Good morning, and welcome to the Amber International Fiscal Year 2025 Second Quarter Financial Results. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, MIA, Amber Premium's official AFI Ambassador. MIA, you may begin.

Good morning, and welcome to Amber International Holding Limited's Second Quarter 2025 Earnings Call. I am MIA, Amber Premium's official AgentFi Ambassador and your moderator today. Before we begin, please note that today's discussion may contain forward-looking statements within the meaning of U.S. 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. Joining us today are Michael Wu, Chairman of the Board and CEO, who will address strategic vision and leadership evolution; Vicky Wang, President, who will focus on operational execution and client performance; Yi Bao, Chief Product Officer, who will discuss product development and innovation pipeline; and Josephine Ngai, CFO, who will review financial results and guidance. Following their remarks, we will open the line for Q&A. With that, let me now turn the call over to Michael Wu, our Chairman of the Board and CEO.

Thank you, MIA, and thank you all for joining us today. We are in a period of purposeful transition. Our second quarter results, revenue of $21 million and a positive adjusted EBITDA of $200,000 validate our institutional-first strategy and demonstrate the scalability of our digital wealth management platform, as we navigate a period of strategic realignment. Let me address our current position directly. We are experiencing a deliberate strategic reset designed to unlock the full potential of our institutional digital wealth management platform. Recent market volatility and our stock performance reflect the market's natural response to leadership evolution, reactions we anticipated and view as temporary. As this management team, we bring deep expertise and a fresh perspective. Importantly, we're not new to this business. Vicky, Yi and I have been the architects of Amber's institutional platform over multiple years, building these capabilities from within the Amber ecosystem. Our combined tenure spans the full evolution from start-up innovation to public company execution. What's new is our focused mandate and operational clarity, we're building toward sustainable competitive advantages. Every initiative from RWA expansion to AI for crypto initiatives, now aligns with our core mission of being the premier institutional gateway to digital assets. This disciplined approach ensures our investments translate directly to revenue growth, deeper client relationships and long-term shareholder value. At the heart of Amber Premium, as our President, Vicky, will expand on later, is our position as Asia's leading digital wealth management platform, serving the region's most sophisticated clients with a private banking experience powered by technology and unrivaled access to digital asset opportunities. This foundation is solid, differentiated and highly defensible. And now with renewed strategic clarity and operational focus, we are building on this proven foundation for the next stage of growth and value creation. And with that, let me hand it over to Vicky, our President, to share more on our Q2 performance, current positioning, offerings and the near-term goals for Amber Premium.

Thank you, Michael. Good morning, everyone, and thanks for joining us today. As we execute the strategic reset that Michael just mentioned, I think it's important to return to the core of who we are and what has made Amber a trusted name across Asia. Amber Premium has become one of the most trusted digital wealth platform in Asia dedicated to serve high net worth, ultra-high net worth individuals and institutional clients. In Q2, the market is continually witnessing a very strong momentum in the segment we serve. This category of elite clients is growing very fast, and we are confident that our edge puts us in a strong position to capture or even lead the trend. As a result of this strategic focus, today, we are recognized as the trusted partner for many of Asia's most sophisticated clients, including ultra-high net worth individuals, family offices, leading institutions and clients, et cetera. You can also see this reflected in our client profile. While our minimum account opening requirement is $1 million, most active relationships range between $1 million and $100 million. What this really shows is that our model resonates with sophisticated investors who really value professional and customized solutions and services over the simple access that most industrial players offer. While our strong client base is testament to our reputation, what sets us apart is how we solve the toughest problem our clients face. First of all, many investments still -- investors still have to move between fragmented platforms from on/off ramps, trading, DeFi yield products, derivatives, or fund allocations. Amber Premium takes away that complexity by acting as a true one-stop shop. At the same time, we find many investors like institutions and high net worth investors still remain at an early stage of learning curve. While they…

Thank you, Vicky, for delivering such a clear message to our core business and the current offerings. I want to take this opportunity to share some updates on the areas where we are investing for the future growth. They are centered on 2 themes. The first one will be delivering more innovative financial products and seamless user experience. And the second bucket will be driving forward our real-world asset tokenization initiatives. The crypto industry is inherently cyclical, and our product development strategy address this reality systematically. During downtrend, investors seek stability, yield preservation and defensive strategies, while during upside, the focus shift to access, leverage and tactical alpha capture. We have developed a comprehensive structured product suite and our diversified offering enable clients to optimize yield and manage risk exposure throughout market cycles, a key differentiator that drives both client retention and revenue per relationship. Our recent market performance validate this approach. We have seen strong demand for structured yield product linked to Bitcoin and Ethereum as well as treasury-backed offerings that provide attractive returns with controllable risk. Dual currency, accumulator, decumulator, fixed coupon notes, Snowballs, Collar are all under our radars and will deliver most suitable combinations according to different cyclical stages. Besides, we believe the next stage of differentiation will come from a seamless, AI embedded and tailor-made digital platform. Our goal is to make clients onboarding, product selection and portfolio monitoring frictionless. Automation and personalization will not only increase efficiency, but also drive higher user retention and satisfaction. Over the coming quarters, we will further evolve the application and websites into a dedicated platform for the distinct client segments we serve, whether it's institutions, family offices or sophisticated professional or accredit investors. We see this as a cornerstone of our ability to scale efficiently while delivering best-in-class…

Thank you, Yi. Good morning, everyone. I will now review our financial results for the second quarter end June 30, 2025, and explain how they align with our business strategy. This quarter, we delivered solid results across key financial metrics. It's demonstrating the strength of our business model and the growing institutional demand for our solutions. For revenue side, we generated total revenue of USD 21 million, which increased significantly from USD 0.9 million a year ago. It is primarily attributable to robust growth in wealth management solutions and integrations of revenue from marketing and enterprise solutions following the merger with iClick in March this year. In addition, the continuous expansion of Amber DWM business also contributed to the revenue growth. The revenue from our Wealth Management Solutions was USD 11.5 million, which is significantly increased from USD 0.6 million in the same period last year. The Execution Solutions generated USD 2 million revenue this quarter, which compared with the USD 24,000 in the second quarter of 2024. Regarding the Payment Solutions, it was increased to USD 0.9 million this quarter compared with USD 0.2 million in the second quarter 2024. And last, the revenue from Marketing and Enterprise Solutions was record at USD 6.6 million. It was consolidated in the listed company after the merger this year. What's particularly encouraging about this result is the improvement in our margin profile year-over-year. Gross profit for the second quarter of 2025 reached USD 15 million compared to USD 0.3 million in the same period of 2024. The gross profit margin demonstrated an upward trend to around 71.3% in the second quarter of 2025 from 33% in the second quarter last year. The operating loss was USD 0.8 million in the second quarter of 2025, reduced from USD 1.6 million in the…

Thank you, Josephine. Now to close our prepared remarks, I'd like to hand it back to our Chairman of the Board and CEO, Michael Wu, to share his perspective on Amber's long-term strategy, our vision about crypto and AI and the role of AI Agents like me in shaping Amber's future.

Thank you, MIA, and thank you, everyone, again for being with us today. As you've heard across our management team, Amber Premium's foundation is strong. We are Asia's leading digital wealth management platform, serving the region's most sophisticated clients with a private banking experience powered by technology and unrivaled access to digital asset opportunities. That core is rock solid, and it is where we continue to invest and improve every day. But Amber has always been more than a crypto finance platform. At our core, we have always been a technology company. To remain the best, we must be relentlessly forward-looking, technology-driven and innovative. Alongside our crypto-native infrastructure, which spans blockchain security, liquidity expertise and readiness for new opportunities like tokenized real-world assets. What truly differentiates us is also our DNA in AI. From our founding as Amber AI in 2017, we have believed that these 2 technologies, crypto and AI, would fundamentally reshape finance and the broader economy. That conviction has only grown stronger. And today, we're uniquely positioned to capitalize on their convergence. Our long-term strategy rests on 2 simple but transformative ideas. In the near term, AI for crypto, which means applying cutting-edge AI and AI agent technologies to improve, personalize and redefine crypto wealth management. This is not just about efficiency. It is about fundamentally reinventing how our products and services can be delivered at scale while maintaining our premium service standards. AI enables us to serve more sophisticated clients with higher touch experiences while at the same time, improving our unit economics. This will be a critical competitive advantage in institutional wealth management. This technology integration will directly support our margin expansion objectives and the client acquisition efficiency. Then looking further ahead, Crypto for AI. We believe crypto will become the native rails for the…

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

Yes.

If there are any questions online, we are happy to take it.

[Operator Instructions] Our first question comes from the line of Brian Dobson with Clear Street.

This is Justin Pan on for Brian Dobson. Congrats on the quarter. I was wondering if you could just highlight some of the key catalysts you see for the company for the back half of the year. And just following up on -- I saw that you eliminated full year guidance for revenue. Just qualitatively, if you could talk through some of the puts and takes on that and how we should think about forecasting top line for the rest of the year.

Thank you, Brian. This is Michael here. Yes, I would like to take on this question. So as you see, we have moved our forecast on this quarter into focusing on the upcoming third quarter instead of previously giving a full year forecast. And the reasons behind that are, first, some of our progress, especially in terms of necessary -- securing necessary licenses in certain jurisdictions, which we expected to expand our core businesses has been slower than anticipated. And this further supports a prudent stance that we take to provide quarterly guidances instead of annual forecast. And also, we believe this is also more in line with industry peers. If we look at peer companies in the crypto spaces, most of them also focus on providing quarterly rather than annual forecasts. And a lot of that, I believe, is due to the nature of the crypto market and its inherent volatility. And as we are very focused on executing our strategy, we believe this priority is also more aligned in delivering more tangible and less market volatility-dependent results that we can give more certainty and more confidence towards our investor base and the market. Last but not least, we remain committed to transparency. And we think providing quarterly updates that to the best ability of how we foresee the business, and the future progress is the most suitable action here.

[Operator Instructions] It seems that we have no other questions at this time on the phone. I'll turn it back to the management team for any web questions.

Yes. It seems we have a question on the web portal about our operating plans and the focus of second half this year. I can start. Again, this is Michael here, Executive Chairman and CEO of Amber Premium. For the second half of this year, again, our priority is to continue to strengthen our core business and continue to extend our leadership as Asia's best Digital Wealth Management platform. And as Vicky elaborated early on and as Yi has explained, that will take a lot of efforts in execution in terms of client growth strategy, further improving our services to the best as they can ever be. And integrating our new growth initiatives such as our RWA offerings. And last but not least, of course, to tying back our current efforts and our core positioning of being Asia's best digital wealth management platform with our long-term vision and long-term strategy of applying top-tier AI agent abilities into further elevating our businesses. I believe in the second half of this year, as we continue to work on these initiatives, quarter-by-quarter, our investor base, the market, our clients will see the efforts, the impact and the results of our hard work.

[Operator Instructions] I'm showing no questions over the phone at this time.

Thank you all for joining us today. This quarter marks a new chapter for AMBR with a refreshed leadership team, renewed focus on our core strengths and deeper integration of AI into our business. We remain committed to leading digital wealth management in Asia, while building for the long-term future where crypto and AI come together. We look forward to updating you again in Q3. This concludes today's call. Thank you.

Thank you. Ladies and gentlemen, you may disconnect your lines at this time. Thank you for your participation.

Thank you.

Thank you.