Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
On August 19, 2026, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
(c) Exhibit 99.1. Press release dated August 19, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
EXHIBIT 99.1
Antalpha Reports Second Quarter 2026 Results
SINGAPORE, Aug. 19, 2026 (GLOBE NEWSWIRE) -- Antalpha Platform Holding Company (NASDAQ: ANTA) ("Antalpha" or the "Company") today announced its unaudited financial results for the second quarter ended June 30, 2026.
“During the second quarter, we executed across our financing, technology and risk management businesses,” said Paul Liang, Chief Financial Officer of Antalpha. “As financing activity moderated during the quarter, we were selective in deploying capital by prioritizing portfolio quality and long-term client relationships while improving funding efficiency. Antalpha Prime, our flagship financing platform and primary revenue and earnings contributor, delivered operating profitability while maintaining our record of zero principal loss since inception, demonstrating the strength of our underwriting discipline and risk management framework.”
“Our consolidated financial results primarily reflected unrealized fair-value adjustments related to Aurelion’s tokenized gold holdings, which impacted reported results but did not reflect the underlying operating performance of Antalpha Prime. We believe it is important to evaluate these reported results alongside the continued operating performance of Antalpha Prime as we execute our long-term strategy.”
“We believe that disciplined operations and risk management are the foundation for creating long-term shareholder value. As such, we will deploy capital selectively, enhance our financing platform, and advance high ROI complementary capabilities such as our tokenized gold platform and Web3 AI agent, Nina.”
Second Quarter 2026 Financial Highlights
| | For the three Months Ended
June 30,
| | |
| (In US$1 millions, unaudited) | 2025 | | 2026 | | YOY |
| Total Revenue | $17.0 | | $12.2 | | (28%) |
| Net income attributable to Antalpha* | $0.7 | | ($12.5) | | NM |
| Adjusted EBITDA (non-GAAP)** | $3.8 | | ($27.4) | | NM |
| Adjusted EBITDA Margin (non-GAAP)* | 22% | | (225%) | | NM |
| |
As of June 30,
| | |
| (In US$1 millions, unaudited) | 2025 | | 2026 | | YOY |
| Supply Chain TVL | $714 | | $384 | | (46%) |
| Margin Loan TVL*** | $1,335 | | $969 | | (27%) |
| Total Value of Loans (TVL) Facilitated | $2,049 | | $1,353 | | (34%) |
| | | | | | |
* The Company's Q2 2026 results reflect the consolidated results of the Company and Aurelion (NASDAQ: AURE) following the acquisition of a controlling interest in Aurelion on October 10, 2025, whereas Q2 2025 results represent the Company's standalone results.
** 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.
Second Quarter 2026 Performance Highlights
- Revenue
- Total revenue was $12.2 million, compared with $17.0 million in the second quarter of 2025, down 28% year-over-year (“YOY”). Excluding revenue associated with the Cango facility repaid in the first quarter of 2026, revenue was $11.6 million, down approximately 15% YOY, primarily reflecting lower average loan balances across the remaining loan portfolio.
- Technology financing fees were $7.7 million, down 40% YOY, primarily reflecting the wind-down of the Cango facility — substantially repaid in the first quarter of 2026 — together with lower average supply-chain loan balances.
- Technology platform fees were $4.5 million, growing 10% YOY, primarily due to improved margin-loan pricing.
- Risk Management & Loan Portfolio
- Antalpha continued its perfect track record, having recorded no principal loss since inception, reflecting disciplined underwriting, active collateral management and a robust risk management framework.
- Total Value of Loans ("TVL") facilitated was $1.35 billion as of June 30, 2026, compared with $1.71 billion as of March 31, 2026, and $2.05 billion as of June 30, 2025, reflecting selective capital deployment and lower financing activity during the quarter.
- Lending Economics
- Net fee margin increased by approximately 10 basis points YOY, primarily driven by improved pricing in the Company's margin loan business.
- Funding costs remained broadly stable at 68% of technology financing fees, compared with 67% in the second quarter of 2025.
- Profitability
- Operating expenses, excluding fair-value loss on crypto assets, were $15.0 million, down 14% YOY. The total included funding costs of $5.3 million and $1.3 million of non-cash share-based compensation.
- Operating loss was $25.1 million, compared with operating loss of $0.5 million in the prior year period. The increase primarily reflected $22.3 million of fair-value loss on XAUt and XAUE holdings by Aurelion.
- Net loss attributable to Antalpha was $12.5 million, compared with net income of $0.7 million in the second quarter of 2025.
- Adjusted EBITDA loss was $27.4 million, with the vast majority comprising $26.2 million in fair-value loss related to XAUt and XAUE holdings.
- Nina
- During Q2, Nina, Antalpha's Web3 AI agent, advanced several critical product workflow enhancements and expanded its public availability across both the iOS and Android application ecosystems.
- Nina now has several thousand registered users across its website and mobile applications. More than half of registered users completed at least one core product interaction, demonstrating encouraging early user engagement during the product validation stage.
Outlook
Antalpha expects Q3 2026 revenue between $10 million and $12 million. The Company’s guidance assumes solid demand for crypto-collateralized financing, with market conditions remaining broadly consistent with recent trends.
This forecast reflects Antalpha’s current preliminary view, which is subject to substantial risks and uncertainties. The Company is not obligated to update any forward-looking statements, except as required by law.
Conference Call Information
Antalpha’s management will host a conference call today, August 19, 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/BI30b4078217764c03a7ad0976eca109c1.
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/bgbc86kj.
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 and one-time restructuring charges. 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, share-based compensation expenses, and one-time restructuring charges, and includes unrealized gains or losses 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 the Web3 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. Building on this foundation, Antalpha is also exploring AI-powered tools to help users navigate the digital asset space more effectively.
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 June 30, |
| | 2025 | 2026 |
| Assets | | |
| Current assets: | | |
| Cash and cash equivalents | 7,850,170 | 4,309,883 |
| Crypto assets held (including USDC) | 12,619,660 | 18,772,107 |
| XAUt | 72,476,837 | 34,789,737 |
| XAUE | — | 56,298,330 |
| Accounts receivable | 7,971,109 | 13,230,217 |
| Amounts due from related parties | 6,131,139 | 3,291,783 |
| Loan receivables due from related party, current | — | 31,174,817 |
| Loan receivables, current | 330,641,034 | 302,428,540 |
| Prepaid expenses and other current assets | 6,626,198 | 8,377,495 |
| Crypto assets collateral receivable from related party, current | 429,876,959 | 391,176,900 |
| Total current assets | 874,193,106 | 863,849,809 |
Non-current assets:
| | |
| Deferred tax assets | 422,922 | 625,507 |
| Loan receivables due from related party, non-current | 556,920,339 | — |
| Loan receivables, non-current | 113,262,652 | 49,795,434 |
| Crypto assets collateral receivable from related party, non-current | 826,968,973 | 11,850,555 |
| Investment | 10,314,161 | 10,314,161 |
| Goodwill(i) | 21,652,968 | 21,652,968 |
| Other non-current assets(ii) | 3,217,379 | 3,335,228 |
| Total non-current assets | 1,532,759,394 | 97,573,853 |
| Total assets | 2,406,952,500 | 961,423,662 |
| Liabilities and shareholders’ equity | | |
| Current liabilities: | | |
| Amounts due to related parties | 5,376,563 | 7,749,212 |
| Accrued expenses and other current liabilities(iii) | 11,663,630 | 12,165,696 |
| Loan payables due to related party, current | 307,535,051 | 322,746,144 |
| Crypto assets collateral payable to related party, current | — | 60,066,640 |
| Crypto assets collateral payable to customers, current | 429,075,540 | 268,011,156 |
| Total current liabilities | 753,650,784 | 670,738,848 |
Non-current liabilities:
| | |
| Loan payables due to related party, non-current | 720,782,080 | 92,597,292 |
| Crypto assets collateral payable to related party, non-current | 659,615,535 | — |
| Crypto assets collateral payable to customers, non-current | 69,021,582 | 12,636,932 |
| Operating lease liabilities, non-current | 1,562,871 | 1,656,440 |
| Total non-current liabilities | 1,450,982,068 | 106,890,664 |
| Total liabilities | 2,204,632,852 | 777,629,512 |
| Total shareholders’ equity | 119,680,242 | 112,076,464 |
| Non-controlling interests | 82,639,406 | 71,717,686 |
| Total equity | 202,319,648 | 183,794,150 |
| Total liabilities and shareholders’ equity | 2,406,952,500 | 961,423,662
|
| | | |
(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 June 30, | Six months ended June 30, |
2025
| 2026
| 2025 | 2026
|
| Revenue | | | | |
| Technology financing fee | 12,945,038 | | 7,748,917 | | 23,025,411 | 22,765,698 | |
| Technology platform fee | 4,064,717 | | 4,454,090 | | 7,580,831 | 10,160,747 | |
| Others | — | | 3,204 | | — | 3,450 | |
| Total revenue | 17,009,755 | | 12,206,211 | | 30,606,242 | 32,929,895 | |
| Operating expenses | | | | |
| Funding cost | 8,691,218 | | 5,263,476 | | 15,257,264 | 15,694,648 | |
| Technology and development | 1,356,386 | | 1,353,665 | | 2,641,746 | 3,892,797 | |
| Sales and marketing | 1,282,575 | | 2,194,527 | | 2,255,391 | 6,786,664 | |
| General and administrative | 5,710,860 | | 5,906,597 | | 8,856,502 | 13,186,683 | |
| Fair value change on crypto assets(i) | — | | 22,289,289 | | — | 11,352,092 | |
| Other cost | 434,402 | | 269,558 | | 883,312 | 456,717 | |
| Total operating expenses | 17,475,441 | | 37,277,112 | | 29,894,215 | 51,369,601 | |
| Operating (loss)/income | (465,686 | ) | (25,070,901 | ) | 712,027 | (18,439,706 | ) |
| Non-operating income/(loss)(ii) | 1,401,587 | | (4,531,283 | ) | 2,107,875 | (3,269,016 | ) |
| Income/(loss) before income tax | 935,901 | | (29,602,184 | ) | 2,819,902 | (21,708,722 | ) |
| Income tax expense/(benefit) | 261,350 | | 45,557 | | 689,498 | (172,775 | ) |
| Net income/(loss) | 674,551 | | (29,647,741 | ) | 2,130,404 | (21,535,947 | ) |
| Net (loss) attributable to non-controlling interests | — | | (17,106,069 | ) | — | (11,684,450 | ) |
| Net income/(loss) attributable to Antalpha | 674,551 | | (12,541,672 | ) | 2,130,404 | (9,851,497 | ) |
| Foreign currency translation adjustment | — | | 77,148 | | — | 477,359 | |
| Total Comprehensive income/(loss) | 674,551 | | (29,570,593 | ) | 2,130,404
| (21,058,588 | ) |
| Total comprehensive loss attributable to non-controlling interests | — | | (17,053,416 | ) | — | (11,358,653 | ) |
| Total comprehensive income/(loss) attributable to Antalpha | 674,551 | | (12,517,177 | ) | 2,130,404 | (9,699,935 | ) |
| | | | | |
| Weighted average number of ordinary shares | | | | |
| Basic* | 21,585,385 | | 24,011,218 | | 20,424,144 | 23,997,979 | |
| Diluted* | 24,209,464 | | 26,499,593 | | 23,025,651 | 26,506,472 | |
| Earnings/(loss) per share | | | | |
| Basic* | 0.03 | | (0.52 | ) | 0.10 | (0.41 | ) |
| Diluted* | 0.03 | | (0.47 | ) | 0.09 | (0.37 | ) |
| | | | | | | | |
*Giving retroactive effect to the reverse stock split effected on April 18, 2025.
(i) Reflects fair value change on XAUt, XAUt collateral receivables due from related party and XAUE, which are managed by AURE.
(ii) Non-operating income includes other income and fair value change on crypto assets and liabilities, including fair value change on Antalpha Prime’s XAUE assets.
Antalpha Platform Holding Company
Selected Information
(in USD, unaudited)
|
| | Three months ended June 30, | Six months ended June 30, |
| | 2025
| 2026
| 2025
| 2026
|
| | Antalpha | Antalpha | AURE | adj | AA Group | Antalpha | Antalpha | AURE | adj | AA Group |
| Tota Revenues | 17,009,755 | 12,206,211 | — | — | 12,206,211 | 30,606,242 | 32,929,895 | — | — | 32,929,895 |
| YOY | — | (28%) | — | — | (28%) | — | 8% | — | — | 8% |
| Operating expenses | | | | | | | | | | |
| Funding cost | 8,691,218 | 5,263,476 | — | — | 5,263,476 | 15,257,264 | 15,694,648 | — | — | 15,694,648 |
| Technology and development | 1,356,386 | 1,353,665 | — | — | 1,353,665 | 2,641,746 | 3,892,797 | — | — | 3,892,797 |
| Sales and marketing | 1,282,575 | 2,156,874 | 37,653 | — | 2,194,527 | 2,255,391 | 6,649,215 | 137,449 | — | 6,786,664 |
| General and administrative | 5,710,860 | 3,837,228 | 2,072,369 | (3,000) | 5,906,597 | 8,856,502 | 9,214,495 | 3,975,188 | (3,000) | 13,186,683 |
| Fair value change on crypto assets | — | — | 22,289,289 | — | 22,289,289 | — | — | 11,352,092 | — | 11,352,092 |
| Other cost | 434,402 | 269,558 | — | — | 269,558 | 883,312 | 456,717 | — | — | 456,717 |
| Total operating expenses | 17,475,441 | 12,880,801 | 24,399,311 | (3,000) | 37,277,112 | 29,894,215 | 35,907,872 | 15,464,729 | (3,000) | 51,369,601 |
| Operating (loss)/income | (465,686) | (674,590) | (24,399,311) | 3,000 | (25,070,901) | 712,027 | (2,977,977) | (15,464,729) | 3,000 | (18,439,706) |
| Operating income/(loss) (non-GAAP) | 2,125,558 | 245,828 | (24,051,378) | 3,000 | (23,802,550) | 3,667,355 | 2,144,262 | (14,744,287) | 3,000 | (12,597,025) |
| Net income/(loss) attributable to Antalpha | 674,551 | (4,583,903) | (7,957,769) | — | (12,541,672) | 712,027 | (4,415,873) | (5,435,624) | — | (9,851,497) |
| | | | | | | | | | | |
| Adjusted EBITDA | 3,801,826 | (3,328,726) | (24,094,980) | — | (27,423,706) | 6,292,057 | 1,072,906 | (15,175,531) | — | (14,102,625) |
| Adjusted EBITDA margin | 22% | (27%) | — | — | (225%) | 21% | 3% | — | — | (43%) |
Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures
(in USD, unaudited)
|
| | Three months ended June 30, | Six months ended June 30, |
| 2025 | 2026 | 2025 | 2026 |
| | Antalpha | Antalpha | AURE | Adj | AA Group | Antalpha | Antalpha | AURE | Adj | AA Group |
| Total Revenue | 17,009,755 | 12,206,211 | — | | 12,206,211 | 30,606,242 | 32,929,895 | — | | 32,929,895 |
| | | | | | | | | | | |
| Operating (loss)/income | (465,686) | (674,590) | (24,399,311) | 3,000 | (25,070,901) | 712,027 | (2,977,977) | (15,464,729) | 3,000 | (18,439,706) |
| Add: Share-based compensation expenses | 2,591,244 | 920,418 | 347,933 | | 1,268,351 | 2,955,328 | 1,809,191 | 720,442 | | 2,529,633 |
| Add: Severance expense | — | — | — | | — | — | 3,313,048 | — | | 3,313,048 |
| Operating income/(loss) (non-GAAP) | 2,125,558 | 245,828 | (24,051,378) | 3,000 | (23,802,550) | 3,667,355 | 2,144,262 | (14,744,287) | 3,000 | (12,597,025) |
| Operating margin (non-GAAP) | 12% | 2% | — | | (195%) | 12% | 7% | — | | (38%) |
| | | | | | | | | | | |
| Net income/(loss) | 674,551 | (4,583,903) | (25,063,838) | | (29,647,741) | 2,130,404 | (4,415,873) | (17,120,074) | | (21,535,947) |
| Add: Share-based compensation expenses | 2,591,244 | 920,418 | 347,933 | | 1,268,351 | 2,955,328 | 1,809,191 | 720,442 | | 2,529,633 |
| Add: Income tax (benefit) / expense | 261,350 | 45,557 | — | | 45,557 | 689,498 | (172,775) | — | | (172,775) |
| Add: Depreciation and amortization expense | 274,681 | 289,202 | — | | 289,202 | 516,827 | 539,315 | — | | 539,315 |
| Add: Interest expense | — | — | 620,925 | | 620,925 | — | — | 1,224,101 | | 1,224,101 |
| Add: Severance expense | — | — | — | | — | — | 3,313,048 | — | | 3,313,048 |
| Adjusted EBITDA | 3,801,826 | (3,328,726) | (24,094,980) | | (27,423,706) | 6,292,057 | 1,072,906 | (15,175,531) | | (14,102,625) |
| Adjusted EBITDA margin | 22% | (27%) | — | | (225%) | 21% | 3% | — | | (43%) |
