Agora, Inc. Q2 2025 Earnings: Conversational AI and Financial Update

Agora, Inc. Q2 2025 Earnings: Conversational AI and Financial Update

• 1. Agora, Inc. 2025 Q2 Earnings August 18, 2025

• 2. Agora, Inc. Information in this presentation contains forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this presentation are forward-looking statements, including but not limited to statements regarding Agora, Inc.’s financial outlook, beliefs and expectations. Forward-looking statements include statements containing words such as “expect,” “anticipate,” “believe,” “project,” “will” and similar expressions intended to identify forward-looking statements. These forward-looking statements are based on Agora, Inc.’s current expectations and involve risks and uncertainties. Agora, Inc.’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to the growth of the RTE-PaaS market; Agora, Inc.’s ability to manage its growth and expand its operations; Agora, Inc.’s ability to attract new developers and convert them into customers; Agora, Inc.’s ability to retain existing customers and expand their usage of Agora, Inc.’s platform and products; Agora, Inc.’s ability to drive popularity of existing use cases and enable new use cases, including through quality enhancements and introduction of new products, features and functionalities; Agora, Inc.’s fluctuating operating results; competition; the effect of broader technological and market trends on Agora, Inc.’s business and prospects; general economic conditions and their impact on customer and end-user demand; and other risks and uncertainties included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including, without limitation, the final prospectus related to the IPO filed with the SEC on June 26, 2020. Our SEC filings are available on our Investor Relations website at investor.agora.io and on the SEC’s website at www.sec.gov. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements, which speak only as of the date hereof. If this presentation is reviewed after the date hereof, even if made available by us, on our website or otherwise, it may not contain current or accurate information. We disclaim any obligation to update or revise any forward-looking statement based on new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement, and Agora, Inc. undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof. Unless otherwise indicated, all references in this presentation to the “Company,” “we,” “our,” “us” or similar terms refer to Agora, Inc. and its subsidiaries, and “Agora” refers to the U.S. and international businesses and “Shengwang” refers to the China business. 2 Disclaimer

• 3. Agora, Inc. Business Highlights

• 4. Agora, Inc. 4 Conversational AI Engine Latest Upgrade with New Features STT Any LLM Any TTS Text Text User User Voice Agent Voice Chained Model AI Noise Suppression Automatic Echo Cancelation Intelligent Interruption Handling SD-RTN SD-RTN Functionality provided by us Functionality provided by customer/3rd party Advanced Attention Locking Real-time Vision Understanding Interactive Avatars NewNewNew

• 5. Agora, Inc. 5 Conversational AI Engine Latest Upgrade with New Features Advanced Attention Locking Real-time Vision Understanding Interactive Avatars

• 6. Agora, Inc. 6 Conversational AI Engine at World AI Conference

• 7. Agora, Inc. 7 Launch of Convo AI Benchmark Arena Component Latency Benchmark Arena Overall Latency Benchmark Arena

• 8. Agora, Inc. 2025 Q2 Financial Update

• 9. Agora, Inc. 9 Growing Customer Base ACTIVE CUSTOMERS (1)(2) Notes: (1) An active customer at the end of the period is an organization or individual developer from which we generated more than US$100 of revenue during the preceding 12 months, based on unique customer account identifiers. (2) The numbers for Shengwang excluded Easemob. 1,672 1,762 1,723 1,806 1,880 1,970 1,969 1,979 1,994 1,997 3,642 3,731 3,702 3,800 3,877 Jun 24 Sep 24 Dec 24 Mar 25 Jun 25 Agora Shengwang

• 10. Agora, Inc. $15.6 $15.7 $17.4 $18.6 $18.2 $15.3 $15.9 $17.1 $14.7 $16.1 $3.3 $34.2 $31.6 $34.5 $33.3 $34.3 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3E Agora Shengwang - Continuing Shengwang - End-of-sale products 10 Group Revenues TOTAL REVENUES in US$M $34.0~$36.0 Notes: 1. Excluded revenues from certain end-of-sale products. YoY Growth(1) -1.6% -3.1% 3.6% 12.1% 11.0% 7.6% - 13.9%

• 11. Agora, Inc. 11 AGORA REVENUES in US$M SHENGWANG REVENUES (1) in RMB Millions Revenues by Division USD/RMB 7.11 7.12 7.16 7.18 7.19 In US$M $15.3 $15.9 $17.1 $14.7 $16.1 Notes: 1. Shengwang revenues excluded contribution from certain end-of-sale products. $15.6 $15.7 $17.4 $18.6 $18.2 24Q2 24Q3 24Q4 25Q1 25Q2 ¥108.2 ¥112.9 ¥122.2 ¥105.5 ¥115.5 24Q2 24Q3 24Q4 25Q1 25Q2

• 12. Agora, Inc. 12 Net Retention Rate DOLLAR–BASED NET RETENTION RATE (1)(2) Notes: 1. We calculate Dollar-Based Net Retention Rate for a trailing 12-month period by first identifying all customers in the prior 12-month period, and then calculating the quotient from dividing the revenue generated from such customers in the trailing 12-month period by the revenue generated from the same group of customers in the prior 12-month period. 2. The numbers for Shengwang excluded revenues from the divested Easemob customer engagement cloud business. 3. The number for Shengwang excluded revenues from certain end-of-sale products. Jun 24 Sep 24 (3) Dec 24 (3) Mar 25 (3) Jun 25 (3) Agora 92% 94% 95% 96% 97% Shengwang 79% 78% 79% 85% 87%

• 13. Agora, Inc. 13 Gross Profit and Margin 24Q2 24Q3 24Q4 25Q1 25Q2 Revenues 34.2 31.6 34.5 33.3 34.3 - Continuing business 30.9 31.6 34.5 33.3 34.3 - End-of-sale products 3.3 - - - - Gross profit 21.2 21.0 22.9 22.6 22.9 - Continuing business 21.0 21.0 22.9 22.6 22.9 - End-of-sale products 0.2 - - - - Gross margin 62.0% 66.7% 66.6% 68.0% 66.8% - Continuing business 68.0% 66.7% 66.6% 68.0% 66.8% - End-of-sale products 6.7% N/A N/A N/A N/A TOTAL REVENUES, GROSS PROFIT AND GROSS MARGIN in US$M; as % of Total Revenues

• 14. Agora, Inc. $18.1 $16.6 $14.8 $14.0 $14.0 $6.3 $6.2 $7.3 $6.2 $6.5 $8.2 $7.3 $6.4 $6.2 $6.0 $32.6 $30.1 $28.5 $26.5 $26.5 95.3% 95.2% 82.7% 79.5% 77.4% 24Q2 24Q3PF 24Q4 25Q1 25Q2 Research & Development Sales & Marketing General & Administrative 14 Operating Expenses OPERATING EXPENSES in US$M; as % of Total Revenues Notes: 1. Proforma numbers excluded equity award cancellation expenses and severance expenses. (1)

• 15. Agora, Inc. ($9.2) ($3.9) $0.2 $0.4 $1.5 (27.0%) (12.4%) 0.5% 1.2% 4.3% 24Q2 24Q3PF 24Q4 25Q1 25Q2 Net Income (Loss) Net Income (Loss) Margin ($11.1) ($8.5) ($4.9) ($3.7) ($3.1) (32.5%) (27.0%) (14.2%) (11.1%) (9.1%) 24Q2 24Q3PF 24Q4 25Q1 25Q2 Loss from Operations Loss from Operations Margin 15 Income/(Loss) Loss from Operations in US$M Notes: 1. Proforma numbers excluded equity award cancellation expenses, severance expenses and losses from equity in affiliates Net Income (Loss) in US$M (1) (1)

• 16. Agora, Inc. 566 82 50 1 Current liabilities Non-current liabilities Total equity 17 32 71 160 41 377 1 Cash, cash equivalent, bank deposits and financial products issued by banks Other current assets Land use right Construction in progress and prepayments in relation to the headquarters project Long-term investments Other non-current assets 16 Balance Sheet BALANCE SHEETS SNAPSHOT AS OF JUNE 30, 2025 in US$M Cash & cash equivalents 40 Short-term bank deposits 35 Short-term financial products issued by banks 61 Long-term bank deposits 189 Long-term financial products issued by banks 52 Total 377

• 17. Agora, Inc. Share Repurchase Program 17 Notes: 1. Number in American Depositary Shares (ADSs). One ADS represents four Class A ordinary shares. 2. Total ADSs outstanding at period end in million 3. Including cash, cash equivalents, bank deposits and financial products issued by banks TOTAL ADSs (1) OUTSTANDING (2) AND CASH (3) PER ADS VALUE OF SHARES REPURCHASED in US$M 111.4 106.7 102.2 97.5 94.3 92.2 92.1 92.0 92.1 93.3 93.5 90.7 $4.28 $4.24 $4.08 $4.01 $3.96 $4.03 $4.13 $4.03 $3.94 $3.90 $4.15 $4.15 Sep 22 Dec 22 Mar 23 Jun 23 Sep 23 Dec 23 Mar 24 Jun 24 Sep 24 Dec 24 Mar 25 Jun 25 Total ADSs outstanding Cash per ADS $3.5 $18.6 $19.5 $20.7 $12.3 $10.0 $3.2 $2.4 $3.9 $1.4 $1.2 $10.8 Sep 22 Dec 22 Mar 23 Jun 23 Sep 23 Dec 23 Mar 24 Jun 24 Sep 24 Dec 24 Mar 25 Jun 25 $127.2 million worth of shares repurchased in total

• 18. Agora, Inc. Appendix

• 19. Agora, Inc. 19 Global pioneer and leader in Real-Time Engagement Platform-as-a-Service (“RTE-PaaS”) Who We Are Who We Serve Software developers Provide a cloud service that enables real-time video and audio engagement in any App What We Do

• 20. Agora, Inc. 20 Global Presence Shanghai, China Santa Clara, U.S. Agora Headquarters Santa Clara, U.S. (2013-Present) Shengwang Headquarters Shanghai, China (2014-Present) Agora, Inc. (NASDAQ: API)

• 21. Agora, Inc. Software Development Kit (SDK) Software-Defined Real-Time Network (SD-RTN) Core Products Extensions Application Platforms Real-Time Engagement Platform-as-a-Service Flexible Classroom (Low-code) App Builder (No-code) Interactive Recording Whiteboard Our Platform Extensions Marketplace 21 Interactive Live Streaming Broadcast Chat Streaming Signaling Voice Calling Video Calling Real-time Speech to Text Conversational AI Engine ConvoAI Device Kit

• 22. Agora, Inc. 22 SD-RTN and SDK End User Application End User Application End User Application SDK SDK SDK Software-Defined Real-Time Network (SD-RTN) Source / Channel Encoding Capture Preprocessing Playback Channel / Source Decoding Postprocessing SDK End User Application Software Development Kit (SDK) (Receiver Device) Software Development Kit (SDK) (Sender Device) Running on more than 200 co-located data centers worldwide

• 23. Agora, Inc. 23 Market Leadership 0 2,000 4,000 6,000 8,000 10,000 Competitor A Competitor B Competitor C Competitor D Global Unique Apps with Real-time Audio and Video SDK Installed Notes: Number of unique apps with real-time audio and video SDK installed worldwide as of September 30, 2024, ranked by SDK vendor. Source: data.ai (previously App Annie)

• 24. Agora, Inc. Convo AI Engine 24 Conversational AI Engine Source: Andreessen Horowitz, “AI Voice Agents: 2025 Update” Ultra-low latency; Network coverage; Noise suppression Intelligent pause / interruption handling; Selective attention In-house and 3rd-party TTS

• 25. Agora, Inc. 25 Agora is Recommended by OpenAI to Provide Audio Infra Capabilities Source: OpenAI, https://openai.com/index/introducing-the-realtime-api/

• 26. Agora, Inc. 26 Investment Thesis for Agora, Inc. Undisputed leader in RTE technology worldwide endorsed by most techsavvy customers and partners such as OpenAI Uniquely positioned to provide critical infrastructure for building voicebased AI agents Achieved GAAP profitability since Q4 2024 and committed to full year GAAP profitability for 2025 Strong balance sheet with >$4 cash per share and solid share repurchase practice A truly global company with balanced revenue from US, China, and rest of the world

• 27. Agora, Inc. Thank you