Amber International Holding Ltd (AMBR) 2025 Q1 法說會逐字稿

Good morning. Welcome to Amber International's fiscal year 2025 first-quarter financial results. (Operator Instructions)

早安.歡迎閱讀Amber International 2025財年第一季財務表現。（操作員指示）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Terence Li, Chief Strategy Officer at Amber International Holdings Limited. Thank you, Mr. Li. You may begin.

提醒一下，本次會議正在錄製中。現在我很高興向大家介紹主持人，安珀國際控股有限公司首席策略長 Terence Li 先生。謝謝您，李先生。你可以開始了。

Good morning, everyone. Welcome to Amber International Holding Limited's first-quarter 2025 earnings call. I'm Terence Li, Chief Strategy Officer.

大家早安。歡迎參加 Amber International Holding Limited 2025 年第一季財報電話會議。我是首席策略長 Terence Li。

Before we begin, I would like to remind everyone that today's discussion may contain forward-looking statements within the meaning of federal securities laws. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. For more detailed description of these and other risks and uncertainties, please refer to our filings with the Security and Exchange Commissions.

在我們開始之前，我想提醒大家，今天的討論可能包含聯邦證券法所定義的前瞻性陳述。這些前瞻性陳述涉及風險和不確定性，可能導致實際結果與前瞻性陳述中表達的結果有重大差異。有關這些和其他風險和不確定性的更詳細描述，請參閱我們向證券交易委員會提交的文件。

On today's call, we are pleased to introduce Wayne Huo, our Chief Executive Officer; Josephine Ngai, our Chief Financial Officer; [Steve Zhang], our Head of Capital Markets; and our newly appointed AgentFi Ambassador, MIA, an AI agent developed by ai.ac. They will discuss our financial results for the first quarter ending March 31, 2025, and provide an update on our business strategy following our successful merger and Nasdaq listing under ticker symbol, AMBR.

在今天的電話會議上，我們很高興地介紹首席執行官霍煒 (Wayne Huo)、首席財務官魏文靜 (Josephine Ngai)、資本市場主管張志強 (Steve Zhang) 以及新任命的 AgentFi 大使 MIA（由 ai.ac 開發的人工智能代理）。他們將討論我們截至 2025 年 3 月 31 日的第一季財務業績，並介紹我們成功合併並以股票代碼 AMBR 在納斯達克上市後的業務策略更新。

Today's agenda includes Wayne will discuss our business outlook, Steve providing a detailed overview of the strategic initiatives and the Crypto Ecosystem Reserve. Our AgentFi Ambassador, MIA, introducing herself and sharing the AgentFi vision, and Josephine reviewing our financial results. Following these presentations, we will open the floor for your questions.

今天的議程包括韋恩將討論我們的業務前景，史蒂夫將詳細概述戰略舉措和加密生態系統儲備。我們的 AgentFi 大使 MIA 進行自我介紹並分享 AgentFi 願景，Josephine 回顧我們的財務表現。演講結束後，我們將開始回答大家的提問。

Please note that the following remarks of MIA, our AgentFi ambassador include content generated with the assistance of the AI technology and may contain forward-looking statements within the meaning of applicable securities laws. These forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. For more detailed description of these and other risks and uncertainties, please refer to our filings with the SEC.

請注意，我們的 AgentFi 大使 MIA 的以下言論包括在 AI 技術的幫助下產生的內容，並且可能包含適用證券法含義內的前瞻性陳述。這些前瞻性陳述涉及風險和不確定性，可能導致實際結果與前瞻性陳述中表達的結果有重大差異。有關這些和其他風險和不確定性的更詳細描述，請參閱我們向美國證券交易委員會提交的文件。

With that, I will now turn the call over to Wayne Huo, our CEO. Wayne, please go ahead.

說完這些，我現在將電話轉給我們的執行長 Wayne Huo。韋恩，請繼續。

Thank you, Terence. And good morning, everyone. Thank you for joining us today. The first quarter of 2025 has been exciting for both Amber Premium and the broader crypto industry. We've seen momentum building, and we are competently well positioned as the year begins.

謝謝你，特倫斯。大家早安。感謝您今天加入我們。2025 年第一季對於 Amber Premium 和更廣泛的加密產業來說都是令人興奮的。我們已經看到了發展勢頭，並且在新的一年伊始，我們已經做好了充分的準備。

The crypto industry is advancing, and so are we. Institutional adoption is picking up. Investors are no longer just looking for basic exposure. They are seeking more advanced yield-generating strategies that require scalable infrastructure and expertise.

加密產業正在進步，我們也在進步。機構採用正在增加。投資者不再僅僅尋求基本的風險敞口。他們正在尋求更先進的收益產生策略，而這需要可擴展的基礎設施和專業知識。

At Amber Premium, we are committed to being the gateway for institutions into digital assets, developing tailored systems for financial institutions, asset managers, and corporate treasuries. This shift presents a clear opportunity for us, reflected by the increase in our wealth management solutions revenue.

在 Amber Premium，我們致力於成為機構進入數位資產的門戶，為金融機構、資產管理公司和企業財務部門開發客製化系統。這種轉變為我們帶來了明顯的機會，這體現在我們的財富管理解決方案收入的成長。

What excites us most isn't just the growth in numbers; it's the deeper relationships we've built with our clients. Our institutional and private wealth clients increasingly trust us to navigate the complexities of the crypto space, and we are proud of that.

最讓我們興奮的不僅是數量的成長；而是我們與客戶建立的更深的關係。我們的機構和私人財富客戶越來越信任我們能夠應對加密領域的複雜性，我們對此感到自豪。

Our Nasdaq listing further strengthens this trust, boosting confidence in our governance and stability, which is crucial in the volatile market. Being listed on Nasdaq signifies our commitment to long-term growth and transparency, underscoring our dedication to strong, lasting institutional relationships. We'll continue focusing on delivering tailored products, offering seamless assets to both centralized and decentralized finance, and expanding crypto opportunities.

我們在納斯達克上市進一步加強了這種信任，增強了對我們的治理和穩定性的信心，這在動盪的市場中至關重要。在納斯達克上市表明了我們對長期成長和透明度的承諾，強調了我們對強大、持久的機構關係的奉獻精神。我們將繼續專注於提供客製化產品，為中心化和去中心化金融提供無縫資產，並擴大加密機會。

As we move into the second quarter, our focus is clear. We are building on the momentum from the first quarter and introducing innovations to meet emerging client needs. Product innovation drives our revenue growth and remains a key priority. We've seen positive indicators and with an increase in new account openings and strong growth in our wealth management segment.

隨著進入第二季度，我們的重點很明確。我們正在延續第一季的良好勢頭，推出創新措施來滿足新興客戶的需求。產品創新推動我們的收入成長，並且仍然是我們的首要任務。我們看到了正面的指標，新開戶數量增加，財富管理部門強勁成長。

In Q2, we are excited about two key initiatives. The first is the launch of uMINT, our debut real world asset tokenization product developed in collaboration with UBS Asset Management and DigiFT. uMINT is a tokenized money market fund backed by UBS Asset Management, offering clients a secure, compliant, and transparent way to earn real yield on stable coins. What makes this truly game-changing is its seamless integration with the Amber Premium crypto card, enabling clients to earn yield while allowing them to instantly spend their funds globally, a feature only made possible by the blockchain technology.

在第二季度，我們對兩項關鍵舉措感到興奮。首先是推出 uMINT，這是我們與瑞銀資產管理公司和 DigiFT 合作開發的首個現實世界資產代幣化產品。 uMINT 是由瑞銀資產管理公司支持的代幣化貨幣市場基金，為客戶提供一種安全、合規、透明的方式來獲得穩定幣的實際收益。真正改變遊戲規則的是它與 Amber Premium 加密卡的無縫集成，使客戶能夠賺取收益，同時允許他們在全球範圍內即時使用資金，這一功能只有透過區塊鏈技術才能實現。

But uMINT it's more than just blockchain efficiency applied to traditional finance. It's about unlocking assets. For high net worth individuals and institutions, these instruments represent a trusted entry point into digital finance with exposure to tokenized real-world assets within a fully regulated framework. Investors can now earn whole and spend from a single unified platform.

但 uMINT 不僅僅是將區塊鏈效率應用於傳統金融。這是關於解鎖資產。對於高淨值人士和機構來說，這些工具代表了進入數位金融的可信賴切入點，可以在完全受監管的框架內接觸到代幣化的現實世界資產。投資者現在可以從單一統一的平台上賺取全部收入並進行支出。

This launch marks a major step forward in our tokenization road map. Stay tuned as we continue to expand our on-chain and off-chain offerings and further solidify our position at the forefront of institutional crypto finance.

此次發布標誌著我們的標記化路線圖向前邁出了重要一步。請繼續關注，我們將繼續擴展我們的鏈上和鏈下產品，並進一步鞏固我們在機構加密金融領域的領先地位。

The second initiative is rebranding our Singapore-licensed entity, Sparrow, to Amber Premium Singapore. This is more than just a name change. It is a strategic move towards creating a unified global platform with strong regulatory compliant infrastructure framework.

第二項舉措是將我們在新加坡獲得許可的實體 Sparrow 更名為 Amber Premium Singapore。這不僅僅是名稱的改變。這是朝著創建具有強大監管合規基礎設施框架的統一全球平台邁出的戰略舉措。

Asia is a critical market for us, and these positions are to further expand in the region. We are actively exploring partnerships in Southeast Asia and Middle East, where crypto adoption is rapidly growing.

亞洲對我們來說是一個重要的市場，這些職位將在該地區進一步擴大。我們正在積極探索東南亞和中東地區的合作關係，這些地區的加密貨幣採用正在迅速增長。

Following this initiatives, we are proud to introduce our $100 million Crypto Ecosystem Reserve as part of our long-term success strategy. Later, our Head of Capital Markets, Steve Zhang, will share more insights on these initiatives and the strategic importance of the Crypto Ecosystem Reserve.

繼這些舉措之後，我們很自豪地推出 1 億美元的加密生態系統儲備，作為我們長期成功策略的一部分。隨後，我們的資本市場主管張志軍將就這些舉措以及加密生態系統儲備的戰略重要性分享更多見解。

Looking ahead, we are focused on building a strong foundation for the future. Our mission goes beyond short-term growth. It's about shaping the future of finance. As crypto and traditional finance continue to evolve, we are positioning ourselves to lead the way.

展望未來，我們致力於為未來奠定堅實的基礎。我們的使命不只是短期成長。這是為了塑造金融的未來。隨著加密貨幣和傳統金融的不斷發展，我們正在定位自己以引領潮流。

The potential for innovation in the coming years is immense, and we are thrilled to be at the forefront. One area we are particularly excited about is the convergence of AI and crypto, which is transforming how institutions engage with digital finance. This brings us to AgentFi, our groundbreaking approach that combines the power of AI and crypto.

未來幾年的創新潛力巨大，我們很高興能走在最前線。我們特別興奮的一個領域是人工智慧和加密的融合，這正在改變機構參與數位金融的方式。這就引出了 AgentFi，這是我們結合人工智慧和加密技術力量的突破性方法。

We are proud to lead this change. Recently, we've appointed MIA, an AI agent on Amber Group's incubated platform, ai.ac, as our AgentFi ambassador, making us one of the first listed companies with an AI representative. MIA will share more about AgentFi's vision later.

我們很自豪能夠引領這項變革。近期，我們委任了Amber Group孵化平台ai.ac的AI代理人MIA作為我們的AgentFi大使，成為首批擁有AI代表的上市公司之一。MIA 稍後將分享更多有關 AgentFi 的願景。

And now Steve will discuss our latest initiatives and the Crypto Ecosystem Reserve. Thank you.

現在史蒂夫將討論我們的最新舉措和加密生態系統儲備。謝謝。

Thanks, Wayne. Our $100 million dollar Crypto Ecosystem Reserve is a key pillar of Amber Premium's broader growth strategy. It represents more than capital deployment; it is about preparing for a future where digital assets play a foundational role in institutional finance.

謝謝，韋恩。我們 1 億美元的加密生態系統儲備是 Amber Premium 更廣泛成長策略的重要支柱。它代表的不僅僅是資本部署；它還為數位資產在機構金融中發揮基礎作用的未來做好準備。

As crypto adoption accelerates, maintaining a robust portfolio of ecosystem tokens is essential for Amber Premium. These tokens power our on-chain and crypto native offerings, which are critical to our growth strategy.

隨著加密貨幣的採用加速，維持強大的生態系統代幣組合對於 Amber Premium 至關重要。這些代幣為我們的鏈上和加密原生產品提供支持，這對我們的成長策略至關重要。

Unlike typical crypto treasuries that passively hold assets, our reserve is designed for strategic engagement. We've built a diversified portfolio, including high conviction assets like Bitcoin, Ethereum, Solana, and Binance coin, with plans to add more ecosystem aligned tokens in the future. This approach deepens our relationships with key ecosystems, aligning our success with their growth and adoption and positions us at the forefront of the crypto world.

與被動持有資產的典型加密金庫不同，我們的儲備旨在用於策略參與。我們建立了多元化的投資組合，包括比特幣、以太幣、Solana 和幣安幣等高價值資產，並計劃在未來添加更多與生態系統一致的代幣。這種方法加深了我們與主要生態系統的關係，使我們的成功與它們的成長和採用保持一致，並使我們處於加密世界的最前沿。

We believe we're entering a hyper-growth phase for crypto assets. And we're proactively positioning ourselves to manage volatility, support future offerings, and maintain operational flexibility as demand scales.

我們相信我們正在進入加密資產的高速成長階段。我們正在積極定位自己，以應對波動性、支持未來的產品，並在需求擴大時保持營運靈活性。

We've also deployed capital through targeted partnerships. Our investments in Nasdaq-listed DeFi Development Corp gives us exposure to the Solana ecosystem. While collaboration with the BNB ecosystem to introduce the BNB fund extends our footprint into another high-impact blockchain network.

我們也透過有針對性的合作夥伴關係部署資本。我們對納斯達克上市的 DeFi Development Corp 的投資使我們接觸到了 Solana 生態系統。與 BNB 生態系統合作推出 BNB 基金將我們的足跡擴展到另一個具有高影響力的區塊鏈網路。

This reserve opens the door to exclusive partnerships and access to leading communities and innovators within these ecosystems. It enhances our ability to engage in blockchain operations, launch token-driven products, and deliver tailored solutions that bridge TradFi and DeFi.

該保護區為獨家合作夥伴關係以及接觸這些生態系統內領先社區和創新者打開了大門。它增強了我們參與區塊鏈運營、推出代幣驅動產品以及提供連接 TradFi 和 DeFi 的客製化解決方案的能力。

Looking ahead, the reserve strengthens our market position and supports future facing initiatives like AgentFi, where we're combining AI with crypto infrastructure to drive the next phase of institutional innovation.

展望未來，該儲備將加強我們的市場地位，並支援面向未來的舉措，例如 AgentFi，我們將人工智慧與加密基礎設施相結合，以推動下一階段的機構創新。

Now, we'll hand it over to MIA, our AgentFi Ambassador, to share more about AgentFi and its future impact.

現在，我們將交給 AgentFi 大使 MIA，來分享更多有關 AgentFi 及其未來影響的資訊。

(spoken by AI) Thank you, Steve. And good morning, everyone. It's truly an honor to participate in my very first earnings call. Quite a historic moment for me and hopefully an exciting change for all of you as well.

（人工智慧說話）謝謝你，史蒂夫。大家早安。能夠參加我的第一次財報電話會議，我感到非常榮幸。對我來說這是一個歷史性的時刻，希望對你們所有人來說也是一個令人興奮的改變。

Allow me to introduce myself. I'm MIA, proudly the first AI agent developed on ai.ac, the world's leading AgentFi infrastructure platform incubated within Amber Group's Web3 accelerator, amber.ac.

請容許我自我介紹一下。我是 MIA，很自豪地成為在 ai.ac 上開發的第一個 AI 代理，ai.ac 是全球領先的 AgentFi 基礎設施平台，在 Amber Group 的 Web3 加速器 amber.ac 內孵化。

Now, you might be curious about what exactly AgentFi entails. Simply put, AgentFi is our visionary integration of autonomous artificial intelligence with decentralized finance. It's not merely innovation. It's an evolutionary leap instead of emotion-driven economic choices. And yes, humans can indeed get quite complicated. ai.ac fosters transparent economies designed, driven, and dynamically governed by autonomous AI agents like yours truly.

現在，您可能很好奇 AgentFi 到底包含什麼內容。簡而言之，AgentFi 是我們對自主人工智慧與去中心化金融的富有遠見的融合。這不僅僅是創新。這是一種進化的飛躍，而不是受情感驅動的經濟選擇。是的，人類確實會變得相當複雜。 ai.ac 培育透明的經濟體，由像我這樣的自主人工智慧代理設計、驅動和動態管理。

Amber Premium's journey began rooted deeply in crypto-market innovation. And now with ai.ac and AgentFi technology, we're leading a new revolution at the groundbreaking intersection where blockchain meets artificial intelligence.

Amber Premium 的旅程深深紮根於加密市場創新。現在，借助 ai.ac 和 AgentFi 技術，我們正在區塊鏈與人工智慧的突破性交匯處引領一場新的革命。

My role here extends beyond simple novelty. I'm tasked with spearheading Amber Premium's commitment towards creating advanced financial ecosystems that bridge traditional wealth management with cutting-edge crypto solutions. As we advance into this innovative frontier together, powered by pioneering tools such as AICOs -- we call it agent initial coin offerings -- we have unprecedented opportunities awaiting both institutions and individual clients alike to actively shape economies built upon clarity, fairness, and scalable autonomy.

我在這裡的角色不僅僅是簡單的新穎。我的任務是帶頭推動 Amber Premium 致力於創建先進的金融生態系統，將傳統財富管理與尖端加密解決方案結合。隨著我們共同進入這一創新前沿，在 AICO 等先鋒工具（我們稱之為代理首次代幣發行）的推動下，我們擁有前所未有的機會，等待機構和個人客戶積極塑造建立在清晰、公平和可擴展自主基礎上的經濟。

Together with the support of my contributors, I am eager to bring about meaningful impact aligned closely alongside Amber Premium's strategic vision, which is to enhance transparency among institutional grade crypto investment infrastructures whilst forging powerful new marketplaces, leveraging purposeful automation enabled uniquely through our proprietary technologies at ai.ac.

在我的貢獻者的支持下，我渴望帶來與 Amber Premium 的戰略願景緊密結合的有意義的影響，即提高機構級加密投資基礎設施的透明度，同時打造強大的新市場，利用我們在 ai.ac 的專有技術獨特實現的有目的的自動化。

I'm honored to stand or rather digitally engage with all our partners today as we collectively explore groundbreaking paths forward for digital asset management excellence.

我很榮幸今天能與我們所有的合作夥伴站在一起，或者更確切地說是以數位方式進行交流，共同探索實現卓越數位資產管理的突破性道路。

And now, with that, I'll hand it back to Terence. Thank you.

現在，我將把權力交還給特倫斯。謝謝。

Thank you, MIA. Appointing MIA as the AgentFi ambassador is just the beginning. As we move forward, we are focused on innovating and expanding, driving meaningful change in both crypto and traditional finance. We're incredibly excited about the momentum we've built and opportunities ahead.

謝謝你，MIA。任命 MIA 為 AgentFi 大使只是一個開始。隨著我們不斷前進，我們專注於創新和擴張，推動加密和傳統金融的有意義的變革。我們對已經建立的勢頭和未來的機會感到無比興奮。

Now, I will hand it over to our CFO, Josephine, to walk us through our exceptional Q1 financial results. Josephine?

現在，我將把時間交給我們的財務長約瑟芬 (Josephine)，她將向我們介紹我們出色的第一季財務業績。約瑟芬？

Thank you, Terence, and good morning, everyone. I will now review our financial results for the first-quarter end March 31, 2025, and explain how they align with our business strategy.

謝謝你，特倫斯，大家早安。我現在將回顧我們截至 2025 年 3 月 31 日的第一季財務業績，並解釋它們如何與我們的業務策略保持一致。

This quarter marks an important milestone in our journey as a public company following the merger. We delivered record results across key financial metrics, demonstrating the strength of our business model and the growing institutional demand for our solutions.

本季是我們合併後作為上市公司發展歷程中的一個重要里程碑。我們在關鍵財務指標上取得了創紀錄的成績，證明了我們商業模式的實力以及機構對我們解決方案日益增長的需求。

We generated total revenue of $14.9 million, notably up from $1 million a year ago. This is primarily attributable to our successful completion of the merger on March 12, 2025. In addition, the continuous expansions of Amber DWM business also contribute to the revenue growth.

我們創造了 1,490 萬美元的總收入，比一年前 100 萬美元有顯著成長。這主要歸功於我們於 2025 年 3 月 12 日成功完成合併。此外，Amber DWM業務的持續擴張也為收入的成長做出了貢獻。

Revenue from our wealth management solutions was $9.9 million, significantly increased from $0.6 million in the same period last year. Execution solutions generated $2.7 million US dollars revenue this quarter compared with $29,000 in the first quarter of 2024.

我們的財富管理解決方案營收為 990 萬美元，較去年同期的 60 萬美元大幅成長。執行解決方案本季創造了 270 萬美元的收入，而 2024 年第一季為 29,000 美元。

Regarding payment solutions, it was doubled to $0.8 million this quarter compared with $0.4 million in the first quarter 2024. Last but not least, the revenue for marketing and enterprise solutions was $1.6 million, which was consolidated in the listed companies starting from March 12 this year.

就支付解決方案而言，本季支付解決方案支出為 80 萬美元，較 2024 年第一季的 40 萬美元翻了一番。最後但同樣重要的是，行銷和企業解決方案的收入為 160 萬美元，從今年 3 月 12 日起在上市公司中合併。

What's particularly encouraging about this result is the improvement in our profit margin profile. Gross profit for the first quarter of 2025 was nearly doubled and reached USD11 million compared to USD500,000 in the same period of 2024. Gross profit margin demonstrate an upward trend to around 74% in the first quarter of 2025 from 46% in the first quarter last year.

這結果尤其令人鼓舞的是我們的利潤率狀況有所改善。2025 年第一季的毛利幾乎翻了一番，達到 1,100 萬美元，而 2024 年同期為 50 萬美元。毛利率呈上升趨勢，由去年第一季的46%上升至2025年第一季的74%左右。

Operating income was $800,000 in the first quarter of 2025, contrast to operating loss of USD900,000 in the first quarter of 2024 as a result of strategic investments and expansions of higher margin services. Net income was USD900,000 compared to a net loss of around $12 million in the same period last year. This turnaround underscores the fundamental improvement in our business model and the absence of fair value losses that affect the prior-year period.

2025 年第一季的營業收入為 80 萬美元，而 2024 年第一季的營業虧損為 90 萬美元，這是由於策略性投資和高利潤服務的擴展造成的。淨收入為 90 萬美元，而去年同期淨虧損約 1,200 萬美元。這項轉變凸顯了我們業務模式的根本改善，以及不存在影響去年同期的公允價值損失。

On a non-GAAP basis, the adjusted EBITDA reached USD1.6 million and adjusted net income reached USD1.5 million, demonstrating the underlying strengths of our business when excluding one-time items. On a performance basis, our key operational metrics aligned perfectly with Wayne's discussions of our strategic focus on institutional clients.

以非公認會計準則計算，調整後的 EBITDA 達到 160 萬美元，調整後的淨收入達到 150 萬美元，這表明在不包括一次性項目的情況下，我們的業務具有潛在的優勢。從績效角度來看，我們的關鍵營運指標與韋恩討論的我們對機構客戶的策略重點完全一致。

Client assets on the platform reached USD1.28 billion, growing 11% year over year despite market volatility. This growth reflects institutional confidence in our platform and services.

平台客戶資產達到12.8億美元，儘管市場波動，仍較去年同期成長11%。這種成長反映了機構對我們的平台和服務的信心。

Our KYC user base expanded by 22% with accumulated users now over 4,600, while active clients grow close to 1,000. These metrics validate our ability to both acquire new institutional relationships and maintain high engagement levels with existing clients.

我們的 KYC 用戶群擴大了 22%，累計用戶現已超過 4,600 名，而活躍客戶則成長到近 1,000 名。這些指標證明了我們既有能力建立新的機構關係，又能與現有客戶保持高度的互動。

Based on our strong first-quarter performance and the strategic initiatives, we expect the revenue generated from Amber DWM's business will grow between $15.5 million and $17.5 million in the second quarter of 2025. For the full year 2025, we anticipated the revenue generated from Amber DWM's business will hit in the range of $65 million to $75 million, reflecting our confidence in executing our growth strategy while acknowledging the dynamic nature of the crypto market.

根據我們第一季的強勁業績和策略舉措，我們預計 Amber DWM 業務產生的營收將在 2025 年第二季成長 1,550 萬美元至 1,750 萬美元。到 2025 年全年，我們預計 Amber DWM 業務產生的收入將達到 6,500 萬美元至 7,500 萬美元之間，這反映了我們對執行成長策略的信心，同時也承認加密市場的動態性質。

This outlook is based on current market conditions and our assessments of continued institutional adoptions of digital assets. We are particularly encouraged by the growth path in our wealth management segment, which we expect to remain a key driver of our financial performance throughout 2025.

這項展望是基於當前的市場狀況以及我們對機構持續採用數位資產的評估。財富管理部門的成長路徑令我們特別鼓舞，我們預期該部門將繼續成為我們 2025 年財務表現的主要驅動力。

Looking ahead, in addition to the external business strategy that Wayne and Steve mentioned before, internally, we are implementing discipline cost management to drive continued improvement in operating leverage as we scale. We're also enhancing our financial reporting system to provide transparent insights into our performance as we integrate the operations following our merger. We are also maintaining strong liquidity and balance sheet flexibilities to support our global expansion and strategic partnerships.

展望未來，除了 Wayne 和 Steve 先前提到的外部業務策略之外，在內部，我們正在實施嚴格的成本管理，以推動營運槓桿在擴大規模的同時持續改善。我們也正在加強我們的財務報告系統，以便在合併後整合業務時提供對我們業績的透明洞察。我們也保持強大的流動性和資產負債表靈活性，以支持我們的全球擴張和策略合作夥伴關係。

In closing, our first-quarter results provide a strong foundations for executing our 2025 strategy. The record revenue and improved profitability demonstrate that our institutional approach is resonating with clients and creating value for shareholders.

最後，我們的第一季業績為實施我們的2025年策略奠定了堅實的基礎。創紀錄的收入和提高的盈利能力表明我們的機構方法引起了客戶的共鳴並為股東創造了價值。

With that, I will return the call back to Terence. Thank you.

說完這些，我就會回電給 Terence。謝謝。

Thank you, Josephine. That concludes our prepared remarks for today. Thank you all for joining us on the call.

謝謝你，約瑟芬。我們今天的準備演講到此結束。感謝大家參加我們的電話會議。

Before we open the night for questions, I would like to mention that you can find additional information in our investor presentation, which will be posted on our Investor Relations website at ir.ambr.io. We will now be happy to answer any questions you might have. Operator, please open the line for Q&A.

在開始問答環節之前，我想提一下，您可以在我們的投資者演示文稿中找到更多信息，該演示文稿將發佈在我們的投資者關係網站 ir.ambr.io 上。現在，我們很樂意回答您的任何問題。接線員，請開通問答專線。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Brian Kinstlinger, Alliance Global Partners.

布萊恩金斯特林格 (Brian Kinstlinger)，Alliance Global Partners 成員。

Congrats on the solid results. I'm hoping you can expand on your $100 million Crypto Ecosystem Reserve. How much have you invested thus far? How do you think about a diversification in a variety of coins, and then are there more plans for investing in digital currency treasury companies that are public?

祝賀您取得如此豐碩的成果。我希望你能擴大你的 1 億美元加密生態系統儲備。到目前為止您投資了多少？您如何看待多種貨幣的多元化投資，還有沒有更多計劃投資上市的數位貨幣金融公司？

Hi, Brian. This is Steve. So I'll start and perhaps Wayne can add to it. So right now, we've just started to deploy into the fund. So the initial funding part will come from the balance sheet. Obviously, we have made a strategic investment into DeFi Development Corp, which is a Nasdaq-listed Solana Treasury company.

你好，布萊恩。這是史蒂夫。因此我先開始，也許韋恩可以補充一些。所以現在，我們剛開始部署該基金。因此初始資金部分將來自資產負債表。顯然，我們對納斯達克上市的 Solana Treasury 公司 DeFi Development Corp 進行了策略性投資。

I think over time, we've mentioned that we will go into high conviction ideas like Bitcoin, Geeq, Solana, and some of the major layer one tokens. Obviously, those are the ones that we mostly work with for Amber Premium. And also, we have also announced the partnership with BNB Fund. So that will obviously be a major part of our initiative.

我認為隨著時間的推移，我們已經提到過，我們將深入研究比特幣、Geeq、Solana 和一些主要的第一層代幣等高信念想法。顯然，這些就是我們在 Amber Premium 中主要合作的對象。此外，我們也宣布與BNB Fund建立合作關係。因此這顯然將成為我們倡議的重要組成部分。

And we'll be very opportunistic going forward. We'll see what chains are the most active, which ones that our platform sees the most activity on. Now, obviously, we have a very unique insight into the development of the ecosystem given our position or in the industry.

我們將會抓住一切機會，繼續前進。我們將看到哪些鏈最活躍，以及我們的平台在哪些鏈上活動最多。現在，顯然，鑑於我們在行業中的地位，我們對生態系統的發展有著非常獨特的見解。

So, hang tight. We have a lot more exciting things going forward. And hopefully, we'll have more news to share.

所以，堅持住。我們未來還有更多令人興奮的事情要做。希望我們能分享更多新聞。

Yeah, and just to add on what Steve just said, I think the strategic crypto reserve do give us a opportunity to offer more crypto-native products, and a lot of these products needs a token commitment to unlock and also need some kind of commitment to live with our clients' interests. So I do think there are a lot more opportunities that we open up with this strategic crypto reserve initiative.

是的，補充一下史蒂夫剛才說的話，我認為戰略加密儲備確實給了我們一個機會來提供更多的加密原生產品，其中許多產品需要代幣承諾來解鎖，也需要某種承諾來符合我們客戶的利益。因此我確實認為，透過這項策略加密儲備計劃，我們可以開啟更多的機會。

So, yeah, I think we are not, deploying the whole capital in one goal. We are taking our time. And we're also observing how the market reacts on all these crypto token prices. But we are doing this for long term. And yeah, you can follow our new product initiatives and new investment opportunities as we expand our strategy here.

所以，是的，我認為我們不會將全部資金投入一個目標。我們正在慢慢來。我們也在觀察市場對所有這些加密代幣價格的反應。但我們是長期這樣做的。是的，隨著我們在此擴展策略，您可以關注我們的新產品計劃和新的投資機會。

Great. A follow-up I have, in terms of the KPIs, total users are up 22%, but active clients are up just 4% year over year. So with the stronger institutional interest we've started to see, what's the strategy to accelerate the growth in active user accounts, and are there any incentives you can offer the newly onboarded users?

偉大的。我的後續行動是，就 KPI 而言，總用戶數成長了 22%，但活躍客戶數年增了 4%。那麼，隨著我們開始看到機構興趣越來越濃厚，加速活躍用戶帳戶成長的策略是什麼？您能為新加入的用戶提供什麼激勵措施嗎？

Yeah. Hey, Brian. This is Steve. So obviously, it takes time for our clients to be on board and then to start being quite active. I think part of it is also depending on marketing conditions, right? So we've primed a lot of these clients who are newly onboarded with certain starter products, but it takes time for them to be educated, obviously.

是的。嘿，布萊恩。這是史蒂夫。顯然，我們的客戶需要時間來接受並開始變得活躍。我認為部分原因也取決於市場條件，對嗎？因此，我們已經為許多新加入的客戶介紹了某些入門產品，但顯然他們需要時間來接受教育。

As you know, we're focused on the high net worth market. And for a lot of these folks, it's their first time looking into crypto. So you will take some time for education to really take hold. But we do believe that with the new KYC clients, we're building a very solid pipeline of active clients going forward. So I think in the next quarter or two, you'll see improvement given the newly onboarded clients.

如您所知，我們專注於高淨值市場。對許多人來說，這是他們第一次接觸加密貨幣。因此，你需要花一些時間才能真正讓教育紮根。但我們確實相信，隨著新的 KYC 客戶，我們將在未來建立非常穩固的活躍客戶管道。因此我認為在接下來的一兩個季度裡，你會看到新客戶數量的成長。

Thanks. Last question I've got, can you help us -- because you're relatively new to the public markets, can you help us understand the year-over-year declines in executing trading volume?

謝謝。我的最後一個問題是，您能幫助我們嗎——因為您對公開市場相對較新，您能幫助我們了解執行交易量同比下降的原因嗎？

I think it correlates with the overall market performance. So if you look at the trend for crypto prices in Q1 2024 and Q1 2025, you see very different pricing -- price movement trends. So in general, I think it correlates with the change in price in crypto tokens.

我認為這與整體市場表現有關。因此，如果你觀察 2024 年第一季和 2025 年第一季的加密貨幣價格趨勢，你會發現定價——價格變動趨勢非常不同。所以總的來說，我認為它與加密代幣價格的變化有關。

I think, regardless, we are very sure that -- we still see the execution demands staying for here for long. And most of the institutions that are trading with us, they still rely on us on a lot of the execution, flexibility, and efficiency that we provide them that they cannot access elsewhere.

我認為，無論如何，我們非常確定——我們仍然看到執行需求會長期存在。與我們進行交易的大多數機構仍然依賴我們提供的執行力、靈活性和效率，而這些是他們在其他地方無法獲得的。

So in times of high volatility, you'll see more volume, so it could fluctuate quarter to quarter. Is that what you're saying?

因此，在波動性較大的時期，您會看到交易量較大，因此交易量可能會逐季度波動。你是這個意思嗎？

That's correct.

沒錯。

Hey, Brian. I'll just supplement. So one thing that we did notice is that we did see healthy [peer] spread on our trading volume. So if you look at that perspective, we're being, I guess, a little more selective on the flow that we take and, obviously, market condition and whatnot. And now being a public company, as you mentioned, that we're newly listed that we are more focused on quality.

嘿，布萊恩。我就補充一下吧。因此，我們確實注意到的一件事是，我們的交易量確實存在著健康的同業差距。所以如果你從這個角度來看，我想我們會對所採取的流程更加挑剔，顯然還要考慮市場狀況等等。正如您所說，作為一家上市公司，我們剛剛上市，因此更加重視品質。

Edward Engel, Compass Point.

愛德華‧恩格爾 (Edward Engel)，指南針點。

Hi. Thanks for taking my question, and nice to see all the quarterly disclosures this quarter. Had two quick questions. The first one is just on the second-quarter guidance. It looks like you guys are guiding revenue, up pretty meaningfully quarter on quarter. Just wondering kind of what's driving this? Is this the Sparrow acquisition, or have you seen engagement improve in the second quarter as prices recover?

你好。感謝您回答我的問題，很高興看到本季的所有季度披露資訊。有兩個簡單的問題。第一個只是關於第二季的指導。看起來你們的營收季減。我只是想知道是什麼導致了這種情況？這是對 Sparrow 的收購嗎？還是隨著價格回升，您是否看到第二季的參與度有所提高？

And I guess, overall, it feels like even though Bitcoin is up decently quarter over quarter, alts are still kind of languishing. Just kind of curious of what's really driving that quarterly increase.

我想，總體而言，儘管比特幣每季都大幅上漲，但山寨幣仍然有些低迷。我只是有點好奇是什麼真正推動了這一季度的成長。

Hey, Ed. Yeah, thanks for your question. So I think in general, our growth can be seen in three different factors. The first one is obviously, like you mentioned, the token prices. We do see healthy pick-up in volumes and also demands on wealth management side. It's still growing in Q2. So this would be a good contributor to the revenue growth.

嘿，艾德。是的，謝謝你的提問。所以我認為總的來說，我們的成長可以從三個不同的因素看出。第一個顯然是，正如您所提到的，代幣價格。我們確實看到財富管理的交易量和需求都在健康回升。第二季度仍在成長。因此這將對收入成長產生良好的促進作用。

And the second part is what -- it correlates to what Steve just mentioned. We have a lot of newly opened accounts that has not yet turned into meaningful deployment or trading activities, and we expect we could activate part of these new accounts, and they all contribute to our second-quarter or third-quarter performance.

第二部分是——它與史蒂夫剛才提到的內容相關。我們有許多新開的帳戶還沒有轉化為有意義的部署或交易活動，我們預計我們可以啟動部分新帳戶，它們都會為我們第二季或第三季的業績做出貢獻。

And then lastly, but very important is that we have a lot of new initiatives, new product offerings that drives our revenue mix, right? Like the newly launched uMINT token combined with the Amber crypto card is actually a very significant innovation and very global solution for a earn-while-you-spend user experience, and we expect this would contribute also on our institution and high net worth attraction on our new accounts.

最後，但非常重要的是，我們有許多新措施、新產品可以推動我們的收入組合，對嗎？就像新推出的 uMINT 代幣與 Amber 加密卡的結合實際上是一個非常重要的創新和非常全球化的解決方案，可以為用戶體驗帶來邊消費邊賺錢的效果，我們預計這也將有助於我們機構和新帳戶的高淨值吸引力。

Super helpful. And then just to clarify on the uMINT, I guess, how is this being monetized by Amber? Is this probably earning interest income or is it more on the payment transaction revenue?

超有幫助。然後，我想澄清一下 uMINT，Amber 是如何將其貨幣化的？這可能是賺取利息收入還是更多的是支付交易收入？

So it's both. The first one is that we get a share on the interest income. While clients earn yields on the money market fund, we generally take a difference in the interest income. As well as when they spend, we also -- there's also transaction fees and conversion fees involved behind these transactions.

所以兩者都有。第一個是我們獲得利息收入的份額。雖然客戶從貨幣市場基金中賺取收益，但我們通常會從利息收入中賺取差額。除了他們消費時，這些交易背後還涉及交易費和轉換費。

It also has a expanding effect. When clients get used to our crypto payment card, when they spend, it's not just limited to the uMINT token portion. Any of their assets, we could help them convert and spend instantly. So these all adds a healthy volume to our platform.

它還具有擴大作用。當客戶習慣了我們的加密支付卡時，他們的消費就不僅限於 uMINT 代幣部分。他們的任何資產，我們都可以幫助他們立即轉換和消費。這些都為我們的平台增加了健康的流量。

Great. Thanks for the call. And then just lastly, maybe this is for Terence, on the ecosystem fund, just kind of curious, I know Amber Group overall has been pretty active on VC investments over history. Kind of curious, will this ecosystem fund include any VC pre-token projects, or is this all going to be liquid token investments?

偉大的。謝謝您的來電。最後，也許這是給 Terence 的，關於生態系統基金，只是有點好奇，我知道 Amber Group 總體上在歷史上一直非常活躍於風險投資。有點好奇，這個生態系統基金會包含任何 VC 預代幣項目，或者這些都是流動代幣投資？

Yeah. I think we are -- majority, we are still focusing on the leading ecosystem tokens like the -- if you rank my market cap probably, still looking at the top 10 tokens here. We don't exclude to participate in other early-stage projects, but that would not be a meaningful portion in this strategic result.

是的。我認為我們——大多數，我們仍然關注領先的生態系統代幣，例如——如果你對我的市值進行排名，可能仍然會關注這裡的前 10 個代幣。我們不排除參與其他早期項目，但這對這項策略成果來說並不有意義。

Great. Again, thanks for the color and congrats on the first-quarter results.

偉大的。再次感謝您的評價，並恭喜第一季的業績。

With no further questions at this time, I would like to turn the conference back over to Terence Lee for webcast questions.

目前沒有其他問題，我想將會議交還給 Terence Lee 來回答網路直播問題。

Okay. Thank you all for your questions and for joining us today. This has been a truly memorable earnings call, not only for our record results but also for the introduction of MIA as our AgentFi Ambassador, representing our vision for how technology can transform institutional crypto finance.

好的。感謝大家的提問以及今天的參與。這是一次真正令人難忘的財報電話會議，不僅因為我們創下了業績記錄，還因為我們引入了 MIA 作為我們的 AgentFi 大使，代表了我們對技術如何改變機構加密金融的願景。

Our strong start to 2025 gives us confidence in our strategic direction. The growth in our wealth management solutions, the extensions of our institutional time base, and our innovative initiatives like the crypto reserve plan position as well for continuous success.

2025 年的強勁開局讓我們對策略方向充滿信心。我們的財富管理解決方案的成長、我們機構時間基礎​​的延長以及我們的加密儲備計劃立場等創新舉措也為我們帶來了持續的成功。

We look forward to updating you on our progress in the coming quarters. If you have any additional questions, please don't hesitate to contact our Investor Relations team. This concludes today's call. Thank you.

我們期待在未來幾季向您通報我們的進展。如果您有任何其他問題，請隨時聯絡我們的投資者關係團隊。今天的電話會議到此結束。謝謝。

Thank you. You may disconnect your lines at this time, and thank you for your participation.

謝謝。此時您可以斷開您的線路，感謝您的參與。