The sharp revenue decline and swing to a net loss represent a clear deterioration in fundamentals. The Q2 guidance for Amber Premium ($9M-$10M) suggests a partial recovery from Q1's $5.7M but remains well below the $13.4M in Q1 2025. Monitor the October C4AI Investor Day for A-MM revenue contribution and any signs of client asset stabilization. The $45.5M buyback authorization provides a floor but is insufficient to offset operating losses at this run rate.
Price Chart
Executive Summary
Amber International reported Q1 2026 results with total revenue of $10.0M, down 30.9% YoY from $14.5M and down 38.6% QoQ from $16.3M, driven by a softer digital asset market and deliberate client streamlining. The company swung to a net loss of $3.7M from continuing operations vs. net income of $0.9M in Q1 2025, and guided Q2 2026 Amber Premium revenue of $9.0M-$10.0M, implying continued sequential weakness. The A-MM product launch and C4AI vision are strategic positives but do not offset the sharp revenue and earnings decline.
Key Facts
- Total revenue of $10.0M in Q1 2026, down 30.9% YoY from $14.5M and down 38.6% QoQ from $16.3M.
- Net loss from continuing operations of $3.7M vs. net income of $0.9M in Q1 2025 and $0.8M in Q4 2025.
- Adjusted EBITDA from continuing operations was a loss of $3.2M vs. positive $1.6M in Q1 2025 and near-breakeven $50K in Q4 2025.
- Gross profit margin contracted to 67.7% from 75.5% YoY and 74.2% QoQ.
- Amber Premium business revenue (Wealth Mgmt + Execution + Payment) fell 57.5% YoY to $5.7M.
- Client assets on platform fell 23.8% YoY to ~$1.0B; active clients down 9.5% YoY to 840.
- Q2 2026 Amber Premium revenue guidance of $9.0M-$10.0M, below Q1 2026's $5.7M but still well below prior-year levels.
- Launched A-MM (agent-native market making platform) and announced C4AI vision with Investor Day in October 2026.
- Share repurchase program has $45.5M remaining capacity; only $4.5M used so far.
- Cash and equivalents of $36.5M as of March 31, 2026, up from $33.9M at year-end 2025.
Financial Impact
Revenue declined ~31% YoY and ~39% QoQ; net income swung from +$0.9M to -$3.7M YoY; adjusted EBITDA swung from +$1.6M to -$3.2M YoY
Risk Factors
- Continued digital asset market weakness could further pressure trading volumes and fee rates.
- Client streamlining for regulatory licensing may reduce revenue base further before benefits materialize.
- Three material weaknesses in internal controls (from 20-F) remain unresolved, increasing audit and compliance risk.
- PFIC status for U.S. holders creates adverse tax consequences that may limit institutional demand.
- A-MM and C4AI are early-stage and unproven; meaningful revenue contribution is not guaranteed.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-067239 |
| Document: tm2615877d1_6k.htm | 0001104659-26-067239 |
| Document: 0001104659-26-067239-index-headers.html | 0001104659-26-067239 |
| Document: 0001104659-26-067239-index.html | 0001104659-26-067239 |
| Document: 0001104659-26-067239.txt | 0001104659-26-067239 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | 6-K | $1.01 $1.47 | ▼ −45.54% | ▼ −46.04% | $1.81 (−79.21%) |
Sep 3, 2026 29d ago | 6-K | $0.9398 $1.08 | ▲ +14.92% | ▲ +16.07% | $1.81 (+92.59%) |
Aug 31, 2026 4w ago | 6-K | $1.16 $0.9777 | ▼ −15.72% | ▼ −15.57% | $1.81 (+56.03%) |
Aug 10, 2026 7w ago | 6-K | $1.33 $1.25 | ▼ −6.01% | ▼ −5.97% | $1.81 (+36.09%) |
Jul 28, 2026 9w ago | 6-K | $1.40 $1.39 | ▼ −0.71% | ▼ −2.98% | $1.81 (+29.29%) |
Jun 1, 2026 17w ago | 6-K | $1.63 $1.46 | ▼ −10.43% | ▼ −7.68% | $1.81 (+11.04%) |
May 28, 2026 18w ago | 6-K | $1.61 $1.55 | ▲ +3.73% | ▲ +4.04% | $1.81 (−12.42%) |
May 21, 2026 19w ago | 6-K | $1.83 $1.61 | ▼ −12.02% | ▼ −13.62% | $1.81 (−1.09%) |
May 13, 2026 20w ago | 20-F | $1.97 $1.83 | ▼ −7.11% | ▼ −6.39% | $1.81 (−8.12%) |
US Market Status
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