olivLaw · US equity research
Amber International Holding Ltd AMBR
Finance Services · SIC 6199
Amber International Holding Ltd operates the digital asset wealth management platform Amber Premium, giving institutional investors and high-net-worth individuals access to crypto markets. The company reported revenue of 66089 thousand USD in 2025 as it expands from structured investments into execution and crypto payments.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Amber International Holding Ltd (AMBR) stock was 1.84 USD (−2.91% on the day), with market capitalisation 865.0 m USD, beta 0.85, 52-week range 0.88–2.79 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 54.2
- neutral
- Bollinger (20, 2)
- 1.48 – 2.06
- in the upper half of the band · %B 0.61 · band width 32.8%
- SMA 50 / 200
- 1.58 / 1.85
- mixed trend
- MACD (12, 26, 9)
- 0.03 / 0.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.4% | −1.1% | −1.3 pp | — |
| 3 months | +31.1% | −0.5% | +31.5 pp | — |
| 6 months | −15.0% | +4.4% | −19.4 pp | — |
| Year to date | +6.1% | +12.3% | −6.2 pp | — |
| 1 year | +3.1% | +13.5% | −10.5 pp | — |
| 3 years | −19.9% | +76.4% | −96.3 pp | — |
| 5 years | −97.3% | +63.7% | −161.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | ⚠ 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 125.3 m | 160.0 m | 199.4 m | 254.7 m | 307.7 m | 46.6 m | 36.1 m | 32.8 m |
| Revenue YoY | +31.4% | +27.7% | +24.6% | +27.8% | +20.8% | — | −22.6% | −9.0% |
| Net income | -24.6 m | -32.4 m | -9.6 m | -12.6 m | -13.6 m | -200.9 m | -38.7 m | -29.1 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | — | unavailable | unavailable |
| Diluted EPS | -2.15 | -1.23 | -0.34 | -0.32 | -0.28 | -3.98 | -0.75 | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | — | unavailable | unavailable |
| net % | -19.7% | -20.3% | -4.8% | -5.0% | -4.4% | -431.3% | -107.3% | -88.7% |
| Free cash flow | -14.0 m | -15.7 m | -30.8 m | -20.2 m | -21.1 m | 71.0 m | -19.5 m | -21.8 m |
The series breaks before 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 19.6 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 14.4 m USD
- Total assets
- 49.6 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.45x
- ROE
- -104.6%
- ROA
- -27.3%
- FCF margin
- -66.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 199.4 m | 254.7 m | 307.7 m | 46.6 m | 36.1 m | 32.8 m | SEC (XBRL)· 29 Apr 2025verified |
| Cost of revenue | 142.7 m | 181.5 m | 218.5 m | 22.6 m | 17.0 m | 16.1 m | SEC (XBRL)· 29 Apr 2025verified |
| Gross profit | 56.7 m | 73.3 m | 89.2 m | 24.0 m | 19.1 m | 16.7 m | SEC (XBRL)· 29 Apr 2025verified |
| Research & development | 5.6 m | 5.3 m | 9.5 m | 1.8 m | 923.0 k | 878.0 k | SEC (XBRL)· 29 Apr 2025verified |
| Operating income | -12.1 m | -1.8 m | -12.9 m | -24.3 m | -11.6 m | -17.4 m | SEC (XBRL)· 29 Apr 2025verified |
| Interest expense | 1.9 m | 2.7 m | 4.1 m | 2.1 m | 1.4 m | 511.0 k | SEC (XBRL)· 29 Apr 2025verified |
| Pre-tax income | -10.4 m | -13.2 m | -14.0 m | -42.1 m | -13.0 m | -24.0 m | SEC (XBRL)· 29 Apr 2025verified |
| Income tax | 47.0 k | 1.6 m | 2.5 m | 1.6 m | 648.0 k | -68.0 k | SEC (XBRL)· 29 Apr 2025verified |
| Net income | -9.6 m | -12.6 m | -13.6 m | -200.9 m | -38.7 m | -29.1 m | SEC (XBRL)· 29 Apr 2025verified |
| Diluted EPS | -0.34 | -0.32 | -0.28 | -3.98 | -0.75 | — | SEC (XBRL)· 20 Jun 2024verified |
| Weighted average diluted shares | 28.6 m | 39.4 m | 48.2 m | 50.4 m | 51.1 m | 45.8 m | SEC (XBRL)· 29 Apr 2025verified |
Balance sheet · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 36.9 m | 52.2 m | 41.4 m | 43.5 m | 14.3 m | 19.6 m | SEC (XBRL)· 29 Apr 2025verified |
| Receivables | 144.0 m | 143.1 m | 187.3 m | 64.6 m | 13.5 m | 10.0 m | SEC (XBRL)· 29 Apr 2025verified |
| Current assets | 245.4 m | 321.2 m | 351.3 m | 204.7 m | 159.8 m | 48.6 m | SEC (XBRL)· 29 Apr 2025verified |
| Property, plant & equipment, net | 536.0 k | 1.1 m | 1.9 m | 241.0 k | — | 13.0 k | SEC (XBRL)· 29 Apr 2025verified |
| Goodwill | 65.7 m | 74.4 m | 81.7 m | — | 0 | 0 | SEC (XBRL)· 29 Apr 2025verified |
| Intangibles (excl. goodwill) | 4.4 m | 56.4 m | 53.7 m | 991.0 k | — | 60.0 k | SEC (XBRL)· 29 Apr 2025verified |
| Total assets | 321.5 m | 470.1 m | 507.7 m | 221.8 m | 163.7 m | 49.6 m | SEC (XBRL)· 29 Apr 2025verified |
| Accounts payable | 66.2 m | 43.1 m | 66.6 m | 41.7 m | 4.5 m | 5.2 m | SEC (XBRL)· 29 Apr 2025verified |
| Current liabilities | 203.9 m | 162.8 m | 200.8 m | 137.7 m | 120.1 m | 33.5 m | SEC (XBRL)· 29 Apr 2025verified |
| Total liabilities | 207.0 m | 191.0 m | 216.1 m | 142.5 m | 122.5 m | 35.2 m | SEC (XBRL)· 29 Apr 2025verified |
| Equity | 114.6 m | 279.1 m | 291.6 m | 79.3 m | 41.3 m | 14.4 m | SEC (XBRL)· 29 Apr 2025verified |
Cash flow · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -30.3 m | -19.6 m | -19.7 m | 71.1 m | -19.4 m | -21.8 m | SEC (XBRL)· 29 Apr 2025verified |
| Capex | 474.0 k | 556.0 k | 1.4 m | 126.0 k | 83.0 k | 16.0 k | SEC (XBRL)· 29 Apr 2025verified |
| Free cash flow | -30.8 m ≈ | -20.2 m ≈ | -21.1 m ≈ | 71.0 m ≈ | -19.5 m ≈ | -21.8 m ≈ | SEC (XBRL)· 29 Apr 2025derived |
| Investing cash flow | 6.8 m | -27.7 m | -22.4 m | -4.0 m | -987.0 k | -1.0 m | SEC (XBRL)· 29 Apr 2025verified |
| Financing cash flow | 44.8 m | 80.0 m | 24.7 m | -37.3 m | -6.1 m | -36.5 m | SEC (XBRL)· 29 Apr 2025verified |
| Share repurchases | 4.4 m | 5.7 m | 10.7 m | 7.6 m | 214.0 k | — | SEC (XBRL)· 20 Jun 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 39.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 865.0 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
40% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -88.7% | 0 (on a fixed band) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -52.6% | 0 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -34.0x | 0 (on a fixed band) | 16% |
| Current ratio · Balance sheet | 1.5x | 54 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.5% | 0 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet22/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Amber International Holding Limited (AMBR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 32.8 m USD in 2024; YoY growth -9.0%; net margin -88.7%; ROE -116.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -88.7%
- Revenue CAGR 3Y: -52.6%
- Interest coverage: -34.0x
- FCF yield: -2.5%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Not enough comparable companies with data for an average.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 May 2026; since then the company filed 6-K (23 Oct 2026), 6-K (14 Oct 2026), 6-K (28 Sept 2026), 6-K (10 Sept 2026), 6-K (03 Sept 2026), 6-K (31 Aug 2026).
In brief
Amber International Holding Ltd operates the digital asset wealth management platform Amber Premium, giving institutional investors and high-net-worth individuals access to crypto markets. The company reported revenue of 66089 thousand USD in 2025 as it expands from structured investments into execution and crypto payments.
SWOT
Strengths
- The company benefits from a brand associated with Amber Group and shared technology infrastructure that supports the confidence of institutional clients.
- Its service range covers investment management, execution, payments and crypto-backed lending, offering internal diversification.
- Security and data protection certifications such as ISO 27001 support a strong position in custody of client assets.
Weaknesses
- Revenue is highly dependent on digital asset prices and trading volumes, which makes results vulnerable to volatility.
- Local approvals for the DWM asset restructuring are not yet obtained, and the company relies on intercompany agreements in the meantime.
- The company describes its institutional crypto business as nascent and not fully proven, with no assurance of profitability.
Opportunities
- If institutional demand for DeFi and tokenised products grows, the company could expand its offerings and attract new clients.
- The Dubai VASP licence could open access to institutional clients in the Middle East if operations launch successfully.
- The A-Suite AI system, if launched, could generate new revenue streams and improve operating leverage.
Threats
- Regulation of digital assets remains uncertain, and misclassification as a security could attract investigations and penalties.
- Competition and fee pressure could reduce margins if the company does not adapt its offering quickly.
- Security incidents or losses of custodied assets could seriously damage reputation and client relationships.
Risks
- Regulatory approvals for DWMhigh
The DWM asset restructuring is not complete, and without local approvals the company could continue relying on intercompany agreements, with the risk that counterparties fail to perform.
- Volatility of digital asset priceshigh
Revenue can fall quickly if digital asset prices or liquidity deteriorate, as corrections in the past have shown.
- Legal classification of assetsmedium
The status of a digital asset as a security remains uncertain in several jurisdictions, which could attract regulatory scrutiny.
- Custody securitymedium
Failure to safeguard client assets, whether by the company or third-party custodians, could produce significant losses.
- Pace of innovationlow
If the company does not keep pace with rapid industry changes, use of its products and its revenue could decline.
Investment thesis
What would need to be true (bull case)
- If institutional adoption of digital assets continues, the company could benefit from demand for an integrated platform spanning management, execution and payments.
- Growth in the execution and wealth management lines suggests revenue diversification could support results.
- The relationship with Amber Group provides access to infrastructure, joint products and referral channels that could accelerate expansion.
What would break the thesis
- If digital asset prices fall, fee revenue could quickly return to low levels, as happened in earlier years.
- Unfinished regulatory approvals and reliance on intercompany agreements could create uncertainty over long-term revenue.
- The company itself describes the business as nascent and unproven, which makes sustainable profitability harder to assess.
What to watch
- Completion of the DWM asset restructuring and the related local approvals2026
- Launch of the first A-Suite operating system, announced for the first quarterQ1 2026
- Development of active client numbers and wealth management revenuenext 10-K
- Progress of Dubai operations after obtaining the VASP licence2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 May 2026; since then the company filed 6-K (23 Oct 2026), 6-K (14 Oct 2026), 6-K (28 Sept 2026), 6-K (10 Sept 2026), 6-K (03 Sept 2026), 6-K (31 Aug 2026).
The business
Amber International Holding Ltd, known under the Amber Premium brand, is a digital asset wealth management platform acting as an institutional gateway to crypto finance. It offers market access, execution infrastructure and investment solutions to institutional investors and high-net-worth individuals. As of December 31, 2025 it served 998 active clients. The company was formed through the merger with iClick, closed on March 12, 2025, and its ADSs trade on Nasdaq under AMBR.
The service model, called '1+N', pairs each client with a dedicated relationship manager supported by a team of experts. Clients include institutions such as family offices, hedge funds and venture capital firms, as well as ultra-high-net-worth individuals. The company is also developing an AI system, the A-Suite, which it says could unlock new revenue streams if launched successfully.
The company operates as part of an ecosystem linked to Amber Group, its shareholder, which provides shared branding, technology infrastructure, joint products and client referrals. Amber Premium began as the crypto private banking business of Amber Group and became independent in the second half of 2023.
Segments
Execution solutions
This line includes transaction fees from execution services, including automated trading and an institutional OTC desk. It contributed 11243 thousand USD in 2025, or 17.0 percent of revenue, up from much smaller levels in prior years.
Marketing and Enterprise Solutions
This is the legacy online marketing and SaaS business inherited from iClick, still operated in Asia. In 2025 it contributed 15851 thousand USD, or 24.0 percent of revenue, serving as a secondary line in the current strategy.
Market context
The company operates in the digital asset market, where demand depends on overall investor sentiment, regulatory changes and technological innovation. It operates in markets such as Singapore and Dubai and has obtained corresponding licences there. Price volatility, including historical Bitcoin drawdowns exceeding 70 percent, can directly affect trading volumes and fee revenue.
Taxation varies by jurisdiction: entities in the Cayman Islands and the British Virgin Islands are not subject to income tax, while Singapore subsidiaries face a corporate tax of 17 percent. This structure could influence net profitability as revenue grows across different jurisdictions.
Trends
- Institutional adoption of crypto assetstailwind
Institutional investors and high-net-worth individuals are gradually widening exposure from ETFs and Bitcoin toward tokenised and DeFi products, which could create demand for integrated services like those offered by the company.
- Dependence on trading volumesheadwind
Revenue depends heavily on digital asset prices and liquidity. A prolonged decline could quickly reduce commissions, as volatility in earlier cycles has shown.
- Regulation of virtual assetsmixed
The regulatory framework is expanding, and obtaining the VASP licence from Dubai's VARA in April 2026 opens opportunities, but local approvals for the DWM asset restructuring remain incomplete, which could delay operations.
- Fee pressureheadwind
The company anticipates that as the industry evolves, service fees could come under pressure. Its strategy of developing new products aims to offset any future fee reductions.
Competitive position
The company describes itself as a fast-moving participant in digital asset wealth management, competing with other crypto service providers, both crypto-native firms and traditional financial players launching their own divisions. The source does not explicitly name US-listed competitors, so the list below is limited to what the document supports.
Its cited competitive advantages include the Amber Group brand, shared infrastructure, ISO 27001 and ISO 27701 certifications and its tailored service model. However, the company acknowledges it cannot guarantee it will maintain its position, and competition could affect results if innovation pace is not sustained.
- Amber Group
Shareholder and strategic partner offering asset management, advisory, liquidity and crypto infrastructure divisions.
- iClick Interactive Asia GroupICLK
Predecessor of the company before the merger, still associated with the legacy marketing and enterprise business.
- Crypto OTC and execution providers
Specialists in institutional trading and multi-exchange execution, described in the document as operating in the same space.
- Digital asset wealth management platforms
Providers of structured products, earn and DeFi solutions competing for the same institutional and high-net-worth clients.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Amber International Holding Ltd Q2 2026 Earnings Call SummaryYahoo Finance — News · 03 Sept 2026 · EN
- Amber International Q2 Earnings Call HighlightsYahoo Finance — News · 03 Sept 2026 · EN
The latest news item in our archive is from 03 Sept 2026; the newest SEC filing is from 23 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)23 Oct 2026
- Current report (foreign issuer)14 Oct 2026
- Current report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)10 Sept 2026
- Current report (foreign issuer)03 Sept 2026
- Current report (foreign issuer)31 Aug 2026
- Current report (foreign issuer)10 Aug 2026
- Current report (foreign issuer)28 Jul 2026
- Current report (foreign issuer)01 Jun 2026
- Current report (foreign issuer)28 May 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Amber International Holding Ltd · 13 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.