Antalpha Reports Fourth Quarter And Full Year 2025 Results

• 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.
  

• 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.
  

• 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.
  

• 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: .
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 .

A replay of the call will also be available on the Company's investor relations website at .

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
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(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.

(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.

(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.

(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.

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