<p>Agora, Inc.（API）已举行其 2026 年第一季度财报电话会议。请继续阅读以了解会议的主要亮点。</p>
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<p>Agora, Inc.最新的财报电话会议描绘了一幅公司在积极追求增长的同时谨慎管理盈利能力的图景。管理层强调了收入加速、连续六个季度的 GAAP 盈利和客户留存率改善，但也承认短期利润压力和现金流出，因为公司在会话 AI 和新协作工具上进行了大量投资。</p>
<h2>持续盈利能力</h2>
<p>Agora 报告了连续第六个季度的 GAAP 盈利，强调了在资助新项目的同时对成本的严格控制。2026 年第一季度 GAAP 净收入达到 110 万美元，是去年同期的两倍多，净利润率为 2.9%。</p>
<h2>收入增长与超预期</h2>
<p>收入势头持续增强，2026 年第一季度销售额同比增长 13.5%，达到 3770 万美元。收入不仅比最近几个季度加速增长，还超出了管理层指导范围的高端，即 3600 万美元至 3700 万美元。</p>
<h2>客户留存率改善</h2>
<p>客户质量和粘性显示出明显进展，美元基础净留存率在第一季度从一年前的 95% 提高至 99%。这一更高的 DBNER 表明现有客户正在扩大或至少维持他们的支出，为经常性收入提供了更健康的基础。</p>
<h2>毛利润增长</h2>
<p>毛利润同比增长 5.7%，达到 2390 万美元，反映了更高收入的好处，尽管产品组合的变化对利润率造成了一定压力。公司强调，基础业务增长正在抵消早期 AI 产品对盈利能力的部分拖累。</p>
<h2>产品与 AI 势头</h2>
<p>Agora 在 AI 领域进行了大量投资，推出了其 Agent Series 视觉低代码环境和新的会话 AI 代理，适用于入站和出站用例。管理层提到其商业会话 AI 引擎的使用量每季度环比增长超过 150%，并强调了一项部署，其中 AI 代理的转化率达到了人类代理的 10%。</p>
<h2>企业协作产品发布</h2>
<p>为了加深其在企业领域的影响力，Agora 推出了一款智能会议引擎，旨在满足受监管和安全敏感行业的需求。该产品提供端到端加密、灵活的部署选项、数据隔离、实时转录和翻译，以及针对金融、政府和医疗客户的自动化工作流程。</p>
<h2>战略合作伙伴关系与验证</h2>
<p>公司展示了新的合作伙伴关系，作为其技术的证明，包括与谷歌的 AI 技术栈和 XAI 模型的集成。谷歌决定将 Agora 作为推荐的实时会话 AI 合作伙伴，并与网易智能企业在中国建立战略合作，扩大了其市场覆盖范围。</p>
<h2>资本回报与流动性</h2>
<p>尽管 AI 投资加大，Agora 仍继续向股东回报资本，并保持强劲的资产负债表，现金及现金等价物达到 1.66 亿美元。在第一季度，公司回购了约 1250 万股 B 类股票，耗资约 1310 万美元，使当前计划下的总回购金额达到约 1.562 亿美元。</p>
<h2>严格的费用管理</h2>
<p>运营费用显示出显著的纪律性，销售和市场费用同比下降 4.8%，一般和行政支出下降 3.4%。与此同时，研发费用略有上升，但作为收入的百分比有所减少，表明在产品创新上的投资更加高效。</p>
<h2>AI 组合带来的毛利压力</h2>
<p>Agora 在 AI 推动下的另一面体现在其利润率上，毛利率从一年前的 68% 下降至 63.4%。管理层将这一下降主要归因于产品组合，因为早期的会话 AI 产品的单位经济效益较弱，且仍处于小规模阶段。</p>
<h2>小规模且成本高昂的 AI 业务</h2>
<p>公司许多会话 AI 的努力仍处于概念验证或实验阶段，产生的成本超过了收入。Agora 预计到 2026 年底，AI 将贡献约 5% 的收入，但警告称短期利润将反映这些部署的成熟度不足。</p>
<h2>运营现金流疲软</h2>
<p>现金生成滞后于收益，第一季度的运营现金流从一年前的正值 1760 万美元转为负值 430 万美元。公司指出，利息收入下降和积极的股票回购是本季度净现金流出主要驱动因素。</p>
<h2>AI 采纳与竞争风险</h2>
<p>管理层坦言，会话 AI 的采纳并非易事，提到集成复杂性和对领域专业知识的需求。他们还承认市场竞争激烈且高度分散，指出执行失误或采纳速度低于预期可能会延迟当前 AI 投资的回报。</p>
<h2>区域透明度降低</h2>
<p>Agora 通过不再将其 Agora 和盛网业务之间的收入和客户指标分开来简化其披露。分析师对区域趋势，特别是中国与海外的对比，提出了更多的明确要求，但管理层的简化报告意味着对地理表现驱动因素的可见性降低。</p>
<h2>短期利润拖累</h2>
<p>由于许多 AI 项目仍处于早期部署或概念验证阶段，管理层警告称短期利润压力可能会持续。在这些产品实现规模和更好的经济效益之前，投资者应预期头条毛利率将反映建立长期 AI 业务的成本。</p>
<h2>前瞻性指导</h2>
<p>展望未来，声网预计 2026 年第二季度的收入将在 3900 万到 4000 万美元之间，意味着增长率为 13.7% 到 16.6%，并且较第一季度有所加速。管理层预计到 2026 年底，营业收入和净收入将逐季增长，并预测对话式人工智能的收入到年底时可能占到约 5%。</p>
<p>声网的财报电话会议强调了公司在盈利能力和创新之间寻求平衡的努力。投资者听到了一个关于收入加速增长、成本控制严格以及积极资本回报的故事，但同时也意识到为了构建可扩展的人工智能和协作平台，公司在短期内做出了有意识的利润和现金流权衡。</p>

声网

<p>声网（Agora, Inc.）报告了强劲的第一季度业绩，收入增长 13.5%，达到 3770 万美元，GAAP 净收入为 110 万美元，标志着连续六个季度实现盈利。该公司正在大力投资于人工智能，推出新产品的同时管理盈利能力。尽管毛利率下降至 63.4%，声网仍保持强劲的资产负债表，现金达到 1.66 亿美元。然而，由于利息收入下降和股票回购，经营现金流转为负值，达到 430 万美元，突显了人工智能采用中的挑战和竞争风险</p>

<p>Agora, Inc. ((API)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Agora, Inc.（API）已举行其 2026 年第一季度财报电话会议。请继续阅读以了解会议的主要亮点。</p>
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</div><p>Agora, Inc.’s latest earnings call painted a picture of a company leaning into growth while carefully managing profitability. Management highlighted accelerating revenue, six straight quarters of GAAP profits, and improving customer retention, but also acknowledged short-term margin pressure and cash outflows as it invests heavily in conversational AI and new collaboration tools.</p>
<div class="lb-trans"><p>Agora, Inc.最新的财报电话会议描绘了一幅公司在积极追求增长的同时谨慎管理盈利能力的图景。管理层强调了收入加速、连续六个季度的 GAAP 盈利和客户留存率改善，但也承认短期利润压力和现金流出，因为公司在会话 AI 和新协作工具上进行了大量投资。</p>
</div><h2>Sustained Profitability</h2>
<div class="lb-trans"><h2>持续盈利能力</h2>
</div><p>Agora reported its sixth consecutive quarter of GAAP profitability, underscoring a disciplined approach to costs even as it funds new initiatives. GAAP net income reached $1.1 million in Q1 2026, more than double the prior year’s level and translating into a 2.9% net margin.</p>
<div class="lb-trans"><p>Agora 报告了连续第六个季度的 GAAP 盈利，强调了在资助新项目的同时对成本的严格控制。2026 年第一季度 GAAP 净收入达到 110 万美元，是去年同期的两倍多，净利润率为 2.9%。</p>
</div><h2>Revenue Growth and Beat</h2>
<div class="lb-trans"><h2>收入增长与超预期</h2>
</div><p>Revenue momentum continued to build, with Q1 2026 sales rising 13.5% year over year to $37.7 million. The top line not only accelerated versus recent quarters but also came in above the high end of management’s guidance range of $36 million to $37 million.</p>
<div class="lb-trans"><p>收入势头持续增强，2026 年第一季度销售额同比增长 13.5%，达到 3770 万美元。收入不仅比最近几个季度加速增长，还超出了管理层指导范围的高端，即 3600 万美元至 3700 万美元。</p>
</div><h2>Improved Customer Retention</h2>
<div class="lb-trans"><h2>客户留存率改善</h2>
</div><p>Customer quality and stickiness showed tangible progress as Dollar-based net retention rate improved to 99% in Q1 from 95% a year earlier. This higher DBNER suggests existing customers are expanding or at least sustaining their spend, providing a healthier base for recurring revenue.</p>
<div class="lb-trans"><p>客户质量和粘性显示出明显进展，美元基础净留存率在第一季度从一年前的 95% 提高至 99%。这一更高的 DBNER 表明现有客户正在扩大或至少维持他们的支出，为经常性收入提供了更健康的基础。</p>
</div><h2>Gross Profit Growth</h2>
<div class="lb-trans"><h2>毛利润增长</h2>
</div><p>Gross profit increased 5.7% year over year to $23.9 million, reflecting the benefit of higher revenue even as mix shifts weighed on margins. The company emphasized that underlying business growth is offsetting some of the drag from early-stage AI products on profitability.</p>
<div class="lb-trans"><p>毛利润同比增长 5.7%，达到 2390 万美元，反映了更高收入的好处，尽管产品组合的变化对利润率造成了一定压力。公司强调，基础业务增长正在抵消早期 AI 产品对盈利能力的部分拖累。</p>
</div><h2>Product and AI Momentum</h2>
<div class="lb-trans"><h2>产品与 AI 势头</h2>
</div><p>Agora is betting heavily on AI, launching its Agent Series visual low-code environment and new conversational AI agents for both inbound and outbound use cases. Management cited usage of its commercial conversational AI engine growing more than 150% sequentially each quarter and highlighted a deployment where an AI agent matched a 10% conversion rate achieved by human agents.</p>
<div class="lb-trans"><p>Agora 在 AI 领域进行了大量投资，推出了其 Agent Series 视觉低代码环境和新的会话 AI 代理，适用于入站和出站用例。管理层提到其商业会话 AI 引擎的使用量每季度环比增长超过 150%，并强调了一项部署，其中 AI 代理的转化率达到了人类代理的 10%。</p>
</div><h2>Enterprise Collaboration Product Launch</h2>
<div class="lb-trans"><h2>企业协作产品发布</h2>
</div><p>To deepen its enterprise footprint, Agora introduced an Intelligent Meeting Engine aimed at regulated and security-sensitive industries. The product offers end-to-end encryption, flexible deployment options, data isolation, real-time transcription and translation, and automated workflows geared toward finance, government, and healthcare clients.</p>
<div class="lb-trans"><p>为了加深其在企业领域的影响力，Agora 推出了一款智能会议引擎，旨在满足受监管和安全敏感行业的需求。该产品提供端到端加密、灵活的部署选项、数据隔离、实时转录和翻译，以及针对金融、政府和医疗客户的自动化工作流程。</p>
</div><h2>Strategic Partnerships and Validation</h2>
<div class="lb-trans"><h2>战略合作伙伴关系与验证</h2>
</div><p>The company showcased new partnerships as proof points for its technology, including integrations with Google’s AI stack and models from XAI. Google’s decision to highlight Agora as a recommended real-time conversational AI partner and a strategic tie-up with NetEase Smart Enterprise in China broaden its go-to-market reach.</p>
<div class="lb-trans"><p>公司展示了新的合作伙伴关系，作为其技术的证明，包括与谷歌的 AI 技术栈和 XAI 模型的集成。谷歌决定将 Agora 作为推荐的实时会话 AI 合作伙伴，并与网易智能企业在中国建立战略合作，扩大了其市场覆盖范围。</p>
</div><h2>Capital Return and Liquidity</h2>
<div class="lb-trans"><h2>资本回报与流动性</h2>
</div><p>Despite ramped AI investment, Agora continues to return capital to shareholders and maintains a strong balance sheet with $166 million in cash and equivalents. In Q1 it repurchased about 12.5 million Class B shares for roughly $13.1 million, bringing total buybacks under its current program to about $156.2 million.</p>
<div class="lb-trans"><p>尽管 AI 投资加大，Agora 仍继续向股东回报资本，并保持强劲的资产负债表，现金及现金等价物达到 1.66 亿美元。在第一季度，公司回购了约 1250 万股 B 类股票，耗资约 1310 万美元，使当前计划下的总回购金额达到约 1.562 亿美元。</p>
</div><h2>Disciplined Expense Management</h2>
<div class="lb-trans"><h2>严格的费用管理</h2>
</div><p>Operating expenses showed notable discipline as sales and marketing costs fell 4.8% year on year and general and administrative spending declined 3.4%. At the same time, research and development rose modestly but shrank as a percentage of revenue, indicating more efficient investment in product innovation.</p>
<div class="lb-trans"><p>运营费用显示出显著的纪律性，销售和市场费用同比下降 4.8%，一般和行政支出下降 3.4%。与此同时，研发费用略有上升，但作为收入的百分比有所减少，表明在产品创新上的投资更加高效。</p>
</div><h2>Gross Margin Pressure from AI Mix</h2>
<div class="lb-trans"><h2>AI 组合带来的毛利压力</h2>
</div><p>The flip side of Agora’s AI push is visible in its margins, with gross margin falling to 63.4% from 68% a year earlier. Management attributed this decline mainly to product mix, as early conversational AI offerings carry weaker unit economics while they remain at subscale.</p>
<div class="lb-trans"><p>Agora 在 AI 推动下的另一面体现在其利润率上，毛利率从一年前的 68% 下降至 63.4%。管理层将这一下降主要归因于产品组合，因为早期的会话 AI 产品的单位经济效益较弱，且仍处于小规模阶段。</p>
</div><h2>Subscale and Costly AI Business</h2>
<div class="lb-trans"><h2>小规模且成本高昂的 AI 业务</h2>
</div><p>Many of the company’s conversational AI efforts are still in proof-of-concept or experimental stages, generating costs that outpace revenue. Agora expects AI to contribute around 5% of revenue by the end of 2026, but warned that near-term margins will reflect the immaturity of these deployments.</p>
<div class="lb-trans"><p>公司许多会话 AI 的努力仍处于概念验证或实验阶段，产生的成本超过了收入。Agora 预计到 2026 年底，AI 将贡献约 5% 的收入，但警告称短期利润将反映这些部署的成熟度不足。</p>
</div><h2>Operating Cash Flow Weakness</h2>
<div class="lb-trans"><h2>运营现金流疲软</h2>
</div><p>Cash generation lagged earnings as operating cash flow swung to a negative $4.3 million in Q1 from a positive $17.6 million a year ago. The company pointed to lower interest income and active share repurchases as primary drivers of the net cash outflow this quarter.</p>
<div class="lb-trans"><p>现金生成滞后于收益，第一季度的运营现金流从一年前的正值 1760 万美元转为负值 430 万美元。公司指出，利息收入下降和积极的股票回购是本季度净现金流出主要驱动因素。</p>
</div><h2>AI Adoption and Competitive Risk</h2>
<div class="lb-trans"><h2>AI 采纳与竞争风险</h2>
</div><p>Management was candid that conversational AI adoption is not straightforward, citing integration complexity and the need for domain expertise. They also acknowledged a highly competitive and fragmented market, noting that execution missteps or slower-than-expected adoption could delay the payoff from current AI investments.</p>
<div class="lb-trans"><p>管理层坦言，会话 AI 的采纳并非易事，提到集成复杂性和对领域专业知识的需求。他们还承认市场竞争激烈且高度分散，指出执行失误或采纳速度低于预期可能会延迟当前 AI 投资的回报。</p>
</div><h2>Reduced Regional Transparency</h2>
<div class="lb-trans"><h2>区域透明度降低</h2>
</div><p>Agora has simplified its disclosures by no longer breaking out revenue and customer metrics between its Agora and Shengwang operations. Analysts pressed for more clarity on regional trends, particularly China versus overseas, but management’s streamlined reporting means less visibility into geographic performance drivers.</p>
<div class="lb-trans"><p>Agora 通过不再将其 Agora 和盛网业务之间的收入和客户指标分开来简化其披露。分析师对区域趋势，特别是中国与海外的对比，提出了更多的明确要求，但管理层的简化报告意味着对地理表现驱动因素的可见性降低。</p>
</div><h2>Short-Term Margin Drag</h2>
<div class="lb-trans"><h2>短期利润拖累</h2>
</div><p>With many AI projects still in early deployment or POC phases, management cautioned that near-term margin pressure may persist. Until these offerings achieve scale and better economics, investors should expect headline gross margins to reflect the cost of building a long-term AI business.</p>
<div class="lb-trans"><p>由于许多 AI 项目仍处于早期部署或概念验证阶段，管理层警告称短期利润压力可能会持续。在这些产品实现规模和更好的经济效益之前，投资者应预期头条毛利率将反映建立长期 AI 业务的成本。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>Looking ahead, Agora guided Q2 2026 revenue to a range of $39 million to $40 million, implying 13.7% to 16.6% growth and an acceleration versus Q1. Management expects operating income and net income to grow sequentially through year-end 2026 and projects conversational AI could reach about 5% of revenue by year-end as usage continues to compound.</p>
<div class="lb-trans"><p>展望未来，声网预计 2026 年第二季度的收入将在 3900 万到 4000 万美元之间，意味着增长率为 13.7% 到 16.6%，并且较第一季度有所加速。管理层预计到 2026 年底，营业收入和净收入将逐季增长，并预测对话式人工智能的收入到年底时可能占到约 5%。</p>
</div><p>Agora’s earnings call underscored a company attempting to thread the needle between profitability and innovation. Investors heard a story of accelerating revenue, disciplined cost control, and active capital returns, offset by deliberate near-term margin and cash flow trade-offs to build a scalable AI and collaboration platform.</p>
<div class="lb-trans"><p>声网的财报电话会议强调了公司在盈利能力和创新之间寻求平衡的努力。投资者听到了一个关于收入加速增长、成本控制严格以及积极资本回报的故事，但同时也意识到为了构建可扩展的人工智能和协作平台，公司在短期内做出了有意识的利润和现金流权衡。</p>
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Agora Earnings Call Highlights AI-Led Growth Push

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声网在财报电话会议中强调了其以人工智能为主导的增长策略