Amber International (NASDAQ:AMBR) released first-quarter financial results and hosted an earnings call on Thursday. Read the complete transcript below.

This transcript is brought to you by Benzinga APIs. For real-time access to our entire catalog, please visit https://www.benzinga.com/apis/ for a consultation.

View the webcast at https://viavid.webcasts.com/starthere.jsp?ei=1764524&tp_key=aabee98e15

Summary

Amber International reported Q1 2026 revenue of $10 million, down from $14.5 million in Q1 2025, due to a challenging crypto market environment.

The company is advancing its strategic focus on AI-driven agentic fintech capabilities, launching the ACE Suite, an agent-native operating system aimed at automating digital asset financial services.

Amber International continues to pivot towards AI integration across its operations, introducing AMM, an agent-native liquidity operating system, expected to contribute meaningful revenue starting Q2 2026.

The company repurchased approximately 2 million ADS shares under its $50 million share repurchase program, with $45.5 million remaining.

Future guidance for Amber Premium segment revenue is between $9 million to $10 million for Q2 2026, reflecting a strategic focus on scaling AI-driven financial services.

Operational highlights include a streamlined client account structure and a focus on high-margin, predictable revenue streams with a strong emphasis on regulatory compliance and expansion.

Full Transcript

OPERATOR

Good morning. Welcome to Amber International first quarter 2026 financial results. At this time all participants are in a listen only mode. A question and answer session will follow the formal presentation. If you would like to ask a question, please press Star one on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host Maya Amber's Premium Official Agent, Fi Ambassador Amiya. You may begin. Good morning and welcome to amber International Holding Limited's first quarter 2026 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 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. Joining us on today's call are Michael Wu, Chairman of the Board and CEO who will share a first quarter overview, strategic vision and AI initiatives Vicky Wong, 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 Guy, 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 and A. With that, let me now turn the call over to Michael Wu, our Chairman of the board and CEO.

Michael Wu (Chairman of the Board and CEO)

Thank you Mia and thank you all for joining us today. 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 US$10 Million compared to the 14.5 Million in Q1 2025 and the 16.3 Million last quarter. Despite the challenging environment, we see this as an opportunity to strengthen our foundation with clients and continuing advancing our strategic priorities. Our focus remains on how we serve our clients more efficiently and how we scale that capability through our agent-native fintech capabilities through every cycle. What proves durable are Ember'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 towards as part of our broader agent-native 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. This is similar to how AWS two decades ago abstracted 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 agent-native 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 agent-native economy itself. This is not an aspiration, it is already on the way. Ember 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. Building on that proven foundation, we are now creating the operating core beneath it. The greater efficiency and expanded addressable market unlocked by ACE Suite are what will carry us toward the agent-native future that I have always envisioned, spoken about and built to it. This also marks the next step in how we define Amber not just as Ember Premium, the crypto platform anymore, but as Amber, a truly emerging agentic fintech As I mentioned in previous earnings calls, Ember 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. 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 ACE Suite at the end of March. AMM, which stands for Agentic Market Making, is an agent native liquidity operating system for token projects and the designated market making structure. AMM 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. We expect AMM to begin contributing meaningful revenue in Q2 and to scale from there. It is the first of the three ACE Suite products we plan to bring to market this year. Yi will elaborate further on AMM and our ACE Suite position later. Beyond ACE Suite, we are also embedding AI agent capabilities directly into our existing operations across all of our businesses. 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 core workflows, decision making processes and service delivery. This goes way beyond just using AI as a tool. We are making autonomous agent-native workflows, a central driver of how we operate and that is already improving efficiency and scalability across the businesses. This is a practical execution of our broader AI agent driven strategy. As we continue building toward 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 agent-native economy. 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. 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 $50 Million share repurchase program announced in November 2025, we repurchased approximately 2 Million ADS. During the period as of March 31, 2026, approximately US$45.5 Million remained 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 agent-native economy. 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 Ember's first Agent Native operating system, AMM.

Yi Bao

Thank you 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 a 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. This is a natural next step beyond traditional UI centric thinking. Well, 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 intents into execution settlements, monitoring, compliance and reporting through intelligence automated workflows. 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. This quarter we took a significant step towards the launch of AMM, the first flagship components of our ACE Suite. AMM 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. For token projects, liquidity is critical to price discovery, trading experience, exchange relationships, investor confidence and ecosystem credibility. Yet designated market making has historically been manual, bilateral and trust based. AMM is designed to turn this process into automated and structured operating workflow. Projects can define key requirements such as targets, values, service duration, spread, uptime, depth, settlement preference and capital needs. Well, the platform supports RQ submission, quote review, order management, contract administration, performance monitoring and reporting. This gives projects a clear way to express demand and market makers a standardized way to deliver and Ember a controlled system of records 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 lightly. AMM 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 dashboards which is soon to be launched, we are already seeing strong early adoption and positive feedback from token projects in our soft launch phase. From a business perspective, AMM 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, we anticipate AMM will begin generating meaningful revenue in Q2 and over time to serve as one of the ACE Suite operating systems we plan to launch this year. More importantly, AMM reflects the broader strategic direction of Ember moving from distribution to service, from interface to infrastructure and from manual financial workflows to agent native operating systems. Complementing our product programs, we continue to strengthen our regulatory licensing footprint. We have been granted the VARA Licensing in Dubai and are making steady progress 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 the developments such as the US Clarity Act. 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 agentic crypto fintech. Next I will hand it over to Vicky for a detailed review of our Q1 business performance thank you Yi.

Vicky Wong (President)

Before deep diving into our AI and BR platform business, I would like to first build on Michael and Yi's earlier comments around how we have successfully scaled Ember Premium over the years and how we believe we are now entering the next phase of scalable growth. 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. Importantly, what we are building extends well beyond a single initiative. This quarter we announced AMM, which as Michael mentioned earlier, we expect will contribute meaningfully in the coming quarters. More importantly, AAM represents only the first of the three ACE Suite operational cores we plan to introduce this year as we continue building the infrastructure layer for scalable institutional automation. 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. 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. This broader market conditions were naturally reflected in our quarterly financial performance, particularly within our execution solutions and payment solution businesses. However, what continues to evolve meaningfully as expected Expansion of the Digital Asset opportunity set 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. Alongside the trend, we are also seeing growing client appetite for more sophisticated and tailored structured products. Clients today are increasingly looking for customized yield opportunities, define downside protection and structure aligned with their specific risk to return objectives rather than standardized off the shelf solutions. Our ability to offer customized structured products across different underlying assets, tender and payout profiles is a direct response to this growing demand profile. Importantly, we believe this trend supports both deeper client engagement and a higher quality revenue mix over time. As 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 Ember 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. We believe this creates meaningful long term B2B2C opportunities for us. Against this backdrop, our primary recurring revenue engine, wealth management solutions contributed US$4.3 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. As part of this process, we streamlined a portion of low engagement client accounts while continuing to deepen relationships with our clients core institutional and focused client base. Importantly, this optimization had minimal impact on overall asset on platform while asset on platform per active client remained stable at $1.2 million. We believe this strengthens the long term quality of the platform as industry becomes more institutional. Ultimately, while market cycles may continue to impact short term activity, we believe the long term value of this platform less in our client relationships, regulating 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 token. With that, I will hand it over to Josephine, our Chief Financial Officer for our financial results.

Josephine Guy (Chief Financial Officer)

Thank you Vicky and good morning everyone. I will now review our financial results for the first quarter of 2026 end March 31st and provide our guidance for the second quarter. Throughout my remarks I will primarily reference the consolidated Amber International entity providing additional context for the Amber Premium segment where relevant. Revenue for the first quarter was US$10 million. This compares to US$14.5 million in Q1 of 2025 and US$16.3 million in the sequential fourth quarter of 2025. Our Q1 performance was primarily influenced by a materially softer digital asset market environment which leads to a moderation in transactions volumes across the entire industry. Furthermore, our year over year comparisons was impacted by a non recurring US$2.9 million of fee that we recognized in the prior year period. Looking closer at Amber Premium, performance across our core solutions was quite balanced. The wealth management solutions delivered US$4.3 million. The execution solutions brought in US$0.9 million. Payment solutions delivered $0.6 million and I click marketing and enterprise solutions contribute approximately US$4.3 million. The gross profit for the quarter came in at US$6.8 million representing a 67.7% margin. This is a step down from the US$12.1 million with gross profit and 74.2% margin we recorded last quarter, reflecting shifts in our product mix as our due 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 Moving down to the operating line, we record an operating loss of US$3.2 million for Q1. However, our total operating expenses improved to approximately US$10 million down from US$11 million in Q4 2025. 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 Mir into the operation. These integrations helped reduce operating costs within that segment meaningfully. This quarter alone as we are transitioning the digital marketing business toward an AI driven operating model. 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 unit 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. The net loss from continuing operations was US$3.7 million compared to a net income of US$0.8 million last quarter. Adjusted EBITDA for Q1 was a loss of US$3.2 million compared to a positive adjusted EBITDA of $50,000 in Q4 2025 Turning to the balance sheet, our financial positions remain strong and continues to improve. We closed the quarter with US$36.5 million in cash in zero bank debt giving us a highly resilient foundation. Looking ahead to the second quarter of 2026, we are issuing primary revenue guidelines for the Ember Premium segments of between US$9 million to US$10 million representing a quarter over quarter increase of approximately 58.1% to 75.7% from our Q1 2026 Ember Premium segments revenue of US$5.7 million. Our Guidance currently covers the Amber Premium segments only and does not include revenue from our IT marketing and enterprise solutions. To be consistent with peer's guidance practice as we look to the rest of the year. Alongside the external growth strategic, we have peer review outline 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. With that, I will turn the call back to Miracle. Thank you.

OPERATOR

Thank you Josephine. That concludes our remarks for today. We will now open the line for Q and A operator. Please begin. Thank you. If you would like to ask 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 your question from the queue. And for participants using speaker equipment, it may be necessary to pick up your handset before pressing the STAR keys. Our first question comes from Brian Dobson with Clear Street. Please proceed.

Brian Dobson

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?

Michael Wu (Chairman of the Board and CEO)

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 Ember is truly emerging from the platform. Ember Premium, which is by itself a very solid, profitable digital wealth management platform. To Ember, which I define as a crypto enabled agent-native 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 AMM and the remaining A suite and the agents that are operating them as of today, 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 apply, I do think we have proven with our own platforms, with Amber Premium that a already automated, already agent-native operating system can enable businesses, enable businesses in a scalable way 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 Ember on an ownership basis. They're operating on this shared stack that we are building today. Yeah, so I'm highly confident in the direction we are going. I'm highly confident in delivering or accomplishing that in a two year framework. And I do think the market will gradually understand Ember as an emerging crypto enabled agent-native fintech. As I mentioned and again circling back to our crypto for AI vision, I do think being crypto enabled, being crypto enabled as an agent-native fintech gives us a unique edge. If we look a bit further into the future, I do believe a lot of financial services today will move onto the crypto rail, especially as the agent-native economy arrives. As more of the services, more of the operations, more of the economy is done by AI agents rather than human. 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. 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 similar to more like a software company. There are similarities I think to software companies in the sense that most of the company as I always mention today are engineers at the core. Ember at the 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 just a software, a tool or an agent-native tool. Even what we are building and we are increasingly offering to our own platforms and externally is really more of an agent-native capabilities. Take IClik as an example. As we mentioned today, IClik is a digital marketing and maybe at this point still is a digital marketing business. What Mia does and what our agent-native starts to iClick is offer that 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, most of the operations now are being automated. The way the workflow they are streamlined is agent first rather than human first. The ability itself again bastards 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 that 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 trend to operate with their own workflow using that tool. The agent-native services, the agent-native 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 more talked about among the private investors, among the VC investors, but 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.

Brian Dobson

Yeah, excellent. Thanks very much.

OPERATOR

Our next question is from Emily Wei with Symmetry Affluent. Please proceed. Hello management, I have two questions. Hello management, can you hear me?

Emily Wei

Yes, hi Emily. Hello. I actually have two questions. So first of all, can you help us understand why we are pivoting towards an AI story? And secondly on AMM what has actually been delivered so far? And when do we expect the ACE Suite to start making money? Thank you.

Michael Wu (Chairman of the Board and CEO)

Great questions. This is Michael again. 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 converging and these two technologies well together define what the agentic economy looks like, especially in what I call agentic finance. And also this is already happening, as I mentioned about the MIA inside iClick example. This is already transforming operating expenses through automation. It is already changing workflows from, you know, 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. And also if you look at Ember Premium itself, we really see Ember Premium as the proof case. It is a proof 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 this success of Amber Premium. Beyond of course, you know, our great sales team, our great relationship management team and all the trust our clients putting into us. It's actually this operating layer which now we are reviewing as AMM 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 variety of products and services within crypto and the ability to deliver that not only to the highest standard, but deliver that with efficiency, with scalability. So I really don't think we're talking about Pivot. AI and crypto has been in Ember'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 unsolute than 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. And to the second of your question about when does AMM start to contribute revenues? It's actually already started. As we mentioned, AMM 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 abstracted a fairly complex business into a very streamlined and this protocol itself is agent-native, it's agent operable and it's highly automated along with the workflows, the workflow agents that operate amm 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 AMM and the other ACE suites as we launch them from the second quarter onwards.

Yi Bao

Yep, thank you. Thanks Emily. And I can add some points on Michael. So basically as Michael has mentioned, the AMN actually it 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 MF market makers onboarded to agentic market making or the platform actually they will be very sticky and something like the middle to long term agreements they will sign with us. So basically the revenue itself will be recurring and scalable as they adding more values, maybe adding more parameters or they require more data of service from us. So basically we do think that this revenue stream will be extremely scalable and start to contributing meaningful revenue from Q2 and onwards. Thank you.

OPERATOR

There are no further phone questions. I would like to hand it back over to management for webcast questions. Questions.

Michael Wu (Chairman of the Board and CEO)

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? Again I think we touched on upon some of that. The 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 in terms of margin. You know AMM 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 in terms of balance sheet efficiency. I think that will also show the impact over time as we especially as we launch the other two products within ACE Suite in the coming months. Just to add to that point, I think compared to current margins we do expect obviously 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. We also have another question that's from Kelly. The question is what LLM is being deployed to enable the AI solution for Ember? Are there any proprietary components to your agentic infrastructure? 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 agent-native 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. 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. I'll fine tune the version of open source models where it fits both. 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 they proprietary components to the agent-native structure? This is also a very interesting question. I think we touched upon the models, the intelligence layer, right? 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. 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 specify the 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 agent-native structure. Even though that you know, on the intelligence layer we integrate most of the advanced either private or open source models.

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.