Antalpha Platform (ANTA) investor relations material

Executive summary

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

• 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% YoY); full-year Adjusted EBITDA was $33.2 million (42% margin, up 460% YoY).

• Strategic focus on risk management, product innovation, and expansion into tokenized gold and AI-driven opportunities.

• Loan book and client base expanded, with prudent risk management and increased collateralization.

Financial highlights

• Technology financing fees reached $18.5 million in Q4 (up 79% YoY) and $57.1 million for the year (up 48% YoY); platform fees were $6 million in Q4 (up 98% YoY) and $19 million for the year (up 117% YoY).

• Q4 adjusted EBITDA: $18.4 million, margin 66%; full-year adjusted EBITDA: $33.2 million, margin 42%.

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

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

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

Outlook and guidance

• Q1 2026 revenue guidance: $20–$23 million, representing 47%–69% YoY growth.

• Guidance reflects removal of $3.5 million in one-time Q4 revenue and potential early loan retirements.

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

• Continued focus on risk management, AI-driven opportunities, and tokenized gold innovation.