Amber International Holding Limited

What they do

The company operates through two reportable segments: Digital Assets Services and Solutions (including wealth management solutions, payment solutions and execution solutions) and Online Advertising and SaaS Solutions. Revenue is recognized across goods or services transferred over time and at a point in time, and the filing also discloses digital-asset exposures to Bitcoin and Ethereum including digital assets payable to customers and related parties.

Revenue drivers

• Digital Assets Services and Solutions — Wealth Management Solutions — A disclosed revenue line within the digital assets segment, alongside payment solutions and execution solutions.
• Digital Assets Services and Solutions — Payment Solutions — A disclosed revenue line within the digital assets segment, reported for 2023, 2024 and 2025 periods in the segment tables.
• Digital Assets Services and Solutions — Execution Solutions — A disclosed revenue line within the digital assets segment, reported across the same periods as the other digital-asset service lines.
• Online Advertising and SaaS Solutions — Second reportable segment, with disclosed revenue categories including sales agent, SaaS products and services, and specified actions.

Recent performance

Annual revenue fell from $254.7M in 2020 to $46.6M in 2022 and then to $36.1M in 2023 and $32.8M in 2024. Net loss was $200.9M in 2022, narrowed to $38.7M in 2023 and $29.1M in 2024. Operating cash flow was negative $19.4M in 2023 and negative $21.8M in 2024, after positive $71.1M in 2022. At 2024-12-31 the company reported total assets of $49.6M, total liabilities of $35.2M, shareholder equity of $13.0M and cash and equivalents of $19.6M.

Strategy

The filing identifies two reportable segments, Digital Assets Services and Solutions and Online Advertising and SaaS Solutions, and discloses service lines within the digital assets segment including wealth management, payment and execution solutions. Digital-asset risk disclosures cover Bitcoin and Ethereum across financial assets, financial liabilities, receivables from and payables to related parties, and payables to customers. The filing also references the acquisition of iClick Interactive Asia Group Limited on 2025-03-12, with customer-related intangible assets and brand names recognized in purchase accounting.

Risks

• Digital asset price risk — The filing discloses Bitcoin and Ethereum price risk across financial assets, financial liabilities, derivative contract assets, collateral receivables and payables, and digital assets payable to customers and related parties.
• Persistent losses and negative operating cash flow — Net loss was $29.1M in 2024 and operating cash flow was negative $21.8M, continuing a multi-year pattern of losses since 2020.
• Revenue decline — Annual revenue has fallen from $254.7M in 2020 to $32.8M in 2024.
• Related-party and customer digital asset balances — The filing separately discloses digital assets receivable from related parties, digital assets payable to related parties and digital assets payable to customers, indicating exposure to counterparties in the digital-asset business.

Outlook

The provided excerpts do not include management's forward-looking outlook narrative. The filing's disclosed risk measures focus on Bitcoin and Ethereum price sensitivity across the company's digital-asset asset, liability, derivative, collateral and customer-payable balances.