Antalpha Platform (ANTA) Q3 2025 earnings summary

Executive summary

• Revenue grew 62% year-over-year in Q3 2025 to $21.1 million, with accelerating growth and margin expansion driven by demand for Bitcoin-mining and digital asset treasury financing.

• Net income increased 440% year-over-year to $7.0 million, and adjusted EBITDA rose 361% to $8.5 million, with margin at 40% (19% excluding non-recurring gains).

• Institutional client base expanded 28% year-over-year to approximately 80 clients, with TVL per customer up 55%.

• New lending scenarios and product segments, such as DATT financing and RWA hub, are emerging as growth drivers.

• Completed acquisition of Prestige Wealth (renamed Aurelion), anchoring a $100 million PIPE and expanding into tokenized gold lending.

Financial highlights

• Q3 2025 revenue reached $21.1 million, up from $13.0 million in Q3 2024.

• Net income for Q3 2025 was $7.0 million, compared to $1.3 million a year ago.

• Adjusted EBITDA margin was 40% in Q3 2025, or 19% excluding $3.4 million unrealized gain and $1.1 million non-operating income.

• Earnings per share (diluted) for Q3 2025 was $0.26, up from $0.07 in Q3 2024.

• Total loans facilitated reached $2.4 billion, up 60% year-over-year.

Outlook and guidance

• Q4 2025 revenue expected between $26 million and $28 million, representing 94%-109% year-over-year growth.

• Growth guidance for Q4 is based on the current pipeline, primarily from core Bitcoin mining business; new loan scenarios are not yet material.

• U.S. expansion underway, but material revenue contribution expected next year.

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