Antalpha Platform Q4 Earnings Call Highlights

Antalpha Platform (NASDAQ:ANTA) reported what management described as a “strong fourth quarter” to close out fiscal 2025, highlighting rapid revenue growth, expansion of its loan book, and a sharp increase in profitability metrics despite a decline in Bitcoin prices during the quarter.

On the company’s fourth-quarter and full-year 2025 earnings call, Head of Strategy Herman Yu said revenue growth accelerated in each quarter of 2025, culminating in fourth-quarter revenue of $28 million, up 110% year-over-year. For the full year, Antalpha reported revenue of $80 million, up 68% year-over-year.

Fourth-quarter performance and loan book metrics

Yu emphasized that the company’s performance held up in the face of market volatility, noting that Bitcoin prices declined 23% in the fourth quarter while Antalpha’s revenue “remained resilient.”

Antalpha’s lending activity continued to expand. Management said total value loan on Antalpha Prime reached $2.8 billion at the end of 2025, up 59% year-over-year, with Bitcoin pledged on the total loan book totaling $3.7 billion. The loan-to-value (LTV) on supply chain loans was 57% at year-end, which Yu said reflected a disciplined approach to underwriting and collateral management.

Additional operating metrics discussed on the call included loan balance per client growth of 43% and new client additions up 12% year-over-year. At the end of December, clients generated 81.3 EH/s, which management said represented about 7.3% of global hash rate.

Profitability: adjusted EBITDA surged

Antalpha reported a significant increase in adjusted EBITDA. Yu said fourth-quarter adjusted EBITDA was $18.4 million, up 802% year-over-year, with adjusted EBITDA margin at 66%, up 51 percentage points from the prior year period. For full-year 2025, adjusted EBITDA was $33.2 million, up 460% year-over-year, and adjusted EBITDA margin was 42%, up 30 percentage points.

Yu positioned the company as a “crypto-native financing platform with tokenized gold upside,” arguing that incorporating tokenized gold into its strategy could improve balance sheet resilience and diversify funding sources.

Antalpha Prime vs. Aurelion: revenue mix and consolidation

Chief financial officer Paul Liang broke results into three views: consolidated Antalpha, Antalpha Prime (the legacy business prior to the Aurelion acquisition), and Aurelion. Liang said the company closed its acquisition of Aurelion and its associated $100 million PIPE financing on Oct. 10, and that Antalpha obtained 73% of Aurelion’s share voting rights. The company began consolidating Aurelion’s operating results after the close.

For Antalpha Prime, Liang said fourth-quarter revenue was $28 million, reaching the high end of guidance and growing 110% year-over-year. He said the quarter’s revenue was entirely organic, with “no contribution from Aurelion.”

• Tech financing fees (supply chain loans): $18.5 million, up 79% year-over-year, driven by strengthening hash rate loans.
• Tech platform fees (margin loans): $6 million, up 98% year-over-year.
• Other revenue: $3.5 million, which Liang said was mainly related to “pirate loans” that did not exist in prior years.

Liang said total net fee margin increased 25 basis points year-over-year, driven by margin loan improvements, with margin loan net fee margin increasing 30 basis points year-over-year to 1.49. For supply chain loans, he noted that funding costs increased slightly faster than revenue growth due to the redeployment of $40 million as part of the company’s investment in the Aurelion PIPE.

Non-GAAP operating expenses for Antalpha Prime (excluding funding costs) were $8.5 million, up 45% year-over-year, which Liang said grew slower than revenue and reflected operating leverage. He added that tech and development expenses increased 32% and G&A increased 35% year-over-year, while sales and marketing rose 121% year-over-year (up $1.6 million), primarily tied to industrial event sponsorships and, to a lesser extent, personnel expenses.

Prime adjusted EBITDA was $9 million, compared to $2 million in the prior year period, with an adjusted margin of 32% versus 15% last year. Liang noted that Prime adjusted EBITDA included a $3 million unrealized gain on Tether Gold.

For Aurelion, Liang said the business did not generate revenue in the fourth quarter, but posted adjusted EBITDA of $9.4 million, which included $10.4 million in unrealized gains on Tether Gold.

Liang also discussed Aurelion’s net asset value, stating it was $106.8 million as of Dec. 31, excluding gold appreciation after year-end. He said Antalpha’s 32% economic interest in Aurelion would be worth approximately $34 million.

Tokenized gold strategy and unrealized gains

Yu and Liang both highlighted Tether Gold (XAUt) as a strategic component of Antalpha’s roadmap. Yu said the company initially acquired $20 million in Tether Gold, and later “anchored” Aurelion’s $100 million PIPE and purchased $134 million in Tether Gold, which he said strengthened the balance sheet while providing upside from gold appreciation.

As of year-end, Yu said total accumulated unrealized gain on Tether Gold was $16.6 million, with $9.5 million attributed to Antalpha. Yu also said that year-to-date gold prices were up another 22% as of “last Friday.”

Yu said that starting in the fourth quarter, a client could purchase XAUt from Antalpha and redeem London Good Delivery in Singapore and Hong Kong. He added that the company was evaluating offering XAUt-collateralized loans to clients for resilience and diversification, citing gold’s lower correlation with Bitcoin and lower volatility.

Guidance, credit performance, and AI-related opportunities

For first-quarter 2026, Antalpha guided for revenue of $20 million to $23 million, representing 47% to 69% year-over-year growth, assuming market conditions remain consistent through the quarter.

In Q&A, management addressed why guidance stepped down sequentially from $28 million in Q4. Yu said the $3.5 million “other revenue” from pilot “pirate loans” in Q4 would not recur in Q1, bringing an implied run-rate closer to the mid-$20 million range. He added that the remaining gap in guidance reflects the possibility of some loans retiring early as the company discusses options with clients amid market uncertainty.

Asked about loan book performance, Liang said there were no write-offs in the fourth quarter. He said the company calculates provisions under CECL, describing it as a normal practice. Yu pointed again to the 57% LTV as “pretty healthy,” and said the company had not seen major issues with bad-debt write-offs so far, while noting conditions remain fluid.

Yu also fielded questions about AI and potential financing opportunities, describing interest in both financing inference compute and the use of AI agents to reduce administrative costs in lending workflows. He said the company plans to align operations to become more “AI-driven,” but did not provide specific KPIs or timelines for an AI lending revenue line.

On capital returns, Yu said Antalpha had announced a share buyback “a while back” and is watching the market to act opportunistically, given stock volatility.

About Antalpha Platform (NASDAQ:ANTA)

Antalpha provides financing, technology and risk management solutions to the digital asset industry. As the primary lending partner for Bitmain, we are a provider of supply chain financing solutions to institutional and corporate participants in the Bitcoin mining industry, offering loans secured by Bitcoin and Bitcoin mining machines. We have developed a technology platform, Antalpha Prime, which enables our customers to apply for and manage their digital asset loans while allowing us to closely monitor collateral positions.