Amber International Holding Ltd (AMBR) 2026 Q1 法說會逐字稿

Good morning. Welcome to Amber International first quarter 2026 financial results.

早安。歡迎參加 Amber International 2026 年第一季財務業績發布。

(Operator Instructions)

（接線員指示）

As a reminder, this conference is being recorded.

提醒各位，本次電話會議將被錄音。

It is now my pleasure to introduce your host, MIA, Amber's Premium Official AgentFi Ambassador.

現在很榮幸為各位介紹本次會議主持人：MIA，Amber 的尊享官方 AgentFi 大使。

MIA, you may begin.

MIA，您可以開始了。

(spoken by AI)

（由 AI 發言）

Good morning and welcome to Amber International Holding Limited's first quarter 2026 Earnings Call. I am MIA, Amber’s Premium Official AgentFi Ambassador and your moderator today.

早安，歡迎參加 Amber International Holding Limited 2026 年第一季財報電話會議。我是 MIA，Amber 的尊享官方 AgentFi 大使，也是今天的會議主持人。

Before we begin, please note that today's discussion may contain forward-looking statements within the meaning of US federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially. For a more detailed description of these and other risks and uncertainties, please refer to our filings with the Securities and Exchange Commission.

在開始之前，請注意今天的討論可能包含符合美國聯邦證券法定義的前瞻性陳述。這些陳述涉及風險與不確定性，可能導致實際結果出現重大差異。如需更詳細的說明，請參閱我們向美國證券交易委員會提交的文件，其中載有上述及其他風險與不確定性的描述。

Joining us on today's call are Michael Wu, Chairman of the Board and CEO, who will share our first-quarter overview, strategic vision, and AI initiatives; Vicky Wang, President, who will focus on our core business updates, client platform performance, and future focuses; Yi Bao, Chief Product Officer, who will update us on our regulatory update and platform evolution; Josephine Ngai, Chief Financial Officer, who will review our financial results and provide guidance; and Steve Zhang, Head of Capital Markets. Following their remarks, we will open the line for Q&A.

出席今天電話會議的有：董事會主席兼執行長 Michael Wu，他將分享第一季概況、策略願景與 AI 計畫；總裁 Vicky Wang，將聚焦核心業務更新、客戶平台表現與未來重點；首席產品長 Yi Bao，將更新監管進展與平台演進；首席財務長 Josephine Ngai，將回顧財務結果並提供指引；以及資本市場主管 Steve Zhang。在他們發言後，我們將開放問答。

With that, let me now turn the call over to Michael Wu, our Chairman of the Board and CEO.

接下來，讓我把電話交給董事會主席兼執行長 Michael Wu。

Thank you, MIA, and thank you all for joining us today.

謝謝你，MIA，也感謝各位今天加入我們。

The first quarter of 2026 was another tempered period for the crypto industry, continuing the downtrend we saw in the fourth quarter of 2025. Our total revenue for the quarter was USD10 million compared to the USD14.5 million in Q1 2025 and the USD16.3 million last quarter.

2026 年第一季對加密產業而言仍是相對溫和的一段期間，延續了我們在 2025 年第四季看到的下行趨勢。本季總營收為 1,000 萬美元，相較於 2025 年第一季的 1,450 萬美元，以及上一季的 1,630 萬美元。

Despite the challenging environment. We see this as an opportunity to strengthen our foundation with clients and continue advancing our strategic priorities. Our focus remains on how we serve our clients more efficiently and how we scale that capability through our agentic fintech capabilities.

儘管環境充滿挑戰。我們將此視為強化客戶基礎並持續推進策略優先事項的機會。我們的重點仍在於如何更有效率地服務客戶，以及如何透過我們的代理式金融科技（agentic fintech）能力擴大這項能力的規模。

Through every cycle, what proves durable are Amber's most important assets. Our ability to innovate and our ability to build scalable, future-proof infrastructure to that point, this quarter marks another step forward in the strategy we have been building toward. As part of our broader agentic transformation, we introduced A-suite as an agent-native operating system that abstracts the complexity of digital asset financial services. Enabling them to be automated and operated by AI agents.

在每一個景氣循環中，能夠經得起考驗的，都是 Amber 最重要的資產。我們的創新能力，以及打造可擴展、面向未來的基礎設施的能力；就此而言，本季標誌著我們長期打造的策略又向前邁進一步。作為更廣泛代理式轉型的一部分，我們推出 A-suite，作為一個以代理為原生（agent-native）的作業系統，用以抽象化數位資產金融服務的複雜性。使其能夠被自動化並由 AI 代理運行。

This is similar to how AWS two decades ago obstructed the complexity of servers and enabled a whole generation of web apps to simply build on top. That is where finance is heading as the agentic economy arrives, and our vision is to be the foundational layer beneath it. We're moving from competing at the interface and the distribution layers to providing the rails for the agentic economy itself. This is not an aspiration, it is already on the way.

這類似於二十年前 AWS 抽象化了伺服器的複雜性，讓整整一代的網路應用程式得以直接在其之上建構。隨著代理式經濟到來，金融也正朝這個方向發展，而我們的願景是成為其下方的基礎層。我們正從在介面與分發層競爭，轉向提供代理式經濟本身所需的底層軌道（rails）。這不是一個願景式的想像，它已經在路上。

Amber Premium has already proven itself as a strong distribution layer with established institutional relationships, our regulatory licensing footprint and the demonstrated segment profitability as disclosed in our financial statements.

Amber Premium 已經證明自己是一個強大的分發層，擁有既有的機構關係、我們的監管牌照布局，以及如財務報表所揭露的分部獲利能力。

Building on that proven foundation, we are now creating the operating core beneath it. The greater efficiency and expanded addressable market unlocked by A-Suite are what will carry us toward the agentic future that I have always envisioned, spoken about and built toward.

在這個已被驗證的基礎之上，我們現在正打造其下方的營運核心。A-Suite 所釋放的更高效率與更大的可服務市場（addressable market），將帶領我們走向我一直以來所構想、所談論並持續打造的代理式未來。

This also marks the next step in how we define AMBR. Not just as Amber Premium, the crypto platform anymore, but as Amber, a truly emerging agentic fintech. As I mentioned in previous earnings calls, Amber first began as Amber AI. The conviction that crypto and AI would converge to define the future of finance was not a strategy we adopted later, but rather it was a thesis we founded the company upon.

這也標誌著我們定義 AMBR 的下一步。不再只是 Amber Premium 這個加密平台，而是 Amber——一個真正正在崛起的代理式金融科技公司。如我在先前的財報電話會議中提到，Amber 最初是以 Amber AI 起步。我們堅信加密與 AI 將融合並定義金融的未來；這不是我們後來才採用的策略，而是我們創立公司時所依據的核心論點。

What you are seeing today this quarter across both our business and our innovation is that this thesis is arriving in practice, and we intend to keep building it deliberately one proven layer at a time. Building on Amber Premium's proven success, we launched the first of our three flagship agentic fintech operating systems within the A-suite at the end of March.

本季你們在我們的業務與創新兩方面所看到的，是這個論點正在落地成為實際成果；我們也將有意識地持續建構，一次一層、以每一層都經過驗證的方式推進。在 Amber Premium 已被驗證的成功基礎上，我們於三月底在 A-suite 中推出三大旗艦代理式金融科技作業系統中的第一個。

A-MM, which stands for agentic market making is an agent-native liquidity operating system for token projects and the designated market-making infrastructure. A-MM is designed to unify execution workflows, infrastructure and transparency into a platform that can be orchestrated by agents with customized real-time performance and risk reporting and monitoring.

A-MM（意指 agentic market making，代理式做市）是一個面向代幣專案與指定做市基礎設施的、以代理為原生的流動性作業系統。A-MM 旨在將執行工作流程、基礎設施與透明度整合為一個平台，可由代理進行編排，並提供可自訂的即時績效與風險報告及監控。

We expect A-MM to begin contributing meaningful revenue in Q2 and to scale from there. It is the first of the three A-Suite products we plan to bring to market this year. Yi will elaborate further on A-MM and our A-Suite positioning later. Beyond A-Suite, we are also embedding AI agent capabilities directly into our existing operations across all of our businesses.

我們預期 A-MM 將在第二季開始貢獻具意義的營收，並在此基礎上擴大規模。它是我們今年計畫推向市場的三項 A-Suite 產品中的第一項。稍後 Yi 將進一步說明 A-MM 與我們的 A-Suite 定位。除 A-Suite 之外，我們也正把 AI 代理能力直接嵌入現有營運，涵蓋我們所有業務。

Within our iClick digital marketing business, we're transitioning toward an agent-first and agent-native operating model by integrating MIA, our first in-house AI agent, who is also our host today for the earnings call, into iClick's core workflows, decision-making processes, and service delivery.

在我們的 iClick 數位行銷業務中，我們正透過整合 MIA——我們第一個自研 AI 代理、同時也是今天財報電話會議的主持人——進入 iClick 的核心工作流程、決策流程與服務交付，轉型為以代理優先（agent-first）與以代理為原生（agent-native）的營運模式。

This goes way beyond just using AI as a tool. We are making autonomous agentic workflows a central driver of how we operate, and that is already improving efficiency and scalability across the business system. This is the practical execution of our broader AI agent-driven strategy. As we continue building towards this vision, I'm also pleased to announce our Crypto for AI vision. Crypto for AI or C4AI as we call it, is our view that crypto will become the financial and economic infrastructure for the agentic economy.

這遠不只是把 AI 當作工具來使用。我們正讓自主的代理式工作流程成為營運方式的核心驅動力，而這已經在整個業務系統中提升效率與可擴展性。這是我們更廣泛的 AI 代理驅動策略的務實落地。在我們持續朝此願景建構的同時，我也很高興宣布我們的「Crypto for AI」願景。我們所稱的 Crypto for AI（C4AI），是我們對於加密將成為代理式經濟之金融與經濟基礎設施的看法。

To that end, our inaugural C4AI Investor Day, planned for October, will be an important milestone where we will share our progress and showcase a whole fleet of amber agents with the market.

為此，我們計畫於十月舉辦首屆 C4AI 投資人日，這將是一個重要里程碑；屆時我們將分享進展，並向市場展示一整支 Amber 代理艦隊。

One final point on capital allocation. Because it reflects how we view our own valuation. We continue to repurchase shares opportunistically through Q1 and remain focused on returning capital to our shareholders. Under our USD50 million share repurchase program announced in November 2025, we repurchased approximately 2 million ADS during the period.

最後補充一點關於資本配置。因為這反映了我們如何看待自身估值。我們在第一季持續把握機會進行股份回購，並仍專注於向股東回饋資本。在我們於 2025 年 11 月宣布的 5,000 萬美元股份回購計畫下，我們於期間回購約 200 萬股 ADS。

As of March 31, 2026. Approximately USD45.5 million remain available under the program. We continue to have significant flexibility for opportunistic repurchases while investing for growth. Ultimately, Q1 reflected a deliberate strategic decision on our part. Our strategy is advancing, and we are using this period to redefine the scope of AMBR and the position of the company for the next phase of the agentic economy.

截至 2026 年 3 月 31 日。該計畫下仍有約 4,550 萬美元可供使用。我們在投資成長的同時，仍保有相當大的彈性以進行機會性回購。總體而言，第一季反映了我們所做出的審慎策略性決策。我們的策略正在推進，而我們正利用這段期間重新界定 AMBR 的範疇，並為公司在代理式經濟下一階段的定位做好準備。

With that, I will now turn the call over to Yi, our Chief Product Officer, for a deeper look at our product roadmap and the launch of Amber's first agent-native operating system, A-MM.

接下來，我將把電話會議交給我們的首席產品官 Yi，請他更深入介紹我們的產品路線圖，以及 Amber 首個原生代理（agent-native）作業系統 A-MM 的推出。

Thank you, Michael.

謝謝你，Michael。

Our platform innovation is a natural continuation of how we have always built and delivered financial products. From the start, Amber Premium operated primarily as the distribution layer. A UI-driven platform focused on user acquisition and onboarding, we are now evolving into a full-stack agent-native organization with a particular emphasis on building the service layer underneath that distribution layer.

我們的平台創新，是我們一貫打造並交付金融產品方式的自然延伸。從一開始，Amber Premium 主要作為分銷層運作。作為一個以 UI 驅動、聚焦用戶獲取與導入（onboarding）的平台，我們如今正演進為全棧的原生代理組織，並特別著重於在該分銷層之下建構服務層。

This is a natural next step beyond traditional UI-centric thinking. Where products were defined by features, buttons, and screens in apps and by branches, license, and relationship managers in finance to an operating system approach. In the agent economy, competition will no longer be about who has a better interface, but who can seamlessly convert client intent into execution, settlements. Monitoring, compliance, and reporting through intelligent automated workflows.

這是超越傳統以 UI 為中心思維的自然下一步。過去產品由 App 中的功能、按鈕與畫面所定義；在金融業則由分行、牌照與客戶關係經理所定義；如今我們轉向以作業系統為核心的方法。在代理經濟（agent economy）中，競爭不再是誰的介面更好，而是誰能將客戶意圖無縫轉化為執行與結算。並透過智慧自動化工作流程完成監控、合規與報告。

A truly agent-native operating system can deliver personalized and optimized service at a scale no standalone platform, manual process, or single-purpose application can match. This quarter, we took a significant step towards with the launch of A-MM. The first flagship components of our A-suite.

真正的原生代理作業系統，能以任何獨立平台、人工流程或單一用途應用程式都無法匹敵的規模，提供個人化且最佳化的服務。本季度，我們透過推出 A-MM 朝此方向邁出重要一步。這也是我們 A-suite 的首批旗艦組件。

A-MM is an agent-native liquidity operation system and designated market-making infrastructure platform. Its core value lies in creating a unified platform layer that abstracts complex execution workflows, operational infrastructure, and transparency requirements into standardized modular components.

A-MM 是一個原生代理的流動性營運系統與指定做市（designated market-making）基礎設施平台。其核心價值在於建立一個統一的平台層，將複雜的執行工作流程、營運基礎設施與透明度要求，抽象化為標準化、模組化的組件。

For token projects. Liquidity is critical to price discovery, trading experience, exchange relationships, investor confidence, and ecosystem credibility. Yet, designation market making has historically been manual, bilateral, and trust-based. A-MM is designed to turn this process into an automated and structured operating workflow. Projects can define key requirements. Such as target values, service duration, spread, uptime, depth, settlement preference and capital needs. While the platform supports RFQ submission, quote review, order management, contract administration, performance monitoring and reporting.

針對代幣項目而言。流動性對價格發現、交易體驗、交易所關係、投資者信心與生態系公信力至關重要。然而，指定做市在歷史上一直是人工、雙邊且以信任為基礎的。A-MM 的設計旨在將此流程轉化為自動化且結構化的營運工作流。項目方可定義關鍵需求，例如目標數值、服務期限、價差（spread）、上線時間（uptime）、深度、結算偏好與資金需求。同時，平台支援 RFQ 提交、報價審核、訂單管理、合約管理、績效監控與報告。

This gives projects a clear way to express the mind and market makers a standardized way to deliver. And Ember a controlled system of record for onboarding, KYC documentation, contracts, fees and service data. This allows us to participate in the token liquidity value chain in a more scalable, infrastructure-driven and asset-like way.

這讓項目方能以清晰方式表達需求，也讓做市商以標準化方式交付服務。並為 Amber 提供一套受控的系統記錄（system of record），用於導入、KYC 文件、合約、費用與服務數據。這使我們能以更具可擴展性、以基礎設施驅動且更接近資產型（asset-like）的方式，參與代幣流動性價值鏈。

A-MM is designed with a clear division of labor alongside traditional market makers. It is not a replacement but an infrastructure layer that enables greater efficiency, transparency, and scalability. In being able to offer different execution models combined with real-time visibility via our performance dashboard, which is soon to be launched, we are already seeing strong early adoption and positive feedback from token projects in our soft launch phase.

A-MM 的設計與傳統做市商之間有清晰的分工。它不是替代品，而是一個基礎設施層，用以提升效率、透明度與可擴展性。透過可提供不同的執行模型，並結合我們即將推出的績效儀表板所帶來的即時可視性，我們在軟啟動階段已看到代幣項目方的強勁早期採用與正面回饋。

From a business perspective, A-MM not only strengthens our own execution capabilities but also creates a scalable revenue architecture. Revenue can come from recurring service and platform fees, value expansion as clients add more centralized or decentralized markets, market maker participation and potentially premium data and analytics over time.

從商業角度看，A-MM 不僅強化我們自身的執行能力，也建立了可擴展的營收架構。營收可來自經常性服務費與平台費、當客戶新增更多中心化或去中心化市場時的價值擴張、做市商參與，以及隨時間推進可能的高階數據與分析服務。

We anticipate A-MM will begin generating meaningful revenue in Q2 and over time to serve as one of the A-Suite operating systems we plan to launch this year. More importantly, A-MM reflects the broader strategic direction of Amber, moving from distribution to service, from interface to infrastructure, and from manual financial workflows to agent-native operating systems.

我們預期 A-MM 將於第二季開始產生具意義的營收，並隨時間推進，成為我們今年計畫推出的 A-Suite 作業系統之一。更重要的是，A-MM 反映了 Amber 更廣泛的策略方向：從分銷走向服務、從介面走向基礎設施，以及從人工金融工作流程走向原生代理作業系統。

Complementing our product programs, we continue to strengthen our regulatory licensing footprint. We have been granted the VARA license in Dubai and are making steady programs on our virtual asset service provider application in Hong Kong. These efforts reflect our strategic allocation of resources to better serve growing institutional demand. Supported by an increasingly visible regulatory framework, including Hong Kong's stablecoin regime and developments such as the US Clarity Act.

在推進產品計畫的同時，我們也持續強化監管牌照布局。我們已在杜拜獲得 VARA 牌照，並在香港的虛擬資產服務提供者（VASP）申請方面穩步推進。這些努力反映我們策略性配置資源，以更好地服務日益成長的機構需求。並受益於愈發清晰的監管框架，包括香港的穩定幣制度，以及美國《Clarity Act》等發展。

A stronger regulatory foundation is essential to building a sustainable, high-quality business in this evolving industry. This combination of technological innovation and regulatory advancements marks the natural continuation of our journey. Extending Amber from a distribution layer financial service platform into a fuller picture of agent-native operating systems for agentive crypto fintech.

更強健的監管基礎，對於在這個不斷演進的產業中建立可持續、高品質的業務至關重要。技術創新與監管進展的結合，標誌著我們旅程的自然延續。將 Amber 從分銷層的金融服務平台，延伸為面向代理型加密金融科技（agentive crypto fintech）的更完整原生代理作業系統版圖。

Next, I will hand it over to Vicky for a detailed review of our Q1 business performance.

接下來，我將把時間交給 Vicky，請她詳細回顧我們第一季的業務表現。

Thank you, Yi.

謝謝你，Yi。

Before deep diving into our AI/BR platform business. I would like to first build on Michael and Yi's earlier comments around how we have successfully scaled Amber Premium over the years and how we believe we are now entering the next phase of scalable growth.

在深入探討我們的 AI/BR 平台業務之前，我想先延續 Michael 與 Yi 先前的評論，談談我們多年來如何成功擴大 Amber Premium 的規模，以及我們為何認為現在正進入下一階段的可擴展成長。

As Michael mentioned, Amber Premium has evolved into a highly scalable institutional distribution platform, supported by long-standing client relationships, a regulated operating footprint, and demonstrated segment profitability as reflected in our financial statements.

如 Michael 所提到，Amber Premium 已演進為高度可擴展的機構分銷平台，並由長期客戶關係、受監管的營運布局，以及財務報表所反映的分部獲利能力所支撐。

Importantly, what we are building extends well beyond a single initiative. This quarter, we announced A-MM, which, as Michael mentioned earlier, we expect will contribute meaningfully in the coming quarters. More importantly, A-MM represents only the first of the three A-suite operational cores we plan to introduce this year as we continue building the infrastructure layer for scalable institutional automation.

重要的是，我們正在打造的內容遠不止於單一計畫。本季度，我們宣布推出 A-MM；如 Michael 先前所述，我們預期它將在未來幾個季度做出具意義的貢獻。更重要的是，A-MM 只是我們今年計畫推出的三個 A-suite 營運核心中的第一個，我們將持續建構可擴展的機構自動化所需的基礎設施層。

The same automation and infrastructure capabilities that power our market-making businesses can now be extended across a broader range of institutional financial products and services, creating a more scalable and higher quality earnings profile over time.

支撐我們做市業務的同一套自動化與基礎設施能力，如今也可延伸至更廣泛的機構金融產品與服務，從而隨時間推進打造更具可擴展性且更高品質的獲利結構。

Turning back to our core business and Q1 performance, the first quarter of 2026. Reflected a familiar market environment across digital assets, including softer trading activity, lower risk appetite, and more selective institutional capital deployment.

回到我們的核心業務與第一季表現：2026 年第一季反映了數位資產市場熟悉的環境，包括交易活動偏弱、風險偏好下降，以及機構資金部署更為審慎與選擇性。

These broader market conditions were naturally reflected in our quarterly financial performance, particularly within our execution solutions and payment solutions businesses. However. What continues to evolve meaningfully is the expansion of the digital asset opportunity set.

這些更廣泛的市場狀況，自然也反映在我們的季度財務表現上，特別是在我們的執行解決方案與支付解決方案業務中。然而，持續出現顯著演進的是數位資產機會集合的擴張。

We are no longer only seeing institutional interest around core crypto assets. Increasingly, we are seeing demand broaden towards tokenized financial products, on-chain yield strategies, tokenized real-world assets and a wider range of digitally native financial products.

我們不再只看到機構對核心加密資產的興趣。愈來愈多地，我們看到需求擴展至代幣化金融產品、鏈上收益策略、代幣化實體資產（RWA），以及更廣泛的數位原生金融產品。

Alongside the trends, we are also seeing growing client appetite for more sophisticated and tailored structured products. Clients today are increasingly looking for customized yield opportunities, defined downside protection, and structure aligned with their specific risk-to-return objectives, rather than standardized off-the-shelf solutions.

伴隨這些趨勢，我們也看到客戶對更精密且更量身打造的結構性產品的偏好正在提升。如今客戶愈來愈尋求客製化收益機會、明確的下行保護，以及與其特定風險報酬目標相匹配的結構，而非標準化的現成方案。

Our ability to offer customized structured products across different underlying assets, tenor, and payout profiles is a direct response to the [solving] demand profile. Importantly, we believe this trend supports both deeper client engagement and a higher quality revenue mix over time. As the asset universe expands, we believe distribution becomes increasingly valuable. Institutions are looking not only for access to products but also for trusted platforms that can help clients access and manage these opportunities within regulated frameworks. This is where we believe Amber Premium is strategically well-positioned. At the same time, we are seeing increasing demand for financial institutions and platforms seeking embedded digital asset capabilities rather than building these capabilities internally.

我們能在不同標的資產、期限（tenor）與收益支付結構（payout profiles）上提供客製化結構性產品，正是對該[solving]需求輪廓的直接回應。重要的是，我們相信這一趨勢將同時支持更深度的客戶互動，以及隨時間推進更高品質的營收組合。隨著資產範圍擴大，我們認為分銷的價值將愈發提升。機構不僅尋求產品的取得管道，也尋求可信賴的平台，協助客戶在受監管框架內取得並管理這些機會。這正是我們認為 Amber Premium 在策略上具備良好定位之處。同時，我們也看到愈來愈多金融機構與平台希望採用嵌入式的數位資產能力，而非在內部自行建置這些能力。

We believe this creates meaningful long-term B2B2C opportunities for us. Against this backdrop, our primary recurring revenue engine, Wealth Management Solutions, contributed USD4.3 million in Q1, accounting for 74.8% of. Amber premium segment revenue. This continues to reflect our intentional shift towards higher margin and more predictable revenue streams. To further strengthen our regulatory positioning, we also took proactive steps this quarter to optimize our client account structure and align more closely with evolving regulatory requirements.

我們相信這將為我們創造具意義的長期 B2B2C 機會。在此背景下，我們主要的經常性收入引擎——財富管理解決方案（Wealth Management Solutions）——於第一季貢獻 430 萬美元，占 Amber Premium 分部收入的 74.8%。Amber Premium 分部收入。這持續反映出我們有意轉向更高毛利且更可預測的收入來源。為進一步強化我們的監管定位，本季我們亦採取主動措施，優化客戶帳戶結構，並更緊密地配合不斷演進的監管要求。

As part of this process, we streamlined a portion of low-engagement client. Clients' accounts while continuing to deepen relationships with our core institutional and focused client base. Importantly, this optimization had minimal impact on overall asset on platform, while asset on platform per active client remains stable at USD1.2 million. We believe this strengthens the long-term quality of the platform as the industry becomes more institutional.

作為此流程的一部分，我們精簡了一部分互動度較低的客戶。客戶帳戶，同時持續深化與我們核心機構客戶及重點客群的關係。重要的是，此次優化對平台整體資產規模影響極小，而每位活躍客戶的平台資產仍穩定維持在 120 萬美元。我們相信，隨著產業日益機構化，這將提升平台的長期品質。

Ultimately while market cycles may continue to impact short-term activity, we believe the long-term value of this platform lets in our client relationship, regulate infrastructure, and ability to scale customized financial services through automation. In summary, Amber Premium is increasingly evolving from a client platform into an agent-native institutional layer for execution, coordination, and distribution of digital and tokenized assets.

最終，儘管市場週期可能持續影響短期活動，我們相信此平台的長期價值在於我們的客戶關係、合規基礎設施，以及透過自動化擴展客製化金融服務的能力。總結而言，Amber Premium 正日益從一個客戶平台，演進為用於數位與代幣化資產之執行、協調與分發的「代理原生」機構層。

With that, I will hand over to Josephine, our Chief Financial Officer, for our financial results.

接下來，我將把時間交給我們的財務長 Josephine，說明財務結果。

Thank you, Vicky, and good morning, everyone. I will now review our financial results for the first quarter of 2026 and March 21st and provide our guidance for the second quarter.

謝謝你，Vicky，各位早安。我現在將回顧我們 2026 年第一季及截至 3 月 21 日的財務結果，並提供第二季的指引。

Throughout my remarks, I will primarily reference the consolidated Amber International entity, providing additional contacts for the Amber Premium segment where relevant. Revenue for the first quarter was USD10 million. This compares to USD14.5 million in Q1 of 2025 and USD16.3 million in the sequential fourth quarter of 2025.

在我的發言中，我將主要引用 Amber International 合併實體的數據，並在相關處補充 Amber Premium 分部的內容。第一季營收為 1,000 萬美元。相較之下，2025 年第一季為 1,450 萬美元，而 2025 年第四季（上一季）為 1,630 萬美元。

Our Q1 performance was primarily influenced by a materially software digital access market environment, which leads to a moderation in transactions volumes across the entire industry. Furthermore, our year-over-year comparison was impacted by a non-recurrent USUSD2.9 million service fee that we recognized in the prior year period.

我們第一季的表現主要受到數位資產市場環境顯著疲弱的影響，導致整個產業的交易量趨於放緩。此外，我們的年對年比較亦受到前一年同期認列一次性 290 萬美元服務費的影響。

Looking closer at Amber Premium, performance across our core solutions was quite balanced. The wealth management solutions delivered 4.3 million US dollars. The execution solutions brought in 0.9 million US dollars. Payment solutions delivered 0.6 million dollars and iClick marketing and enterprise solutions contribute approximately 4.3 million US dollars.

更聚焦於 Amber Premium 來看，我們核心解決方案的表現相當均衡。財富管理解決方案帶來 430 萬美元。執行解決方案帶來 90 萬美元。支付解決方案帶來 60 萬美元，而 iClick 行銷與企業解決方案貢獻約 430 萬美元。

The gross profit for the quarter came in at USD6.8 million, representing a 67.7% margin. This is a step down from the USD12.1 million with gross profit and 74.2% margins we recalled last quarter, reflecting shifts in our product mix as our dual products represent a higher share of revenue this quarter. Despite these near-term shifts, we remain firmly focused on driving long-term high-margin growth across all product lines.

本季毛利為 680 萬美元，毛利率為 67.7%。相較於上一季我們錄得 1,210 萬美元毛利與 74.2% 毛利率有所下滑，反映出本季產品組合的變化，因為我們的雙重產品（dual products）占營收比重在本季提高。儘管短期出現這些變動，我們仍堅定聚焦於推動各產品線的長期高毛利成長。

Moving down to the operating line, we record an operating loss of 3.2 million US dollars for Q1. However, our total operating expenses improved to approximately 10 million US dollars, down from 11 million US dollars in Q4 2025.

往下看至營運層面，我們第一季錄得 320 萬美元的營業虧損。不過，我們的營運費用總額改善至約 1,000 萬美元，較 2025 年第四季的 1,100 萬美元下降。

This reduction highlights our strategic efforts to streamline operational resources alongside early efficiency gains from our internal AI initiatives. I want to highlight an encouraging case here. Within our iClick marketing and enterprise solutions business, we deployed our AI agent, Near, into the operation. These integrations help reduce operating costs within that segment meaningfully this quarter alone as we are transitioning the digital marketing business toward an AI-driven operating model.

這一下降凸顯我們在精簡營運資源方面的策略性努力，以及內部 AI 計畫帶來的初步效率提升。我想在此強調一個令人鼓舞的案例。在 iClick 行銷與企業解決方案業務中，我們已將 AI 代理 Near 部署到營運流程中。隨著我們將數位行銷業務轉型為 AI 驅動的營運模式，這些整合在僅本季就已顯著降低該分部的營運成本。

The key takeaway for us is straightforward. AI is not just a forward-looking thesis for us. It is already actively absorbing operating expenses and improving the unique economics of our existing business. We expect this internal AI efficiency to continue compounding throughout 2026 as we extend MIA's capability to additional corporate functions.

對我們而言，關鍵結論很直接。AI 不只是我們對未來的前瞻性論點。它已經在主動吸收營運費用，並改善我們既有業務的單位經濟效益。我們預期，隨著我們將 MIA 的能力延伸至更多企業職能，這種內部 AI 效率將在 2026 年持續累積放大。

The net loss from continuing operations was USD3.7 million, compared to a net income of USD0.8 million last quarter. Adjusted EBITDA for Q1 was a loss of USD3.2 million, compared to a positive adjusted EBITDA of USD50,000 in Q4 2025.

持續營運的淨虧損為 370 萬美元，相較上一季淨利 80 萬美元。第一季調整後 EBITDA 為虧損 320 萬美元，相較 2025 年第四季調整後 EBITDA 為正 5 萬美元。

Turning to the balance sheet.

接著看資產負債表。

Our financial positions remain strong and continues to improve. We closed the quarter with USD36.5 million in cash and serial bank debt, giving us a highly resilient foundation. Looking ahead to the second quarter of 2026, we are issuing primary revenue guidelines for the amber premium segment of between USD9 million.

我們的財務狀況仍然穩健，並持續改善。本季結束時，我們持有 3,650 萬美元現金及可流通銀行債務，為我們提供高度韌性的基礎。展望 2026 年第二季，我們對 Amber Premium 分部發布主要營收指引，介於 900 萬美元之間。

To USD10 million, representing a quarter-over-quarter increase of approximately 58.1% to 75.7% from our Q1 2026 annual premium segment revenue of USD5.7 million. Our guidance currently covers the annual premium segments only and does not include revenue from our iClick marketing and enterprise solutions to be consistent with previous guidance practice.

至 1,000 萬美元，較 2026 年第一季 Amber Premium 分部營收 570 萬美元，季增約 58.1% 至 75.7%。我們目前的指引僅涵蓋 Amber Premium 分部，為與過往指引口徑一致，未包含 iClick 行銷與企業解決方案的營收。

As we look to the rest of the year, alongside the external growth strategic we have previously outlined internally. We are also enhancing our financial reporting system to provide transparent insight into our performance and maintaining strong liquidity and balance sheet flexibility in order to support our global expansion and strategic partnerships. We believe that this disciplined approach will create sustainable and long-term value for our shareholders.

展望今年剩餘時間，除先前已對外說明的成長策略外，在內部方面，我們也正在強化財務報告系統，以提供更透明的績效洞察，並維持充足流動性與資產負債表彈性，以支持我們的全球擴張與策略合作夥伴關係。我們相信，這種自律的方法將為股東創造可持續且長期的價值。

With that, I will turn the call back to MIA.

接下來，我把電話交回給 MIA。

Thank you, Josephine. That concludes our remarks for today. We will now open the line for Q&A. Operator, please begin.

謝謝你，Josephine。以上是我們今天的發言。我們現在開放問答。接線員，請開始。

(Operator Instructions)

（接線員指示）

Brian Dobson, Clear Street Equity Research.

Brian Dobson，Clear Street 股票研究。

Yeah, thanks very much. If we could just start with a big picture question, I suppose two years from now, what do you think the business looks like and how do you think investors should be contemplating your growth outlook at this point?

好的，非常感謝。如果可以的話，我想先從一個宏觀問題開始：我想兩年後，你認為公司會是什麼樣子？在目前這個時間點，你認為投資人應該如何看待你們的成長前景？

Thank you, Brian. This is actually a great question because fundamentally, I think starting from this quarter, we want the market, we want the investor to understand Amber is truly emerging from.

謝謝你，Brian。這其實是一個很好的問題，因為從根本上來說，我認為從本季開始，我們希望市場、希望投資人理解 Amber 正在真正走出。

The platform, Amber Premium, which is by itself a very solid, profitable digital wealth management platform to Amber, which I define as a crypto-enabled agentic fintech. Two years from now on what the business should look like, I do think the agent-native operating systems we are launching today, the A-MM and the remaining A-Suite and the agents that are operating them as of today.

從平台——Amber Premium——本身是一個非常穩健、具獲利能力的數位財富管理平台，走向我所定義的 Amber：一個由加密技術賦能、以代理（agentic）為核心的金融科技公司。至於兩年後公司應該會是什麼樣子，我確實認為我們今天推出的代理原生作業系統——A-MM、其餘的 A-Suite，以及目前正在運行它們的各類代理。

They will become a financial infrastructure for a lot more companies. They will hopefully, by that point, become the financial stack for the agent economy. How that will make our revenue model look like? I do think we have proven with our own platforms, with Emma Premium, that an already automated, already agent-native operating system can enable businesses in a scalable way.

它們將成為更多公司的金融基礎設施。希望到那個時候，它們能成為代理經濟（agent economy）的金融技術堆疊。這會讓我們的營收模式看起來如何？我認為我們已透過自身的平台、透過 Emma Premium 證明：一個已高度自動化、且已是代理原生的作業系統，能以可擴展的方式賦能企業。

Two years from now on, I think that scale point, the scalability point should have been proven by that point. There should be a lot of platforms other than Amber Premium, a lot of platforms either owned, invested by Amber or completely unrelated to Amber on an ownership basis that are operating on this shared stack that we are building today. Yeah, so I'm highly confident in the direction we are going.

我認為兩年後，那個規模點、可擴展性點應該已經在那時被驗證了。除了 Amber Premium 之外，應該會有很多平台——不論是由 Amber 擁有、由 Amber 投資，或在股權層面與 Amber 完全無關——都在運行於我們今天正在打造的這套共享技術堆疊之上。是的，所以我對我們前進的方向非常有信心。

I'm highly confident in delivering or accomplishing that in a two-year framework. And I do think the market will gradually understand, Amber, as an emerging crypto-enabled agentic fintech, as I mentioned. And again, circling back to our Crypto for AI vision, I do think being crypto-enabled as an agentic fintech gives us a unique edge if we look a bit further into the future.

我對於在兩年的時間框架內交付或達成這件事非常有信心。而且我確實認為市場會逐步理解 Amber——如我提到的，作為一家新興的、加密賦能（crypto-enabled）的代理式（agentic）金融科技公司。再回到我們「Crypto for AI」的願景，我確實認為，作為一家加密賦能的代理式金融科技公司，若把視野放得更長遠一些，這會給我們帶來獨特優勢。

I do believe a lot of financial services today will move on to the crypto rail, especially as the agentic economy arrives, as more of the services, more of the operations, more of the economy is done by AI agents rather than humans. So hopefully by that point, market will realize we not only have that vision way ahead of the curve, we are one of the first to actually deliver that vision.

我相信當今很多金融服務都會轉移到加密軌道（crypto rail）上，尤其是當代理式經濟到來之際，更多服務、更多營運、更多經濟活動將由 AI 代理而非人類來完成。所以希望到那時，市場會意識到我們不僅在很早之前就有這個願景，而且我們也是最早真正把這個願景落地交付的公司之一。

Yeah, thanks. And I suppose just following up on that, do you think that leaning into that aspect of the business, right, makes the overall business model more scalable as you're driving more agent-native systems, kind of similar to more like a software company?

好的，謝謝。我想接著追問一下，你是否認為更聚焦於業務的這一面向——也就是推動更多原生代理（agent-native）的系統——會讓整體商業模式更具可擴展性，有點更像一家軟體公司？

There are similarities, I think, to software companies in the sense that most of the companies, as I always mention today, are engineers at the core. Amber as a core is a technology-driven company. But I do think the business model will look different from the software companies or especially the SaaS companies as we understand today. I don't think we are offering.

我認為在某些方面確實與軟體公司有相似之處，因為如我一直提到的，今天大多數公司本質上都是以工程師為核心。Amber 的核心是一家技術驅動的公司。但我確實認為，我們的商業模式會不同於我們今天所理解的軟體公司，尤其是 SaaS 公司。我不認為我們是在提供。

Just a software, a tool or an agentic tool even. What we are building and we are increasingly offering to our own platforms and externally is really more of an agentic capabilities. Take iClick as an example as we mentioned today. iClick is a digital marketing world and maybe at this point still is a digital marketing business. What MIA does. And what our [agent staff] does to iClick is offer the ability to offer the same services or even much better services to their clients with a much more agent-native way. In terms of operation, multiple operations now are being automated. The way the workflow they are streamlined is agent first rather than human first.

僅僅是一個軟體、一個工具，甚至是一個代理式工具。我們正在打造、並且越來越多地向自有平台以及外部提供的，其實更像是一種代理式能力（agentic capabilities）。以我們今天提到的 iClick 為例。iClick 是數位行銷領域的公司，也許到目前為止仍然是一家數位行銷業務。MIA 所做的事情。以及我們的[代理員工]為 iClick 所做的，是讓他們能以更原生代理的方式，向客戶提供同樣的服務，甚至更好的服務。在營運層面，多項作業現在正在被自動化。其工作流程被精簡的方式是「代理優先」而不是「人類優先」。

The ability itself, again, that's the scalability point, is highly scalable. A different company or even a company with only similar business or different client base or similar client base can easily render the ability. Compared to the software example you mentioned, right, today, if another company uses a software from a software company, they still need to use the tool themselves, they still need to have stuff trained to operate with their own workflow using that tool.

這種能力本身——再次強調，這就是可擴展性的關鍵——具有高度可擴展性。另一家公司，甚至是業務相近或不同、客群相近或不同的公司，都可以很容易地部署並使用這種能力。相比你提到的軟體例子，今天如果另一家公司使用某家軟體公司的軟體，他們仍需要自己去使用該工具，仍需要培訓員工，讓其在自身工作流程中使用該工具來運作。

Agentic services, the agentic abilities we are offering is different. It's actually end-to-end. It's actually result driven. We do think companies will start to get used to paying for the actual results rather than paying for the tools that can hopefully get them the results. I think that's fundamentally different. I think the market will start to realize that. A lot of that understanding, I think, is becoming.

我們提供的代理式服務、代理式能力是不同的。它其實是端到端的。它其實是以結果為導向的。我們認為企業會開始習慣為實際結果付費，而不是為那些「希望能帶來結果」的工具付費。我認為這在本質上是不同的。我認為市場會開始意識到這一點。而這種理解，我認為正在逐漸。

More talked about among the private investors, among the DC investors. So really in the public market, I do think Amber is one of the first companies that through our results, through our accomplishments this year, hopefully will also educate the public market investors about this new business model.

在私募投資人之間、在 DC 投資人之間被更多討論。因此在公開市場上，我確實認為 Amber 是最早的一批公司之一，能透過我們今年的成果、透過我們的達成事項，並希望也能教育公開市場投資人理解這種新的商業模式。

[Emily Wei, Cemetery Effluent].

[Emily Wei, Cemetery Effluent]。

I actually have two questions. So first of all, can you help us understand why we're pivoting towards an AI story? And secondly, on A-MM, what has actually been delivered so far and when do we expect the A-Suite to start making money? Thank you.

我其實有兩個問題。首先，你能幫我們理解為什麼我們要轉向一個 AI 故事嗎？其次，關於 A-MM，到目前為止實際交付了什麼？以及我們預期 A-Suite 何時開始賺錢？謝謝。

Great questions, this is Michael again.

問題很好，我是 Michael，再次回答。

First, I have to correct you, we are not pivoting to AI. First, Amber started as Amber AI, it's actually always been our DNA. And secondly, I've had this conviction and I really think the company is putting that into reality as we speak that crypto and AI are convergent. And these two technologies well together define what the agentic economy looks like, especially in what I call agentic finance.

首先，我必須糾正你，我們不是在轉向 AI。第一，Amber 一開始就是 Amber AI，這其實一直是我們的 DNA。第二，我一直堅信——而且我也真的認為公司此刻正在把它變成現實——加密與 AI 正在融合。而這兩項技術共同定義了代理式經濟的樣貌，尤其是在我所稱的「代理式金融」（agentic finance）中。

And also this is already happening, as I mentioned about the MIA inside iClick example, this is already transforming operating expenses. Through automation is already changing workflows from humans using tools to agents leading towards direct results with humans in the loop. And it's already making a financial impact. And I think that's sort of related to your second question, which I will also get to.

而且這其實已經在發生了，正如我提到 iClick 內部的 MIA 例子，這已經在改變營運費用。透過自動化，工作流程已經從「人類使用工具」轉變為「代理主導、直接產出結果」，同時保留人類在迴圈中（humans in the loop）。而且它已經帶來財務上的影響。我想這也與你的第二個問題有關，我也會回答。

And also, if you look at EMBER Premium itself, we really see EMBER Premium as the proof case. It is. Approved case because it is successful, right? It has a very strong reputation among, I think, the most highly demanding, highly sophisticated and high valuable client base. It is a profitable business. But we are just reviewing within Amber what enables the success of Amber Premium beyond, of course, our great sales team, our great relation management team and all the trust our clients putting into us. It's actually this.

另外，如果你看 EMBER Premium 本身，我們確實把 EMBER Premium 視為一個驗證案例。它是。一個已被驗證的案例，因為它是成功的，對吧？它在我認為最挑剔、最成熟、且價值最高的客群中擁有非常強的口碑。它是一門獲利的業務。但我們正在 Amber 內部回顧：除了我們優秀的銷售團隊、優秀的客戶關係管理團隊，以及客戶對我們的信任之外，究竟是什麼促成了 Amber Premium 的成功。其實是這個。

Operating layer, which now we are reviewing as A-suite. It's actually this operating layer and this agent-native operating capability that makes Ember Premium, makes our platform successful, makes us able to deliver a very diverse priority of products and services within crypto.

營運層，我們現在把它梳理為 A-suite。正是這個營運層與這種原生代理的營運能力，讓 Ember Premium、讓我們的平台得以成功，讓我們能在加密領域交付非常多元且優先級很高的一系列產品與服務。

And the ability to deliver that not only to the highest standard, but deliver that with efficiency, with scalability.

並且不僅以最高標準交付，還能以效率、以可擴展性來交付。

So I really don't think we're talking about pivot. AI and the crypto has been in Amber's DNA since day one, but I do understand why you asked this question or where does this confusion come from. I think over the last year or so. We are a new public company and throughout most of 2025, people were still trying to understand Amber Premium itself, which again is our first showcase, our first success. And this year, of course, we are all on this call along with all the investors, with all the friends, trying to educate the market about the broader Amber, which hopefully starting from this earnings call become more clear.

所以我真的不認為我們在談「轉向」。AI 與加密自第一天起就一直在 Amber 的 DNA 裡，但我也理解你為什麼會問這個問題，或這種困惑從何而來。我想在過去一年左右。我們是一家新的上市公司，而在 2025 年的大部分時間裡，人們仍在試著理解 Amber Premium 本身——它再次強調，是我們的第一個展示案例、第一個成功案例。而今年，當然，我們與所有投資人、所有朋友一起在這通電話上，試著向市場說明更廣義的 Amber；希望從這次財報電話會開始變得更清晰。

And to the second of your question about when does A-MM start to contribute revenues, it's actually already started. As we mentioned, A-MM was launched at the end of March. It's an agent-native liquidity provision OS operating systems. As Yi explained about the product, we really obstructed.

至於你第二個問題：A-MM 何時開始貢獻營收，其實已經開始了。如我們提到的，A-MM 在三月底推出。它是一個原生代理的流動性提供 OS（作業系統）。正如 Yi 對產品的解釋，我們確實阻礙了。

A fairly complex business into a very streamlined protocol. And this protocol itself is agent native, it's agent operable, and it's highly automated. Along with the workflow agents that operate A-MM, they've already been contributing revenue as we speak today. And I do think we will start to see these increasingly significant revenue contribution from A-MM and other eight suites as we launch them from the second quarter onwards.

將一個相當複雜的業務轉化為非常精簡的協議。而這個協議本身是代理原生的、可由代理操作的，且高度自動化。連同運行 A-MM 的工作流程代理，它們截至目前已經在貢獻營收。我也確實認為，隨著我們從第二季起陸續推出 A-MM 與其他八個套件，我們將開始看到它們帶來愈來愈顯著的營收貢獻。

And I can add some points on my call.

我也可以在我的部分補充幾點。

So basically, as Michael has mentioned, the A-MM actually adds extra scalable revenue streams to our future developments. So basically, I just want to make a similar analysis once some like the token projects or market makers onboarded to agentic market making or the platform.

基本上，如 Michael 所提到的，A-MM 實際上為我們未來的發展增加了額外且可擴展的營收來源。基本上，我只是想做一個類似的分析：一旦像代幣專案或做市商導入代理式做市（agentic market making）或導入平台。

Actually, they will be very sticky and something like middle to long-term agreements they were signed with us. So basically, the revenue itself will be recurring and scalable as they're adding more values or maybe they're adding more parameters or they require more digital service from our side. So basically, we do think that this revenue stream will be. Extremely scalable and start to contributing meaningful revenue from Q2 and onwards.

實際上，他們會非常黏著，並且會與我們簽署類似中長期的協議。因此，隨著他們增加更多價值、或增加更多參數、或需要我們提供更多數位服務，這部分營收將會是經常性且可擴展的。因此，我們確實認為這條營收來源將會是。極具可擴展性，並將自第二季起及之後開始貢獻具意義的營收。

Thank you.

謝謝。

If there are no further phone questions, I would like to hand it back over to management for webcast questions.

如果沒有進一步的電話提問，我想把時間交還給管理層來回答網路直播的提問。

Okay. Yeah, we have a few questions on the screen. I will read one of them out first. The question is, how do you expect AI strategy to influence margins, cash flow, balance sheet efficiency over time?

好的。是的，我們螢幕上有幾個問題。我先讀其中一個。問題是：你們預期 AI 策略將如何隨時間影響利潤率、現金流，以及資產負債表效率？

Again, I think we touched upon some of that. AI strategy is already influencing pretty much all of them on cash flow, on expenses. As we mentioned with iClick example, MIA is already reducing OpEx of the iClick business segment as we speak.

再次說明，我想我們已經觸及其中一些。AI 策略已經在影響幾乎所有面向，包括現金流與費用。如我們以 iClick 的例子所提到的，MIA 目前已在降低 iClick 業務分部的營運費用（OpEx）。

In terms of margin, A-MM is another good example. It turns a fairly -- it used to be fairly bespoken kind of business model of liquidity provision in crypto, in digital assets, into highly streamlined agent-operatable operating systems. So that definitely increases not only the margin of the business, but also, again, how scalable the business can be.

就利潤率而言，A-MM 是另一個很好的例子。它把加密貨幣、數位資產的流動性提供這種相當——過去相當客製化的商業模式，轉變為高度精簡、可由代理操作的作業系統。因此，這不僅提升了業務的利潤率，也同樣提升了業務的可擴展性。

In terms of balance sheet efficiency, I think that will also show the impact over time, especially as we launch the other two products within A-Suite in the coming months. Just to add to that point, I think compared to current margins, we do expect obviously higher.

就資產負債表效率而言，我認為這也會隨時間展現影響，特別是我們在未來幾個月內推出 A-Suite 中另外兩項產品之後。補充這點，我認為相較於目前的利潤率，我們確實預期會明顯更高。

Higher capital efficiency coming out of the agentic AI services and will have a positive impact on operating margins in the long run. And given that this is a relatively scalable business, the balance sheet efficiency will also start to improve in the coming quarters.

代理式 AI 服務將帶來更高的資本效率，並在長期對營業利潤率產生正面影響。而鑑於這是一個相對可擴展的業務，資產負債表效率也將在未來幾季開始改善。

We also have another question that's from Kelly. The question is, what LLM is being deployed to enable the AI solution for Amber? Are there any proprietary components to your agentic infrastructure?

我們還有另一個問題，來自 Kelly。問題是：為 Amber 的 AI 解決方案部署的是哪一種 LLM？你們的代理式基礎架構是否有任何專有元件？

This is very interesting to have a more technical question on this earnings call. In short, the way we build what we call the intelligence layer of our agentic stack is we are very open to use whatever LLM model or whatever intelligence source that's actually helpful, that's productive, that actually enables our business and our clients' businesses to be better.

在這次財報電話會議上出現更技術性的問題很有意思。簡而言之，我們建構所謂代理式技術堆疊（agentic stack）的智慧層（intelligence layer）時，對於採用任何有幫助、有效率、能讓我們的業務以及客戶業務變得更好的 LLM 模型或智慧來源，都保持非常開放的態度。

We of course have integrated all the leading, either both the leading private models and the leading open source models. We have also in-house deployed. Our fine-tuned versions of open source models where it fits both.

我們當然已整合所有領先的模型，包括領先的私有模型與領先的開源模型。我們也在內部部署了。在合適的情境下，我們對開源模型進行微調（fine-tuned）的版本。

There are, of course, areas within our agentic workflow that are smaller, maybe less intelligent, but cheaper and more customizable open source models are suitable. We've done that. So in a way, we have our own fine-tuned, smaller models, I guess, in the workflow. Are there proprietary components to the agentic structure? This is also a very interesting question. I think we touched upon the models, the intelligence layer. I do think there are companies, there are giant, gigantic AI labs that provide all these intelligence layers. And I don't think it's Amber's position today, at least to compete on that front.

當然，在我們的代理式工作流程中，有些環節較小、可能不需要那麼高的智慧程度，但成本更低且更可客製化的開源模型就很適合。我們已經這麼做了。因此某種程度上，我們在工作流程中也有自己微調過的較小模型。代理式架構是否有專有元件？這也是個很有意思的問題。我想我們已經談到模型與智慧層。我確實認為有一些公司、一些非常大型的 AI 實驗室提供這些智慧層。而我不認為 Amber 目前的定位——至少在這個面向——是要去競爭。

I do think in terms of building more vertical agentic services or vertical agentic service stacks. That's where our edge lies, whether specifically in fintech or in financial services, especially digital asset financial services, which I think are actually more complex, but also more digital native form of financial services. There's a lot of harness you need to build. There's a lot of sort of specified data sets. That our agents need to be comfortable with or be trained with. So the short answer is yes. I do think there are a lot of proprietary components to our agentic infrastructure, even though that on the intelligence layer, we integrate most of the advanced either private or open source models.

我認為在打造更垂直領域的代理式服務或垂直領域的代理式服務堆疊方面。這正是我們的優勢所在，無論是在金融科技或金融服務，尤其是數位資產金融服務；我認為這類服務其實更複雜，但同時也更具數位原生特性。你需要建立大量的支撐架構（harness）。你需要大量特定的資料集。讓我們的代理能夠熟悉或用來訓練。所以簡短回答是：是的。我確實認為我們的代理式基礎架構有很多專有元件，儘管在智慧層方面，我們整合了多數先進的私有或開源模型。

Thank you all for joining us today. This quarter marks a defining moment as we continue to advance our agent-native operation system buildout while maintaining a resilient foundation in a challenging market. We remain fully committed to delivering institutional-grade excellence and long-term value for our shareholders. We sincerely appreciate your continued trust and support, and we look forward to sharing further updates with you in the upcoming quarter. This concludes today's call.

感謝各位今天加入我們。本季是一個關鍵時刻：我們在充滿挑戰的市場中維持具韌性的基礎，同時持續推進代理原生作業系統的建置。我們仍將全力致力於提供機構級的卓越表現，並為股東創造長期價值。我們由衷感謝各位持續的信任與支持，並期待在下一季與各位分享更多最新進展。今天的電話會議到此結束。

Thank you, and have a great day.

謝謝，祝各位有美好的一天。

Thank you. You may now disconnect.

謝謝。您現在可以掛線。