SINGAPORE, June 17, 2025 (GLOBE NEWSWIRE) -- - Antalpha Platform Holding Company ("Antalpha" or the "Company") (NASDAQ: ANTA), a leading fintech platform serving the Bitcoin mining ecosystem, today announced its unaudited financial results for the first quarter ended March 31, 2025.

"Antalpha is off to a great start in 2025 with first quarter revenue growing 41% and net income growing 423% year over year. The scalability of Antalpha Prime's fintech platform has enabled us to grow profitability faster than revenue. On top of our strong core business, the Company is exploring new areas of digital asset lending, including enabling our partners to provide Ethereum-collateralized loans and our clients to finance GPUs for AI inference computing," said Paul Liang, chief financial officer of Antalpha.

First Quarter 2025 Financial and Operational Highlights

 
                         Three Months Ended March 31, 
                    -------------------------------------- 
(US dollars in 
millions, 
unaudited)                 2024                2025          % Change 
                    ------------------  ------------------  ---------- 
Total Revenue        $      9.65         $      13.60          41% 
Net Income           $      0.28         $       1.46         423% 
Adjusted EBITDA 
 (non-GAAP)          $      0.51         $       2.49         392% 
Adjusted EBITDA 
 Margin 
 (non-GAAP)*                   5%                  18% 
 
                               As of March 31, 
                        -----------------------------  --- 
(US dollars in 
billions, 
unaudited)                  2024                 2025        % Change 
                        --------  ----      ---------  ---  ---------- 
  Supply Chain 
   Loans 
   Outstanding       $      0.48         $       0.58          22% 
  Bitcoin Loans 
   Outstanding       $      0.60         $       1.19          98% 
Total Loans 
 Outstanding         $      1.08         $       1.77          64% 
 
 

* For more information regarding adjusted EBITDA and adjusted EBITDA margin, see "Non-GAAP Measures" and "Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures."

Business Highlights

   -- Antalpha has purchased approximately US$20 million in XAUt to date, as 
      part of its digital gold treasury strategy. This creates a strategic 
      hedge against macroeconomic volatility and further strengthen the 
      resilience of the collateral pool of the Company. The Company is unique 
      in the deployment of a gold treasury strategy, in that it is synergistic 
      to its core business. Acquiring digital gold will not only improve 
      Antalpha's risk management, it will also pave the way for expansion into 
      new businesses. 
 
   -- The Company raised US$56.7 million gross proceeds, from the issuance of 
      4.4 million shares through its IPO on NASDAQ on May 14, 2025. As a 
      strategic investor, Tether purchased 1.9 million shares, representing 
      8.1% of the Company's ordinary shares immediately after the IPO, from the 
      IPO offering. 

First Quarter 2025 Financial Results

Total revenue was US$13.6 million, increasing 41% year over year.

   -- Tech platform fee (on Bitcoin loans) was US$3.5 million, increasing 286% 
      year over year. 
 
   -- Tech financing fee (on supply chain loans) was US$10.1 million, 
      increasing 15% year over year. 

Operating expenses totaled US$12.4 million, increasing 30% year over year.

   -- Funding cost was $6.6 million, increasing 18% year over year. 
 
   -- Non-funding operating expenses were US$5.8 million, increasing 47% year 
      over year, primarily due to an increase in labor expenses, professional 
      services and share-based compensation. 

Operating income was US$1.2 million, compared to US$0.1 million for the same period last year, reflecting the scalability of the Antalpha Prime platform.

Net income was $1.5 million, increasing 423% year-over-year. Non-GAAP net income was US$1.8 million, increasing 554% year-over-year. Adjusted EBITDA (non-GAAP) was $2.5 million, increasing 392% year-over-year. For more information regarding non-GAAP net income and adjusted EBITDA, see "Non-GAAP Measures" and "Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures."

Financial Guidance

For the second quarter of 2025, Antalpha expects revenues to be between US$16 million and US$17 million, representing a growth rate of 40% to 50% year over year, assuming Bitcoin price remains at the $100,000 level.

The above forecast is based on the current market conditions and reflects Antalpha's current and preliminary view, which is subject to substantial uncertainties. The Company does not undertake any obligation to update any forward-looking statements, except as required by law.

Conference Call Information

Antalpha's management will hold an earnings conference call at 8:00 A.M. on June 17, 2025, U.S. Eastern Time.

Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of "Q1 2025 Antalpha Earnings Conference Call". Please follow the steps to enter your registration details, then click "Register". Upon registration, you will be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you in a calendar invite.

For registration, please click:

https://register-conf.media-server.com/register/BI0bcb89f8f5d548dd9cbb0600510464f1

All participants must use the link provided above to complete the online registration process in advance of the conference call.

Additionally, a live and archived webcast of this conference call will be available at http://ir.antalpha.com.

Non-GAAP Measures

In addition to financial measures presented under generally accepted accounting principles in the United States, or GAAP, Antalpha evaluates non-GAAP financial measures such as non-GAAP operating income, non-GAAP net income, adjusted EBITDA and adjusted EBITDA margin.

The Company believes these adjustments eliminate the effects of certain non-cash and/or non-recurring items that the Company believes complements management's understanding of its ongoing operational results. However, non-GAAP measures are presented for supplemental informational purposes only, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in its industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of its non-GAAP financial measures as tools for comparison. Antalpha will continually evaluate the usefulness of such metrics. The Company believe that non-GAAP measures may be helpful to investors because they provide consistency and comparability with past financial performance and with how management views its financial performance.

Adjusted EBITDA (non-GAAP) represents net income before interest (if non-operating), taxes, depreciation and amortization, and share-based compensation expenses. Its funding cost is an operating item and a significant component of its business. As such, it is not excluded from adjusted EBITDA (non-GAAP). Adjusted EBITDA Margin represents the ratio between adjusted EBITDA and revenue.

Non-GAAP net income represents net income before share-based compensation expenses. Non-GAAP operating income represents operating income before share-based compensation expenses.

For more information on non-GAAP financial measures, please see "Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures."

About Antalpha

Antalpha is a leading fintech company specializing in providing financing, technology, and risk management solutions to institutions in the digital asset industry. As the primary lending partner of Bitmain, Antalpha offers Bitcoin supply chain and margin loans through the Antalpha Prime technology platform, which allows customers to originate and manage their digital assets loans, as well as monitor collateral positions with near real-time data.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. Statements that are not historical facts, including statements about Antalpha's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Antalpha's filings with the SEC. All information provided in this press release is as of the date of this press release, and Antalpha does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Condensed Consolidated Statements of Income

(in USD, except for shares data, unaudited)

 
                                              Three months ended March 31, 
                                                  2024            2025 
                                             --------------  -------------- 
Revenue 
  Technology financing fee                        8,735,121      10,080,373 
  Technology platform fee                           911,405       3,516,114 
                                             --------------  -------------- 
Total revenue                                     9,646,526      13,596,487 
                                             --------------  -------------- 
Operating expenses 
  Funding cost                                    5,583,985       6,566,046 
  Technology and development                      1,198,379       1,285,360 
  Sales and marketing                               872,113         972,816 
  General and administrative                      1,682,482       3,145,642 
  Other cost                                        237,414         448,910 
                                             --------------  -------------- 
Total operating expenses                          9,574,373      12,418,774 
                                             --------------  -------------- 
Operating income                                     72,153       1,177,713 
  Non-operating income((i) ()                       287,300         706,288 
Income before income tax                            359,453       1,884,001 
                                             --------------  -------------- 
  Income tax expense                                 81,057         428,148 
                                             --------------  -------------- 
Net income                                          278,396       1,455,853 
                                             --------------  -------------- 
Weighted average number of ordinary shares 
    Basic*                                       19,250,000      19,250,000 
    Diluted*                                     19,250,000      21,826,667 
Earnings per share 
    Basic*                                             0.01            0.08 
    Diluted*                                           0.01            0.07 
 

*Giving retroactive effect to the reverse stock split effected on April 18, 2025.

(i) Non-operating income includes other income and fair value change on crypto assets and liabilities.

Condensed Consolidated Balance Sheets

(in USD, unaudited)

 
                              As of December 31,    As of March 31, 
                                     2024                2025 
                              -------------------  ----------------- 
Assets 
   Cash and cash equivalents            5,926,655        2,438,894 
   Crypto assets held 
    (including USDC)                   60,952,988       53,831,765 
   Accounts receivable                  4,091,740        5,332,230 
   Amounts due from related 
    parties                             2,123,933        3,523,014 
   Loan receivables, current          300,701,527      385,451,505 
   Prepaid expenses and other 
    current assets                      4,265,800        4,310,603 
   Crypto assets collateral 
    receivable from related 
    party, current                    665,966,988      600,533,009 
                               ------------------  --------------- 
  Total current assets              1,044,029,631    1,055,421,020 
                               ------------------  --------------- 
 
   Deferred tax assets                  1,218,845          923,043 
   Loan receivables, 
    non-current                       128,166,851      192,559,409 
   Crypto assets collateral 
    receivable from related 
    party, non-current                 71,040,098      159,170,468 
   Investment                           5,814,162        5,814,162 
   Other non-current 
    assets(i)                           4,372,642        3,550,039 
                               ------------------  --------------- 
  Total non-current assets            210,612,598      362,017,121 
                               ------------------  --------------- 
Total assets                        1,254,642,229    1,417,438,141 
                               ------------------  --------------- 
 
Liabilities and 
shareholders' equity 
   Amounts due to related 
    parties                             7,820,838       11,335,614 
   Accrued expenses and other 
    current liabilities(ii)             9,074,568        7,120,268 
   Loan payables due to 
    related party, current            279,445,336      397,600,624 
   Crypto assets collateral 
    payable to customers, 
    current                           693,852,753      600,562,518 
                               ------------------  --------------- 
  Total current liabilities           990,193,495    1,016,619,024 
                               ------------------  --------------- 
 
   Loan payables due to 
    related party, 
    non-current                       128,166,851      192,559,409 
   Crypto assets collateral 
    payable to customers, 
    non-current                        88,943,818      159,170,468 
   Operating lease 
    liabilities, non-current              953,821          885,059 
                               ------------------  --------------- 
  Total non-current 
   liabilities                        218,064,490      352,614,936 
                               ------------------  --------------- 
Total liabilities                   1,208,257,985    1,369,233,960 
                               ------------------  --------------- 
 
Total shareholders' equity             46,384,244       48,204,181 
                               ------------------  --------------- 
Total liabilities and 
 shareholders' equity               1,254,642,229    1,417,438,141 
                               ------------------  --------------- 
 

(i) Other non-current assets include deferred offering costs, property and equipment and right-of-use assets.

(ii) Accrued expenses and other current liabilities include accrued liabilities, other payables and the current portion of lease liabilities.

Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures

(in USD, unaudited)

 
                                               Three months ended March 31, 
                                               2024               2025 
                                            -----------  ---  ------------ 
Operating income                                 72,153          1,177,713 
   Add: Share-based compensation expenses             -            364,083 
Operating income (non-GAAP)                      72,153          1,541,796 
 
Net income                                      278,396          1,455,853 
   Add: Share-based compensation expenses             -            364,083 
Net income (non-GAAP)                           278,396          1,819,936 
   Add: Income tax expense                       81,057            428,148 
   Add: depreciation and amortization 
    expense                                     146,978            242,146 
Adjusted EBITDA (non-GAAP)                      506,431          2,490,230 
Revenue                                       9,646,526         13,596,487 
Adjusted EBITDA margin (non-GAAP)                     5%                18% 
 

(END) Dow Jones Newswires

June 17, 2025 06:53 ET (10:53 GMT)