Antalpha Platform (ANTA) investor relations material

Executive summary

• Achieved 52% year-over-year revenue growth to $20.7 million in Q1 2026, demonstrating platform resilience and solid execution amid challenging crypto market conditions.

• Net income attributable to shareholders rose 85% year-over-year to $2.7 million.

• Maintained a record of zero principal loss, with all borrowers, including large borrower Cango Inc., repaying loans in full.

• Integration of Aurelion contributed to consolidated results, with tokenized gold and lending portfolios driving performance.

• Launched a Web3 AI agent in beta, expanding technology offerings and positioning for future growth.

Financial highlights

• Total revenue reached $20.7 million in Q1 2026, up 52% year-over-year.

• Technology financing fees on supply chain loans were $15 million, up 49% year-over-year; margin loan platform fees were $5.7 million, up 62%.

• Adjusted EBITDA was $13.3 million (64% margin), up 435% year-over-year.

• GAAP operating income was $6.6 million (32% margin); non-GAAP operating income was $11.2 million (54% margin).

• Operating expenses (excluding unrealized gains): $25.0 million, up 102% year-over-year, including $3.3 million in restructuring charges and $1.3 million in share-based compensation.

Outlook and guidance

• Q2 2026 revenue expected between $11 million and $13 million, a year-over-year decline of 7%-22% due to the reduction in the loan base after Cango's repayment.

• Net fee margin and operating margin expected to remain stable quarter-over-quarter.

• Market conditions expected to remain dynamic but broadly consistent with recent trends.

• Focus remains on risk management, core lending growth, and advancing strategic initiatives.

• Guidance assumes continued demand for crypto-collateralized financing; actual results may differ due to market volatility.