Earnings release
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Antalpha Reports First Quarter 2025 Results June 17, 2025 SINGAPORE, June 17, 2025 (GLOBE NEWSWIRE) -- - Antalpha Platform Holding Company (“Antalpha” or the “Company”) (NASDAQ: ANTA), a leading fintech platform serving the Bitcoin mining ecosystem, today announced its unaudited financial results for the first quarter ended March 31, 2025. “Antalpha is off to a great start in 2025 with first quarter revenue growing 41% and net income growing 423% year over year. The scalability of Antalpha Prime’s fintech platform has enabled us to grow profitability faster than revenue. On top of our strong core business, the Company is exploring new areas of digital asset lending, including enabling our partners to provide Ethereum- collateralized loans and our clients to finance GPUs for AI inference computing,” said Paul Liang, chief financial officer of Antalpha. First Quarter 2025 Financial and Operational Highlights Three Months Ended March 31, (US dollars in millions, unaudited) 2024 2025 % Change Total Revenue $ 9.65 $ 13.60 41 % Net Income $ 0.28 $ 1.46 423 % Adjusted EBITDA (non-GAAP) $ 0.51 $ 2.49 392 % Adjusted EBITDA Margin (non-GAAP)* 5 % 18 % As of March 31, (US dollars in billions, unaudited) 2024 2025 % Change Supply Chain Loans Outstanding $ 0.48 $ 0.58 22 % Bitcoin Loans Outstanding $ 0.60 $ 1.19 98 % Total Loans Outstanding $ 1.08 $ 1.77 64 % * For more information regarding adjusted EBITDA and adjusted EBITDA margin, see “Non-GAAP Measures” and “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures.” Business Highlights Antalpha has purchased approximately US$20 million in XAUt to date, as part of its digital gold treasury strategy. This creates a strategic hedge against macroeconomic volatility and further strengthen the resilience of the collateral pool of the Company. The Company is unique in the deployment of a gold treasury strategy, in that it is synergistic to its core business. Acquiring digital gold will not only improve Antalpha’s risk management, it will also pave the way for expansion into new businesses. The Company raised US$56.7 million gross proceeds, from the issuance of 4.4 million shares through its IPO on NASDAQ on May 14, 2025. As a strategic investor, Tether purchased 1.9 million shares, representing 8.1% of the Company’s ordinary shares immediately after the IPO, from the IPO offering. First Quarter 2025 Financial Results Total revenue was US$13.6 million, increasing 41% year over year. Tech platform fee (on Bitcoin loans) was US$3.5 million, increasing 286% year over year. Tech financing fee (on supply chain loans) was US$10.1 million, increasing 15% year over year. Operating expenses totaled US$12.4 million, increasing 30% year over year. Funding cost was $6.6 million, increasing 18% year over year. Non-funding operating expenses were US$5.8 million, increasing 47% year over year, primarily due to an increase in labor expenses, professional services and share-based compensation. Operating income was US$1.2 million, compared to US$0.1 million for the same period last year, reflecting the scalability of the Antalpha Prime platform. Net income was $1.5 million, increasing 423% year-over-year. Non-GAAP net income was US$1.8 million, increasing 554%
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year-over-year. Adjusted EBITDA (non-GAAP) was $2.5 million, increasing 392% year-over-year. For more information regarding non-GAAP net income and adjusted EBITDA, see “Non-GAAP Measures” and “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures.” Financial Guidance For the second quarter of 2025, Antalpha expects revenues to be between US$16 million and US$17 million, representing a growth rate of 40% to 50% year over year, assuming Bitcoin price remains at the $100,000 level. The above forecast is based on the current market conditions and reflects Antalpha’s 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’s management will hold an earnings conference call at 8:00 A.M. on June 17, 2025, U.S. Eastern Time. Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of "Q1 2025 Antalpha Earnings Conference Call". Please follow the steps to enter your registration details, then click "Register". Upon registration, you will be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you in a calendar invite. For registration, please click: https://register-conf.media-server.com/register/BI0bcb89f8f5d548dd9cbb0600510464f1 All participants must use the link provided above to complete the online registration process in advance of the conference call. Additionally, a live and archived webcast of this conference call will be available at http://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, non-GAAP net 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 believe 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. Adjusted EBITDA (non-GAAP) represents net income before interest (if non-operating), taxes, depreciation and amortization, and share-based compensation expenses. Its 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. Non-GAAP net income represents net income before share-based compensation expenses. Non-GAAP operating income represents operating income before share-based compensation expenses. 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. As the primary lending partner of Bitmain, 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. Safe Harbor Statement 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.
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Condensed Consolidated Statements of Income (in USD, except for shares data, unaudited) Three months ended March 31, 2024 2025 Revenue Technology financing fee 8,735,121 10,080,373 Technology platform fee 911,405 3,516,114 Total revenue 9,646,526 13,596,487 Operating expenses Funding cost 5,583,985 6,566,046 Technology and development 1,198,379 1,285,360 Sales and marketing 872,113 972,816 General and administrative 1,682,482 3,145,642 Other cost 237,414 448,910 Total operating expenses 9,574,373 12,418,774 Operating income 72,153 1,177,713 Non-operating income(i) 287,300 706,288 Income before income tax 359,453 1,884,001 Income tax expense 81,057 428,148 Net income 278,396 1,455,853 Weighted average number of ordinary shares Basic* 19,250,000 19,250,000 Diluted* 19,250,000 21,826,667 Earnings per share Basic* 0.01 0.08 Diluted* 0.01 0.07 *Giving retroactive effect to the reverse stock split effected on April 18, 2025. (i) Non-operating income includes other income and fair value change on crypto assets and liabilities. Condensed Consolidated Balance Sheets (in USD, unaudited) As of December 31, As of March 31, 2024 2025 Assets Cash and cash equivalents 5,926,655 2,438,894 Crypto assets held (including USDC) 60,952,988 53,831,765 Accounts receivable 4,091,740 5,332,230 Amounts due from related parties 2,123,933 3,523,014 Loan receivables, current 300,701,527 385,451,505 Prepaid expenses and other current assets 4,265,800 4,310,603 Crypto assets collateral receivable from related party, current 665,966,988 600,533,009 Total current assets 1,044,029,631 1,055,421,020 Deferred tax assets 1,218,845 923,043 Loan receivables, non-current 128,166,851 192,559,409 Crypto assets collateral receivable from related party, non-current 71,040,098 159,170,468 Investment 5,814,162 5,814,162 Other non-current assets (i) 4,372,642 3,550,039 Total non-current assets 210,612,598 362,017,121 Total assets 1,254,642,229 1,417,438,141 Liabilities and shareholders’ equity Amounts due to related parties 7,820,838 11,335,614 Accrued expenses and other current liabilities (ii) 9,074,568 7,120,268 Loan payables due to related party, current 279,445,336 397,600,624
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Crypto assets collateral payable to customers, current 693,852,753 600,562,518 Total current liabilities 990,193,495 1,016,619,024 Loan payables due to related party, non-current 128,166,851 192,559,409 Crypto assets collateral payable to customers, non-current 88,943,818 159,170,468 Operating lease liabilities, non-current 953,821 885,059 Total non-current liabilities 218,064,490 352,614,936 Total liabilities 1,208,257,985 1,369,233,960 Total shareholders’ equity 46,384,244 48,204,181 Total liabilities and shareholders’ equity 1,254,642,229 1,417,438,141 (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. Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures (in USD, unaudited) Three months ended March 31, 2024 2025 Operating income 72,153 1,177,713 Add: Share-based compensation expenses - 364,083 Operating income (non-GAAP) 72,153 1,541,796 Net income 278,396 1,455,853 Add: Share-based compensation expenses - 364,083 Net income (non-GAAP) 278,396 1,819,936 Add: Income tax expense 81,057 428,148 Add: depreciation and amortization expense 146,978 242,146 Adjusted EBITDA (non-GAAP) 506,431 2,490,230 Revenue 9,646,526 13,596,487 Adjusted EBITDA margin (non-GAAP) 5% 18%