Antalpha Reports Fourth Quarter and Full Year 2025 Results

About this update from Antalpha Platform Holding Company

SINGAPORE , March 03, 2026 (GLOBE NEWSWIRE) -- Antalpha Platform Holding Company (NASDAQ: ANTA) ("Antalpha" or the "Company") today announced its unaudited financial results for the fourth quarter and fiscal year ended December 2025 . “Antalpha finished 2025 on a solid footing. As a crypto-native financing platform with tokenized gold upside, our Q4 revenue grew 110% from last year with increasing profitability. Our solid momentum throughout 2025, weathering Bitcoin’s volatility, reinforces Antalpha’s strategic positioning as a leading collateralized lending platform. We enable clients to navigate inherent Bitcoin volatility with strong risk management that reaps rewards for our clients and ultimately our shareholders,” said Paul Liang , CFO of Antalpha. “Our broader long-term product roadmap is to increase resilience while expanding into market opportunities adjacent to the Bitcoin industry,” continued Mr. Liang . “Looking ahead, we are excited about building on top of Antalpha Prime technology platform, as we explore new financing opportunities with tokenized gold and AI, with the advent of AI agents.” Fourth Quarter and Full Year 2025 Financial Highlights Three months ended December 31 , Twelve months ended December 31 , 2024 2025 Change 2024 2025 Change ( In US$1 millions , unaudited ) Total Revenue $13.4 $28.0 110% $47.5 $79.7 68% Net income attributable to Antalpha $1.7 $9.3 461% $4.4 $18.5 321% Adjusted EBITDA* $2.0 $18.4 802% $5.9 $33.2 460% Adjusted EBITDA Margin* 15% 66% 12% 42% As of December 31 , (In US$1 millions , unaudited) 2024 2025 % Change Supply Chain TVL $429 $1,001 133 % Margin Loan TVL** $1,199 $1,582 32 % Total Value of Loans (TVL) Facilitated $1,628 $2,583 59 % * Please see “Non-GAAP Measures” and “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures” below for further information on non-GAAP numbers. ** Antalpha earns technology platform fees on margin loans, which it acts as an agent and assumes no principal credit exposure. Fourth Quarter and Full Year 2025 Operational and Other Financial Highlights Strong revenue growth : Revenue was $28.0 million and $79.7 million , increasing 110% and 68% year over year (“YOY”) for the quarter and year ended December 31, 2025 , respectively. Growth was entirely organic, with no contribution from the Aurelion consolidation. Multiple revenue engines Technology financing fees were $18.5 million and $57.1 million , increasing 79% and 48% YOY for the quarter and year ended December 31, 2025 , respectively. Technology platform fees were $6.0 million and $19.0 million , increasing 98% and 117% YOY for the quarter and year ended December 31, 2025 , respectively. Other revenue was $3.5 million for the quarter and year ended December 31, 2025 , respectively. Other revenue mainly related to pilot loans, most of which was repaid by the end of December 31, 2025 . Product Innovation : The Company piloted mining data center (“DC”) loans, extending its financing capabilities from machines to hashrate to data centers. The Company is also evaluating adjacent financing scenarios, including AI DC financing and new opportunities brought about by AI agents. Growing loan book with prudent risk management. As of December 31, 2025 : Total Value of Loans (“TVL”) facilitated on Prime reached $2.6 billion , increasing 59% YOY. Total Bitcoin collateral was $3.7 billion . Loan-to-value on supply chain loans was 57%, reflecting disciplined underwriting and collateral management. Institutional client expansion : TVL per client increased 43% YOY and institutional client additions increased 12% YOY. Antalpha financed 81.3 EH at December 31, 2025 , representing approximately 7-8% of global Bitcoin hashrate. Steady Net Fee Margin (NFM) : For the fourth quarter, NFM increased 25 basis points (“bps”) YOY, driven by margin loan improvements. For the year ended December 31, 2025 , NFM decreased 4 bps YOY, primarily due to a modest increase in funding costs resulting from the $40 million redeployment of the Company’s capital into Aurelion’s PIPE investment. Platform-enabled operating leverage : Operating income was $12.6 million and $15.0 million for the quarter and year ended December 31, 2025 , respectively, up 1500% and 372% YOY Non-GAAP operating income was $13.9 million and $19.8 million for the quarter and year ended December 31, 2025 , respectively, up 1416% and 498% YOY, reflecting Antalpha’s platform leverage and scale efficiencies. Net income attributable to Antalpha was $9.3 million and $18.5 million for the quarter and year ended December 31, 2025 , respectively, up 461% and 321% YOY. Adjusted EBITDA was $18.4 million and $33.2 million , which includes $10.4 million in unrealized gain on AURE’s XAUt holdings, for the quarter and year ended December 31, 2025 , respectively. Adjusted EBITDA margin was 66% and 42%, compared to 15% and 12% in prior-year periods. Strategic allocation to tokenized gold enhances balance-sheet diversification : Following the acquisition and consolidation of Aurelion on October 10, 2025 , the Company’s subsidiary purchased $134 million of Tether Gold (XAUt). As of December 31, 2025 , Antalpha owned 39,371 XAUt, and unrealized fair value gain on its XAUt was $13.4 million for the quarter ended December 31, 2025 , of which $3.0 million relates to Antalpha Prime’s XAUt holding and $3.3 million relates to unrealized gain attributable to Antalpha from Aurelion’s XAUt holding. Through the Antalpha RWA Hub, clients may acquire XAUt and exchange for physical gold in Asia . Outlook Antalpha expects Q1 2026 revenue between $20 million and $23 million , reflecting 47% - 69% YOY growth. The Company’s guidance assumes continued demand for crypto-collateralized financing and stable market conditions. This forecast reflects Antalpha’s current preliminary view, which is subject to substantial risks and uncertainties. The Company is not obliged to update any forward-looking statements, except as required by law. Conference Call Information Antalpha’s management will host a conference call today, March 3rd, 2026 , at 8:00 a.m. Eastern Time to discuss the Company’s financial results. To attend, please register in advance at: https://register-conf.media-server.com/register/BI1cec406894fd4430a6ca54c19a87e278 . Upon registration, you will receive a calendar invite email that includes dial-in number, passcode, and your unique access PIN. A live webcast can be accessed at https://edge.media-server.com/mmc/p/mauupwhh . A replay of the call will also be available on the Company’s investor relations website at https://ir.antalpha.com . Non-GAAP Measures In 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, 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 operating margin represents the ratio between non-GAAP operating income and revenue. Adjusted EBITDA (non-GAAP) represents net income before interest (if non-operating), taxes, depreciation and amortization, and share-based compensation expenses, and includes unrealized gain on crypto assets. 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. 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. Antalpha offers Bitcoin supply chain 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. Forward-Looking Statements 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. Contacts Investor Contact: [email protected] Antalpha Platform Holding Company Condensed Combined and Consolidated Balance Sheets (in USD, unaudited) As of December 31 , As of December 31 , 2024 2025 Assets Current assets: Cash and cash equivalents 5,926,655 7,850,170 Crypto assets held (including USDC) 60,952,988 12,619,660 XAUt — 72,476,837 Accounts receivable 4,091,740 7,971,109 Amounts due from related parties 2,123,933 6,131,139 Loan receivables, current 300,701,527 330,641,034 Prepaid expenses and other current assets 4,265,800 6,626,198 Crypto assets collateral receivable from related party, current 665,966,988 429,876,959 Total current assets 1,044,029,631 874,193,106 Non-current assets: Deferred tax assets 1,218,845 422,922 Loan receivables due from related party, non-current — 556,920,339 Loan receivables, non-current 128,166,851 113,262,652 Crypto assets collateral receivable from related party, non-current 71,040,098 826,968,973 Investment 5,814,162 10,314,161 Goodwill (i) — 21,652,968 Other non-current assets(ii) 4,372,642 3,217,379 Total non-current assets 210,612,598 1,532,759,394 Total assets 1,254,642,229 2,406,952,500 Liabilities and shareholders’ equity Current liabilities: Amounts due to related parties 7,820,838 5,376,563 Accrued expenses and other current liabilities(iii) 9,074,568 11,699,053 Loan payables due to related party, current 279,445,336 307,535,051 Crypto assets collateral payable to customers, current 693,852,753 429,075,540 Total current liabilities 990,193,495 753,686,207 Non-current liabilities: Loan payables due to related party, non-current 128,166,851 720,782,080 Crypto assets collateral payable to related party, non-current — 659,615,535 Crypto assets collateral payable to customers, non-current 88,943,818 69,021,582 Operating lease liabilities, non-current 953,821 1,527,448 Total non-current liabilities 218,064,490 1,450,946,645 Total liabilities 1,208,257,985 2,204,632,852 Total shareholders’ equity 46,384,244 119,680,242 Non-controlling interests — 82,639,406 Total equity 46,384,244 202,319,648 Total liabilities and shareholders’ equity 1,254,642,229 2,406,952,500 (i) Goodwill resulted from the acquisition of Aurelion on Oct 10, 2025 .(ii) Other non-current assets include deferred offering costs, property and equipment, right-of-use assets and intangible assets.(iii) Accrued expenses and other current liabilities include accrued liabilities, other payables and the current portion of lease liabilities. Antalpha Platform Holding Company Condensed Combined and Consolidated Statements of Income (in USD, except for shares data, unaudited) Three months ended December 31 , Twelve months ended December 31 , 2024 2025 2024 2025 Revenue Technology financing fee 10,358,484 18,528,085 38,691,334 57,121,012 Technology platform fee 3,009,254 5,972,894 8,763,659 19,045,332 Others — 3,512,395 — 3,512,395 Total revenue 13,367,738 28,013,374 47,454,993 79,678,739 Operating expenses Funding cost 6,627,217 14,915,791 24,617,365 40,587,080 Technology and development 1,286,432 1,774,570 4,921,861 6,320,852 Sales and marketing 1,347,598 3,170,700 4,258,497 7,995,775 General and administrative 2,764,789 5,698,378 9,093,066 18,861,273 Unrealized gain on crypto assets(1) — (10,399,549 ) — (10,399,549 ) Other cost 553,430 238,039 1,383,123 1,297,753 Total operating expenses 12,579,466 15,397,929 44,273,912 64,663,184 Operating income 788,272 12,615,445 3,181,081 15,015,555 Non-operating income(2) 842,405 3,705,300 1,779,360 11,755,187 Income before income tax 1,630,677 16,320,745 4,960,441 26,770,742 Income tax (benefit)/expense (34,885 ) 1,034,989 566,970 2,336,408 Net income 1,665,562 15,285,756 4,393,471 24,434,334 Net income attributable to non-controlling interests — 5,944,262 — 5,944,262 Net income attributable to Antalpha 1,665,562 9,341,494 4,393,471 18,490,072 Foreign currency translation adjustment — 59,964 — 59,964 Total Comprehensive income 1,665,562 15,345,720 4,393,471 24,494,298 Total comprehensive income attributable to non-controlling interests — 5,985,188 — 5,985,188 Total comprehensive income attributable to Antalpha 1,665,562 9,360,532 4,393,471 18,509,110 Weighted average number of ordinary shares Basic(3) 19,250,000 23,677,416 19,250,000 22,064,149 Diluted(3) 19,425,638 26,499,028 19,425,638 24,775,258 Earnings per share Basic(3) 0.09 0.39 0.23 0.84 Diluted(3) 0.09 0.35 0.23 0.75 (1) Reflects unrealized fair value gains on XAUt and XAUt collateral receivables due from related party, which are managed under AURE’s core treasury strategy.(2) Non-operating income includes other income and fair value changes on crypto assets and liabilities, including unrealized gain on Antalpha Prime’s XAUt assets of $3.0 million and $6.2 million for three and twelve months ended December 31, 2025 , respectively.(3) Assumes retroactive effect to the reverse stock split effected on Apr 18, 2025 . Antalpha Platform Holding Company Selected Information (in USD, unaudited) Three months ended December 31 , Twelve months ended December 31 , 2024 2025 (1) 2024 2025 (1) Antalpha AA Prime AURE AA Group Antalpha AA Prime AURE AA Group Total revenue 13,367,738 28,013,374 — 28,013,374 47,454,993 79,678,739 — 79,678,739 YOY 110% 110% 68% 68% Funding cost 6,627,217 14,915,791 — 14,915,791 24,617,365 40,587,080 — 40,587,080 Technology and development 1,286,432 1,774,570 — 1,774,570 4,921,861 6,320,852 — 6,320,852 Sales and marketing 1,347,598 2,997,223 173,477 3,170,700 4,258,497 7,822,298 173,477 7,995,775 General and administrative 2,764,789 4,673,720 1,024,658 5,698,378 9,093,066 17,836,615 1,024,658 18,861,273 Unrealized gain on crypto assets — — (10,399,549 ) (10,399,549 ) — — (10,399,549 ) (10,399,549 ) Other cost 553,430 238,039 — 238,039 1,383,123 1,297,753 — 1,297,753 Operating expenses 12,579,466 24,599,343 (9,201,414 ) 15,397,929 44,273,912 73,864,598 (9,201,414 ) 64,663,184 Operating income 788,272 3,414,031 9,201,414 12,615,445 3,181,081 5,814,141 9,201,414 15,015,555 Operating income (non-GAAP) 917,718 4,633,087 9,281,659 13,914,746 3,310,527 10,500,679 9,281,659 19,782,338 Net income attributable to Antalpha 1,665,562 6,576,214 2,765,280 9,341,494 4,393,471 15,724,792 2,765,280 18,490,072 2,040,692 8,997,253 9,418,497 18,415,750 5,920,094 23,748,675 9,418,497 33,167,172 Adjusted EBITDA 2,040,692 8,997,253 9,418,497 18,415,750 5,920,094 23,748,675 9,418,497 33,167,172 Adjusted EBITDA margin 15% 32% — 66% 12% 30% — 42% (1) Antalpha anchored a $100 million PIPE and took control of Aurelion (NASDAQ: AURE) on Oct. 10, 2025 . As of Dec. 31, 2025 , Antalpha holds 73% in voting interest and 32% in equity interest of Aurelion. Antalpha (AA) Prime is Antalpha’s lending business, equivalent to Antalpha prior to the acquisition of Aurelion. Reconciliation of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures (in USD, unaudited) Three months ended December 31 , Twelve months ended December 31 , 2024 2025 (1) 2024 2025 (1) Antalpha AA Prime AURE AA Group Antalpha AA Prime AURE AA Group Total Revenue 13,367,738 28,013,374 — 28,013,374 47,454,993 79,678,739 — 79,678,739 Operating income 788,272 3,414,031 9,201,414 12,615,445 3,181,081 5,814,141 9,201,414 15,015,555 Add: Share-based compensation 129,446 1,219,056 80,245 1,299,301 129,446 4,686,538 80,245 4,766,783 Operating income (non-GAAP) 917,718 4,633,087 9,281,659 13,914,746 3,310,527 10,500,679 9,281,659 19,782,338 Net income 1,665,562 6,576,214 8,709,542 15,285,756 4,393,471 15,724,792 8,709,542 24,434,334 Add: Share-based compensation 129,446 1,219,056 80,245 1,299,301 129,446 4,686,538 80,245 4,766,783 Add: Income tax (benefit) / expense (34,885 ) 1,034,989 — 1,034,989 566,970 2,336,408 — 2,336,408 Add: Depreciation and amortization expense 280,569 166,994 — 166,994 830,207 1,000,937 — 1,000,937 Add: Interest expense — — 628,710 628,710 — — 628,710 628,710 Adjusted EBITDA ( 2) 2,040,692 8,997,253 9,418,497 18,415,750 5,920,094 23,748,675 9,418,497 33,167,172 (1) Antalpha anchored a $100 million PIPE and took control of Aurelion (NASDAQ: AURE) on Oct. 10, 2025 . As of Dec. 31, 2025 , Antalpha holds 73% in voting interest and 32% in equity interest of Aurelion. Antalpha (AA) Prime is Antalpha’s lending business, equivalent to Antalpha prior to the acquisition of Aurelion.(2) Adjusted EBITDA includes a total unrealized gain of $13.4 million and $16.6 million on XAUt assets for three and twelve months ended December 31, 2025 , respectively. Source: Antalpha Platform Holding Company

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