Antalpha Platform (ANTA) Q1 2025 earnings summary

Executive summary

• Achieved NASDAQ listing in May 2025, raising $56.7 million and becoming one of the first crypto-native companies to IPO in the U.S. since 2021.

• Revenue grew 41% year-over-year to $13.6 billion in Q1 2025, driven by technology platform and financing fees.

• Net income surged 423% year-over-year to $1.5 million, with adjusted EBITDA up 392% to $2.5 million and margin rising to 18%.

• Business model centers on supply chain financing for Bitcoin mining, serving institutional clients and emphasizing risk management.

• Strategic initiatives include a $20 million digital gold (XAUT) treasury and expansion into Ethereum-collateralized loans and AI GPU financing.

Financial highlights

• Q1 2025 revenue reached $13.6 billion, up 41% year over year.

• Adjusted EBITDA margin rose to 18% from 5% a year ago; Adjusted EBITDA was $2.5 million, up 392% year over year.

• Non-GAAP net income (excluding $0.4 million stock compensation) was $1.8 million, up 554% year over year.

• Loan outstanding (TVL) at Q1 end was $1.77 billion, up 64% year over year.

• Technology platform fee (Bitcoin loans) rose 286% year-over-year to $3.5 million; supply chain loans increased 15% to $10.1 million.

Outlook and guidance

• Q2 2025 revenue expected between $60 million and $70 million, representing 40%-50% year-over-year growth, assuming Bitcoin price remains at $100,000.

• Guidance is based on current market conditions and subject to substantial uncertainties.

• Expansion into the U.S. and Middle East seen as key growth drivers.