Antalpha Platform (ANTA) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw a more cautious and disciplined financing environment in digital assets, with focus on liquidity, efficiency, prudent capital allocation, and long-term client relationships amid moderated activity.

• Maintained zero principal loss since inception, reflecting strong underwriting and risk management.

• Consolidated results were impacted by unrealized fair-value losses on digital gold holdings (XAUt/XAUE), not reflective of core operating performance.

• Advanced strategy in Web3 AI (Nina) and digital gold (Aurelion), with Nina expanding to iOS and Android and achieving strong early user engagement.

• Strategic focus remains on enhancing the financing platform and advancing complementary capabilities.

Financial highlights

• Total revenue was $12.2 million, down 28% year-over-year; excluding Cango facility, revenue declined 15%.

• Technology financing fees were $7.7 million (down 40% YoY); technology platform fees rose 10% to $4.5 million.

• Total loans facilitated were $1.35 billion as of June 30, 2026, down from $2.05 billion YoY and $1.61 billion sequentially.

• GAAP operating loss was $25.1 million; non-GAAP operating loss was $23.8 million.

• Net loss attributable was $12.5 million, compared to net income of $0.7 million YoY.

• Adjusted EBITDA loss was $27.4 million, including $26.2 million in unrealized loss on XAUt/XAUE; excluding these, adjusted EBITDA loss was $1.2 million.

Outlook and guidance

• Q3 2026 revenue expected between $10 million and $12 million, assuming stable demand for crypto-collateralized financing and consistent market conditions.

• Will continue selective capital allocation, prudent risk underwriting, and focus on long-term value over short-term results.

• Guidance is subject to substantial risks and uncertainties.