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 March 3, 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 March 3, 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 Fourth Quarter and Full Year 2025 Results
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: 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 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
