Antalpha Platform (ANTA) Q2 2025 earnings summary

Executive summary

• Achieved 49% year-over-year revenue growth in Q2 2025, reaching $17.0 million, with sequential growth of 25% and acceleration from Q1's 41% growth.

• Adjusted EBITDA more than doubled to $3.8 million, with margin expanding to 22% from 13% a year ago.

• Diversified loan portfolio and product offerings, including new crypto-collateralized lending products and test piloting Ethereum margin loans.

• Institutional client base and average loan per client both grew over 40% year-over-year, reflecting strong customer retention and new client wins.

• Advanced U.S. and EMEA expansion by hiring a new COO and increasing industry visibility.

Financial highlights

• Q2 2025 revenue reached $17.0 million, up 49% year-over-year, at the high end of guidance.

• Supply chain loan revenue was $12.9 million (up 39% YoY); margin loan revenue was $4.1 million (up 91% YoY).

• Total loan value (TVL) reached $2.05 billion, up 58% year-over-year; supply chain loan TVL up 75% to $714 million, margin loan TVL up 50% to $1.34 billion.

• Non-GAAP net income was $3.3 million, up from $1.1 million a year ago.

• Adjusted EBITDA margin expanded to 22% from 13% in Q2 last year.

Outlook and guidance

• Q3 2025 revenue expected between $21 million and $22 million, representing 62%-69% year-over-year growth, assuming stable market conditions.

• Q3 Adjusted EBITDA margin expected to remain in the 20%-24% range.

• Plans to deepen digital gold treasury strategy and expand lending products to new crypto assets.