Antalpha Reports Fourth Quarter and Full Year 2025 Results

Rhea-AI Summary

Antalpha (NASDAQ: ANTA) reported strong Q4 and FY2025 results: Q4 revenue $28.0M (+110% YOY) and FY revenue $79.7M (+68% YOY). Net income was $9.3M for Q4 and $18.5M for FY2025. Adjusted EBITDA was $18.4M in Q4, including a $10.4M unrealized XAUt gain.

Key operational metrics: TVL facilitated $2.6B (+59% YOY), total Bitcoin collateral $3.7B, supply-chain TVL $1.0B, and margin-loan TVL $1.58B. The company acquired Aurelion (Oct 10, 2025) and purchased $134M of Tether Gold (XAUt). Q1 2026 revenue guidance: $20M–$23M (47%–69% YOY).

Positive

• Revenue of $28.0M in Q4, up 110% YOY
• Fiscal 2025 revenue $79.7M, up 68% YOY
• Total Value of Loans (TVL) facilitated $2.6B, up 59% YOY
• Adjusted EBITDA of $18.4M in Q4, demonstrating strong operating leverage
• Acquisition of Aurelion and purchase of $134M XAUt for balance-sheet diversification

Negative

• Adjusted EBITDA includes $10.4M unrealized gain on XAUt, a non-cash item
• Net fee margin decreased 4 bps for FY2025 due to modest funding-cost increase
• Company redeployed $40M into Aurelion PIPE, contributing to higher funding costs
• Q1 2026 guidance ($20M–$23M) assumes stable market conditions and has substantial uncertainty

Key Figures

Q4 2025 revenue: $28.0M (110% YoY) FY 2025 revenue: $79.7M (68% YoY) Q4 net income: $9.3M (461% YoY) +5 more

8 metrics

Q4 2025 revenue $28.0M (110% YoY) Three months ended Dec 31, 2025

FY 2025 revenue $79.7M (68% YoY) Twelve months ended Dec 31, 2025

Q4 net income $9.3M (461% YoY) Net income attributable to Antalpha, Q4 2025

Adjusted EBITDA Q4 $18.4M (802% YoY) Includes $10.4M unrealized gain on AURE’s XAUt holdings

Adjusted EBITDA margin 66% Q4 2025; 42% FY 2025 Vs 15% and 12% in prior-year periods

Total loans TVL $2,583M (59% YoY) Total Value of Loans facilitated as of Dec 31, 2025

Bitcoin collateral $3.7B Total Bitcoin collateral as of Dec 31, 2025

Q1 2026 revenue guide $20–$23M (47–69% YoY) Company outlook assuming stable crypto conditions

Market Reality Check

Price: $8.78 Vol: Volume 5,996 vs 20-day av...

normal vol

$8.78 Last Close

Volume Volume 5,996 vs 20-day average 8,454 (relative volume 0.71x) indicates muted trading interest into the print. normal

Technical Shares at $8.78 are trading below the 200-day MA at $11.07, and sit close to the 52-week low $8.35 and well under the $27.72 high.

Peers on Argus

ANTA was flat over 24h while several Credit Services peers like FOA, OPRT, LPRO,...

1 Down

ANTA was flat over 24h while several Credit Services peers like FOA, OPRT, LPRO, and MFIN showed gains between 1–5%, and CPSS dipped slightly. With only one peer (SUIG) in the momentum scanner moving down, the setup appears stock-specific rather than a clear sector rotation.

Previous Earnings Reports

3 past events · Latest: Nov 10 (Positive)

Same Type Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Nov 10	Q3 2025 earnings	Positive	+6.7%	Strong Q3 revenue, profit growth and TVL expansion with Aurelion deal.
Aug 12	Q2 2025 earnings	Positive	+2.4%	Record Q2 revenue, higher EBITDA margin and growing TVL and XAUt.
Jun 17	Q1 2025 earnings	Positive	-4.7%	Strong Q1 growth post-IPO with expanding Bitcoin loan platform.

Pattern Detected

Earnings releases have generally triggered positive reactions, with two out of three past reports seeing gains, but one notable selloff on strong Q1 results.

Recent Company History

Across prior 2025 earnings events, Antalpha consistently reported rapid revenue and profit growth, expanding TVL and introducing tokenized gold strategies. Q1 through Q3 updates highlighted rising adjusted EBITDA margins and growing exposure to XAUt and Aurelion. Market reactions were mostly positive, with two earnings days posting gains and one decline despite strong fundamentals. Today’s full-year and Q4 2025 report extends that trajectory with higher revenue, profitability, and TVL, reinforcing themes seen throughout 2025 while adding more detail on tokenized gold and platform leverage.

Historical Comparison

+1.5% avg move · Past earnings reports for ANTA saw modest average moves of 1.48%, with mostly positive reactions to ...

earnings

+1.5%

Average Historical Move earnings

Past earnings reports for ANTA saw modest average moves of 1.48%, with mostly positive reactions to strong growth and TVL expansion. This update extends that 2025 earnings story.

Earnings have progressed from Q1 2025 post-IPO through Q2 and Q3 with rising revenue, margins, and TVL, now culminating in detailed Q4 and full-year 2025 results and guidance for Q1 2026.

Market Pulse Summary

This announcement details strong Q4 and full-year 2025 results, with rapid revenue and net income gr...

Analysis

This announcement details strong Q4 and full-year 2025 results, with rapid revenue and net income growth, sharply higher adjusted EBITDA margins, and a larger loan book backed by substantial Bitcoin collateral. It also highlights a growing tokenized gold strategy through XAUt holdings and related unrealized gains. Historically, earnings updates have produced mostly positive but varied stock reactions. Key factors to monitor include sustainability of fee growth, credit performance, exposure to Bitcoin volatility, and execution against the Q1 2026 revenue outlook.

Key Terms

adjusted ebitda, non-gaap, loan-to-value, basis points, +4 more

8 terms

adjusted ebitda financial

"Adjusted EBITDA was $18.4 million and $33.2 million, which includes $10.4 million..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial

"Non-GAAP operating income was $13.9 million and $19.8 million..."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

loan-to-value financial

"Loan-to-value on supply chain loans was 57%, reflecting disciplined underwriting..."

Loan-to-value is the percentage that shows how large a loan is compared with the appraised value of the asset backing it, for example a house or other property. Investors care because a higher percentage means more of the asset’s value is borrowed — like buying a car with almost no down payment — which increases the chance of loss for lenders and can lead to higher interest rates, stricter terms, or greater risk for holders of related securities.

basis points financial

"For the fourth quarter, NFM increased 25 basis points (“bps”) YOY..."

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

pipe investment financial

"resulting from the $40 million redeployment of the Company’s capital into Aurelion’s PIPE investment."

A pipe investment is a private sale of stock or convertible securities made directly to selected investors by a company that is already publicly traded, allowing the company to raise cash quickly without a full public offering. It matters to investors because it can dilute existing share value and change ownership stakes, but also signals that the company secured financing; like a homeowner taking a quick private loan to cover a repair, it can be a sign of needed funds or investor confidence.

tokenized gold financial

"explore new financing opportunities with tokenized gold and AI, with the advent of AI agents."

Digital tokens that represent ownership of physical gold held in secure storage, recorded on a secure digital ledger so each token acts like a digital receipt for a specific amount of metal. Investors use tokenized gold to buy, sell, or hold small fractions of gold more easily and cheaply than buying bars or coins, but they take on different custody and counterparty risks tied to the issuer and where the metal is stored.

tether gold (xaut) financial

"the Company’s subsidiary purchased $134 million of Tether Gold (XAUt)."

A Tether Gold (XAUT) token is a digital asset that represents ownership of a specific amount of physical gold held in a vault, acting like a digital receipt for stored metal. It matters to investors because it lets you gain or trade exposure to gold quickly and without handling the physical bars, offering convenience and liquidity but also relying on the issuer and custodian for storage and redemption integrity.

hashrate technical

"mining data center (“DC”) loans, extending its financing capabilities from machines to hashrate to data centers."

Hashrate is a measure of how quickly a computer network can process and verify transactions, often expressed as the number of calculations it can perform in a second. Think of it like the engine power of a car; the higher the hashrate, the more work the network can do in a given time. For investors, a higher hashrate generally indicates a more secure and robust network, which can influence confidence and the value of related digital assets.

AI-generated analysis. Not financial advice.

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

1. 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.
   
   
2. 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.
     
     
3. 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.
   
   
4. 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.
     
     
5. 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.
   
   
6. 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.
   
   
7. 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.
     
     
8. 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: ir@antalpha.com 

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.

FAQ

What were Antalpha's Q4 2025 revenues and year-over-year growth (ANTA)?

Q4 2025 revenue was $28.0 million, a 110% YOY increase. According to the company, growth was organic and driven by technology financing and platform fees, with no contribution from the Aurelion consolidation in the quarter.

How much adjusted EBITDA did Antalpha report for Q4 2025 and what did it include (ANTA)?

Antalpha reported $18.4 million of adjusted EBITDA in Q4 2025, which included a $10.4 million unrealized gain. According to the company, the unrealized gain relates to XAUt holdings acquired after the Aurelion transaction.

What is Antalpha's Total Value of Loans (TVL) at December 31, 2025 and its growth (ANTA)?

TVL facilitated on Prime was $2.6 billion, up 59% YOY. According to the company, this growth reflects increased institutional client activity and TVL per client rising 43% year over year.

What balance-sheet moves did Antalpha make with Aurelion and tokenized gold (ANTA)?

Antalpha acquired Aurelion and purchased $134 million of Tether Gold (XAUt). According to the company, it owned 39,371 XAUt as of December 31, 2025, providing diversification via tokenized gold exposure.

What guidance did Antalpha give for Q1 2026 revenue and its assumptions (ANTA)?

Antalpha expects Q1 2026 revenue of $20M–$23M, implying 47%–69% YOY growth. According to the company, this guidance assumes continued demand for crypto-collateralized financing and stable market conditions.