Antalpha Platform (ANTA) Q2 2025 earnings summary

Executive summary

• Achieved 49% year-over-year revenue growth in Q2 2025, reaching $17.0 million (SGD 17 million), with sequential growth of 25% and acceleration from Q1's 41% growth.

• Became a publicly traded company and expanded product offerings, including new lending products and Ethereum-collateralized loans.

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

• Expanded into adjacent markets such as AI inference compute and digital gold, aiming to diversify collateral and increase market resilience.

• Advanced U.S. and international expansion by hiring a new COO to scale global operations and increase brand recognition.

Financial highlights

• Q2 2025 revenue reached $17.0 million (SGD 17 million), up 49% year-over-year, meeting the high end of guidance.

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

• 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 (SGD 2 billion), up 58% year-over-year; supply chain loan TVL increased 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; GAAP net income was $0.67 million, down 41% year-over-year.

Outlook and guidance

• Q3 2025 revenue expected between $21 million and $22 million, representing 62%-69% year-over-year growth, assuming Bitcoin remains at SGD 110,000.

• Q3 adjusted EBITDA margin forecasted in the range of 20%-24%, similar to Q2.

• Plans to deepen digital gold treasury strategy and expand lending products to include more crypto and digital gold collateral.

• Guidance assumes stable market conditions and continued demand for crypto-collateralized financing.