Antalpha Platform (ANTA) Q3 2025 earnings summary

Executive summary

• Achieved 62% year-over-year revenue growth in Q3 2025, driven by strong demand for crypto-collateralized lending, expansion into new digital asset financing scenarios, and strong execution across strategic initiatives.

• Net income surged 440% year-over-year to $7.0 million, reflecting operational leverage and margin expansion.

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

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

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

Financial highlights

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

• Net income: $7.0 million, up from $1.3 million year-over-year.

• Adjusted EBITDA margin was 40% in Q3, including $3.4 million unrealized gain on Tether Gold and $1.1 million non-operating income; excluding these, margin was 19% vs. 14% a year ago.

• Tech financing fee on supply chain loans rose 51% year-over-year to $15.6 million; margin loan platform fees doubled to $5.5 million.

• 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.