Aurora Mobile (NASDAQ:JG) reported fourth-quarter and full-year 2025 results that management repeatedly characterized as a historic turning point, highlighted by the company’s first-ever full-year GAAP net profit and a fourth-quarter revenue level that surpassed CNY 100 million for the first time since its transition to a pure SaaS business model.
On the call, Chairman and CEO Weidong Luo said revenue was “surging” and emphasized that Aurora Mobile delivered three consecutive quarters of GAAP net profit leading into the fourth quarter. CFO Shan-Nen Bong added that the company’s financial profile has “fundamentally improved,” citing progress in margin performance, cash flow, and several SaaS operating metrics.
Fourth-quarter revenue tops CNY 100 million
In discussing business mix, Luo said the “lion’s share” of year-over-year revenue growth came from developer subscription services. He said both developer subscription services and vertical applications posted double-digit year-over-year revenue growth in the quarter.
- Developer services revenue (subscription services and value-added services) increased 7% year-over-year and 18% quarter-over-quarter, according to Luo.
- Subscription revenue increased 13% year-over-year and 7% quarter-over-quarter.
- Value-added services revenue increased 101% quarter-over-quarter but declined 13% year-over-year.
Luo said the company’s core developer subscription services generated RMB 61.9 million in revenue, up 13% year-over-year and 8% quarter-over-quarter. He attributed the year-over-year increase primarily to growth in both customer count and ARPU, and said quarterly subscription revenue exceeded RMB 60 million for the first time, reaching the highest level in the company’s history.
EngageLab growth and global expansion highlighted
Management repeatedly pointed to EngageLab—Aurora Mobile’s global product offering—as a key driver of momentum. Luo said EngageLab’s annual recurring revenue (ARR) reached $10 million as of December 2025, representing 186% year-over-year growth.
Luo also disclosed that cumulative signed contract value reached CNY 157 million by the end of Q4 2025, including more than CNY 29 million in new contracts signed during the quarter. He said the company expects the revenue growth momentum to continue for the next 24 months.
Other EngageLab metrics and milestones shared on the call included:
- Customer count increased 142% year-over-year to 1,641.
- Products and services were sold into more than 70 countries and regions, with expansion into 18 new countries in Q4 alone.
- The EngageLab ecosystem included 17 partners across different countries and regions as of December 2025.
Luo described EngageLab as a suite for omni-channel infrastructure intended to help customers engage their users efficiently. He also said EngageLab’s customer base spans multiple industry verticals without “specific industry concentration risk.” Looking to early 2026, Luo said the company was seeing “healthy signs” in overseas markets in terms of potential leads and customers.
Within subscription revenue, Luo cited examples of notable wins in the quarter, including Kimi Large Language Model, J&T Express, Citibank, and China Unicom.
Vertical applications: financial risk management grows, market intelligence declines
Bong said vertical applications—which include financial risk management and market intelligence—posted year-over-year and quarter-over-quarter revenue growth overall in Q4.
Within that segment, Bong said financial risk management revenue grew 43% year-over-year and 12% quarter-over-quarter (he also referenced an 11% sequential increase in a separate remark). He noted that financial risk management generated more than CNY 22 million in each of the four quarters in 2025. Bong attributed the year-over-year performance to a 20% increase in customer count and a 20% increase in ARPU. Customers signed or renewed in Q4 included Zhongying Xiaofei Jingrong, Xiaoying Keji, and Chengdu Yinhang, among other licensed credit or financial institutions in China.
Market intelligence revenue decreased 24% year-over-year and 3% quarter-over-quarter due to continued weak demand for Chinese app data, which Bong said was in line with the company’s expectations.
Margins, expenses, and SaaS KPIs
Bong reported fourth-quarter gross profit of CNY 69.7 million, calling it the highest gross profit among the past 16 quarters. He highlighted that gross profit growth outpaced revenue growth in both Q4 and Q3, which he said reflected improving “high-quality revenue with higher margins.”
Operating expenses in Q4 totaled CNY 68.2 million, up 13% year-over-year and 6% quarter-over-quarter. Bong broke out the major categories as follows:
- R&D expenses rose 16% year-over-year to CNY 28.3 million, driven by higher staff costs and technical service fees.
- Selling and marketing expenses increased 16% year-over-year to CNY 28.4 million, reflecting higher sales commissions in line with revenue growth and cash collection, as well as marketing investment in global expansion.
- G&A expenses were flat year-over-year at CNY 11.4 million.
Bong also highlighted several SaaS-related KPIs:
- Net dollar retention rate for the core developer subscription business was 103% for the trailing 12 months ended Dec. 31, 2025, marking the second consecutive quarter above 100%.
- Deferred revenue reached CNY 178.7 million, exceeding the prior quarter’s historical high, which Bong said signaled predictable future revenues and healthy cash flow.
- Accounts receivable turnover days were 37 days, which Bong said reflected effective cash collection and reduced bad-debt risk.
Cash flow, 2026 revenue outlook, and share repurchases
For the quarter ended Dec. 31, Aurora Mobile reported net cash inflow from operating activities of CNY 35.1 million. Bong also said cash and cash equivalents increased by CNY 53.8 million year-over-year, up 45% to CNY 173 million as of Dec. 31, 2025.
For 2026, management issued full-year revenue guidance of CNY 450 million to CNY 480 million, representing expected growth of 20% to 28% year-over-year compared to 2025. Bong said the outlook is based on current market conditions and reflects preliminary estimates that are subject to change.
On capital return, Bong said Aurora Mobile repurchased 73,000 ADS during the quarter and has repurchased 400,000 ADS cumulatively since the start of its repurchase program.
During Q&A, Luo credited the company’s performance to three factors: deciding in 2022 to pursue overseas expansion; committing investment to build a distinct EngageLab offering for global markets and supporting overseas data centers; and aligning the organization behind the international initiative. In response to a question about 2026 and beyond, Luo said domestic business remained relatively stable while EngageLab is expected to provide the “lion’s share” of growth momentum for the next three years, adding that the company’s AI strategy is intended to support a next phase of growth.
About Aurora Mobile (NASDAQ:JG)
Aurora Mobile (NASDAQ: JG) is a China‐based technology company specializing in mobile messaging and big data analytics. The company provides a one‐stop platform for developers and enterprises to integrate push notification services, in‐app messaging, and real‐time event tracking through a lightweight software development kit (SDK). Aurora Mobile’s platform is designed to help app publishers and brands enhance user engagement, retention and monetization by delivering timely and personalized content across mobile and web channels.
The company’s core offerings include smart push notifications, targeted messaging, user behavior analytics and data‐driven marketing tools.
