Antalpha Platform Q2 2026 Earnings Report

Antalpha Platform EPS Results

• Actual EPS: -$0.47
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Antalpha Platform Revenue Results

• Actual Revenue: $2.41 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Antalpha Platform Announcement Details

• Quarter: Q2 2026
• Date: 8/20/2026
• Time: Before Market Opens
• Conference Call Date: Wednesday, August 19, 2026
• Conference Call Time: 8:00AM ET

Antalpha Platform (NASDAQ:ANTA) Limited (NASDAQ: ANTA) is a financial services company focused on the digital asset industry. The company provides technology-enabled financing and related services to institutional participants, including businesses involved in cryptocurrency mining and other digital asset activities.

Its offerings include financing solutions for digital asset miners and equipment-related transactions, as well as services intended to support liquidity, treasury management and risk management. Antalpha’s platform is designed to connect institutional clients with financial products tailored to the operating and capital needs of the digital asset sector.

The company serves participants in global digital asset markets, although publicly available information provides limited detail about its geographic footprint and leadership team. Antalpha’s business is centered on applying financial and technology infrastructure to the evolving cryptocurrency and blockchain ecosystem.

Antalpha Platform Q2 2026 Earnings Call Transcript

Key Takeaways

• Negative Sentiment: Revenue fell 28% year over year to $12.2 million, while total loans facilitated declined to $1.35 billion from $1.61 billion in the prior quarter as customers remained cautious and the company deployed capital selectively.
• Negative Sentiment: Antalpha reported a $12.5 million net loss and $27.4 million adjusted EBITDA loss, driven primarily by a $26.2 million unrealized fair-value loss on XAUT and XAUE holdings; third-quarter revenue guidance is $10 million to $12 million.
• Positive Sentiment: Management emphasized its record of zero principal loss since inception, supported by conservative underwriting, overcollateralization, active collateral management, and controlled wallets for mining-related collateral.
• Neutral Sentiment: Nina expanded to publicly available iOS and Android apps and reached several thousand registered users, but remains in an early validation phase focused on improving product usefulness, engagement, retention, and eventual commercialization.
• Positive Sentiment: Management said Antalpha Prime remained profitable on a standalone GAAP basis and that funding optimization improved platform economics, while capital remains available for new loans when market stability, collateral quality, and pricing meet its risk-adjusted return requirements.

Presentation

[Operator]

Good day and thank you for standing by. Welcome to Antalpha's second quarter 2026 earnings conference call. Today's call is being recorded. All participants are now in listen-only mode. After management's prepared remarks, there will be a question-and-answer session. I'd now like to turn the call over to Chris Mammone, Managing Director of The Blueshirt Group and representative on Antalpha's investor relations team. Mr. Mammone, please go ahead.

[Chris Mammone, Managing Director at The Blueshirt Group]

Thank you, operator, and welcome everyone to today's call. Joining me today is Paul Liang, Antalpha's Chief Financial Officer. Please note the following. First, all year-over-year comparisons in today's call are for Q2 2026 versus Q2 2025, unless otherwise stated. Second, consolidated financial statements, including Aurelion, began from Q4 2025. As such, Q2 2025 comparative figures reflect Antalpha standalone results. Third, our remarks today will include forward-looking statements based on current expectations. These statements involve risks and uncertainties that could cause actual results to differ materially. For discussion of these risks, please refer to Antalpha's filings with the SEC. We do not undertake any obligation to update forward-looking statements except as required by law. This call also contains references to unaudited non-GAAP financial measures. Reconciliation to the most comparable GAAP measures can be found in our press release and SEC filings.

[Chris Mammone, Managing Director at The Blueshirt Group]

Now, I'll turn the call over to Paul Liang, who will provide the Q2 operating and strategic overview, as well as the financial highlights and outlook. Paul, please go ahead.

[Paul Liang, CFO at Antalpha]

Thank you, Chris, and good day, everyone. Thank you for joining us today. The second quarter reflected a more measured financing environment across the digital asset ecosystem versus earlier periods, as many of our customers focus on liquidity management, operational efficiency, and prudent capital allocation. Against this backdrop, we remain selective in deploying capital, optimize our funding structure, and maintain our high underwriting standards. Since inception, our objective has been to build a financing platform that delivers sustainable long-term value for our clients and shareholders, rather than maximizing loan growth in any particular quarter. We believe the strongest evidence of that approach is our record of zero principal loss since inception, achieved across a broad spectrum of market environments while building long-term client relationships.

[Paul Liang, CFO at Antalpha]

During the quarter, we strengthened the underlying economics of our financing platform while advancing our broader strategy of building a leader that provides financing, technology, and risk management solutions to the Web3 industry. Further to this point, we made progress across Nina, our Web3 AI business, and Aurelion expanded our capabilities in digital gold, despite the short-term accounting volatilities reflected in this quarter's financials. With that context, let me first provide an update on the operating performance of our key business during the quarter before turning into our financials. Let me begin with Antalpha Prime, which is our flagship financing platform and primary revenue and earnings contributor. During this quarter, we focused on preserving portfolio quality by maintaining prudent underwriting standards and executing with long-term perspective. While financing activity moderated, we were highly selective in deployed capital, prioritizing long-term risk-adjusted return over short-term loan growth.

[Paul Liang, CFO at Antalpha]

Most importantly, we maintain our record of zero principal loss since its inception. We believe this track record reflects the effectiveness of our underwriting standards, active collateral management, and comprehensive risk management capabilities across multiple market environments. As institutional participation in digital asset financing continues to evolve, we believe these capabilities, combined with the trust we have earned from our clients and funding partners, will remain important competitive differentiators for Antalpha Prime. As well, we deepen relationships with long-standing clients while selectively originating new loans, reflecting the trust we have built through consistent execution across different market cycles. Although the total value of loans facilitated declined during the quarter, we view that as a reflection of both customer financing behavior and our selective capital deployment, rather than a change of our long-term opportunity. Net fee margin improved year-over-year, while funding costs remained broadly stable.

[Paul Liang, CFO at Antalpha]

Turning now to Nina, Antalpha's proprietary agentic initiative. As we discussed last quarter, we firmly believe AI is becoming an increasingly important layer of Web3 infrastructure through this ability to help users more efficiently discover information, analyze opportunities, and interact with decentralized applications. During the quarter, we made encouraging progress in further developing our Web3 AI business. We advanced several key product enhancements and expanded product availability through publicly available iOS and Android applications, making the platform more accessible to a much broader universe of adopters. Nina has now reached several thousand registered users across its website and mobile applications, with the majority of registered users completing at least one core product interaction. While Nina remains in the early stage of commercialization, it is very encouraging to see these initial engagement indicators. Our near-term focuses remain on product development, user engagement, and evaluating Nina's commercial potential.

[Paul Liang, CFO at Antalpha]

We look forward to keeping you updated on our progress. With that overview of our operating performance, now, let me turn to our financial results for the quarter. Total revenue for the quarter was $12.2 million, ahead of the midpoint of our guidance. The revenue of this quarter down 28% year-over-year, compared with $17 million in the second quarter of last year. As a reminder, our prior year comparison included contributions from the Cango facility, which was almost fully repaid during the first quarter of 2026. Excluding that facility, revenue declined just 15% year-over-year, primarily reflecting lower average loan balance across the remaining portfolio as financing activity moderated during the quarter. Looking at the composition of the revenue, technology financing fees were $7.7 million, down 40% year-over-year, reflecting lower financing activity and average loan balances.

[Paul Liang, CFO at Antalpha]

Offsetting this decline, technology platform fees increased 10% year-over-year to $4.5 million, primarily reflecting improved pricing in our margin loan business. We believe the combination of financing and platform revenue provides a solid foundation for the long-term development of our business. Turning to our loan portfolio. Total value of loans facilitated was $1.35 billion as of June 30, compared with $1.61 billion at the end of the first quarter. As discussed earlier, this reflected both more measured financing activity across the market and our disciplined approach to capital deployment. Hash rate financing reached approximately 30.9 exahash, representing approximately 3.1% of the global Bitcoin network hash rate at the quarter end. From a lending economics perspective, we continue improving the efficiency of our business. Funding costs remain broadly stable at 69% of technology financing fee, compared with 67% in the second quarter of last year, while net fee margin improved by approximately 10 basis points year-over-year, primarily driven by improved pricing within our margin loans portfolio.

[Paul Liang, CFO at Antalpha]

Turning to operating expenses. In Q2, operating expenses that excluded fair value loss on crypto assets were $15 million, down 14% year-over-year, reflecting tight cost discipline amidst ongoing investments in our strategy initiatives. These expenses include funding costs of $5.3 million and non-cash equity-based compensation of approximately $1.3 million. GAAP operating loss was $25.1 million, compared with operating loss of $0.5 million in the prior year period. Excluding non-cash items, non-GAAP operating loss was $23.8 million. Turning to the bottom line, net loss attributed to Antalpha was $12.5 million, compared with net income of $0.7 million in the second quarter of 2025. As a reminder, Q2 2025 reflects Antalpha's standalone results, as consolidation of Aurelion began in Q4 2025.

[Paul Liang, CFO at Antalpha]

Adjusted EBITDA loss was $27.4 million, including approximately $26.2 million in unrealized loss related to XAUt and XAUE holdings. Excluding the XAUt and XAUE related fair value movements, adjusted EBITDA loss was just $1.2 million. To put this consolidated result in context, Antalpha remained profitable on a standalone basis. Let me now discuss the performance of Prime and Aurelion separately. Antalpha Prime generated standalone revenue of $12.2 million during the quarter and operated profitably on a standalone GAAP basis. The business improved its operating economics through funding optimization while maintaining prudent underwriting standards throughout the quarter. Prime standalone adjusted EBITDA loss of $3.3 million includes a $3.9 million fair value loss related to Prime XAUE holdings. Adjusted for the fair value loss, Prime generated $0.6 million of adjusted EBITDA compared to $4 million in the prior year period, representing a 5% and 24% adjusted EBITDA margin, respectively.

[Paul Liang, CFO at Antalpha]

I will now turn to Aurelion's performance and our perspective on its role with Antalpha's capital strategy and long-term value creation. As I mentioned earlier, Aurelion's reported results this quarter were primarily affected by unrealized fair value adjustment on its XAUt holdings. While these fair value movements significantly affected our reported consolidated earnings this quarter, they do not change our long-term strategic rationale for the business. During the quarter, Aurelion contributed approximately $24.4 million of operating loss, primarily reflecting approximately $22.3 million of fair value loss as XAUt price declined from approximately $4,667 per unit at the beginning of the quarter to approximately $3,996 at the quarter end. Since June 30, XAUt prices have been recovered to above $4,300 as of August 18, reinforcing our long-term confidence in the value of tokenized gold and its potential as an on-chain digital asset. Turning to Aurelion's balance sheet.

[Paul Liang, CFO at Antalpha]

As of June 13, 2026, Aurelion's net asset value was approximately $91.9 million, reflecting $134.7 million of digital assets and cash, including 33,318 units of XAUt and XAUE valued at approximately $3,996 per unit, net of $42.8 million of that. During the quarter, Aurelion completed the subscription of XAUE with 8,000 units of XAUt, which were staked into the protocol. Based on our 32% economic interest, Aurelion represents approximately $29 million of attributable net asset value. We continue to believe tokenized gold will play an increasingly important role in the evolving digital asset ecosystem. As institutional adoption continues to broaden, we believe investors will increasingly see assets that combine the stability of traditional safe haven assets with the liquidity, transparency, and programmability of on-chain infrastructure. In that context, tokenized gold can serve simultaneously as a long-term store of value, high-quality collateral, and a yield-generating asset through protocols such as XAUE.

[Paul Liang, CFO at Antalpha]

To sum up, we have full confidence in our long-term strategy and are pleased that Antalpha Prime remains a resilient foundation for our current business while we actively explore growth-enhancing opportunities. With that, let me conclude with a few thoughts on our outlook and priorities going forward. We expect third quarter 2026 revenue between $10 million-$12 million. While the overall financing environment remains muted, our priorities have not been changed. We will allocate capital selectively, maintain our prudent risk underwriting standards, and strengthen the long-term economics of our financing platform. We believe risk management remains the foundation of sustainable shareholder value creation, and we will execute with long-term perspective rather than optimizing any single quarter financials. More broadly, our objective is to build on Antalpha Prime's strong foundation while selectively deploying opportunities where our capabilities in financing, technology, and digital assets can create long-term shareholder value.

[Paul Liang, CFO at Antalpha]

Thank you again for the support and interest in Antalpha. Operator, we are now open for questions.

[Operator]

Thank you. To ask a question now, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. We will now proceed to take our first question. Our first question comes from the line of Ed Engel from Compass Point. Please ask your question, Ed. Your line is open.

[Ed Engel, Analyst at Compass Point]

Hi, thanks for taking my question. Do you mind providing a little bit more detail on the yield that you are earning on the XAUE holdings? Then, I guess, any yield that you generate, is that reported as income in the P&L or is that just marked as gains in financial assets or crypto assets? Thanks.

[Paul Liang, CFO at Antalpha]

Thanks, Ed. Thanks for the question. As for your questions, the earnings is not recorded as revenue. As you can see from the financial statements, from Antalpha is $12.2 million for this quarter. They are purely from the lending business. So, it was recorded in the non-operating part. As for the yield, well, it is yield generating this quarter, although it is not significant, but we see this is the first step for us to utilize, rather than just sitting there holding an XAUE key. It is meaningful for us at least to have some revenue coming in.

[Ed Engel, Analyst at Compass Point]

Great. Thanks for the color. Then, I guess, just more broadly, as you think about a recovery in Bitcoin and then your lending book, is there a level that you think Bitcoin needs to reach for, maybe, your customers to get back to breakeven and start reinvesting in their fleets? Or is there not really like a specific Bitcoin number that you think needs to be hit or exceeded in order to grow your loan book again? Thanks.

[Paul Liang, CFO at Antalpha]

Thanks. I think, at this moment, it is a very good question, but I do not think I have the answer. We have to monitor the market on regular basis. But definitely, at this point on, we are quite conservative and our customers are also conservative to have some more financing activities. But we believe, if the trading volume is going up, the price is going up, it is definitely, this will be more active from our point of view.

[Ed Engel, Analyst at Compass Point]

Great. Do you have any idea of what the average cost to mine is for your customer base? I know you guys talked about that in the past.

[Paul Liang, CFO at Antalpha]

It is case by case. I think there is a lot of factors.

[Ed Engel, Analyst at Compass Point]

Yeah.

[Paul Liang, CFO at Antalpha]

The mining machine, different types of mining machine and also, about the electricity price. It is a very difficult question, I mean, to say it broadly. But we do see some of our customers still generating profits at this point of price. But yeah, it depends. This all depends on the location of the mining site, the electricity, and what kind of models mining machines they are using.

[Ed Engel, Analyst at Compass Point]

Great. Thank you for the color.

[Operator]

Thank you. As a reminder, before we move to our next question, if you wish to ask a question now, please press star one one on your telephone keypad. We will now take our next question from the line of Devin Ryan from Citizens Bank. Sorry, Devin. Please go ahead. Your line is open.

[Noah Katz, Analyst at Citizens Bank]

Hey. This is Noah Katz on for Devin. Thanks for taking my questions. First, I want to focus on your expansion into AI infrastructure with your AI agent, Nina. Per your comments, Nina has now moved beyond the initial launch and is generating early user engagement with several thousand registered users and more than half completing at least one core product interaction. Can you outline for us your commercialization strategy for Nina? And also, as you look at the early activity, what are users engaging with most, and what have you learned so far from the product, and how are these learnings shaping the product roadmap from here? Thanks.

[Paul Liang, CFO at Antalpha]

Thanks, Noah. Thank you very much for the question. I think for Nina is still in the very early stage. We are still validating the product. The current focus, I think, is first to build a product that our users find useful, improving the engagement and retention, and then, expand functionally. Currently, I think for those users, in general, the interaction is quite broad. They ask about the trend of the Bitcoin price and also, what kind of applications are quite hot right now. We have kind of daily trends. Actually, I am looking at my screen right now and, for example, they also ask a lot of like economic-related questions. There is a question here in my screen. It is, "Bitcoin volatility collapse. Why are the traders saying nothing prints money?" So, they are quite different.

[Paul Liang, CFO at Antalpha]

I would recommend that if you have time, you can just download from the iOS or Android to take a look at what is going on there. It is quite interesting, I can say. Currently, I think our goal is to make the app easier for the Web3 users, so that they can use to bring more information, and they can also find some interesting trends on transaction-related stuff. I think at this stage, it is still quite early. We will continue to improve the product user experience. I am sorry, did I answer most of your questions?

[Noah Katz, Analyst at Citizens Bank]

Yeah, that was very clear. That is helpful. I can definitely recognize that it is early in this industry, so definitely understand. If I can switch gears a little bit, talk more about the crypto lending market. We have seen periods of Bitcoin volatility that have impacted borrower demand and then the way lenders manage collateral and risk. Against that backdrop, can you walk us through the specific risk mitigation strategies you have in place? And then, looking forward, what does your outlook for the loan book look like, and what is giving you confidence in the direction of demand you are seeing? Thank you.

[Paul Liang, CFO at Antalpha]

Thanks, Noah. It is a very good question. I think we take a conservative approach to manage the credit risk, as we also mentioned during the call. Our framework combines careful underwriting over collateralization, active collateral management, and continual engagement with the clients. Also, from mining-related loans, collateral can also be built over time. The Bitcoin mine is also deposited within the controlled wallet. This provides an additional layer of protection. There is no credit model is perfect, and it cannot eliminate all the risks. But our experience through multiple market environments reflects the rigor built into our management process. I think, on the loan book, we expect to remain selective. I think the current constraint is not the assets of capital but finding opportunities that meet our risk-adjusted return threshold. [audio distortion] has remained relatively conservative, and we are not assuming a sharp increase in the near term.

[Paul Liang, CFO at Antalpha]

Actually, we continue to see demand from the existing and prospective customers. But the conversion into our new loan will depend on the market stability, collateral quality, and also, definitely, the pricing. We have capital available to deploy when those conditions are met, but we are not to review a TVL simply for the sake of balance sheet or revenue growth for the next quarter. This, to us, is a long-term business, and risk management is the first priority for us. I think we need to stay in the market, especially in the bear market. It's a long-term business for us. I think over time, when a more stable digital asset environment and improve borrower confidence, it should support a higher origination activity. But the pace of recovery will depend on the opportunities we actually see.

[Paul Liang, CFO at Antalpha]

Yeah, I think that's probably what we can see at this moment, at this market environment.

[Noah Katz, Analyst at Citizens Bank]

That's helpful. Thank you for answering my questions.

[Paul Liang, CFO at Antalpha]

Thanks, Noah.

[Operator]

Thank you. That concludes the questions-and-answers period. Thank you again for joining our call today. You may now disconnect.

[Paul Liang, CFO at Antalpha]

Thanks.

Participants

Analysts

• Chris Mammone, Managing Director at The Blueshirt Group
• Paul Liang, CFO at Antalpha
• Ed Engel, Analyst at Compass Point
• Noah Katz, Analyst at Citizens Bank