Antalpha Platform (ANTA) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue rose 110% year-over-year to $28 million, with full-year revenue up 68% to $80 million.

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

• Adjusted EBITDA for Q4 was $18.4 million (66% margin), up 802% year-over-year; full-year Adjusted EBITDA was $33.2 million (42% margin), up 460%.

• Growth was organic, driven by technology financing and platform fees, with no contribution from the Aurelion consolidation.

• Strategic focus on expanding into AI-driven opportunities and tokenized gold, supporting balance sheet diversification.

Financial highlights

• Technology financing fees reached $18.5 million in Q4 (up 79% YOY); platform fees were $6 million in Q4 (up 98% YOY).

• Total Value of Loans (TVL) facilitated reached $2.6 billion, up 59% year-over-year; Bitcoin collateral totaled $3.7 billion.

• Prime adjusted EBITDA was $9 million (vs. $2 million last year); Prime adjusted margin was 32% (vs. 15%).

• Adjusted EBITDA included $10.4 million in unrealized gain on XAUt holdings in Q4.

• Operating income for Q4 was $12.6 million (up 1500% YOY); full-year operating income was $15 million (up 372% YOY).

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.

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

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