Antalpha Reports First Quarter 2025 Results
- Revenue grew 41% year-over-year to $13.6M in Q1 2025
- Net income increased 423% year-over-year to $1.46M
- Tech platform fee from Bitcoin loans surged 286% year-over-year
- Total loans outstanding grew 64% to $1.77B
- Successful IPO raising $56.7M with strategic investment from Tether
- Strong Q2 2025 guidance projecting 40-50% YoY revenue growth
- Operating expenses increased 30% year-over-year to $12.4M
- Non-funding operating expenses rose 47% due to increased labor costs and professional services
- Revenue guidance is heavily dependent on Bitcoin price maintaining $100,000 level
Insights
Antalpha shows extraordinary profit growth (423%) from crypto lending with strategic expansion into AI financing and gold-backed treasury.
Antalpha has delivered exceptional financial performance in Q1 2025 with
The company's loan portfolio composition reveals strategic positioning across the digital asset ecosystem: total loans outstanding reached
Particularly noteworthy is Antalpha's margin expansion, with Adjusted EBITDA margin jumping from
Their innovative treasury strategy of purchasing
The Q2 guidance of
SINGAPORE, June 17, 2025 (GLOBE NEWSWIRE) -- - Antalpha Platform Holding Company (“Antalpha” or the “Company”) (NASDAQ: ANTA), a leading fintech platform serving the Bitcoin mining ecosystem, today announced its unaudited financial results for the first quarter ended March 31, 2025.
“Antalpha is off to a great start in 2025 with first quarter revenue growing
First Quarter 2025 Financial and Operational Highlights
| Three Months Ended March 31, | ||||||||||||
| (US dollars in millions, unaudited) | 2024 | 2025 | % Change | |||||||||
| Total Revenue | $ | 9.65 | $ | 13.60 | 41 | % | ||||||
| Net Income | $ | 0.28 | $ | 1.46 | 423 | % | ||||||
| Adjusted EBITDA (non-GAAP) | $ | 0.51 | $ | 2.49 | 392 | % | ||||||
| Adjusted EBITDA Margin (non-GAAP)* | 5 | % | 18 | % | ||||||||
| As of March 31, | ||||||||||||
| (US dollars in billions, unaudited) | 2024 | 2025 | % Change | |||||||||
| Supply Chain Loans Outstanding | $ | 0.48 | $ | 0.58 | 22 | % | ||||||
| Bitcoin Loans Outstanding | $ | 0.60 | $ | 1.19 | 98 | % | ||||||
| Total Loans Outstanding | $ | 1.08 | $ | 1.77 | 64 | % | ||||||
* For more information regarding adjusted EBITDA and adjusted EBITDA margin, see “Non-GAAP Measures” and “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures.”
Business Highlights
- Antalpha has purchased approximately US
$20 million in XAUt to date, as part of its digital gold treasury strategy. This creates a strategic hedge against macroeconomic volatility and further strengthen the resilience of the collateral pool of the Company. The Company is unique in the deployment of a gold treasury strategy, in that it is synergistic to its core business. Acquiring digital gold will not only improve Antalpha’s risk management, it will also pave the way for expansion into new businesses. - The Company raised US
$56.7 million gross proceeds, from the issuance of 4.4 million shares through its IPO on NASDAQ on May 14, 2025. As a strategic investor, Tether purchased 1.9 million shares, representing8.1% of the Company’s ordinary shares immediately after the IPO, from the IPO offering.
First Quarter 2025 Financial Results
Total revenue was US
- Tech platform fee (on Bitcoin loans) was US
$3.5 million , increasing286% year over year. - Tech financing fee (on supply chain loans) was US
$10.1 million , increasing15% year over year.
Operating expenses totaled US
- Funding cost was
$6.6 million , increasing18% year over year. - Non-funding operating expenses were US
$5.8 million , increasing47% year over year, primarily due to an increase in labor expenses, professional services and share-based compensation.
Operating income was US
Net income was
Financial Guidance
For the second quarter of 2025, Antalpha expects revenues to be between US
The above forecast is based on the current market conditions and 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 Information
Antalpha’s management will hold an earnings conference call at 8:00 A.M. on June 17, 2025, U.S. Eastern Time.
Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of "Q1 2025 Antalpha Earnings Conference Call". Please follow the steps to enter your registration details, then click "Register". Upon registration, you will be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you in a calendar invite.
For registration, please click:
https://register-conf.media-server.com/register/BI0bcb89f8f5d548dd9cbb0600510464f1
All participants must use the link provided above to complete the online registration process in advance of the conference call.
Additionally, a live and archived webcast of this conference call will be available at http://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, 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 believe 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.
Adjusted EBITDA (non-GAAP) represents net income before interest (if non-operating), taxes, depreciation and amortization, and share-based compensation expenses. Its 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.
Non-GAAP net income represents net income before share-based compensation expenses. Non-GAAP operating income represents operating income before share-based compensation expenses.
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. As the primary lending partner of Bitmain, 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.
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.
Condensed Consolidated Statements of Income
(in USD, except for shares data, unaudited)
| Three months ended March 31, | ||
| 2024 | 2025 | |
| Revenue | ||
| Technology financing fee | 8,735,121 | 10,080,373 |
| Technology platform fee | 911,405 | 3,516,114 |
| Total revenue | 9,646,526 | 13,596,487 |
| Operating expenses | ||
| Funding cost | 5,583,985 | 6,566,046 |
| Technology and development | 1,198,379 | 1,285,360 |
| Sales and marketing | 872,113 | 972,816 |
| General and administrative | 1,682,482 | 3,145,642 |
| Other cost | 237,414 | 448,910 |
| Total operating expenses | 9,574,373 | 12,418,774 |
| Operating income | 72,153 | 1,177,713 |
| Non-operating income(i) | 287,300 | 706,288 |
| Income before income tax | 359,453 | 1,884,001 |
| Income tax expense | 81,057 | 428,148 |
| Net income | 278,396 | 1,455,853 |
| Weighted average number of ordinary shares | ||
| Basic* | 19,250,000 | 19,250,000 |
| Diluted* | 19,250,000 | 21,826,667 |
| Earnings per share | ||
| Basic* | 0.01 | 0.08 |
| Diluted* | 0.01 | 0.07 |
*Giving retroactive effect to the reverse stock split effected on April 18, 2025.
(i) Non-operating income includes other income and fair value change on crypto assets and liabilities.
Condensed Consolidated Balance Sheets
(in USD, unaudited)
| As of December 31, | As of March 31, | |||||||
| 2024 | 2025 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | 5,926,655 | 2,438,894 | ||||||
| Crypto assets held (including USDC) | 60,952,988 | 53,831,765 | ||||||
| Accounts receivable | 4,091,740 | 5,332,230 | ||||||
| Amounts due from related parties | 2,123,933 | 3,523,014 | ||||||
| Loan receivables, current | 300,701,527 | 385,451,505 | ||||||
| Prepaid expenses and other current assets | 4,265,800 | 4,310,603 | ||||||
| Crypto assets collateral receivable from related party, current | 665,966,988 | 600,533,009 | ||||||
| Total current assets | 1,044,029,631 | 1,055,421,020 | ||||||
| Deferred tax assets | 1,218,845 | 923,043 | ||||||
| Loan receivables, non-current | 128,166,851 | 192,559,409 | ||||||
| Crypto assets collateral receivable from related party, non-current | 71,040,098 | 159,170,468 | ||||||
| Investment | 5,814,162 | 5,814,162 | ||||||
| Other non-current assets(i) | 4,372,642 | 3,550,039 | ||||||
| Total non-current assets | 210,612,598 | 362,017,121 | ||||||
| Total assets | 1,254,642,229 | 1,417,438,141 | ||||||
| Liabilities and shareholders’ equity | ||||||||
| Amounts due to related parties | 7,820,838 | 11,335,614 | ||||||
| Accrued expenses and other current liabilities(ii) | 9,074,568 | 7,120,268 | ||||||
| Loan payables due to related party, current | 279,445,336 | 397,600,624 | ||||||
| Crypto assets collateral payable to customers, current | 693,852,753 | 600,562,518 | ||||||
| Total current liabilities | 990,193,495 | 1,016,619,024 | ||||||
| Loan payables due to related party, non-current | 128,166,851 | 192,559,409 | ||||||
| Crypto assets collateral payable to customers, non-current | 88,943,818 | 159,170,468 | ||||||
| Operating lease liabilities, non-current | 953,821 | 885,059 | ||||||
| Total non-current liabilities | 218,064,490 | 352,614,936 | ||||||
| Total liabilities | 1,208,257,985 | 1,369,233,960 | ||||||
| Total shareholders’ equity | 46,384,244 | 48,204,181 | ||||||
| Total liabilities and shareholders’ equity | 1,254,642,229 | 1,417,438,141 | ||||||
(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 measures to the nearest comparable GAAP measures
(in USD, unaudited)
| Three months ended March 31, | ||||
| 2024 | 2025 | |||
| Operating income | 72,153 | 1,177,713 | ||
| Add: Share-based compensation expenses | - | 364,083 | ||
| Operating income (non-GAAP) | 72,153 | 1,541,796 | ||
| Net income | 278,396 | 1,455,853 | ||
| Add: Share-based compensation expenses | - | 364,083 | ||
| Net income (non-GAAP) | 278,396 | 1,819,936 | ||
| Add: Income tax expense | 81,057 | 428,148 | ||
| Add: depreciation and amortization expense | 146,978 | 242,146 | ||
| Adjusted EBITDA (non-GAAP) | 506,431 | 2,490,230 | ||
| Revenue | 9,646,526 | 13,596,487 | ||
| Adjusted EBITDA margin (non-GAAP) | 5 | % | 18 | % |
FAQ
What were Antalpha's Q1 2025 earnings results?
How much did ANTA raise in its IPO?
What is Antalpha's revenue guidance for Q2 2025?
How much has ANTA invested in digital gold?
What was the growth in Antalpha's loan portfolio?
