Antalpha Platform (ANTA) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue grew 110% year-over-year to $28 million, with full-year revenue up 68% to $80 million, driven by organic growth and no Aurelion contribution.

• Adjusted EBITDA for Q4 was $18.4 million, up 802% year-over-year, with a margin of 66%. For 2025, adjusted EBITDA was $33.2 million, up 460% year-over-year, with a 42% margin.

• Net income attributable to shareholders rose 461% in Q4 to $9.3 million and 321% for the year to $18.5 million.

• The business maintained strong risk management, requiring overcollateralization and direct custody of mined BTC, supporting resilience during market volatility.

• Strategic acquisition of Aurelion and investment in tokenized gold (XAUt) diversified the balance sheet and contributed $13.4 million in unrealized gains in Q4.

Financial highlights

• Q4 Prime business revenue was $28 million, all organic, with no Aurelion contribution.

• Tech financing fees on supply chain loans were $18.5 million, up 79% year-over-year; margin loan platform fees were $6 million, up 98% year-over-year.

• Other revenue of $3.5 million was mainly from one-time pirate loans, not expected to recur in Q1 2026.

• Total Value of Loans (TVL) facilitated reached $2.8 billion as of December 31, 2025, up 59% year-over-year.

• Net fee margin increased 25 bps YOY in Q4 but decreased 4 bps for the year due to higher funding costs.

Outlook and guidance

• Q1 2026 revenue guidance is $20–$23 million, representing 47%–69% year-over-year growth, reflecting the absence of one-time Q4 revenue and possible early loan retirements.

• Strategic focus for 2026 includes active risk management, expansion into AI-driven opportunities, and further innovation in tokenized gold and real-world assets.