Antalpha Reports Second Quarter 2025 Financial Results

SINGAPORE, Aug. 12, 2025 (GLOBE NEWSWIRE) -- Antalpha Platform Holding Company (NASDAQ: ANTA) ("Antalpha" or the "Company"), a leading institutional digital asset financing platform, today announced its unaudited financial results for the second quarter and six months ended June 30, 2025. “Q2 marks another strong quarter that exceeded our growth expectations. Antalpha delivered record revenue, expanded profitability and continued diversifying our loan portfolio and product offerings. Q2 revenue growth accelerated to 49% on a year-over-year basis and, based on our current outlook, we expect to further increase year-over-year revenue growth rate in Q3. We have built a flywheel for expanding our loan book, revenue growth and profit expansion by prioritizing risk management, valuing our customers and being innovative in new product offerings,” said Paul Liang, chief financial officer of Antalpha. “In Q2, we have also taken solid steps to advance our U.S. expansion by bringing on key leadership and build a more resilient treasury strategy with Tether Gold. We are excited about the growth opportunities ahead.” Second Quarter 2025 Financial Highlights Three Months Ended June 30, (US dollars in millions, unaudited)2024 2025 YOYTotal Revenue$11.42 $17.01 49%Net income$1.15 $0.67 (41)%Net Income (non-GAAP)*$1.15 $3.27 184%Adjusted EBITDA (non-GAAP)*$1.54 $3.80 147%Adjusted EBITDA Margin (non-GAAP)* 13% 22% 900 bps As of June 30, (US dollars in millions, unaudited)2024 2025 YOYSupply Chain TVL$407 $714 75%Margin Loan TVL**$893 $1,335 50%Total Value Loan (TVL) Facilitated$1,300 $2,049 58% * Please see “Non-GAAP Measures” and “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures” for further information on non-GAAP numbers.** Margin loans are facilitated by the Company as an agent; thus, their balances are not recorded on the Company’s Condensed Combined and Consolidated Balance Sheets. Business and Strategic Highlights TVL reached a record high of $2.05 billion, reflecting 58% year-over-year growth;Hashrate loans financed 75.6 EH of hashrate capacity, representing approximately 8.8% of global hashrate at quarter end, as compared to approximately 3.7% a year ago;Test piloted Ethereum margin loans totaling $53 million in TVL;Acquired $20 million in XAUt (Tether Gold) as a test pilot for a digital-gold treasury strategy; andHired new Chief Operating Officer Derar Islim to lead global expansion and scale operations. Second Quarter 2025 Financial Results Revenue of $17.0 million grew 49% year-over-year;Tech financing fees (on supply chain loans) were US$12.9 million, increasing 39% year-over-year;Tech platform fees (on margin loans) were US$4.1 million, increasing 91% year-over-year;Net interest margin (“NIM”) for both machine loans and hashrate loans expanded year-over-year, with machine loans up 47 bps and hashrate loans up 24 bps;Funding cost declined to 5.2%, compared to 5.4% in the second quarter 2024;NIM on supply chain loans was down 60 bps year-over-year, due to the increased proportion of hashrate loans, which reached 76% of supply chain loans;NIM on margin loans rose to 1.3%, an improvement from 1.2% in the prior quarter.Operating expenses were $17.5 million, up 70% year-over-year. Excluding funding cost and stock based compensation, operating expenses were $6.2 million, up 40% year-over-year. Funding cost and stock based compensation in the second quarter of 2025 were $8.7 million and $2.6 million, respectively.Non-GAAP net income was $3.3 million, compared to $1.1 million in the prior year period; andAdjusted EBITDA was $3.8 million, up 147% year-over-year, with adjusted EBITDA margin expanding to 22% from 13% a year ago. OutlookAssuming stable market conditions and solid demand for crypto-collateralized financing, Antalpha expects third quarter 2025 revenue to range between $21 million and $22 million, reflecting 62% - 69% year-over-year growth. Third quarter 2025 adjusted EBITDA (non-GAAP) is expected to be in the range of 20% - 24%. The above forecast reflects Antalpha’s current and preliminary view, which is subject to substantial uncertainties. The Company does not undertake any obligation to update any forward-looking statements, except as required by law. Conference Call InformationAntalpha’s management will host a conference call today, August 12, 2025, at 5:00 p.m. Eastern Time to discuss the Company’s financial results. To attend, please register in advance at: https://register-conf.media-server.com/register/BI4024476783524280b61190106fddc957 Upon registration, you will receive the dial-in number, passcode, and your unique access PIN, as well as an email with a calendar invite. A live webcast can be assessed at https://edge.media-server.com/mmc/p/qci67g8u. A replay of the call will also be available on the Company’s investor relations website at https://ir.antalpha.com. Non-GAAP MeasuresIn addition to financial measures presented under generally accepted accounting principles in the United States, or GAAP, Antalpha evaluates non-GAAP financial measures such as non-GAAP operating income, non-GAAP net income, adjusted EBITDA and adjusted EBITDA margin. The Company believes these adjustments eliminate the effects of certain non-cash and/or non-recurring items that the Company believes complements management’s understanding of its ongoing operational results. However, non-GAAP measures are presented for supplemental informational purposes only, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in its industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of its non-GAAP financial measures as tools for comparison. Antalpha will continually evaluate the usefulness of such metrics. The Company believes that non-GAAP measures may be helpful to investors, because they provide consistency and comparability with past financial performance and with how management views its financial performance. Non-GAAP operating income represents operating income before share-based compensation expenses. Non-GAAP net income represents net income before share-based compensation expenses. Adjusted EBITDA (non-GAAP) represents net income before interest (if non-operating), taxes, depreciation and amortization, and share-based compensation expenses. The Company’s funding cost is an operating item and a significant component of its business. As such, it is not excluded from adjusted EBITDA (non-GAAP). Adjusted EBITDA Margin represents the ratio between adjusted EBITDA and revenue. For more information on non-GAAP financial measures, please see “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures.” About Antalpha Antalpha is a leading fintech company specializing in providing financing, technology, and risk management solutions to institutions in the digital asset industry. The Company offers Bitcoin mining supply chain loans and margin loans through the Antalpha Prime technology platform, which allows customers to originate and manage their digital assets loans, as well as monitor collateral positions with near real-time data. Safe Harbor Statement This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about Antalpha’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Antalpha’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Antalpha does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Antalpha Platform Holding CompanyCondensed Combined and Consolidated Statements of Income(in USD, except for shares data, unaudited) Three months ended June 30, Six months ended June 30, 20242025 20242025Revenue Technology financing fee9,293,20512,945,038 18,028,32623,025,411Technology platform fee2,123,5944,064,717 3,034,9997,580,831Total revenue11,416,79917,009,755 21,063,32530,606,242Operating expenses Funding cost5,877,8338,691,218 11,461,81815,257,264Technology and development1,180,4471,356,386 2,378,8262,641,746Sales and marketing955,4621,282,575 1,827,5752,255,391General and administrative2,050,5925,710,860 3,733,0748,856,502Other cost237,414434,402 474,828883,312Total operating expenses10,301,74817,475,441 19,876,12129,894,215Operating income/(loss)1,115,051(465,686) 1,187,204712,027Non-operating income, net(i)235,6171,401,587 522,9172,107,875Income before income tax1,350,668935,901 1,710,1212,819,902Income tax expense201,268261,350 282,325689,498Net income1,149,400674,551 1,427,7962,130,404Comprehensive income1,149,400674,551 1,427,7962,130,404Weighted average number of ordinary shares Basic*19,250,00021,585,385 19,250,00020,424,144Diluted*19,250,00024,209,464 19,250,00023,025,651Earnings per share Basic*0.060.03 0.070.10Diluted*0.060.03 0.070.09 *Giving retroactive effect to the reverse stock split effected on April 18, 2025.(i) Non-operating income, net includes other income and fair value change on crypto assets and liabilities. Antalpha Platform Holding CompanyCondensed Combined and Consolidated Balance Sheets(in USD, unaudited) As of December 31,As of June 30, 20242025Assets Current assets: Cash and cash equivalents5,926,65534,549,974Crypto assets held (including USDC)60,952,98836,116,987Accounts receivable4,091,7406,786,566Amounts due from related parties2,123,9334,168,029Loan receivables, current300,701,527602,159,909Prepaid expenses and other current assets4,265,8004,660,742Crypto assets collateral receivable from related party, current665,966,9881,088,014,607Total current assets1,044,029,6311,776,456,814Non-current assets: Deferred tax assets1,218,845559,403Loan receivables, non-current128,166,851111,375,847Crypto assets collateral receivable from related party, non-current71,040,09857,343,125Investment5,814,1625,814,162Other non-current assets(i)4,372,6421,906,050Total non-current assets210,612,598176,998,587Total assets1,254,642,2291,953,455,401Liabilities and shareholders’ equity Current liabilities: Amounts due to related parties7,820,8383,845,728Accrued expenses and other current liabilities(ii)9,074,5686,454,060Loan payables due to related party, current279,445,336578,090,914Crypto assets collateral payable to customers, current693,852,7531,103,697,014Total current liabilities990,193,4951,692,087,716Non-current liabilities: Loan payables due to related party, non-current128,166,851121,379,447Crypto assets collateral payable to customers, non-current88,943,81837,535,011Operating lease liabilities, non-current953,8211,005,931Total non-current liabilities218,064,490159,920,389Total liabilities1,208,257,9851,852,008,105Total shareholders’ equity46,384,244101,447,296Total liabilities and shareholders’ equity1,254,642,2291,953,455,401 (i) Other non-current assets include deferred offering costs, property and equipment and right-of-use assets.(ii) Accrued expenses and other current liabilities include accrued liabilities, other payables and the current portion of lease liabilities. Reconciliations of Non-GAAP Financial Measuresto the Nearest Comparable GAAP measures(in USD, unaudited) Three months ended June 30, Six months ended June 30,20242025 20242025Operating income/(loss)1,115,051(465,686) 1,187,204712,027Add: Share-based compensation—2,591,244 —2,955,328Operating income (non-GAAP)1,115,0512,125,558 1,187,2043,667,355 Net income1,149,400674,551 1,427,7962,130,404Add: Share-based compensation—2,591,244 —2,955,328Net income (non-GAAP)1,149,4003,265,795 1,427,7965,085,732Add: Income tax expense201,268261,350 282,325689,498Add: depreciation and amortization expense187,791274,681 334,769516,827Adjusted EBITDA (non-GAAP)1,538,4593,801,826 2,044,8906,292,057Adjusted EBITDA margin (non-GAAP)13%22% 10%21%

Antalpha Reports Second Quarter 2025 Financial Results

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