ANTA

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributed the 28% year-over-year revenue decline to a more measured financing environment where customers prioritized liquidity management and operational efficiency over new borrowing. The company maintained a record of zero principal loss since inception by remaining highly selective in capital deployment and adhering to strict underwriting standards despite moderating loan volumes. Antalpha Prime improved its net fee margin by approximately 10 basis points year-over-year, driven primarily by improved pricing within the margin loan business and stable funding costs. The reported GAAP operating loss of $25.1 million was heavily impacted by $22.3 million in unrealized fair value losses on tokenized gold (XAUt) holdings within the Aurelion business. Management emphasized that Antalpha Prime remained profitable on a stand-alone basis, serving as a resilient foundation while the company explores growth in Web3 AI and digital gold. The Nina Web3 AI initiative reached several thousand registered users, with management focusing on validating product-market fit and user engagement rather than immediate commercialization. Q3 2026 revenue guidance of $10 million to $12 million assumes a continued muted financing environment and a disciplined approach to new loan originations. Management intends to prioritize risk-adjusted returns over total value facilitated (TVL) growth, stating they will not expand the balance sheet simply for short-term revenue gains. The company expects tokenized gold to play an increasingly important role as institutional adoption broadens, viewing current price volatility as short-term accounting noise rather than a change in long-term value. Future loan book growth is contingent on market stability, collateral quality, and improved borrower confidence rather than specific Bitcoin price targets. Strategic focus for the Nina AI platform remains on improving user retention and expanding functionality to help users analyze decentralized applications and market trends. The consolidation of Aurelion, which began in Q4 2025, introduced significant earnings volatility due to the mark-to-market accounting of digital gold assets. Aurelion's net asset value stood at $91.9 million as of June 30, with management noting that XAUt prices have already recovered significantly since the quarter-end reporting date. The repayment of the Cango facility in Q1 2026 created a difficult year-over-year comparison, accounting for a significant portion of the reported revenue decline. Hash rate financing reached 30.9 exahash, representing approximately 3.1% of the global Bitcoin network, providing a diversified collateral base for the lending portfolio. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that earnings from XAUE are recorded in the non-operating section of the P&L rather than as lending revenue. While the yield was not significant this quarter, it represents a strategic shift from passive holding to active utilization of tokenized gold assets. Management declined to provide a specific Bitcoin price target for a lending recovery, noting that borrower profitability depends on individual factors like electricity costs and hardware efficiency. They observed that while some customers remain profitable at current prices, both the company and its clients are maintaining a conservative stance on new financing. The platform is in an early validation stage, with users currently engaging most with daily market trends and economic-related queries. The near-term road map focuses on improving the user experience for Web3-native interactions before pursuing aggressive commercialization. Risk management relies on a combination of over-collateralization, active management, and the use of controlled wallets for mined Bitcoin deposits. Management stated the current constraint on growth is a lack of opportunities meeting their risk-adjusted return thresholds, not a lack of available capital.

Interested in Antalpha Platform Holding Company? Here are five stocks we like better. Second-quarter revenue fell 28% year over year to $12.2 million as digital-asset financing activity moderated. Loan balances declined to $1.35 billion, and Antalpha forecast third-quarter revenue of $10 million to $12 million while maintaining selective underwriting. Antalpha reported a $12.5 million net loss, driven largely by unrealized fair-value losses on tokenized-gold holdings, including XAUT and XAUE. Excluding those valuation effects, adjusted EBITDA loss was $1.2 million, and the company maintained its record of zero principal losses since inception. The company expanded its Nina Web3 artificial-intelligence product to iOS and Android, reaching several thousand registered users, but said it remains focused on improving engagement and functionality before pursuing broader commercialization. Antalpha Platform (NASDAQ:ANTA) reported second-quarter revenue of $12.2 million, down 28% from $17 million a year earlier, as the company cited a more measured financing environment across the digital-asset sector and continued to emphasize selective capital deployment. Chief Financial Officer Paul Liang said the company prioritized portfolio quality, underwriting discipline and long-term risk-adjusted returns rather than loan growth during the quarter. Antalpha maintained its record of zero principal loss since inception, which Liang attributed to underwriting standards, active collateral management and broader risk-management processes. → Looking Beyond CrowdStrike? 3 AI Security Stocks Stand Out The company noted that comparisons with the prior-year period are affected by its consolidation of Aurelion, which began in the fourth quarter of 2025. Second-quarter 2025 figures reflect Antalpha's standalone results. Technology financing fees totaled $7.7 million, down 40% year over year, reflecting lower financing activity and average loan balances. Technology platform fees rose 10% to $4.5 million, driven primarily by improved pricing in Antalpha's margin-loan business. → 3 Robotics Stocks Under $10: Value, Momentum, or Bet? Excluding contributions from the Cango facility, which was almost fully repaid during the first quarter of 2026, revenue declined 15% year over year, Liang said. The total value of loans facilitated stood at $1.35 billion as of June 30, down from $1.61 billion at the end of the first quarter. Hash-rate financing reached about 30.9 exahash, representing approximately 3.1% of global Bitcoin network hash rate at quarter-end. → Michael Burry Is Betting Against Palantir Again—Should Investors Care? Funding costs were 69% of technology financing fee revenue, compared with 67% a year earlier. Liang said net fee margin improved by about 10 basis points year over year, primarily due to improved margin-loan pricing, while funding costs remained broadly stable. During the question-and-answer session, Liang said Antalpha does not have a specific Bitcoin price threshold that would trigger stronger loan demand. He said the company and its customers remain conservative, though higher trading volumes and Bitcoin prices could lead to increased financing activity. Liang also said the cost of mining varies among customers based on factors including mining equipment, electricity prices and site location. Some clients remain profitable at current Bitcoin prices, he said. GAAP operating loss was $25.1 million, compared with an operating loss of $0.5 million in the prior-year quarter. Operating expenses excluding fair-value losses on crypto assets were $15 million, down 14% year over year. Those expenses included $5.3 million in funding costs and about $1.3 million in non-cash equity-based compensation. Net loss attributable to Antalpha was $12.5 million, compared with net income of $0.7 million in the second quarter of 2025. Adjusted EBITDA loss was $27.4 million, including approximately $26.2 million of unrealized losses tied to XAUT and XAUE holdings. Excluding those fair-value movements, adjusted EBITDA loss was $1.2 million. Liang said Antalpha Prime, the company's flagship financing platform, generated $12.2 million in standalone revenue and remained profitable on a standalone GAAP basis. Prime's adjusted EBITDA loss of $3.3 million included a $3.9 million fair-value loss related to XAUE holdings. Excluding that loss, Prime generated adjusted EBITDA of $0.6 million, compared with $4 million in the prior-year period. Aurelion contributed approximately $24.4 million of operating loss, primarily due to a $22.3 million fair-value loss on XAUT holdings. Liang said XAUT's price declined from about $4,667 per unit at the start of the quarter to about $3,996 at quarter-end, before recovering to more than $4,300 as of Aug. 18. As of June 13, Aurelion's net asset value was approximately $91.9 million, reflecting $134.7 million in digital assets and cash, including 33,318 units of XAUT and XAUE, net of $42.8 million in debt. Based on Antalpha's 32% economic interest, Aurelion represented about $29 million of attributable net asset value. During the quarter, Aurelion completed a subscription of XAUE using 8,000 units of XAUT, which were staked into the protocol. Liang said yield generated from XAUE is recorded in the non-operating portion of Antalpha's financial statements rather than as revenue. He characterized the yield as not significant during the quarter but said it marked an initial step toward generating returns from the holdings. Antalpha also said it advanced Nina, its Web3 artificial-intelligence initiative, through product enhancements and publicly available iOS and Android applications. Nina has reached several thousand registered users across its website and mobile applications, with a majority completing at least one core product interaction. Liang said the product remains in an early stage, with the company focused on improving usefulness, engagement, retention and functionality before further commercialization. Users have asked Nina about Bitcoin-price trends, economic topics and applications gaining traction, he said. Antalpha forecast third-quarter revenue of between $10 million and $12 million. Liang said the company expects to remain selective in originating loans, with the principal constraint being the availability of opportunities that meet its risk-adjusted return thresholds rather than access to capital. The company said it expects the pace of lending recovery to depend on market stability, collateral quality, pricing and borrower confidence. “We are not to review a TVL simply for the sake of balance sheet or revenue growth for the next quarter,” Liang said, referring to the company's long-term approach to risk management and capital deployment. Antalpha provides financing, technology and risk management solutions to the digital asset industry. As the primary lending partner for Bitmain, we are a provider of supply chain financing solutions to institutional and corporate participants in the Bitcoin mining industry, offering loans secured by Bitcoin and Bitcoin mining machines. We have developed a technology platform, Antalpha Prime, which enables our customers to apply for and manage their digital asset loans while allowing us to closely monitor collateral positions. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Antalpha Platform Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Total Revenue: $12.2 million, down 28% year-over-year from $17 million in Q2 2025. Revenue Excluding Cango Facility: Declined 15% year-over-year, reflecting lower average loan balances. Technology Financing Fees: $7.7 million, down 40% year-over-year. Technology Platform Fees: $4.5 million, up 10% year-over-year, driven by improved pricing in margin loan business. Total Value of Loans Facilitated: $1.35 billion as of June 30, compared with $1.61 billion at the end of Q1. Hash Rate Financing: Approximately 30.9 exahash, representing about 3.1% of global Bitcoin network hash rate. Funding Costs: Broadly stable at 69% of technology financing fee, compared with 67% in Q2 2025. Net Fee Margin: Improved by approximately 10 basis points year-over-year. Operating Expenses (Excluding Fair Value Loss on Crypto Assets): $15 million, down 14% year-over-year. GAAP Operating Loss: $25.1 million, compared with operating loss of $0.5 million in the prior year period. Non-GAAP Operating Loss: $23.8 million. Net Loss Attributed to Antalpha: $12.5 million, compared with net income of $0.7 million in Q2 2025. Adjusted EBITDA Loss: $27.4 million, including approximately $26.2 million in unrealized loss related to XAUT and XAUE holdings. Excluding these, adjusted EBITDA loss was $1.2 million. Antalpha Prime Standalone Revenue: $12.2 million, operating profitably on a standalone GAAP basis. Prime Adjusted EBITDA: Loss of $3.3 million, including a $3.9 million fair value loss on XAUE holdings. Adjusted for this, Prime generated $0.6 million of adjusted EBITDA, representing a 5% margin. Aurelion Operating Loss: Approximately $24.4 million, primarily reflecting a $22.3 million fair value loss as XAUT price declined from $4,667 to $3,996 per unit during the quarter. Aurelion Net Asset Value: Approximately $91.9 million as of June 13, 2026, with $134.7 million in digital assets and cash, net of $42.8 million in debt. Q3 2026 Revenue Guidance: Expected between $10 million and $12 million. Warning! GuruFocus has detected 5 Warning Signs with ANTA. Is ANTA fairly valued? Test your thesis with our free DCF calculator. Release Date: August 19, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Maintained a record of zero principal loss since inception, demonstrating effective underwriting and risk management. Improved net fee margin by approximately 10 basis points year-over-year, driven by better pricing in the margin loan business. Technology platform fees increased 10% year-over-year, reflecting improved pricing and a solid revenue foundation. Nina, the Web3 AI business, reached several thousand registered users with majority completing core interactions, showing early engagement. Aurelion expanded capabilities in digital gold, with XAUT prices recovering above $4,300 as of August 18, reinforcing long-term confidence. Total revenue declined 28% year-over-year to $12.2 million, reflecting lower financing activity and average loan balances. Total value of loans facilitated decreased to $1.35 billion from $1.61 billion quarter-over-quarter, indicating muted demand. GAAP operating loss widened to $25.1 million from $0.5 million in the prior year, impacted by fair value losses on crypto assets. Aurelion contributed a $24.4 million operating loss, primarily due to a $22.3 million fair value loss as XAUT price declined. Adjusted EBITDA loss was $27.4 million, including $26.2 million in unrealized losses related to XAUT and XAUE holdings. Q: Can you outline your commercialization strategy for Nina, your Web3 AI agent, and what users are engaging with most so far? A: Paul Liang, CFO: Nina is still in the very early stage, and we are validating the product. Our current focus is to build a product users find useful, improving engagement and retention, and then expanding functionality. User interactions are quite broad, ranging from questions about Bitcoin price trends to hot applications and economic-related queries. We recommend downloading the app to see it firsthand. Our goal is to make it easier for Web3 users to access information and find interesting trends. It is still early, and we will continue to improve the product and user experience. Q: Can you walk us through your specific risk mitigation strategies for the crypto lending market and your outlook for the loan book? A: Paul Liang, CFO: We take a conservative approach to managing credit risk, combining careful underwriting, over-collateralization, active collateral management, and continual client engagement. For mining-related loans, collateral can be built over time, and the Bitcoin mined is deposited into controlled wallets, providing an additional layer of protection. We expect to remain selective in deploying capital, as the current constraint is finding opportunities that meet our risk-adjusted return threshold, not the availability of capital. We continue to see demand from existing and prospective customers, but conversion into new loans depends on market stability, collateral quality, and pricing. We are not looking to grow the loan book simply for the sake of balance sheet or revenue growth next quarter; this is a long-term business, and risk management is our first priority. Q: Do you mind providing a little more detail on the yield you are earning on the XAUE holdings, and is that yield reported as income in the P&L? A: Paul Liang, CFO: The earnings from XAUE are not recorded as revenue. The $12.2 million in revenue for the quarter is purely from the lending business. The yield is recorded in the non-operating part of the financial statements. While the yield generated this quarter is not significant, it is a meaningful first step for us to utilize the XAUE holdings rather than just holding them, and it is good to have some revenue coming in from that asset. Q: As you think about a recovery in Bitcoin and your lending book, is there a specific Bitcoin price level that needs to be reached for customers to get back to breakeven and start reinvesting? A: Paul Liang, CFO: I do not think I have a specific answer to that question. We have to monitor the market on a regular basis. At this point, we are quite conservative, and our customers are also conservative about engaging in more financing activities. However, we believe that if trading volume and the price of Bitcoin go up, financing activity will definitely become more active from our point of view. Q: Do you have any idea of what the average cost to mine is for your customer base? A: Paul Liang, CFO: It is very case-by-case. There are many factors, including the type of mining machine and electricity prices. It is difficult to give a broad answer. We do see some of our customers still generating profits at the current price, but it all depends on the location of the mining site, the electricity cost, and the specific models of mining machines they are using. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Inter & Co. Inc. (INTR) came out with quarterly earnings of $0.19 per share, beating the Zacks Consensus Estimate of $0.17 per share. This compares to earnings of $0.13 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +11.77%. A quarter ago, it was expected that this company would post earnings of $0.17 per share when it actually produced earnings of $0.17, delivering no surprise. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Inter & Co. Inc., which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $521.81 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.95%. This compares to year-ago revenues of $353.55 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Inter & Co. Inc. shares have lost about 32.8% since the beginning of the year versus the S&P 500's gain of 13%. While Inter & Co. Inc. has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Inter & Co. Inc. was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.16 on $534.02 million in revenues for the coming quarter and $0.77 on $2.12 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the bottom 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Antalpha Platform Holding Company (ANTA), is yet to report results for the quarter ended June 2026. This company is expected to post quarterly earnings of $0.08 per share in its upcoming report, which represents a year-over-year change of -27.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Antalpha Platform Holding Company's revenues are expected to be $16.2 million, down 4.8% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Inter & Co. Inc. (INTR) : Free Stock Analysis Report Antalpha Platform Holding Company (ANTA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

ChoiceOne Financial Services, Inc. (COFS) came out with quarterly earnings of $0.93 per share, beating the Zacks Consensus Estimate of $0.88 per share. This compares to earnings of $0.91 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +5.68%. A quarter ago, it was expected that this company would post earnings of $0.85 per share when it actually produced earnings of $0.91, delivering a surprise of +7.06%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. ChoiceOne Financial Services, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $41.64 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 3.4%. This compares to year-ago revenues of $42.83 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. ChoiceOne Financial Services shares have added about 14.1% since the beginning of the year versus the S&P 500's gain of 8.2%. While ChoiceOne Financial Services has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for ChoiceOne Financial Services was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.91 on $43.9 million in revenues for the coming quarter and $3.60 on $174.2 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the bottom 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Antalpha Platform Holding Company (ANTA), has yet to report results for the quarter ended June 2026. This company is expected to post quarterly earnings of $0.08 per share in its upcoming report, which represents a year-over-year change of -27.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Antalpha Platform Holding Company's revenues are expected to be $16.2 million, down 4.8% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ChoiceOne Financial Services, Inc. (COFS) : Free Stock Analysis Report Antalpha Platform Holding Company (ANTA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Antalpha Platform Holding Company? Here are five stocks we like better. Antalpha posted strong Q1 growth, with revenue up 52% year over year to $20.7 million and net income rising to $2.7 million. Management said the results reflected solid execution despite a challenging crypto market. The loan book shrank after a major borrower repayment, as Canaan repaid about $530 million of its outstanding balance, helping reinforce Antalpha’s credit-risk discipline. The company said it has still recorded no principal losses since inception. Profitability was boosted by XAUT gains and new tokenized gold activity, with Aurelion and Antalpha’s XAUT holdings contributing significant unrealized fair value gains. Antalpha also launched its Web3 AI agent Nina in beta and guided Q2 revenue of $11 million to $13 million, excluding the Canaan repayment. Antalpha Platform (NASDAQ:ANTA) reported higher first-quarter revenue and net income, while management said a large borrower repayment reduced the company’s loan book but reinforced its credit-risk approach. Chief Financial Officer Paul Gong said the quarter reflected “solid execution and business development” against a “dynamic and challenging market backdrop for the crypto ecosystem.” Total revenue rose 52% year over year to $20.7 million in the first quarter of 2026, while net income attributable to Antalpha increased to $2.7 million from $1.5 million a year earlier. → Why Applied Optoelectronics Stock May Be Near a Turning Point Gong emphasized that Antalpha maintained its record of no principal losses since inception. He said the company’s loan book declined in part because Canaan Inc., a Nasdaq-listed Bitcoin miner, repaid approximately $530 million of its outstanding loan balance during the first quarter and into early in the second quarter. That represented more than 95% of Canaan’s outstanding balance as of Dec. 31, 2025, according to Gong. Antalpha’s total value of loans was $1.6 billion as of March 31, down 3% year over year. Gong said the change reflected more cautious new loan deployment amid weaker Bitcoin prices, the one-time repayment by two large borrowers led by Canaan, and a modest sequential reduction in the remaining portfolio. → The Pentagon's AI Pivot Supercharges Defense Stocks Canaan funded its repayment through publicly disclosed Bitcoin asset sales and equity transactions, Gong said. He described the repayment as a positive outcome for Antalpha’s credit model, noting that borrowers repaid with no principal loss. The company said Bitcoin prices declined approximately 40% from their October 2025 peak, creating a more cautious environment for new loan deployment and borrower activity. Gong said Antalpha maintained active dialogue with clients, stress-tested positions and continued to rely on overcollateralization. Bitcoin mined by clients is deposited directly into Antalpha wallets, allowing collateral to build continuously, he said. → Is Everspin Technologies the Next AI Edge Breakout? TVL per client increased 36% year over year, which Gong attributed to larger average loan sizes and deeper client relationships. Hash rate loans financed about 44.2 exahash of hash rate capacity as of March 31, representing roughly 3.3% of global hash rate, down from 81.3 exahash at Dec. 31, 2025. Gong said the decline was mainly tied to Canaan’s repayment because its facilities were predominantly hash rate-backed loans. Antalpha reported that technology financing fees on supply chain loans rose 49% year over year, driven by strength in the hash rate loan portfolio. Technology platform fees on margin loans increased 62% to $5.7 million, reflecting what Gong called healthy take rates and continued use of margin loan facilities. Total operating expenses, excluding unrealized gains on crypto assets, were $25 million, up 102% year over year. That included $10.4 million in funding costs, approximately $3.3 million in one-time restructuring charges and about $1.3 million in non-cash equity-based compensation. Excluding the restructuring and equity compensation items, non-GAAP operating expenses were $20.4 million. GAAP operating income was $6.6 million, representing a 32% operating margin. Gong said that result primarily reflected a $10.9 million unrealized fair value gain from XAUT holdings. Non-GAAP operating income was $11.2 million, representing a 54% margin. Adjusted EBITDA was $13.3 million, or a 64% margin, compared with an 18% margin in the prior-year period. Gong said adjusted EBITDA included approximately $12.9 million in unrealized gains on XAUT holdings. Excluding XAUT-related gains, adjusted EBITDA was approximately $0.4 million, with a margin of about 2%. Gong separated the results of Antalpha Prime, the company’s core lending platform, from Aurelion, which began being consolidated in the fourth quarter of 2025. Antalpha Prime generated standalone revenue of $20.7 million, up 52% year over year, and standalone adjusted EBITDA of $4.4 million, up from $2.5 million in the prior-year quarter. Standalone GAAP operating loss for Antalpha Prime was $2.3 million, including restructuring charges and non-cash equity compensation. Excluding those charges, Gong said standalone operating income was about $1.9 million, compared with $1.5 million a year earlier. Aurelion contributed the remaining $9.3 million of consolidated operating income, driven entirely by XAUT fair value gains, Gong said. As of March 31, Aurelion’s net asset value was $116.4 million, or $3.16 per share, reflecting 33,318 units of XAUT valued at $4,667 per unit, net of $41.2 million in debt. Antalpha also advanced its tokenized gold strategy. Gong said the company held 39,371 units of XAUT as of March 31 and recognized $12.9 million in unrealized fair value gains in the quarter. In April, Antalpha committed 6,052 units of XAUT to the XAUE yield protocol, while Aurelion separately committed 10,000 units. In response to an analyst question, Gong said expected yield is currently estimated at roughly 1% to 2%. In May, Antalpha launched Nina, a Web3 AI agent, in public beta. Gong said Nina is built on the company’s in-house Model Context Protocol framework and is intended to make AI and Web3 easier for users to engage with. During the question-and-answer session, Gong said Web3 user experience remains fragmented, with users often needing to move across multiple wallets, protocols, data sources and analytical tools. Nina is designed to provide a natural language interface for accessing Web3 information and services, he said. Gong said monetization is not the immediate priority. The company’s first focus is to improve Nina’s functionality and understand user needs before discussing revenue opportunities. For the second quarter of 2026, Antalpha expects revenue of $11 million to $13 million, excluding the impact of the Canaan repayment. Gong said the expected year-over-year decline of 7% to 22% is mainly due to the reduced interest-bearing loan base after the one-time repayment received in early 2026. The company expects net fee margin and operating margin to remain broadly stable quarter over quarter. Gong said new loan deployment was limited from February through April because of market conditions, but Antalpha remains engaged with existing and prospective clients. Asked about potential regulatory clarity for digital assets, Gong said he does not currently expect a significant direct impact on Antalpha because the company operates at an infrastructure level by providing financing to miners. However, he said clearer regulation could help the broader ecosystem and benefit Antalpha at a broader level. Antalpha provides financing, technology and risk management solutions to the digital asset industry. As the primary lending partner for Bitmain, we are a provider of supply chain financing solutions to institutional and corporate participants in the Bitcoin mining industry, offering loans secured by Bitcoin and Bitcoin mining machines. We have developed a technology platform, Antalpha Prime, which enables our customers to apply for and manage their digital asset loans while allowing us to closely monitor collateral positions. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Antalpha Platform Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

This article first appeared on GuruFocus. Revenue: $20.7 million in Q1 2026, up 52% year-over-year. Technology Financing Fees: $15 million, up 49% year-over-year. Technology Platform Fees: $5.7 million, up 62% year-over-year. Net Fee Margin: Increased by 21 basis points year-over-year. Total Operating Expense: $25 million in Q1, up 102% year-over-year. GAAP Operating Income: $6.6 million, with an operating margin of 32%. Non-GAAP Operating Income: $11.2 million, with a non-GAAP operating margin of 54%. Net Income: $2.7 million in Q1 2026, compared to $1.5 million in Q1 2025. Adjusted EBITDA: $13.3 million, with an adjusted EBITDA margin of 64%. Total Value of Loans: $1.7 billion as of March 2026, down 3% year-over-year. Hash Rate Loans: Financed approximately 34.2 exahash of hash rate capacity as of March 31, 2026. Loan Repayment: Cango Inc. repaid approximately $530 million of its outstanding loan balance. Operating Expense Excluding Unrealized Gains: $20.4 million. Funding Costs: $10.4 million, 79% of technology financing fee on supply chain loans. Unrealized Fair Value Gains: $12.9 million on XAuT holdings. Standalone Revenue for Antalpha Prime: $20.7 million, up 52% year-over-year. Standalone Adjusted EBITDA for Antalpha Prime: $4.4 million, a 77% improvement from Q1 last year. Aurelion's NAV: $116.4 million as of March 31, 2026. Q2 2026 Revenue Outlook: Expected between $11 million and $13 million. Warning! GuruFocus has detected 6 Warning Signs with ANTA. Is ANTA fairly valued? Test your thesis with our free DCF calculator. Release Date: May 19, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Antalpha Platform Holding Co (NASDAQ:ANTA) achieved a 52% year-over-year revenue growth in Q1 2026. The company maintained a record of zero principal loss, showcasing strong risk management practices. Antalpha successfully launched two strategic growth initiatives: the beta launch of their Web3 AI agent and the transition of tokenized gold holdings into yield-generating deployment. TVL per client increased by 36% year-over-year, indicating growth in average loan size and deepening client relationships. The company reported a non-GAAP operating income of $11.2 million, representing a non-GAAP operating margin of 54%. Antalpha's loan book saw a one-time reduction due to substantial repayments from large borrowers, notably Cango Inc. Bitcoin prices declined approximately 40% from their October 2025 peak, creating a cautious environment for new loan deployment. Total operating expenses, excluding unrealized gains of crypto assets, increased by 102% year-over-year. The supply chain loan net fee margin saw a modest year-over-year decrease due to a higher proportion of lower-rate hashrate loans. The company expects a year-over-year revenue decline of 7% to 22% in Q2 2026, excluding the impact of the Cango repayment. Q: Can you help us unpack the Web3 AI agent, Nina, and explain its role in your AI strategy? Is it more of a user acquisition tool or a foundational piece for future AI revenue streams? A: Nina is designed to bridge the gap in user experience by providing a natural language interface to access Web3 information and services. It aims to lower the barrier for Web3 participation and support broader adoption. Currently, revenue generation is not the priority; instead, the focus is on understanding user needs and accumulating a meaningful user base. (Paul Liang, CFO) Q: What differentiates Nina from other Web3 AI agents? A: Unlike generic AI agents, Nina is specifically designed for Web3 users, providing a simpler and more integrated experience. Antalpha's deep industry knowledge and operational experience give it a strong foundation to build a differentiated AI product for Web3. (Paul Liang, CFO) Q: How are you thinking about the opportunity for Antalpha if digital asset rules become clearer with the Clarity Act? A: While the Clarity Act may not significantly impact Antalpha directly, clearer regulations will benefit the broader ecosystem, potentially aiding Antalpha's growth indirectly. (Paul Liang, CFO) Q: Did the entire $500 million Cango loan get paid off in the first quarter, or was some of it in the early second quarter? A: Most of the Cango loan repayment occurred in the first quarter, with only a small portion repaid in April, the second quarter. (Paul Liang, CFO) Q: Can you provide more details on how the XAuT tokens are generating yields and the expected yield? A: The XAuT tokens are involved in conservative investment opportunities, with an expected yield of approximately 1% to 2%. This marks a step forward from merely holding XAuT in the past. (Paul Liang, CFO) Q: Do you expect any other significant loan repayments besides Cango? A: Currently, the loan balance is around $30 million, and no significant repayments are anticipated. However, any future repayments would not have a significant impact. (Paul Liang, CFO) Q: Could you elaborate on the initiative in the Asia Pacific regarding blockchain operators? A: The question was not fully addressed, but it likely pertains to the Web3 AI agent initiative, which is a significant focus for Antalpha in the region. (Paul Liang, CFO) For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Antalpha Platform Holding Company (ANTA) came out with quarterly earnings of $0.1 per share, beating the Zacks Consensus Estimate of $0.08 per share. This compares to earnings of $0.09 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +25.00%. A quarter ago, it was expected that this company would post earnings of $0.21 per share when it actually produced earnings of $0.35, delivering a surprise of +66.67%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Antalpha Platform Holding Company, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $20.72 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 4.06%. This compares to year-ago revenues of $13.6 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Antalpha Platform Holding Company shares have lost about 2.3% since the beginning of the year versus the S&P 500's gain of 8.1%. While Antalpha Platform Holding Company has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Antalpha Platform Holding Company was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.15 on $22.4 million in revenues for the coming quarter and $0.61 on $94.5 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the top 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, BitFuFu Inc. (FUFU), has yet to report results for the quarter ended March 2026. This company is expected to post quarterly earnings of $0.03 per share in its upcoming report, which represents a year-over-year change of +130%. The consensus EPS estimate for the quarter has been revised 109.5% higher over the last 30 days to the current level. BitFuFu Inc.'s revenues are expected to be $93.35 million, up 19.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Antalpha Platform Holding Company (ANTA) : Free Stock Analysis Report BitFuFu Inc. (FUFU) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Strong profitability and revenue growth: Q4 revenue was $28 million (up 110% YoY) and full-year revenue was $80 million (up 68% YoY), while Q4 adjusted EBITDA surged to $18.4 million (up 802% YoY) with a 66% margin, achieved despite a 23% Bitcoin price decline in the quarter. Loan book expansion with healthy credit metrics: Total value loans on Antalpha Prime reached $2.8 billion (up 59% YoY) with $3.7 billion of Bitcoin pledged, a supply-chain loan LTV of 57%, no Q4 write-offs, and loan balance per client up 43%. Tokenized-gold strategy and Aurelion tie-in: Antalpha completed the Aurelion acquisition (closing Oct. 10) and has materially increased exposure to Tether Gold (including a ~$134 million purchase), recording total unrealized Tether Gold gains of $16.6 million and exploring XAUt-collateralized loan products. Interested in Antalpha Platform Holding Company? Here are five stocks we like better. Antalpha Platform (NASDAQ:ANTA) reported what management described as a “strong fourth quarter” to close out fiscal 2025, highlighting rapid revenue growth, expansion of its loan book, and a sharp increase in profitability metrics despite a decline in Bitcoin prices during the quarter. On the company’s fourth-quarter and full-year 2025 earnings call, Head of Strategy Herman Yu said revenue growth accelerated in each quarter of 2025, culminating in fourth-quarter revenue of $28 million, up 110% year-over-year. For the full year, Antalpha reported revenue of $80 million, up 68% year-over-year. → Defense Stocks Are Soaring—AeroVironment's Earnings Could Close the Gap Yu emphasized that the company’s performance held up in the face of market volatility, noting that Bitcoin prices declined 23% in the fourth quarter while Antalpha’s revenue “remained resilient.” Antalpha’s lending activity continued to expand. Management said total value loan on Antalpha Prime reached $2.8 billion at the end of 2025, up 59% year-over-year, with Bitcoin pledged on the total loan book totaling $3.7 billion. The loan-to-value (LTV) on supply chain loans was 57% at year-end, which Yu said reflected a disciplined approach to underwriting and collateral management. → IonQ in Rebound Mode: Buy the Thesis, Respect the Risk Additional operating metrics discussed on the call included loan balance per client growth of 43% and new client additions up 12% year-over-year. At the end of December, clients generated 81.3 EH/s, which management said represented about 7.3% of global hash rate. Antalpha reported a significant increase in adjusted EBITDA. Yu said fourth-quarter adjusted EBITDA was $18.4 million, up 802% year-over-year, with adjusted EBITDA margin at 66%, up 51 percentage points from the prior year period. For full-year 2025, adjusted EBITDA was $33.2 million, up 460% year-over-year, and adjusted EBITDA margin was 42%, up 30 percentage points. → Super Micro: Why the Shadow of NVIDIA Is a Profitable Place to Be Yu positioned the company as a “crypto-native financing platform with tokenized gold upside,” arguing that incorporating tokenized gold into its strategy could improve balance sheet resilience and diversify funding sources. Chief financial officer Paul Liang broke results into three views: consolidated Antalpha, Antalpha Prime (the legacy business prior to the Aurelion acquisition), and Aurelion. Liang said the company closed its acquisition of Aurelion and its associated $100 million PIPE financing on Oct. 10, and that Antalpha obtained 73% of Aurelion’s share voting rights. The company began consolidating Aurelion’s operating results after the close. For Antalpha Prime, Liang said fourth-quarter revenue was $28 million, reaching the high end of guidance and growing 110% year-over-year. He said the quarter’s revenue was entirely organic, with “no contribution from Aurelion.” Tech financing fees (supply chain loans): $18.5 million, up 79% year-over-year, driven by strengthening hash rate loans. Tech platform fees (margin loans): $6 million, up 98% year-over-year. Other revenue: $3.5 million, which Liang said was mainly related to “pirate loans” that did not exist in prior years. Liang said total net fee margin increased 25 basis points year-over-year, driven by margin loan improvements, with margin loan net fee margin increasing 30 basis points year-over-year to 1.49. For supply chain loans, he noted that funding costs increased slightly faster than revenue growth due to the redeployment of $40 million as part of the company’s investment in the Aurelion PIPE. Non-GAAP operating expenses for Antalpha Prime (excluding funding costs) were $8.5 million, up 45% year-over-year, which Liang said grew slower than revenue and reflected operating leverage. He added that tech and development expenses increased 32% and G&A increased 35% year-over-year, while sales and marketing rose 121% year-over-year (up $1.6 million), primarily tied to industrial event sponsorships and, to a lesser extent, personnel expenses. Prime adjusted EBITDA was $9 million, compared to $2 million in the prior year period, with an adjusted margin of 32% versus 15% last year. Liang noted that Prime adjusted EBITDA included a $3 million unrealized gain on Tether Gold. For Aurelion, Liang said the business did not generate revenue in the fourth quarter, but posted adjusted EBITDA of $9.4 million, which included $10.4 million in unrealized gains on Tether Gold. Liang also discussed Aurelion’s net asset value, stating it was $106.8 million as of Dec. 31, excluding gold appreciation after year-end. He said Antalpha’s 32% economic interest in Aurelion would be worth approximately $34 million. Yu and Liang both highlighted Tether Gold (XAUt) as a strategic component of Antalpha’s roadmap. Yu said the company initially acquired $20 million in Tether Gold, and later “anchored” Aurelion’s $100 million PIPE and purchased $134 million in Tether Gold, which he said strengthened the balance sheet while providing upside from gold appreciation. As of year-end, Yu said total accumulated unrealized gain on Tether Gold was $16.6 million, with $9.5 million attributed to Antalpha. Yu also said that year-to-date gold prices were up another 22% as of “last Friday.” Yu said that starting in the fourth quarter, a client could purchase XAUt from Antalpha and redeem London Good Delivery in Singapore and Hong Kong. He added that the company was evaluating offering XAUt-collateralized loans to clients for resilience and diversification, citing gold’s lower correlation with Bitcoin and lower volatility. For first-quarter 2026, Antalpha guided for revenue of $20 million to $23 million, representing 47% to 69% year-over-year growth, assuming market conditions remain consistent through the quarter. In Q&A, management addressed why guidance stepped down sequentially from $28 million in Q4. Yu said the $3.5 million “other revenue” from pilot “pirate loans” in Q4 would not recur in Q1, bringing an implied run-rate closer to the mid-$20 million range. He added that the remaining gap in guidance reflects the possibility of some loans retiring early as the company discusses options with clients amid market uncertainty. Asked about loan book performance, Liang said there were no write-offs in the fourth quarter. He said the company calculates provisions under CECL, describing it as a normal practice. Yu pointed again to the 57% LTV as “pretty healthy,” and said the company had not seen major issues with bad-debt write-offs so far, while noting conditions remain fluid. Yu also fielded questions about AI and potential financing opportunities, describing interest in both financing inference compute and the use of AI agents to reduce administrative costs in lending workflows. He said the company plans to align operations to become more “AI-driven,” but did not provide specific KPIs or timelines for an AI lending revenue line. On capital returns, Yu said Antalpha had announced a share buyback “a while back” and is watching the market to act opportunistically, given stock volatility. Antalpha provides financing, technology and risk management solutions to the digital asset industry. As the primary lending partner for Bitmain, we are a provider of supply chain financing solutions to institutional and corporate participants in the Bitcoin mining industry, offering loans secured by Bitcoin and Bitcoin mining machines. We have developed a technology platform, Antalpha Prime, which enables our customers to apply for and manage their digital asset loans while allowing us to closely monitor collateral positions. The article "Antalpha Platform Q4 Earnings Call Highlights" was originally published by MarketBeat.