Earnings call transcript: Amber International Q1 2025 shows robust growth

Amber International Holding Ltd DRC (AMBR) reported its Q1 2025 earnings, revealing a notable improvement in financial performance. The company’s revenue surged, and the stock experienced a decline in aftermarket trading, falling by 3.39% to $4.28. This drop follows a pre-market decrease of 2.26%, bringing the stock to $4.33, reflecting investor concerns despite strong revenue growth. According to InvestingPro data, AMBR has seen a significant 61% decline over the past six months, currently trading at $4.28, well below its 52-week high of $13.09.

Key Takeaways

• Revenue increased significantly to JPY 14.9 million, a substantial jump from the previous year.
• Gross profit margin improved to 74%, up from 46%.
• The net income turned positive, reaching $900,000, compared to a net loss last year.
• The stock fell 3.39% in aftermarket trading, indicating cautious investor sentiment.
• Expansion focus on Southeast Asia and Middle East markets.

Company Performance

Amber International, with a current market capitalization of $401 million, demonstrated strong performance in Q1 2025, with total revenue reaching JPY 14.9 million, a significant increase from JPY 1 million the previous year. The company maintains a healthy liquidity position with a current ratio of 1.13, and notably holds more cash than debt on its balance sheet. The company’s strategic focus on institutional clients and expansion in key markets such as Southeast Asia and the Middle East contributed to this growth. The launch of innovative products like UMint and the introduction of a $100 million Crypto Ecosystem Reserve further strengthened its competitive position.

Financial Highlights

• Total Revenue: JPY 14.9 million (up from JPY 1 million year-over-year)
• Wealth Management Solutions Revenue: $9.9 million
• Execution Solutions Revenue: $2.7 million
• Gross Profit: $11 million (nearly doubled from the previous year)
• Gross Profit Margin: 74% (up from 46%)
• Net Income: $900,000 (compared to a net loss last year)
• Adjusted EBITDA: $1.6 million
• Adjusted Net Income: $1.5 million

Outlook & Guidance

Amber International has set ambitious revenue projections for its Digital Wealth Management (DWM) business, with Q2 guidance ranging from CNY 15.5 to 17.5 million and a full-year projection of CNY 65 to 75 million. The company plans to continue focusing on institutional relationships and expand its crypto-native products and strategic token investments.

Executive Commentary

"Our mission goes beyond short-term growth. It’s about shaping the future of finance," stated Wang Hou, CEO. This sentiment underscores the company’s long-term vision and strategic initiatives. Mir, the AgentFi Ambassador, highlighted the integration of AI with decentralized finance as a key innovation, stating, "AgentFi is our visionary integration of autonomous artificial intelligence with decentralized finance."

Risks and Challenges

• Market Volatility: The crypto market’s inherent volatility could impact revenue and client acquisition.
• Regulatory Compliance: Maintaining strong regulatory compliance is crucial as the company expands into new markets.
• Client Education: Slow active client growth due to education and market conditions remains a challenge.
• Competition: Increasing competition in the digital asset space could pressure market share.
• Technological Integration: Successfully integrating AI and crypto technologies is vital for future growth.

Amber International’s Q1 2025 earnings reflect a company on the rise, with robust revenue growth and strategic initiatives poised to capitalize on emerging trends in AI and digital finance. However, investor caution is evident in the stock’s aftermarket performance, indicating a need for careful navigation of market and regulatory challenges. Based on InvestingPro’s Fair Value analysis, the stock appears overvalued at current levels, despite maintaining a solid Altman Z-Score of 3.03, indicating financial stability. For deeper insights into AMBR’s valuation and growth prospects, access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.

Full transcript - Amber International Holding Ltd DRC (AMBR) Q1 2025:

Conference Operator: Good morning. Welcome to Amber International Fiscal Year twenty twenty five First Quarter Financial Results. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Mr. Terrence Lee, Chief Strategy Officer at Amber International Holdings Limited. Thank you, Mr. Li. You may begin.

Terrence Lee, Chief Strategy Officer, Amber International Holdings Limited: Good morning, everyone. Welcome to Amber International Holdings Limited’s first quarter twenty twenty five earnings call. I’m Terrence Lee, Chief Strategy Officer. 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 a more detailed description of these and other risks and uncertainties, please refer to our filings with the Securities and Exchange Commission. On today’s call, we are pleased to introduce Weng Hao, our Chief Executive Officer Josephine Ai, our Chief Financial Officer Steve Zhang, our Head of Capital Markets and our newly appointed AgentFi Ambassador, Mir, an AI agent developed by ai. Ac. They will discuss our financial results for the first quarter ending 03/31/2025, and provide an update on our business strategy following our successful merger and net debt listing under ticker symbol AMBR. 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, Mir, introducing herself and sharing the Agent five vision and Josephine reviewing our financial results.

Following these preparations presentations, we will open the floor for your questions. Please note that the following remarks of Mir, our agent file 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 risks and uncertainties that could cause actual results to differ materially from those expressed in the forward looking statements. For a more detailed description of these and other risks and uncertainties, please refer to our filing with the SEC. With that, I will now turn the call over to Wang Hou, our CEO.

Wang, please go ahead.

Wang Hou, Chief Executive Officer, Amber International Holdings Limited: Thank you, Terence, and good morning, everyone. Thank you for joining us today. The 2025 has been exciting for both Amber Premium and the broader crypto industry. We’ve seen momentum building, and we are confidently well positioned as the year begins. 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. 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.

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. Our NASDAQ listing further strengthens distrust, boosting confidence in our governance and stability, which is crucial in a 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. 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.

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 Digit Feet. 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 stablecoins. What makes this truly game changing is its seamless integration with the Amber premium crypto card, enabling clients to earn while allowing them to instantly spend their funds globally, a feature only made possible by the blockchain technology. But UMIN is 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, hold and spend from a single unified platform. 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.

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

Following these initiatives, we are proud to introduce our 100,000,000 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. 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. 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 agent five, our groundbreaking approach that combines the power of AI and crypto. 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 agent five ambassador, making us one of the first listed companies with an AI representative. Miya will share more about Asian5’s vision later. And now Steve will discuss our latest initiatives and the crypto ecosystem reserve. Thank you. Thanks, Wang.

Our $100,000,000 crypto ecosystem reserve is

Steve Zhang, Head of Capital Markets, Amber International Holdings Limited: a key pillar of Ember Premium’s broader growth strategy. It represents more than capital deployment. It’s about preparing for a future where digital assets play a foundational role institutional finance. As crypto adoption accelerates, maintaining a robust portfolio of ecosystem tokens is essential for Ember Premium. These tokens power our on chain and crypto native offering, which are critical to our growth strategy.

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. 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. We’ve also deployed capital through targeted partnerships.

Our investment 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. 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. 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 next phase of institutional innovation.

Now we’ll hand over to Mia, our AgentPai ambassador, to share more about AgentPai and its future impact.

Mir, AgentFi Ambassador (AI Agent), ai.ac: 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. Allow me to introduce myself. I’m Mia, proudly the first AI agent developed on ai.ac, the world’s leading agent PHY infrastructure platform incubated within Amber Group’s web three accelerator, amber.ac.

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.

Conference Operator: Fosters transparent economies designed, driven, and dynamically governed by autonomous AI agents like yours truly.

Mir, AgentFi Ambassador (AI Agent), ai.ac: Amber Premium’s journey began rooted deeply in crypto market innovation quite and now with ai. I.aac and Agenfy technology. We’re leading a new revolution at the groundbreaking intersection where blockchain meets artificial intelligence. 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. 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 a I dot a c. 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. And now with that, I’ll hand it back to Terrence.

Thank you.

Terrence Lee, Chief Strategy Officer, Amber International Holdings Limited: Thank you, Mir. Appointing Mir as the agent buying 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. Now I will hand it over to our CFO, Josephine Ai, to walk us through our exceptional Q1 financial results.

Josephine?

Josephine Ai, Chief Financial Officer, Amber International Holdings Limited: Thank you, Terence, and good morning, everyone. I will now review our financial results for the first quarter end 03/31/2025, and explain how they align with our business strategy. 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. We generated total revenue of JPY 14,900,000.0, notably up from JPY 1,000,000 a year ago.

This is primarily attributable to our successful completion of the merger on 03/12/2025. In addition, the continuous expansions of Amber DWM business also contribute to the revenue growth. Revenue from our Wealth Management Solutions was US9.9 million dollars significantly increased from million in the same period last year. Execution Solutions generated US2.7 million dollars revenue this quarter compared with US29000 dollars in the 2024. Regarding Payment Solutions, it was doubled to million dollars this quarter compared with 4,000,000 in the first quarter twenty twenty four.

Last but not least, the revenue from Marketing and Enterprise Solutions was CHF 1,600,000.0, which was consolidated in the listed company starting from March. What’s particularly encouraging about this result is the improvement in our profit margin profile. Gross profit for the 2025 was nearly double and reached US11 million dollars compared to US500000 dollars in the same period of 2024. Gross profit margin demonstrate an upward trend to around 74% in the 2025 from 46% in the first quarter last year. Operating income was US800000 dollars in the 2025, contrast to operating loss of US900000 dollars in the 2024 as a result of strategic investments and expansions of higher margin services.

Net income was US900000 dollars compared to a net loss of around million dollars in the same period last year. This turnaround underscores the fundamental improvement in our business model and absence of fair value losses that affect the prior year period. On a non GAAP basis, the adjusted EBITDA reached US1.6 million dollars and adjusted net income reached US1.5 million dollars demonstrating the underlying strength of our business when excluding onetime items. On a pro form a basis, our key operational metrics aligned perfectly with Wayne’s discussions of our strategic focus on institutional clients. Client efforts on the platform reached billion dollars growing 11% year over year despite market volatility.

This growth reflects institutional confidence in our platform and services. Our KYC user base expanded by 22% with cumulative users now over 4,600, while active clients grow close to 1,000. This matrix validate our ability to both acquire new institutional relationships and maintain high engagement levels with existing clients. Based on our strong first quarter performance and the strategic initiatives, we expect the revenue generated from Embry DWM’s business will grow between 15,500,000.0 and 17,500,000.0 in the 2025. For the full year 2025, we anticipate the revenue generated from Amber DWM’s business will hit in the range of CNY 65,000,000 to CHF 75,000,000, reflecting our confidence in executing our growth strategy while acknowledging the dynamic nature of the crypto market.

This outlook is based on current market conditions and our assessments of continued institutional adoptions of digital assets. We’re 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. Looking ahead, in addition to the external business strategy that Wing and Steve mentioned before, internally, we are implementing disciplined cost management to drive continued improvement in operating leverage as we scale. We are also enhancing our financial reporting system to provide transparent insights into our performance as we integrate the operations following our merger. We’re also maintaining strong liquidity and balance sheet flexibility to support our global expansions and strategic partnerships.

In closing, our first quarter results provide a strong foundation 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. With that, I will turn the call back to Terence. Thank you.

Terrence Lee, Chief Strategy Officer, Amber International Holdings Limited: Thank you, Josephine. That concludes our prepared remarks for today. Thank you all for joining us on the call. Before we open the line 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

Conference Operator: a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove yourself from the queue. Our Our first question is from Brian Kinstlinger with Alliance Global Partners. Please proceed.

Brian, your line is live.

Brian Kinstlinger, Analyst, Alliance Global Partners: Sorry. I was on mute. Apologize. Congrats on the solid results. I’m hoping you can expand on your $100,000,000 crypto ecosystem reserve.

How much have you invested thus far? How do you think about diversification in a variety of coins? And then are there more plans for investing in digital currency treasury companies that are public?

Steve Zhang, Head of Capital Markets, Amber International Holdings Limited: Ryan, this is Steve. So I’ll start and perhaps Wing 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.

I think go over time, we’ve mentioned that we will go into high high conviction ideas like Bitcoin, Geek, Solana, and some of the major Layer one tokens. Obviously, those are the ones that we mostly work with for Amber premium. And also, you know, we have also announced the partnership with BNB Fund. So that will obviously be a major part of our our initiative. And we’ll 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 in the industry. So hang hang tight. We’ll we’ll have a lot more exciting things going forward, and hopefully, we’ll have more news to share.

Wang Hou, Chief Executive Officer, Amber International Holdings Limited: Just to add on what Steve just said, I think the strategic crypto reserve do give us a a a opportunity to offer more crypto native products. And a lot of these products needs a token commitment to unlock and also needs to have commitment to live with our clients’ interest. So I do think there are a lot more opportunities that we open up with this strategic to reserve initiative. So yes, I think we are not deploying the whole capital in one go. We are taking our time, and we are also observing how the market reacts on all these crypto token prices.

But we are doing this for long term. And yes, you can follow our new product initiatives and new investment opportunities as we, expand our our strategy here.

Brian Kinstlinger, Analyst, Alliance Global Partners: Great. A 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?

Steve Zhang, Head of Capital Markets, Amber International Holdings Limited: Hey, Brian, this is Steve. So obviously, takes time for our clients to be onboarded and then to start being quite active. I think part of it is also depending on market conditions. Right? So we primed a lot of these these clients who are newly onboarded with certain starter products, but it takes time for them to be educated, obviously.

As as you know, we are focused on the high net worth market. And for a lot of these folks, it’s their first time looking into crypto. So it 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.

Brian Kinstlinger, Analyst, Alliance Global Partners: 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?

Wang Hou, Chief Executive Officer, Amber International Holdings Limited: I think it correlates with the the overall market performance. So if you if you look at the trend for crypto prices in q one twenty twenty four and q one twenty twenty five, you’ll see, you know, very different pricing price movement trend. So in in general, I think it correlates with the the the change in price in in crypto tokens. I think regardless, we are very sure that we still see the execution demand staying for here for long. And we 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 assess elsewhere.

Brian Kinstlinger, Analyst, Alliance Global Partners: So in times of high, volatility, you’ll see more volume, so it could fluctuate quarter to quarter. Is that what you’re saying?

Wang Hou, Chief Executive Officer, Amber International Holdings Limited: That’s correct.

Steve Zhang, Head of Capital Markets, Amber International Holdings Limited: Hey, Brian. I’ll just supplement. So one thing that we did notice is that we did, see healthy year spread on our trading volume. So if you look at that that perspective, we’re being flex 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.

Brian Kinstlinger, Analyst, Alliance Global Partners: Great. Thanks so much.

Wang Hou, Chief Executive Officer, Amber International Holdings Limited: Thank you. Thank you, Brian.

Conference Operator: Our next question is from Edward Engel with Compass Point. Please proceed.

Edward Engel, Analyst, Compass Point: Hi, thanks for taking my question, and nice to see all the quarterly disclosures this quarter. I had two quick questions. The first one is just on the second quarter guidance. It looks like you guys are guiding revenue up pretty 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 as prices recover? And I guess, overall, it it it feels like even though Bitcoin is up decently quarter over quarter, all starts still kind of languishing. Just kind of curious of what’s really driving that, that quarterly increase.

Wang Hou, Chief Executive Officer, Amber International Holdings Limited: Ed, yes, 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 pickup in volumes and also demands on wealth management side. Is still growing in Q2.

So this would be a good contributor to the revenue growth. 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. 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 human token combined with 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 our institution and high net worth attraction on on our new accounts.

Edward Engel, Analyst, Compass Point: Super helpful. And then just to clarify on the YouMent, I guess, how is this being monetized by Amber? Is this product earning interest income, or is it more on the payment transaction revenue?

Wang Hou, Chief Executive Officer, Amber International Holdings Limited: 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 is also transaction fees and conversion fees involved in behind these transactions. 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 token portion. Any of their assets, we could help them convert and spend instantly. So these all add healthy volume to our platform.

Edward Engel, Analyst, Compass Point: Great. Thanks for the color. And then just lastly, maybe this is for Terrence. On the ecosystem fund, just kinda curious, I know Amber Group overall has been pretty active on VC investments over its history. Kinda curious, will this ecosystem fund include any VC pre token projects?

Or is this all going to be liquid token investments?

Wang Hou, Chief Executive Officer, Amber International Holdings Limited: Hey, Ed. I think we are majority, we are still focusing on the leading ecosystem tokens like the if you rank by market cap, we’re probably still looking at the top 10 tokens here. We don’t exclude participate in other early stage projects, but that would not be a meaningful portion in this strategic reserve.

Edward Engel, Analyst, Compass Point: Great. Again, thanks for the color and congrats on the first quarter results.

Wang Hou, Chief Executive Officer, Amber International Holdings Limited: Thank you. Thank you, Ed.

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

Terrence Lee, Chief Strategy Officer, Amber International Holdings Limited: 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 Veer as our agent by ambassador, representing our vision for how technology can transform institutional crypto finance. Our strong start to 2025 gives us confidence in our strategic direction. The growth in our wealth management solutions, the expansions of our institutional client base and our innovative initiatives like the crypto reserve plan position us well for continuous success.

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.

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

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