Agora.io(NASDAQ: API), a leading platform for real-time engagement APIs, announced recently its financial results for the fourth quarter and the fiscal year ended December 31, 2020. According to the report, Agora.io’s total revenues for the fourth quarter were $33.3 million, an increase of 74.1% year-on-year. And the total revenues in 2020 were $133.6 million, an increase of 107.3% from $64.4 million in 2019. 

Agora.io pointed out that the revenue increase in Q4 was primarily due to increased usage of video and voice products as a result of its business expansion. But the net loss has also increased significantly, it was US$6.2 million in the Q4 fiscal year 2020 compared to US$2.3 million in the same period last year. And the net loss per ADS was US$0.06, compared to a net loss of $0.73 per ADS year-on-year.

Besides, the gross profit was $20.1 million in Q4 of the fiscal year 2020, an increase of 58.6% from $12.7 million in the same period last year. Gross margin was 60.4% in the fourth quarter of 2020, a decrease of 5.9% from 66.3% year-on-year, primarily due to international expansion to regions with higher infrastructure costs and capacity expansion in anticipation of future usage growth.

Looking at the financial results of the total fiscal year, the revenue increase was due to increased usage of video and voice products as a result of business expansion and empowerment of various use cases, particularly in education and social related applications. And the total revenues for the fiscal year ending December 31, 2021 are expected to be between $178 million and $182 million.

As of December 31, 2020, the accumulated registered applications exceeded 272,000, adding nearly 9,000 per month in the fourth quarter. And the active customers were 2,095, an increase of 101.2% from 1,041 year-on-year. 

“We crossed several noteworthy milestones such as powering 40 billion minutes of engagement per month. We continue to create industry-first, such as our experience level agreement or XLA. We further broadened our product offerings, optimized our technology, and helped developers around the world to create many innovative use cases. ”Said Tony Zhao, the founder and CEO of Agora.io.

For Agora.io’s educational movement in 2020, the company has launched its first educational product named Agora flexible classroom(灵动课堂), a low-code application PaaS solution for education providers. It combines video, voice, messaging, whiteboard, and recording functionalities into one cloud-based solution that allows developers to build an online platform in a matter of minutes. 

Recently, Agora.io has been working with some online education institutions on redefining the lecture hall experience, which used to be high and uneven latency and fewer interactions. “We believe that interactive lecture hall combines engaging learning experience of a small class and the cost-effectiveness of large classrooms, and it is an emerging trend in online education.” Said Tony.