended December 31, 2023, 2024 and 2025, respectively. A deferred tax liability of US$1.2 million arising from the difference between the accounting basis and tax basis of the identifiable intangible asset is recognized and realized over the same period as the related intangible assets. The recognition of the deferred tax liability related to the intangible asset in turn increases the book basis of the asset.

The excess of purchase price over tangible assets and identifiable intangible assets acquired and liabilities assumed was recorded as goodwill with the amount of US$53.1 million. Goodwill associated with acquisition of Easemob was attributed to expected synergies arising from the acquisition. The acquired goodwill is not deductible for tax purposes. During the year ended December 31, 2022, the Company recognized goodwill impairment of US$8.9 million. During the year ended December 31, 2023, the Company disposed goodwill of US$12.3 million in connection with its disposal of customer engagement cloud business and recognized full impairment for the remaining goodwill of US$31.9 million.

The Company has not presented pro forma combined results for this acquisition because the impact to the consolidated statements of comprehensive (loss) income would not have been material individually or in the aggregate.

- Definition

The entire disclosure for business combination.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-4

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(2)
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-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (h)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479326/805-40-45-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-30/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-20/tableOfContent

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
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-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-10/tableOfContent

+ Details

Accounts Receivable, Net - Accounts Receivable Activity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Accounts receivable	$ 38,712	$ 49,979
Less: allowance for current expected credit losses	(13,845)	(19,027)	$ (14,897)	$ (9,869)
Accounts receivable, net	$ 24,867	$ 30,952

Land use right - Summary of Land Use Right (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Land Use Right [Abstract]
Land use rights	$ 171,708	$ 167,896
Less: accumulated amortization	(10,117)	(6,501)
Land use right, net	$ 161,591	$ 161,395

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued salary and social welfare costs	$ 11,465	$ 10,686
Liability classified awards for share-based compensation (Note 17)	2,685	2,721
Payables for deferred financing costs	1,762
Accrued professional service fees	869	886
Accrued advertising and marketing fees	672	765
Accrued staff reimbursements	500	441
Share option deposit held on behalf of employees	444	294
Accrued office expense	113	78
Payables for interest	64	40
Payables for acquisition	0	2,593
Others	1,843	1,335
Accrued expenses and other current liabilities	$ 20,417	$ 19,839

Additional Information - Condensed Financial Statements of The Parent Company - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Condensed Cash Flow Statements, Captions [Line Items]
Net cash generated from operating activities	$ 27,233	$ (14,129)	$ (13,611)
Net cash provided by investing activities	13,314	(38,049)	56,643
Net cash used in financing activities	4,992	45,994	(52,368)
Net (decrease) increase in cash and cash equivalents	44,818	(6,346)	(10,140)
Cash, cash equivalents and restricted cash at beginning of year	30,828	37,174
Cash, cash equivalents and restricted cash at end of year	75,646	30,828	37,174
Parent Company
Condensed Cash Flow Statements, Captions [Line Items]
Net cash generated from operating activities	4,857	8,312	4,874
Net cash provided by investing activities	76,570	3,576	36,017
Net cash used in financing activities	(27,383)	(10,204)	(63,277)
Net (decrease) increase in cash and cash equivalents	54,044	1,684	(22,386)
Cash, cash equivalents and restricted cash at beginning of year	7,075	5,391	27,777
Cash, cash equivalents and restricted cash at end of year	$ 61,119	$ 7,075	$ 5,391

Basic and Diluted Net (Loss) Income per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Computation


	Year Ended December 31,
	2023			2024			2025
	(in US$ thousands)
Numerator:
Net (loss) income attributable to Agora, Inc.’s ordinary shareholders - basic and diluted	$	(87,219	)	$	(42,727	)	$	9,528
Denominator:
Denominator for basic earnings per share
Weighted-average ordinary shares outstanding(1)		398,384,385			373,122,317			367,898,081
Denominator for diluted earnings per share
Weighted-average ordinary shares outstanding(1)		398,384,385			373,122,317			395,420,348
Basic (loss) income per share	$	(0.22	)	$	(0.11	)	$	0.03
Diluted (loss) income per share	$	(0.22	)	$	(0.11	)	$	0.02

(1)

Schedule of Antidilutive Ordinary Shares Excluded from Computation of (Loss) Earnings Per Share


	Year Ended December 31,
	2023		2024		2025
Share options - weighted average		25,288,633		12,720,197		10,018,862
Restricted share units - weighted average		1,356,455		5,317,082		12,204
VPP shares - weighted average		426,296		—	—

Prepayments and Other Current Assets - Schedule of Prepayments (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Interest receivables

$ 8,189

$ 16,162

Amount due from Shanghai Zhaoyan

2,472

Prepayments

^[1]

2,337

3,024

VAT recoverable

^[2]

570

1,502

Employee loans and advances

^[3]

153

231

Proceeds receivable for employee share option exercises

417

Others

856

1,257

Prepayments and other current assets

$ 14,590

$ 22,593

[1]	Prepayments are primarily related to prepayments for services, advertisements and other deposits.
[2]	VAT recoverable represented the balances that the Group can utilize to deduct its VAT liabilities within the next 12 months.
[3]	Employee loans and advances are primarily advances to employees that are business related, or personal loans granted to select qualified employees with interest or a guarantee. The loan balances are expected to be repaid by the employee within one year.

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Significant Related Party Transactions

For the years ended December 31, 2023, 2024 and 2025, the significant related party transactions and balances were as follows:


	Year Ended December 31,
	2023		2024		2025
	(in US$ thousands)
Rental fee charged by a related party	$	198	$	196	$	181

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Operating lease right-of-use assets	$ 2,145	$ 3,866
Operating Lease, Liability	1,920
Affiliated Entity
Related Party Transaction [Line Items]
Operating lease right-of-use assets	0
Operating Lease, Liability	0
Related Party
Related Party Transaction [Line Items]
Rental fee charged by a related party	$ 181	$ 196	$ 198

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Additional Information - Condensed Financial Statements of The Parent Company (Tables)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheets


	As of December 31,
	2024			2025
	(in US$ thousands)
Assets
Current assets:
Cash and cash equivalents	$	7,075		$	61,119
Short-term bank deposits		20,000			34,141
Short-term financial products issued by banks		50,679			55,000
Short-term investments		2,787			4,583
Amounts due from subsidiaries		627,228			555,986
Prepayments and other current assets		2,737			5,150
Total current assets		710,506			715,979
Non-current assets:
Long-term bank deposits		15,000			74,000
Long-term financial products issued by banks		61,400		—
Other non-current assets		1,233			4,833
Investments in subsidiaries and VIEs		(106,005	)		(110,137	)
Total non-current assets		(28,372	)		(31,304	)
Total assets	$	682,134		$	684,675
Liabilities
Current liabilities:
Amounts due to subsidiaries		108,916			119,173
Accrued expenses and other current liabilities		557			2,654
Total liabilities	$	109,473		$	121,827
Shareholders’ equity
Class A ordinary shares ($0.0001 par value; 820,000,000 shares authorized, 392,376,217 shares issued and 297,156,593 shares outstanding as of December 31, 2024; 820,000,000 shares authorized, 394,439,081 shares issued and 273,084,833 shares outstanding as of December 31, 2025)		39			39
Class B ordinary shares ($0.0001 par value; 76,179,938 shares authorized, issued and outstanding as of December 31, 2024 and 2025)		8			8
Additional paid-in-capital		1,144,238			1,145,126
Treasury shares at cost		(72,739	)		(95,238	)
Accumulated other comprehensive loss		(12,257	)		(9,987	)
Accumulated deficit		(486,628	)		(477,100	)
Total shareholders’ equity	$	572,661		$	562,848
Total liabilities and shareholders’ equity	$	682,134		$	684,675

Condensed Statements of Comprehensive (Loss) Income


	Year Ended December 31,
	2023			2024			2025
	(in US$ thousands)
Operating expenses:
Sales and marketing expenses	$	(178	)	$	—		$	—
General and administrative expenses		(477	)		(901	)		(899	)
Total operating expenses		(655	)		(901	)		(899	)
Losses from subsidiaries and VIEs		(88,197	)		(46,558	)		(4,132	)
Exchange (loss) gain		(1,184	)		(291	)		1,162
Interest income		8,125			8,366			8,849
Investment (loss) income		(6,950	)		(4,136	)		3,352
Other income		1,649			793			1,198
(Loss) income before income taxes		(87,212	)		(42,727	)		9,530
Income taxes		(7	)	—				(2	)
Net (loss) income attributable to Agora, Inc.’s ordinary shareholders	$	(87,219	)	$	(42,727	)	$	9,528

Condensed Statements of Cash Flows


	Year Ended December 31,
	2023			2024			2025
	(in US$ thousands)
Net cash generated from operating activities	$	4,874		$	8,312		$	4,857
Net cash provided by investing activities		36,017			3,576			76,570
Net cash used in financing activities		(63,277	)		(10,204	)		(27,383	)
Net (decrease) increase in cash and cash equivalents		(22,386	)		1,684			54,044
Cash, cash equivalents and restricted cash, beginning of year		27,777			5,391			7,075
Cash, cash equivalents and restricted cash, end of year	$	5,391		$	7,075		$	61,119

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 75,446	$ 27,083
Short-term bank deposits	84,460	168,327
Short-term financial products issued by banks	55,000	71,464
Short-term investments	4,583	2,787
Accounts receivable, net	24,867	30,952
Prepayments and other current assets	14,590	22,593
Contract assets	123	1,099
Restricted cash	200	3,745
Held-for-sale assets	831
Total current assets	260,100	328,050
Non-current assets:
Property and equipment, net	3,947	4,680
Construction in progress in relation to the headquarters project	84,239	44,486
Operating lease right-of-use assets	2,145	3,866
Intangible assets	96	611
Long-term bank deposits	160,001	35,500
Long-term financial products issued by banks	0	61,400
Long-term investments	29,182	40,710
Land use right, net	161,591	161,395
Other non-current assets	19,798	18,956
Total non-current assets	460,999	371,604
Total assets	721,099	699,654
Current liabilities:
Accounts payable	9,638	12,965
Advances from customers	7,906	8,738
Taxes payable	696	2,210
Current operating lease liabilities	1,521	1,749
Payables for construction cost	16,607	12,834
Accrued expenses and other current liabilities	20,417	19,839
Total current liabilities	56,785	58,335
Non-current liabilities:
Long term payable	3	1
Long-term operating lease liabilities	399	1,922
Deferred tax liabilities	12	92
Long-term borrowings in relation to the headquarters project	80,420	46,469
Advance in relation to the headquarters project	20,632	20,174
Total non-current liabilities	101,466	68,658
Total liabilities	158,251	126,993
Commitments and contingencies (Note 22)
Shareholders' equity
Additional paid-in-capital	1,145,126	1,144,238
Treasury shares at cost	(95,238)	(72,739)
Accumulated other comprehensive loss	(9,987)	(12,257)
Accumulated deficit	(477,100)	(486,628)
Total shareholders' equity	562,848	572,661
Total liabilities, and shareholders' equity	721,099	699,654
Common Class A
Shareholders' equity
Ordinary shares	39	39
Common Class B
Shareholders' equity
Ordinary shares	$ 8	$ 8

Organization and Nature of Operations - Narrative (Details) - USD ($) $ in Millions			12 Months Ended
	Feb. 28, 2021	Nov. 27, 2020	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Exclusive Technology Consulting and Services Agreement [Member]
Variable Interest Entity [Line Items]
Service fees charged by wholly foreign owned enterprise to variable interest entities				$ 3.0	$ 2.2
Netless [Member]
Variable Interest Entity [Line Items]
Business acquisition percentage of voting interests acquired		100.00%
Business combination, consideration transferred		$ 4.0
Easemob [Member]
Variable Interest Entity [Line Items]
Business acquisition percentage of voting interests acquired	100.00%
Payments to acquire businesses gross	$ 53.4
Sale of business, completion date	Feb. 01, 2023
ShengWang Hongkong Limited
Variable Interest Entity [Line Items]
Percent ownership of subsidiary			100.00%
ShengWang Hongkong Limited \| AGORA.IO INC.
Variable Interest Entity [Line Items]
Percentage of shares contributed			100.00%

Property and Equipment, Net and Construction in Progress in Relation to The Headquarters Project - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 39,588	$ 38,465
Less: accumulated depreciation	(35,641)	(33,827)
Property and Equipment, Net	3,947	4,680
Total	88,186	49,166
Depreciation	2,000	3,500	$ 7,100
Network equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	29,744	28,810
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,111	4,994
Electronic equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,972	2,783
Furniture, computers and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	891	1,027
Self-developed software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	870	851
Property and Equipment, Net	0	42
Construction in progress in relation to the headquarters project
Property, Plant and Equipment [Line Items]
Property and Equipment, Net	$ 84,239	$ 44,486

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Total revenues	$ 141,057	$ 133,256	$ 141,538
Cost of revenues	(47,393)	(47,809)	(52,063)
Gross profit	93,664	85,447	89,475
Operating expenses:
Research and development expenses	(55,459)	(80,344)	(77,666)
Sales and marketing expenses	(26,352)	(27,220)	(33,958)
General and administrative expenses	(22,670)	(32,772)	(34,976)
Total operating expenses	(104,481)	(140,336)	(146,600)
Other operating income	1,407	1,578	1,729
Impairment of goodwill			(31,928)
Loss from operations	(9,410)	(53,311)	(87,324)
Exchange (loss) gain	1,623	168	(151)
Interest income	15,051	16,941	18,836
Interest expense	(36)	(253)	(20)
Losses from extinguishment of convertible note			(1,230)
Investment (loss) income	1,457	(3,328)	(18,526)
Other income	1,198	793	1,649
(Loss) income before income taxes	9,883	(38,990)	(86,766)
Income taxes	(323)	(258)	(422)
Equity in loss of affiliates	(32)	(3,479)	(31)
Net (loss) income attributable to Agora, Inc.'s ordinary shareholders	9,528	(42,727)	(87,219)
Other comprehensive (loss) income:
Foreign currency translation adjustments	2,270	(2,230)	(3,418)
Unrealized gain on debt securities			1,385
Total comprehensive (loss) income attributable to Agora, Inc.'s ordinary shareholders	$ 11,798	$ (44,957)	$ (89,252)
Net (loss) income per share attributable to Agora, Inc.'s ordinary shareholders-basic	$ 0.03	$ (0.11)	$ (0.22)
Net (loss) income per share attributable to Agora, Inc.'s ordinary shareholders-diluted	$ 0.02	$ (0.11)	$ (0.22)
Weighted average number of ordinary shares-basic	367,898,081	373,122,317	398,384,385
Weighted average number of ordinary shares-diluted	395,420,348	373,122,317	398,384,385
Share-based compensation expenses included in:
Share-based compensation	$ 5,564	$ 22,737	$ 24,612
Cost of revenues
Share-based compensation expenses included in:
Share-based compensation	82	212	621
Research and development expenses
Share-based compensation expenses included in:
Share-based compensation	3,274	17,062	12,696
Sales and marketing expenses
Share-based compensation expenses included in:
Share-based compensation	694	778	4,145
General and administrative expenses
Share-based compensation expenses included in:
Share-based compensation	1,514	4,685	7,150
Real-time engagement service revenues
Total revenues	137,971	127,624	133,098
Real-time engagement on-premise solution and other revenues
Total revenues	$ 3,086	$ 5,632	$ 8,440

Restricted Cash

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

Restricted Cash

Restricted cash consisted of the following:


	As of December 31,
	2024		2025
	(in US$ thousands)
Secured deposits for a letter of credit	$	267	$	200
Secured deposits in relation to the headquarter project		3,478		—
Restricted cash	$	3,745	$	200

Income Taxes - Summary of Cash Paid for Income Taxes, Net of Refunds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total income taxes paid, net	$ 233	$ 185	$ 152
India
Income Tax Paid, by Individual Jurisdiction [Line Items]
Non-PRC taxes	141
United Kingdom
Income Tax Paid, by Individual Jurisdiction [Line Items]
Non-PRC taxes	91
Others
Income Tax Paid, by Individual Jurisdiction [Line Items]
Non-PRC taxes	$ 1

Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Finite Lived Intangible Assets Gross	$ 5,483	$ 5,483
Less: Accumulated amortization	(5,387)	(4,872)
Intangible assets	$ 96	611
Weighted average amortization period	4 years
Cost: Developed technology (Note 3)
Finite-Lived Intangible Assets [Line Items]
Finite Lived Intangible Assets Gross	$ 2,575	2,575
Less: Accumulated amortization	(2,496)	(1,985)
Intangible assets	$ 79	590
Weighted average amortization period	5 years
Customer relationships (Note 3)
Finite-Lived Intangible Assets [Line Items]
Finite Lived Intangible Assets Gross	$ 2,600	2,600
Less: Accumulated amortization	(2,600)	(2,600)
Intangible assets	$ 0
Weighted average amortization period	3 years
Others
Finite-Lived Intangible Assets [Line Items]
Finite Lived Intangible Assets Gross	$ 308	308
Less: Accumulated amortization	(291)	(287)
Intangible assets	$ 17	$ 21
Weighted average amortization period	5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Long-term investments - Schedule Of Equity Method Investments (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Total consideration of long-term investment	$ 29,182	$ 7,300	$ 40,710

Accounts Receivable, Net

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Accounts Receivable, Net


	As of December 31,
	2024			2025
	(in US$ thousands)
Accounts receivable	$	49,979		$	38,712
Less: allowance for current expected credit losses		(19,027	)		(13,845	)
Accounts receivable, net	$	30,952		$	24,867

Movement of allowance for credit losses was as follows:


	Year Ended December 31,
	2023			2024			2025
	(in US$ thousands)
At beginning of the period	$	(9,869	)	$	(14,897	)	$	(19,027	)
Additional provisions		(7,046	)		(8,420	)		(4,004	)
Write-off		1,893			4,128			9,443
Foreign currency translation impact		125			162			(257	)
At end of the period	$	(14,897	)	$	(19,027	)	$	(13,845	)

Share-based Compensation - Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Options
Beginning balance (in shares)	32,667,241
Granted (in shares)	34,993,424
Exercised (in shares)	(3,602,932)
Forfeited (in shares)	(617,245)
Ending balance (in shares)	63,440,488	32,667,241
Vested and expected to vest, end of period (in shares)	63,440,488
Exercisable, end of period (in shares)	13,222,724
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 0.59
Granted (in dollars per share)	1.04
Forfeited (in dollars per share)	0.63
Ending balance (in dollars per share)	0.87	$ 0.59
Exercised	0.05
Vested and expected to vest, end of period (in dollars per share)	0.87
Exercisable, end of period (in dollars per share)	$ 0.15
Weighted-average Remaining Contractual Life
Weighted-average remaining contractual term, outstanding	7 years 10 months 6 days	8 years 3 months
Weighted average remaining contractual term, vested and expected to vest	7 years 10 months 6 days
Weighted average remaining contractual term, exercisable	4 years 9 months 21 days
Aggregate Intrinsic Value
Beginning Balance	$ 15,733,975	$ 18,100,000
Aggregate intrinsic value, vested and expected to vest	13,528,733
Aggregate intrinsic value, exercisable	11,751,270
Ending Balance	13,528,733	$ 15,733,975
Exercised	$ 3,439,966
Weighted-average Grant Date Fair Value Per Share
Beginning Balance, weighted average grant date fair value (in dollars per share)	$ 0.75
Options granted, weighted-average grant-date fair value per share (in dollars per share)	0.3
Options vested and expected to vest, weighted average grant date fair value (in dollars per share)	0.47
Options exercisable, weighted average grant date fair value (in dollars per share)	1.2
Ending Balance, weighted average grant date fair value (in dollars per share)	$ 0.47	$ 0.75

Taxes Payable

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Taxes Payable

13.

Taxes Payable

Taxes payable consisted of the following:


	As of December 31,
	2024		2025
	(in US$ thousands)
Individual income tax withholding	$	1,332	$	612
VAT payable		742		56
Other taxes payable		78		28
Corporate income taxes payable		58	—
Taxes payable	$	2,210	$	696

Principal Accounting Policies - Fair Value of Assets and Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Short-Term Financial Products Issued By Banks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 55,000
Short-Term Financial Products and Structured Deposits Issued by Banks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		$ 71,464
Short-Term Investments, Equity Investment in a Publicly Traded Security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	4,583	2,787
Long-Term Financial Products Issued by Banks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		61,400
Level 1 \| Short-Term Investments, Equity Investment in a Publicly Traded Security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	4,583	2,787
Level 2 \| Short-Term Financial Products Issued By Banks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 55,000
Level 2 \| Short-Term Financial Products and Structured Deposits Issued by Banks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		71,464
Level 2 \| Long-Term Financial Products Issued by Banks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		$ 61,400

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

Additional Information - Condensed Financial Statements of The Parent Company - Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets, Current [Abstract]
Cash and cash equivalents	$ 75,446	$ 27,083
Short-term bank deposits	84,460	168,327
Short-term financial products issued by banks	55,000	71,464
Short-term investments	4,583	2,787
Prepayments and other current assets	14,590	22,593
Total current assets	260,100	328,050
Assets, Noncurrent [Abstract]
Long-term bank deposits	160,001	35,500
Long-term financial products issued by banks	0	61,400
Other non-current assets	19,798	18,956
Total non-current assets	460,999	371,604
Total assets	721,099	699,654
Liabilities, Current [Abstract]
Accrued expenses and other current liabilities	20,417	19,839
Total liabilities	158,251	126,993
Equity [Abstract]
Additional paid-in-capital	1,145,126	1,144,238
Treasury shares at cost	(95,238)	(72,739)
Accumulated other comprehensive (loss) income	(9,987)	(12,257)
Accumulated deficit	(477,100)	(486,628)
Total shareholders' equity	562,848	572,661	$ 604,749	$ 728,260
Total liabilities, and shareholders' equity	721,099	699,654
Common Class A
Equity [Abstract]
Ordinary shares	39	39
Common Class B
Equity [Abstract]
Ordinary shares	8	8
Parent Company
Assets, Current [Abstract]
Cash and cash equivalents	61,119	7,075
Short-term bank deposits	34,141	20,000
Short-term financial products issued by banks	55,000	50,679
Short-term investments	4,583	2,787
Amounts due from subsidiaries	555,986	627,228
Prepayments and other current assets	5,150	2,737
Total current assets	715,979	710,506
Assets, Noncurrent [Abstract]
Long-term bank deposits	74,000	15,000
Long-term financial products issued by banks	0	61,400
Other non-current assets	4,833	1,233
Investments in subsidiaries and VIEs	(110,137)	(106,005)
Total non-current assets	(31,304)	(28,372)
Total assets	684,675	682,134
Liabilities, Current [Abstract]
Amounts due to subsidiaries	119,173	108,916
Accrued expenses and other current liabilities	2,654	557
Total liabilities	121,827	109,473
Equity [Abstract]
Additional paid-in-capital	1,145,126	1,144,238
Treasury shares at cost	(95,238)	(72,739)
Accumulated other comprehensive (loss) income	(9,987)	(12,257)
Accumulated deficit	(477,100)	(486,628)
Total shareholders' equity	562,848	572,661
Total liabilities, and shareholders' equity	684,675	682,134
Parent Company \| Common Class A
Equity [Abstract]
Ordinary shares	39	39
Parent Company \| Common Class B
Equity [Abstract]
Ordinary shares	$ 8	$ 8

Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule of Accounts Receivable Activity


	As of December 31,
	2024			2025
	(in US$ thousands)
Accounts receivable	$	49,979		$	38,712
Less: allowance for current expected credit losses		(19,027	)		(13,845	)
Accounts receivable, net	$	30,952		$	24,867

Schedule of Movement of Allowance for Credit Losses

Movement of allowance for credit losses was as follows:


	Year Ended December 31,
	2023			2024			2025
	(in US$ thousands)
At beginning of the period	$	(9,869	)	$	(14,897	)	$	(19,027	)
Additional provisions		(7,046	)		(8,420	)		(4,004	)
Write-off		1,893			4,128			9,443
Foreign currency translation impact		125			162			(257	)
At end of the period	$	(14,897	)	$	(19,027	)	$	(13,845	)

Additional Information - Condensed Financial Statements of The Parent Company

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Additional Information - Condensed Financial Statements of The Parent Company

25.

Additional Information - Condensed Financial Statements of The Parent Company

Rules 5-04 and 12-04 of Regulation S-X require condensed financial information as to the financial position, cash flows and results of operations of a parent company as of and for the same periods for which the audited consolidated financial statements have been presented when the restricted net assets of the consolidated and unconsolidated subsidiaries together exceed 25% of consolidated net assets as of the end of the most recently completed fiscal year.

The following condensed financial statements of the Parent Company have been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the Parent Company used the equity method to account for its investment in its subsidiaries and the VIE. Such investment is presented on the separate condensed balance sheets of the Parent Company as “Investments in subsidiaries and VIE”. The Parent Company’s share of income from its subsidiaries and the VIE is reported as equity in income of subsidiaries and the VIE in the condensed financial statements.

The Parent Company is a Cayman Islands company and, therefore, is not subjected to income taxes for all years presented. The footnote disclosures contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company.

Condensed Financial Information of the Parent Company

Condensed Balance Sheets


	As of December 31,
	2024			2025
	(in US$ thousands)
Assets
Current assets:
Cash and cash equivalents	$	7,075		$	61,119
Short-term bank deposits		20,000			34,141
Short-term financial products issued by banks		50,679			55,000
Short-term investments		2,787			4,583
Amounts due from subsidiaries		627,228			555,986
Prepayments and other current assets		2,737			5,150
Total current assets		710,506			715,979
Non-current assets:
Long-term bank deposits		15,000			74,000
Long-term financial products issued by banks		61,400		—
Other non-current assets		1,233			4,833
Investments in subsidiaries and VIEs		(106,005	)		(110,137	)
Total non-current assets		(28,372	)		(31,304	)
Total assets	$	682,134		$	684,675
Liabilities
Current liabilities:
Amounts due to subsidiaries		108,916			119,173
Accrued expenses and other current liabilities		557			2,654
Total liabilities	$	109,473		$	121,827
Shareholders’ equity
Class A ordinary shares ($0.0001 par value; 820,000,000 shares authorized, 392,376,217 shares issued and 297,156,593 shares outstanding as of December 31, 2024; 820,000,000 shares authorized, 394,439,081 shares issued and 273,084,833 shares outstanding as of December 31, 2025)		39			39
Class B ordinary shares ($0.0001 par value; 76,179,938 shares authorized, issued and outstanding as of December 31, 2024 and 2025)		8			8
Additional paid-in-capital		1,144,238			1,145,126
Treasury shares at cost		(72,739	)		(95,238	)
Accumulated other comprehensive loss		(12,257	)		(9,987	)
Accumulated deficit		(486,628	)		(477,100	)
Total shareholders’ equity	$	572,661		$	562,848
Total liabilities and shareholders’ equity	$	682,134		$	684,675

Condensed Statements of Comprehensive (Loss) Income


	Year Ended December 31,
	2023			2024			2025
	(in US$ thousands)
Operating expenses:
Sales and marketing expenses	$	(178	)	$	—		$	—
General and administrative expenses		(477	)		(901	)		(899	)
Total operating expenses		(655	)		(901	)		(899	)
Losses from subsidiaries and VIEs		(88,197	)		(46,558	)		(4,132	)
Exchange (loss) gain		(1,184	)		(291	)		1,162
Interest income		8,125			8,366			8,849
Investment (loss) income		(6,950	)		(4,136	)		3,352
Other income		1,649			793			1,198
(Loss) income before income taxes		(87,212	)		(42,727	)		9,530
Income taxes		(7	)	—				(2	)
Net (loss) income attributable to Agora, Inc.’s ordinary shareholders	$	(87,219	)	$	(42,727	)	$	9,528

Condensed Statements of Cash Flows


	Year Ended December 31,
	2023			2024			2025
	(in US$ thousands)
Net cash generated from operating activities	$	4,874		$	8,312		$	4,857
Net cash provided by investing activities		36,017			3,576			76,570
Net cash used in financing activities		(63,277	)		(10,204	)		(27,383	)
Net (decrease) increase in cash and cash equivalents		(22,386	)		1,684			54,044
Cash, cash equivalents and restricted cash, beginning of year		27,777			5,391			7,075
Cash, cash equivalents and restricted cash, end of year	$	5,391		$	7,075		$	61,119

Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 515	$ 663	$ 1,384	$ 500
2026	$ 100

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
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+ Details

Principal Accounting Policies - Narrative (Details)	12 Months Ended
Principal Accounting Policies - Narrative (Details)	Dec. 31, 2025 USD ($) Segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Cash equivalents	$ 31,700,000	$ 20,900,000
Short-term investments	4,583,000	2,787,000
Cash and cash equivalents restricted cash, short-term investments, long-term investments and held-for-sale assets	379,700,000
Impairment of short-term investments	0	0	$ 0
Impairment of long-lived assets (excluding goodwill)	0	0	0
Impairment of long-lived assets	0	0	0
Interest income	15,100,000	16,900,000	18,800,000
Interest expense	36,000	253,000	20,000
Interest expense net	36,400	300,000	20,100
Interest expense capitalized	$ 1,700,000	500,000	14,800
Value added tax rate	6.00%
Advances from customers	$ 7,906,000	8,738,000
Contract with customer, liability, revenue recognized	3,600,000	3,200,000	8,400,000
Advertising expenses	1,000,000	1,400,000	1,900,000
Deferred tax liabilities, uncertain tax positions	0	0	0
Dividends	$ 0	0	$ 0
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer [Member]
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The primary measure of segment profitability for the Company’s operating segment is considered to be consolidated net (loss) income. Net (loss) income is used by the CODM to monitor budget versus actual results as well as comparison with the Group’s competitors, which are used in assessing performance of the segment.
Number of operating segments \| Segment	1
Number of reportable segments \| Segment	1
Operating lease right-of-use assets	$ 2,145,000	3,866,000
Operating lease, liability	$ 1,920,000
Measurement period	1 year
Contract with customer, Asset after allowance for credit loss	$ 100,000	1,100,000
Deferred offering costs	$ 2,000,000	$ 0
Land [Member]
Finite-Lived Intangible Assets [Line Items]
Property equipment, useful life	50 years
Measurement Input, Discount Rate [Member] \| Level 3 [Member]
Finite-Lived Intangible Assets [Line Items]
Discount rate	21.00%
No Individual Customer \| Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Finite-Lived Intangible Assets [Line Items]
Concentration risk, percentage	10.00%	10.00%	10.00%
No Individual Customer \| Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Finite-Lived Intangible Assets [Line Items]
Concentration risk, percentage	10.00%	10.00%
UNITED KINGDOM
Finite-Lived Intangible Assets [Line Items]
Percentage of deposits held by financial institutions	25.00%
UNITED STATES
Finite-Lived Intangible Assets [Line Items]
Percentage of deposits held by financial institutions	24.00%
HONG KONG
Finite-Lived Intangible Assets [Line Items]
Percentage of deposits held by financial institutions	22.00%
SINGAPORE
Finite-Lived Intangible Assets [Line Items]
Percentage of deposits held by financial institutions	19.00%
PRC
Finite-Lived Intangible Assets [Line Items]
Percentage of deposits held by financial institutions	10.00%
Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	5 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years

Long-term investments - Additional Informational (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]
Long-term investments	$ 29,182,000	$ 40,710,000		$ 7,300,000
Long-term bank deposits	160,001,000	35,500,000
Equity Securities, FV-NI, Cost	26,000,000	51,700,000
Impairment Losses, Investments	2,500,000
Impairment on equity investments without readily determinable fair value		0
Equity investees net loss or income	31,700	3,500,000	$ 31,600
Financial products issued by banks	0	$ 61,400,000
Redeemed financial products	6,400,000
Remaining short-term financial products	$ 55,000,000
Financial products issued by banks original maturity period		over one year
Financial products issued by banks weighted average maturity period		1 year 8 months 12 days

Principal Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Principal Accounting Policies

(a)

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Principal accounting policies followed by the Company in the preparation of the accompanying consolidated financial statements are summarized below.

(b)

Basis of Consolidation

(c)

Use of Estimates

(d)

Functional Currencies and Foreign Currency Translation

(e)

Concentration of Credit Risk

No individual customer accounted for more than 10% of the accounts receivables as of December 31, 2024 and 2025.

No individual customer accounted for more than 10% of revenues for the years ended December 31, 2023, 2024 and 2025.

(f)

Fair Value Measurements

•

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

•

Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.

•

Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Recurring Fair Value Measurements

The following table sets forth the Group’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:


	As of December 31, 2025
	Level 1		Level 2		Level 3	Balance at Fair value
	(in US$ thousands)
Short-term financial products issued by banks	—			55,000	—		55,000
Short-term investments — equity investment in a publicly traded security		4,583	—		—		4,583


	As of December 31, 2024
	Level 1		Level 2		Level 3	Balance at Fair value
	(in US$ thousands)
Short-term financial products and structured deposits issued by banks	—			71,464	—		71,464
Short-term investments — equity investment in a publicly traded security		2,787	—		—		2,787
Long-term financial products issued by banks	—			61,400	—		61,400

Nonrecurring Fair Value Measurements

The Company’s non-financial asset which is measured at fair value on a nonrecurring basis includes goodwill.

(g)

Cash and Cash Equivalents

(h)

Restricted Cash

(i)

Short-term Investments

(j)

Accounts Receivable, net

(k)

Property and Equipment, net

The estimated useful lives of property and equipment are as follows:


		Estimated Useful Lives
Electronic equipment		3 – 5 years
Furniture, computers and office equipment		3 years
Network equipment		3 years
Leasehold improvements		Shorter of the lease term or the estimated useful life
Self-developed software		3 – 5 years

(l)

Interest Capitalization

(m)

Long-term investments

The Company reviews its investments in equity method investees for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable.

(n)

Business combinations

(o)

Goodwill and intangible assets

Intangible assets

Goodwill

(p)

Impairment of long-lived assets other than goodwill

(q)

Leases

(r)

Advances from Customers

(s)

Value Added Taxes

(t)

Land use right

(u)

Deferred financing costs

As of December 31, 2024 and 2025, deferred offering costs of nil and US$2.0 million were recorded in the consolidated balance sheet. See Note 12—Other Non-current Assets.

(v)

Revenue Recognition

Practical Expedients and Exemptions

(w)

Cost of Revenues

(x)

Research and Development Expenses

(y)

Software Development Costs

(z)

Sales and Marketing Expenses

(aa)

General and Administrative Expenses

(ab) Income Tax

(ac) Share-based Compensation

Share Options Granted

Liability Classified Awards

Restricted Shares and Restricted Share Units (“RSUs”)

(ad) Related Parties

(ae) Dividends

(af) (Loss) Earnings Per Share

(ag) Comprehensive (Loss) Income

(ah) Segment Reporting

The following table presents the Group’s revenues disaggregated by primary geographical markets:


	Year Ended December 31,
	2023		2024		2025
	(in US$ thousands)
Primary geographical markets based on customers’ location
PRC	$	79,193	$	68,590	$	66,048
United States		22,849		24,106		28,242
Others		39,496		40,560		46,767
Total revenues	$	141,538	$	133,256	$	141,057

The majority of the Group’s long-lived assets are located and maintained within the PRC.

(ai) Recently Issued Accounting Pronouncements

New and Amended Standards Adopted by the Group

New and Amended Standards not yet Adopted by the Group

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 9,528	$ (42,727)	$ (87,219)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
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Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)(4)
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+ Details

Share-based Compensation - Compensation Expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 5,564,000	$ 22,737,000	$ 24,612,000
Equity award – share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	3,585,000	6,761,000	11,176,000
Unrecognized share based compensation expenses related to share options	0	1,900,000	0
Equity award - restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	0	0	(730,000)
Share-based compensation, amount capitalized	0	0	0
Equity award - restricted shares \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	0	0	100,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	2,351,000	15,636,000	11,455,000
Unrecognized share based compensation expenses related to restricted shares	0	9,500,000	0
Liability award - venture partners plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	(372,000)	340,000	2,711,000
Restricted Shares, Post-Combination Compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	0	0	(1,300,000)
Shares Post Combination Compensation [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	0	100,000	400,000
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	82,000	212,000	621,000
Research and development expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	3,274,000	17,062,000	12,696,000
Sales and marketing expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	694,000	778,000	4,145,000
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 1,514,000	$ 4,685,000	$ 7,150,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net Income (Loss)	$ 9,528	$ (42,727)	$ (87,219)
Share-based compensation expense	5,564	22,737	24,612
Allowance for current expected credit losses	4,031	8,728	7,046
Depreciation of property and equipment	2,008	3,459	7,096
Amortization of intangible assets	515	663	1,384	$ 500
Amortization of land use right	3,413	3,423	3,165
Deferred tax benefit	(81)	(102)	(212)
Amortization of right-of-use asset	2,060	2,576	2,935
Interest income on debt securities	0		(105)
Loss from equity in affiliates	32	3,479	31
Losses from extinguishment of convertible note			1,230
Investment loss (income)	(1,457)	3,328	18,526
Impairment of goodwill			31,928
Return on investment from equity affiliates			21
(Gain) loss on disposal of property and equipment	8	(9)	(11)
Changes in assets and liabilities:
Accounts receivable	2,406	(5,047)	(9,100)
Contract assets	978	(67)	(522)
Prepayments and other current assets	7,623	(13,893)	(1,801)
Other non-current assets	(2,723)	5,855	(7,278)
Accounts payable	(3,117)	(248)	3,246
Advances from customers	(970)	1,071	(483)
Taxes payable	(1,532)	1,326	(1,157)
Operating lease liabilities	(2,163)	(2,878)	(2,649)
Deferred income	252	62	(160)
Accrued expenses and other liabilities	858	(5,865)	(4,134)
Net cash (used in) provided by operating activities	27,233	(14,129)	(13,611)
Cash flows from investing activities:
Purchase of short-term bank deposits	(60,963)	(68,300)	(219,445)
Purchase of short-term financial products issued by banks	(65,348)	(70,391)	(29,899)
Purchase of short-term investments	0		(791)
Proceeds from maturity of short-term bank deposits	204,334	130,020	467,058
Proceeds from maturity of short-term financial products issued by banks	144,923	105,395	17,522
Proceeds from sale of short-term investments	514	235
Proceeds from dividends of short-term investments	110
Purchase of long-term bank deposits	(184,001)	(35,500)	(143,127)
Purchase of long-term financial products issued by banks		(61,400)	(20,000)
Purchase of long-term investments		(562)	(15)
Purchase of property and equipment	(1,701)	(2,546)	(924)
Purchase of land use right			(5,133)
Purchase of construction in progress for the headquarters project	(31,914)	(35,248)	(10,792)
Cash paid for an acquisition			(3,680)
Disposal of property and equipment	41	93	92
Cash received from business disposal	7,319		5,769
Cash received from disposal of long-term investments		155
Return of investment from equity affiliates			8
Net cash provided by (used in) investing activities	13,314	(38,049)	56,643
Cash flows from financing activities:
Proceeds from long-term borrowings for the headquarters project	32,375	35,790	10,909
Proceeds from exercise of employees' share options	609	853	634
Payment of financing cost	(273)
Deposit received in relation to the headquarters project		20,408
Deposits returned for business disposal			(1,000)
Net cash (used in) provided by financing activities	4,992	45,994	(52,368)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(721)	(162)	(804)
Net (decrease) increase in cash, cash equivalents and restricted cash	44,818	(6,346)	(10,140)
Cash, cash equivalents and restricted cash				$ 47,314
Cash, cash equivalents and restricted cash at beginning of year	30,828	37,174
Cash, cash equivalents and restricted cash at end of year	75,646	30,828	37,174
Supplemental disclosure of cash flow information:
Income taxes paid	233	185	152
Cash paid for fixed operating lease costs included in the measurement of lease obligations in operating activities	2,163	2,878	2,649
Right-of-use assets obtained in exchange for operating lease obligations	90	2,325	4,588
Non-cash financing and investing activities:
Payables for property and equipment	31	398	12
Payables for financing cost	1,762
Proceeds receivable from exercise of employees' share options	35	417	116
Payables for treasury shares, at cost	326	83	210
Payables for construction in progress for the headquarters project	16,607	12,834	7,098
Settlement of compensation costs in relation to an acquisition with shares			1,830
Class A Ordinary Shares
Cash flows from financing activities:
Repurchase of Class A ordinary shares	$ (27,719)	$ (11,057)	$ (62,911)

Leases - Schedule of Lease, Cost (Details)	Dec. 31, 2025	Dec. 31, 2024
Lease, Cost [Abstract]
Weighted-average remaining lease term	1 year 3 months 18 days	1 year 8 months 12 days
Weighted-average discount rate	3.10%	3.70%

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Common stock shares issued	470,619,019	468,556,155
Common stock shares outstanding	349,264,771	373,336,531
Common Class A
Common stock par or stated value per share	$ 0.0001	$ 0.0001
Common stock shares authorized	820,000,000	820,000,000
Common stock shares issued	394,439,081	392,376,217
Common stock shares outstanding	273,084,833	297,156,593
Common Class B
Common stock par or stated value per share	$ 0.0001	$ 0.0001
Common stock shares authorized	76,179,938	76,179,938
Common stock shares issued	76,179,938	76,179,938
Common stock shares outstanding	76,179,938	76,179,938

Interest Expenses

12 Months Ended

Dec. 31, 2025

Interest Expense, Operating and Nonoperating [Abstract]

Interest Expenses

19.

Interest Expenses

Interest expenses consisted of the following.


	Year Ended December 31,
	2023			2024			2025
	(in US$ thousands)
Interest expense	$	35		$	780		$	1,700
Less: Interest capitalization		(15	)		(527	)		(1,664	)
Total	$	20		$	253		$	36

- Definition

The entire disclosure for interest income and interest expense for enterprises that derive a significant portion of their revenue from interest collected on investments, loans, and securities.

+ References

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+ Details

Share-based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

17.

Share-based Compensation

Compensation expenses recognized for share-based awards of the Company were as follows:


	Year Ended December 31,
	2023		2024		2025
	(in US$ thousands)
Cost of revenues	$	621	$	212	$	82
Research and development expenses		12,696		17,062		3,274
Sales and marketing expenses		4,145		778		694
General and administrative expenses		7,150		4,685		1,514
Total	$	24,612	$	22,737	$	5,564

Compensation expenses recognized for different awards were summarized as below:


	Year Ended December 31,
	2023			2024		2025
	(in US$ thousands)
Equity award – share options(1)(4)	$	11,176		$	6,761	$	3,585
Equity award – restricted shares(2)(3)		(730	)		—		—
Equity award – restricted share units(5)		11,455			15,636		2,351
Liability award – venture partners plan		2,711			340		(372	)
Total	$	24,612		$	22,737	$	5,564

(1)

Including share options granted to employees as part of post-combination compensation of US$0.4 million, US$0.1 million and nil for the years ended December 31, 2023, 2024 and 2025, respectively.

(2)

Including restricted shares granted by the Founder for equity classified award of US$0.1 million, nil and nil for the years ended December 31, 2023, 2024 and 2025, respectively.

(3)

(4)

(5)

The income tax benefit recognized in the consolidated statements of comprehensive (loss) income for share-based compensation expenses is immaterial and the Company did not capitalize any of the share-based compensation expenses as part of the cost of any assets for the years ended December 31, 2023, 2024 and 2025, respectively.

Equity Incentive Plans

On August 8, 2014, the board of directors of the Company adopted the Company’s 2014 Equity Incentive Plan (“2014 Plan”) and reserved 20,000,000 ordinary shares for issuance under share options to be granted to employees, directors and consultants of the Group in its U.S. and PRC operations.

Before the Corporate Reorganization plan was formed and implemented, the Group intended to use API Investment Limited as the issuer in connection with the Group’s initial public offering. As such, in January 2019, the board of directors of API Investment Limited approved and adopted the 2018 Equity Incentive Plan (“2018 Plan”) to provide incentives to employees, directors and consultants of the Group and reserved 25,740,835 ordinary shares for issuance under share options to be granted under the 2018 Plan. The terms of the 2018 Plan adopted by API Investment Limited are substantively the same as the terms of the 2014 Plan adopted by the Company and the 2014 Plan was not terminated. However, in December 2019, management decided to instead use the Company as the issuer in connection with the Group’s initial public offering and in January 2020, as part of the Corporate Reorganization, the Company assumed from API Investment Limited, each option granted under the 2018 Plan. As a result, the options to purchase shares of API Investment Limited granted under the 2018 Plan became options to purchase shares of the Company, and the Company otherwise assumed the same obligations and duties in respect of such options while maintaining their respective terms and vesting schedules. This replacement of awards did not have any accounting consequence. In connection with the assumption, the 2018 Plan was terminated, and accordingly no further options will be available for issuance under the 2018 Plan. The 2018 Plan will continue to govern outstanding awards granted thereunder. The Company’s board of directors also resolved to amend the 2014 Plan to provide that the maximum number of shares of the Company which may be subject to awards granted under the 2014 Plan would be 34,613,165 ordinary shares minus the aggregate of (x) any shares issued pursuant to awards granted under the 2018 Plan prior to shareholder approval of the amendment and (y) any shares subject to share options or similar awards granted under the 2018 Plan outstanding as of the date of shareholder approval of the amendment.

At the end of June 2020, the board of directors approved and the Company adopted the Global Equity Incentive Plan (“Global Plan”). The terms of the Global Plan adopted by the Company are substantively the same as the terms of the 2014 Plan, which allows for the grant of non statutory share options, share appreciation rights, restricted shares, restricted share units, and performance awards to employees, directors and consultants and parent and subsidiary corporations’ employees and consultants. The 2014 Plan Plan will continue to govern the outstanding awards thereunder, while new award grants will be subject to the terms of the Global Plan.

During the year ended December 31, 2025, the Company granted to its employee various share options with service conditions and performance conditions under the Global Plan. Related compensation cost is not recognized until the performance condition becomes probable. If the performance condition is determined by management as probable, related compensation expense is recognized using the straight-line method over the estimated requisite service period during which the performance condition is expected to be satisfied.

Options have a contractual term of ten years from the grant date, and will generally vest over a period of two to ten years of continuous service.

The following table summarizes activities of the Company’s share options for the year ended December 31, 2025:

Equity Classified Share Options


	Number of Options			Weighted Average Exercise Price		Weighted-average Remaining Contractual Life		Aggregate Intrinsic Value		Weighted-average Grant Date Fair Value Per Share
				(US$)		In years		(US$)		In years
Outstanding at December 31, 2024		32,667,241			0.59		8.25		15,733,975		0.75
Granted		34,993,424			1.04						0.30
Exercised		(3,602,932	)		0.05				3,439,966
Forfeited		(617,245	)		0.63
Outstanding at December 31, 2025		63,440,488			0.87		7.85		13,528,733		0.47
Vested and expected to vest at December 31, 2025		63,440,488			0.87		7.85		13,528,733		0.47
Exercisable at December 31, 2025		13,222,724			0.15		4.81		11,751,270		1.20

The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the estimated fair value of the underlying shares of US$18.1 million, US$15.7 million and US$13.5 million as of December 31, 2023, 2024 and 2025, respectively.

The total fair value of share options vested during the years ended December 31, 2023, 2024 and 2025 were US$14.9 million, US$9.1 million and US$3.7 million, respectively. The share-based compensation expenses in relation to the share option recognized for the years ended December 31, 2023, 2024 and 2025 were US$11.2 million, US$6.8 million and US$3.6 million, respectively.

As of December 31, 2024 and 2025, there were US$6.4 million and US$12.6 million of unrecognized share-based compensation expenses related to share options granted by the Company, which were expected to be recognized over a remaining weighted-average vesting period of 3.5 and 4.0 years, respectively.


	Year Ended December 31,
	2023			2024			2025
Exercise price		US$0.10		US$0.0001-US$2.0			US$0.1-US$1.5
Fair value of the ordinary shares on the date of option grant	US$0.4950 - US$0.6375			US$0.4575 - US$1.0400			US$0.5500 - US$0.9600
Risk-free interest rate(1)	3.48% - 4.80%			3.94% - 4.57%			4.14% - 4.66%
Expected term (in years)		10			10		8 - 10
Expected dividend yield(2)		0	%		0	%		0	%
Expected volatility(3)	55.18% - 56.32%			43.27% - 56.21%			41.68% - 45.25%
Expected forfeiture rate (post-vesting)		3	%	3%, 10%				10	%

(1)

(2)

The Company has no history or expectation of paying dividends on its ordinary shares.

(3)

Expected volatility is estimated based on the average of historical volatilities of the comparable companies in the same industry and the Company itself as at the valuation dates.

Restricted Shares

Granted by the Company

On December 16, 2013, the Company’s board of directors issued 30,800,000, 15,000,000 and 77,000,000 ordinary shares subject to certain restrictions to VoiceCrew Holdings Limited, management personnel and Sounds of Nature Limited, respectively. The 15,000,000 ordinary shares were held by VoiceCrew Holdings Limited on behalf of the management personnel. VoiceCrew Holdings Limited and Sounds of Nature Limited are both entities controlled by the Founder.

The restricted shares to the Founder-controlled entities and 5,000,000 of the restricted shares to the management personnel were released in accordance with the following schedule: (1) 25% of such restricted shares to the Founder shall be released from the restriction on the first anniversary of December 16, 2013; and (2) the remaining restricted shares shall be released in 36 equal monthly installments commencing from the first anniversary of the December 16, 2013, provided that in each case that the holder remains as an employee on a continuing full time basis of any Group entity as of the date of such respective release.

10 million of the restricted shares to the management personnel shall be released in accordance with the following schedule: (1) 25% of such restricted shares shall be released from the restriction on the first anniversary from November 7, 2014; and (2) the remaining restricted shares shall be released in 36 equal monthly installments commencing on November 7, 2015, as long as each holder remained a continuing full-time employee of any Group entity as of the date of such respective release

On May 18, 2017, the Company entered into an amended restricted shares agreement with VoiceCrew Limited, Soundscape Limited and the management personnel to extend the releasing period for unvested shares to be released monthly over another three years from May 18, 2017, provided that in each case the holder remains as an employee on a continuing full time basis of any Group entity as of the date of such respective release.

In connection with the Historical Reorganization and the Corporate Reorganization, the above mentioned restricted shares were swapped to API Investment Limited in December 2014, and swapped back to the Company in January 2020. There were no changes to the terms and conditions of the restricted shares arrangement and hence there was no accounting impact.

Among all the shares granted to the management personnel, a portion of the awards totaling 500,000 shares contained repurchase obligations by the Company such that a holder could request the Company to repurchase their share options upon an unsuccessful IPO or acquisition by another company by December 31, 2018 at the fair market value on the request date. This repurchase clause was provided within the restricted shares agreement to this group of management personnel to incentivize special contributions to the business and therefore the portion of the awards subject to the repurchase obligation were liability-classified awards.

In April 2019, the Company repurchased 100,000 restricted shares subject to repurchase obligation but already vested by then from the management personnel for a total consideration of US$0.1 million. The repurchase right was also waived and terminated by the grantee for the remaining 400,000 shares originally subject to repurchase. Accordingly, the classification of the liability-classified awards for the un-repurchased portion changed back to be equity-classified, and the share-based award liability related to unvested restricted shares were reclassified to additional paid-in capital on the modification date. There was no other accounting impact as a result of the repurchase and termination of repurchase right on remaining portion.

The share-based compensation expenses in relation to the restricted shares granted by the Company recognized for the years ended December 31, 2023, 2024 and 2025 were reversal of US$0.8 million primarily due to certain employees’ failure to meet the service condition, nil and nil, respectively.

Granted by the Founder

From the years of 2015 to 2019, the Founder further granted his restricted shares that were vested from VoiceCrew Limited to select management employees of the Group. Restricted shares agreements were signed with the management employees in consideration of their continuing employment with the Group.

The restricted shares to the management employees will be further released over a period of four years of continuous service, 25% of which vest upon the first anniversary of the stated vesting commencement date and the remaining vest ratably over the following 36 months.

The share-based compensation expenses in relation to the restricted shares granted by the Founder recognized for the years ended December 31, 2023, 2024 and 2025 were US$0.1 million, nil and nil, respectively.

Restricted Share Units

Granted by the Company

A restricted share unit (“RSU”) generally vest over a period of two to ten years of continuous service.

During the year ended December 31, 2025, the Company granted to its employee various RSUs with service conditions and market conditions under the Global Plan.


	Year Ended December 31,
	2025
Weighted average share price		US$0.8250
Expected volatility(1)		45.72	%
Expected life (years)		6
Risk-free interest rate(2)		3.91	%
Expected dividend yield(3)		0	%

(1)

Expected volatility is estimated based on the average of historical volatilities of the comparable companies in the same industry and the Company itself as at the valuation dates.

(2)

The risk-free interest rate of periods within the contractual life of the RSU is based on the market yield of the U.S. treasury bonds with a maturity life equal to the expected life to expiration.

(3)

The Company has no history or expectation of paying dividends on its ordinary shares.

The following table summarizes the RSU activities:


	Numbers of Shares			Weighted-average Grant Date Fair Value Per Share
				(US$)
Outstanding at December 31, 2024		21,392,760			0.60
Granted		14,917,524			0.44
Vested		(3,199,096	)		0.76
Forfeited		(405,546	)		0.73
Outstanding at December 31, 2025		32,705,642			0.52

The share-based compensation expenses in relation to the restricted share units granted by the Company recognized for the years ended December 31, 2023, 2024 and 2025 were US$11.5 million, US$15.6 million and US$2.4 million, respectively.

As of December 31, 2023, 2024 and 2025, there were US$25.7 million, US$10.9 million and US$14.8 million unrecognized share-based compensation expenses related to restricted share units, which is expected to be recognized over a weighted-average period of 6.1, 7.7 and 6.6 years.

Venture Partners Plan

In November 2020, the Company adopted and board of directors approved the Venture Partners Plan (“VPP Program”) as a complement to the current bonus and equity incentive plans.

Under the VPP Program, the Company grants VPPs to employees, consultants and directors to participate in the program; the VPPs will be converted to and paid out in cash or settled in shares at the discretion of the Company. The VPP Program is administered by the compensation committee of the board of directors or any personnel appointed by the compensation committee (“administrator”). The administrator has the authority and discretion necessary or appropriate to administer the VPP Program and to control its operation, including determining the adjusted profits for each performance year which will be allocated as the annual shared profit and the accumulated retained profit (if any), determining the method and timing of settlement. The compensation committee of the board of directors may, at any time, amend, alter, suspend or terminate the VPP Program.

The VPP Program stipulates that a participant is entitled to the annual shared profit contingent on their service through the annual performance period. While the annual shared profit is typically settled in the year following the performance year, the accumulated retained profit will be settled at a future period that is determined by the administrator.

As of December 31, 2024, US$0.2 million out of the liability awards for the 2023 performance year have been settled in the form of share options with a zero-dollar exercise price that vested immediately upon the settlement date, and US$ 2.7 million out of the liability awards for the 2023 performance year have been settled in the form of cash, with the US$0.3 million reversed in relation to liability awards to be settled in the form of share options due to the overall performance of the Company. For the year ended December 31, 2024, US$2.0 million and US$0.6 million were recorded in relation to the program for the 2024 performance year for liability awards to be settled in the form of cash and share options, respectively, and there is nil estimated unrecognized share-based compensation expenses related to the 2024 program for liability awards to be settled in the form of share options.

As of December 31, 2025, US$0.2 million out of the liability awards for the 2024 performance year have been settled in the form of share options with a zero-dollar exercise price that vested immediately upon the settlement date, and US$2.1 million out of the liability awards for the 2024 performance year have been settled in the form of cash, with the US$0.4 million reversed in relation to liability awards to be settled in the form of share options due to the overall performance of the Company. For the year ended December 31, 2025, US$2.7 million and nil were recorded in relation to the program for the 2025 performance year, and there is nil estimated unrecognized share-based compensation expenses related to the 2025 program for liability awards to be settled in the form of share options.

Intangible Assets, Net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangible Assets, net

Intangible asset is comprised of following:


			As of December 31, 2024							As of December 31, 2025
	Weighted average amortization period		Cost		Accumulated Amortization			Net		Cost		Accumulated Amortization			Net
	(in years)		(in US$ thousands)							(in US$ thousands)
Developed technology (Note 3)		5	$	2,575	$	(1,985	)	$	590	$	2,575	$	(2,496	)	$	79
Customer relationships (Note 3)		3		2,600		(2,600	)		—		2,600		(2,600	)		—
Others		5		308		(287	)		21		308		(291	)		17
Total		4	$	5,483	$	(4,872	)	$	611	$	5,483	$	(5,387	)	$	96

Amortization expense were US$1.4 million, US$0.7 million and US$0.5 million for the years ended December 31, 2023, 2024 and 2025, respectively. As of December 31, 2025, the Company will record estimated amortization expenses of US$0.1 million for the year ending December 31, 2026.

Employee Benefits	12 Months Ended
Employee Benefits	Dec. 31, 2025
Compensation Related Costs [Abstract]
Employee Benefits	18. Employee Benefits The full-time employees of the Company’s subsidiaries and the VIEs that are incorporated in the PRC are entitled to staff welfare benefits including medical insurance, basic pensions, unemployment insurance, work injury insurance, maternity insurance and housing funds. These companies are required to contribute to these benefits based on certain percentages of the employees’ salaries in accordance with the relevant regulations and charge the amount contributed to these benefits to the consolidated statements of comprehensive (loss) income. The total amounts charged to the consolidated statements of comprehensive (loss) income for such employee benefits amounted to US$11.4 million, US$10.3 million and US$8.3 million for the years ended December 31, 2023, 2024 and 2025, respectively. The PRC government is responsible for the welfare and medical benefits and ultimate pension liability to these employees.

Share-based Compensation - Assumption used in the measurement of the fair value (Details) - Employee Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		10 years	10 years
Expected dividend yield	0.00%	0.00%	0.00%
Monte Carlo Simulation Model
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average share price	$ 0.825
Expected volatility	45.72%
Expected term (in years)	6 years
Risk-free interest rate	3.91%
Expected dividend yield	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Class A	Common Class B	Ordinary shares Common Class A	Ordinary shares Common Class A Restricted Stock Units (RSUs)	Ordinary shares Common Class B	Treasury Stock [Member]	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2022				386,297,589		76,179,938
Beginning balance at Dec. 31, 2022	$ 728,260			$ 39		$ 8	$ (41,815)	$ 1,134,704	$ (7,994)	$ (356,682)
Treasury shares at cost (in shares) at Dec. 31, 2022							(35,839,004)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted shares and RSUs	152						$ 9,415	(9,263)
Vesting of restricted shares and RSUs (in shares)					3,048,212		5,469,616
Share-based compensation expense (Note 17)	21,901							21,901
Net Income (Loss)	(87,219)									(87,219)
Foreign currency translation adjustments	(3,418)								(3,418)
Settlement of VPP	3,791							3,791
Share repurchase (Note 16) (in shares)							(77,984,836)
Share repurchase (Note 16)	(62,441)						$ (62,441)
Unrealized gain on debt securities	1,385								1,385
Exercise of options (in shares)				1,978,416			9,658,772
Exercise of options	2,338						$ 15,125	(12,787)
Treasury shares at cost (in shares) at Dec. 31, 2023							(98,695,452)
Ending balance (in shares) at Dec. 31, 2023				391,324,217		76,179,938
Ending balance at Dec. 31, 2023	604,749			$ 39		$ 8	$ (79,716)	1,138,346	(10,027)	(443,901)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted shares and RSUs							$ 4,401	(4,401)
Vesting of restricted shares and RSUs (in shares)							5,073,672
Share-based compensation expense (Note 17)	22,397							22,397
Net Income (Loss)	(42,727)									(42,727)
Foreign currency translation adjustments	(2,230)								(2,230)
Settlement of VPP	248							248
Share repurchase (Note 16) (in shares)							(16,805,024)
Share repurchase (Note 16)	(10,929)						$ (10,929)
Exercise of options (in shares)				1,052,000			15,207,180
Exercise of options	1,153						$ 13,505	(12,352)
Treasury shares at cost (in shares) at Dec. 31, 2024							(95,219,624)
Treasury shares at cost, value at Dec. 31, 2024	$ (72,739)
Ending balance (in shares) at Dec. 31, 2024	373,336,531	297,156,593	76,179,938	392,376,217		76,179,938
Ending balance at Dec. 31, 2024	$ 572,661			$ 39		$ 8	$ (72,739)	1,144,238	(12,257)	(486,628)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted shares and RSUs							$ 1,436	(1,436)
Vesting of restricted shares and RSUs (in shares)					1,775,768		1,423,328
Share-based compensation expense (Note 17)	5,936							5,936
Net Income (Loss)	9,528									9,528
Foreign currency translation adjustments	2,270								2,270
Settlement of VPP	210							210
Share repurchase (Note 16) (in shares)							(31,539,296)
Share repurchase (Note 16)	$ (27,962)						$ (27,962)
Exercise of options (in shares)	3,602,932			287,096			3,981,344
Exercise of options	$ 205						$ 4,027	(3,822)
Treasury shares at cost (in shares) at Dec. 31, 2025							(121,354,248)
Treasury shares at cost, value at Dec. 31, 2025	$ (95,238)
Ending balance (in shares) at Dec. 31, 2025	349,264,771	273,084,833	76,179,938	394,439,081		76,179,938
Ending balance at Dec. 31, 2025	$ 562,848			$ 39		$ 8	$ (95,238)	$ 1,145,126	$ (9,987)	$ (477,100)

Goodwill - Narrative (Details) $ in Thousands	12 Months Ended
Goodwill - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill [Line Items]
Impairment of goodwill	$ 31,928

- Definition

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Taxes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Individual income tax withholding	$ 612	$ 1,332
VAT payable	56	742
Other taxes payable	28	78
Corporate income taxes payable	0	58
Taxes payable	$ 696	$ 2,210

Restricted Net Assets

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Restricted Net Assets

24.

Restricted Net Assets

Relevant PRC laws and regulations permit payments of dividends by the Group’s subsidiaries incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Group’s subsidiaries in the PRC are required to annually appropriate 10% of their net after-tax income to the statutory general reserve fund prior to payment of any dividends, unless such reserve funds have reached 50% of their respective registered capital. As a result of these and other restrictions under PRC laws and regulations, the Group’s subsidiaries incorporated in the PRC are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances.

There are no significant differences between U.S. GAAP and PRC accounting standards in connection with the reported net assets of the legally owned subsidiaries in the PRC. Even though the Company currently does not require any such dividends, loans or advances from the PRC entities for working capital and other funding purposes, the Company may in the future require additional cash resources from them due to changes in business conditions, to fund future acquisitions and development, or merely to declare and pay dividends or distributions to our shareholders. Except for the above, there is no other restriction on use of proceeds generated by the Group’s subsidiaries to satisfy any obligations of the Company.

As of December 31, 2025, the total restricted net assets of the Company’s subsidiaries incorporated in the PRC and subjected to restriction amounted to US$192.4 million.

Leases - summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Cash paid for fixed operating lease costs included in the measurement of lease obligations in operating activities	$ 2,163	$ 2,878	$ 2,649
Right-of-use assets obtained in exchange for operating lease obligations	$ 90	$ 2,325	$ 4,588

Organization and Nature of Operations - Summary Of Principal Subsidiaries (Detail)	12 Months Ended
	Dec. 31, 2025
Agora Lab, Inc.
Disclosure Of Major Subsidiaries And Variable Interest Entities [Line Items]
Date of Incorporation	Jan. 13, 2014
Percentage of direct/indirect economic interest	100.00%
Principal Activities	Provision of RTE-PaaS services
Place Of Incorporation	California, United States
ShengWang Hongkong Limited
Disclosure Of Major Subsidiaries And Variable Interest Entities [Line Items]
Date of Incorporation	Dec. 12, 2014
Percentage of direct/indirect economic interest	100.00%
Principal Activities	Provision of RTE-PaaS services
Place Of Incorporation	Hong Kong
Shanghai Jiyin Network Technology Co., Ltd. ("Jiyin")
Disclosure Of Major Subsidiaries And Variable Interest Entities [Line Items]
Date of Incorporation	May 26, 2020
Percentage of direct/indirect economic interest	100.00%
Principal Activities	Provision of RTE-PaaS services
Place Of Incorporation	PRC
Agora IO Singapore PTE. Ltd.
Disclosure Of Major Subsidiaries And Variable Interest Entities [Line Items]
Date of Incorporation	Nov. 04, 2020
Percentage of direct/indirect economic interest	100.00%
Principal Activities	Provision of RTE-PaaS services
Place Of Incorporation	Singapore
Agora (Shanghai) Technology Co., LTD
Disclosure Of Major Subsidiaries And Variable Interest Entities [Line Items]
Date of Incorporation	Feb. 06, 2023
Percentage of direct/indirect economic interest	100.00%
Principal Activities, VIEs	Research and development
Place Of Incorporation	RPC
Shanghai Shengshi Chuangtuo Construction and Development Co., Ltd ("Shengshi")
Disclosure Of Major Subsidiaries And Variable Interest Entities [Line Items]
Date of Incorporation	Jul. 29, 2022
Percentage of direct/indirect economic interest	100.00%
Principal Activities, VIEs	Construction of headquarters project
Place Of Incorporation	PRC

Income Taxes - Valuation Allowance Activity (Details) - SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Asset, Valuation Allowance [Roll Forward]
Valuation allowance, beginning balance	$ (53,593)	$ (47,507)	$ (54,273)
Addition in current year	(4,361)	(7,626)	(9,784)
Reversal in current year	2,285	1,540	16,550
Decrease in valuation allowance related to the disposal of subsidiaries	6,590
Valuation allowance, ending balance	$ (49,079)	$ (53,593)	$ (47,507)

Restricted Cash - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 200	$ 3,745
Secured deposits for a letter of credit
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	200	267
Secured deposits in relation to the headquarter project
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 0	$ 3,478

Commitment and Contingencies - Contractual Purchase Commitments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2025	$ 44,596

Long-term Borrowings in relation to the Headquarters Project - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Long-term borrowings	$ 80,420		$ 46,469
Loan Agreement \| Shanghai Pudong Development Bank
Debt Instrument [Line Items]
Principal amount of loan \| ¥		¥ 1,270,000,000
Repayment term of loan	repayable from 2028 to 2043
Interest rate term of loan	The bearing interest rate of the long-term borrowings is based on loan prime rate published by the People's Bank of China minus 95 basis
Long-term borrowings	$ 80,400
Beginning due date of loan	Dec. 31, 2028
Security amount of loan	$ 161,600
Loan Agreement \| Shanghai Pudong Development Bank \| Prime Rate
Debt Instrument [Line Items]
Interest rate percentage of loan		0.95%

Income Taxes - Pre-tax (Loss) Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Pre-tax loss from PRC entities	$ (15,077)	$ (33,931)	$ (49,309)
Pre-tax (loss) income from non-PRC entities	24,960	(5,059)	(37,457)
Total pre-tax (loss) income	$ 9,883	$ (38,990)	$ (86,766)

Employee Benefits (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefits (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Compensation Related Costs [Abstract]
Employee benefits	$ 8.3	$ 10.3	$ 11.4

Basic and Diluted Net (Loss) Income per Share -Earnings Per Share Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net (loss) income attributable to Agora, Inc.'s ordinary shareholders - basic	$ 9,528	$ (42,727)	$ (87,219)
Net (loss) income attributable to Agora, Inc.'s ordinary shareholders - diluted	$ 9,528	$ (42,727)	$ (87,219)
Denominator:
Weighted-average ordinary shares outstanding- basic	367,898,081	373,122,317	398,384,385
Weighted-average ordinary shares outstanding- diluted	395,420,348	373,122,317	398,384,385
Basic (loss) income per share	$ 0.03	$ (0.11)	$ (0.22)
Diluted (loss) income per share	$ 0.02	$ (0.11)	$ (0.22)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 9
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
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-SubTopic 10
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-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Name Accounting Standards Codification
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-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

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-Topic 250
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Other Non-current Assets

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Non-current Assets

12.

Other Non-current Assets

Other non-current assets consisted of the following:


	As of December 31,
	2024		2025
	(in US$ thousands)
Prepayment in relation to the headquarters project	$	12,025	$	7,129
Long-term VAT recoverable		2,737		5,505
Long-term interest receivables		1,411		4,366
Deferred financing costs		—		2,035
Long-term deposit		693		646
Equipment in-transit		58		101
Prepayment for long-term investment		1,844	—
Others		188		16
Other non-current assets	$	18,956	$	19,798

Additional Information - Condensed Financial Statements of The Parent Company - Condensed Balance Sheets (Parenthetical) (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock shares issued	470,619,019	468,556,155
Common stock shares outstanding	349,264,771	373,336,531
Common Class A
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock par or stated value per share	$ 0.0001	$ 0.0001
Common stock shares authorized	820,000,000	820,000,000
Common stock shares issued	394,439,081	392,376,217
Common stock shares outstanding	273,084,833	297,156,593
Common Class B
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock par or stated value per share	$ 0.0001	$ 0.0001
Common stock shares authorized	76,179,938	76,179,938
Common stock shares issued	76,179,938	76,179,938
Common stock shares outstanding	76,179,938	76,179,938
Parent Company \| Common Class A
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock par or stated value per share	$ 0.0001	$ 0.0001
Common stock shares authorized	820,000,000	820,000,000
Common stock shares issued	394,439,081	392,376,217
Common stock shares outstanding	273,084,833	297,156,593
Parent Company \| Common Class B
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock par or stated value per share	$ 0.0001	$ 0.0001
Common stock shares authorized	76,179,938	76,179,938
Common stock shares issued	76,179,938	76,179,938
Common stock shares outstanding	76,179,938	76,179,938

ITEM 16K. CYBERSECURITY