After consecutive years of steep losses, Agora, Inc. achieved positive net income in fiscal 2025, signaling a significant operational turnaround. This improvement accompanied a substantial rebound in operating cash flow and disciplined capital expenditures. The company continues to execute an aggressive ADS share repurchase program while maintaining a zero-dividend policy. Robust cybersecurity frameworks provide a moat of operational trust, yet persistent ambiguities related to PRC tax residency and PFIC classification present ongoing regulatory risks. Investors should monitor share repurchase progress and potential tax clarifications as key future milestones.