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Antalpha Reports Second Quarter 2025 Financial Results

SINGAPORE, Aug. 12, 2025 (GLOBE NEWSWIRE) -- Antalpha Platform Holding Company (NASDAQ: ANTA) ("Antalpha" or the "Company"), a leading institutional digital asset financing platform, today announced its unaudited financial results for the second quarter and six months ended June 30, 2025.

鈥淨2 marks another strong quarter that exceeded our growth expectations. Antalpha delivered record revenue, expanded profitability and continued diversifying our loan portfolio and product offerings. Q2 revenue growth accelerated to 49% on a听year-over-year basis and, based on our current outlook,听we expect to further increase year-over-year revenue growth rate in Q3. We have built a flywheel for expanding our loan book, revenue growth and profit expansion by prioritizing risk management, valuing our customers and being innovative in new product offerings,鈥� said Paul Liang, chief financial officer of Antalpha. 鈥淚n Q2, we have also taken solid steps to advance our U.S. expansion by bringing on key leadership and build a more resilient treasury strategy with Tether Gold. We are excited about the growth opportunities ahead.鈥�

Second Quarter 2025 Financial Highlights

* Please see 鈥淣on-GAAP听Measures鈥� and 鈥淩econciliations of听non-GAAP听financial measures to the nearest comparable GAAP measures鈥� for further information on non-GAAP numbers.
** Margin loans are facilitated by the Company as an agent; thus, their balances are not recorded on the Company鈥檚 Condensed Combined and Consolidated Balance Sheets.

Business and Strategic Highlights

• TVL reached a record high of $2.05 billion, reflecting 58%听year-over-year growth;
• Hashrate loans financed 75.6 EH of hashrate capacity, representing approximately 8.8% of global hashrate at quarter end, as compared to approximately 3.7% a year ago;
• Test piloted Ethereum margin loans totaling $53 million in TVL;
• Acquired $20 million in XAUt (Tether Gold) as a test pilot for a digital-gold treasury strategy; and
• Hired new Chief Operating Officer Derar Islim to lead global expansion and scale operations.

Second Quarter 2025 Financial Results

• Revenue of $17.0 million grew 49% year-over-year;
• Tech financing fees (on supply chain loans) were US$12.9 million, increasing 39% year-over-year;
• Tech platform fees (on margin loans) were US$4.1 million, increasing 91% year-over-year;
• Net interest margin (鈥淣IM鈥�) for both machine loans and hashrate loans expanded year-over-year, with machine loans up 47 bps and hashrate loans up 24 bps;
• Funding cost declined to 5.2%, compared to 5.4% in the second quarter 2024;
• NIM on supply chain loans was down 60 bps year-over-year, due to the increased proportion of hashrate loans, which reached 76% of supply chain loans;
• NIM on margin loans rose to 1.3%, an improvement from 1.2% in the prior quarter.
• Operating expenses were $17.5 million, up 70% year-over-year. Excluding funding cost and stock based compensation, operating expenses were $6.2 million, up 40% year-over-year. Funding cost and stock based compensation in the second quarter of 2025 were $8.7 million and $2.6 million, respectively.
• Non-GAAP net income was $3.3 million, compared to $1.1 million in the prior year period; and
• Adjusted EBITDA was $3.8 million, up 147% year-over-year, with adjusted EBITDA margin expanding to 22% from 13% a year ago.

Outlook
Assuming stable market conditions and solid demand for crypto-collateralized financing, Antalpha expects third quarter 2025 revenue to range between $21 million and $22 million, reflecting 62% - 69%听year-over-year growth. Third quarter 2025 adjusted EBITDA (non-GAAP) is expected to be in the range of 20% - 24%.

The above forecast reflects Antalpha鈥檚 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鈥檚 management will host a conference call today, August 12, 2025, at 5:00 p.m. Eastern Time to discuss the Company鈥檚 financial results.

To attend, please register in advance at:

Upon registration, you will receive the dial-in number, passcode, and your unique access PIN, as well as an email with a calendar invite.

A live webcast can be assessed at听. A replay of the call will also be available on the Company鈥檚 investor relations website at .

Non-GAAP听Measures
In addition to financial measures presented under generally accepted accounting principles in the United States, or GAAP, Antalpha evaluates听non-GAAP听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听non-cash听and/or听non-recurring听items that the Company believes complements management鈥檚 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 net income represents听net income before share-based compensation expenses.

Adjusted EBITDA听(non-GAAP)听represents net income before interest (if non-operating), taxes, depreciation and amortization, and share-based compensation expenses. The Company鈥檚 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.

For more information on听non-GAAP听financial measures, please see 鈥淩econciliations of听non-GAAP听financial measures to the nearest comparable GAAP measures.鈥�

About Antalpha
Antalpha is a leading fintech company specializing in providing financing, technology, and risk management solutions to institutions in the digital asset industry. The Company offers Bitcoin mining supply chain loans 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 鈥渇orward-looking鈥� statements pursuant to the 鈥渟afe harbor鈥� provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 鈥渨ill,鈥� 鈥渆xpects,鈥� 鈥渁nticipates,鈥� 鈥渁ims,鈥� 鈥渇uture,鈥� 鈥渋ntends,鈥� 鈥減lans,鈥� 鈥渂elieves,鈥� 鈥渆stimates,鈥� 鈥渓ikely to,鈥� and similar statements. Statements that are not historical facts, including statements about Antalpha鈥檚 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鈥檚 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.

*Giving retroactive effect to the reverse stock split effected on April 18, 2025.
(i) Non-operating income, net includes other income and fair value change on crypto assets and liabilities.

(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.