Antalpha reported third‑quarter 2025 revenue of $21.1 million, a 62% year‑over‑year increase that fell slightly short of the $21.68 million consensus estimate but was driven by a 60% jump in the total value of loans on its Prime platform, which rose to $2.357 billion from $1.476 billion a year earlier. The lift was largely powered by a 51% rise in margin‑loan TVL to $1.457 billion and a 76% increase in supply‑chain TVL to $900 million, reflecting strong demand for crypto‑collateralized financing.
The company’s Non‑GAAP earnings per share of $0.28 beat the $0.13 consensus by $0.15, a 115% over‑performance. The beat was driven by disciplined cost management and a favorable mix shift toward higher‑margin margin loans, which offset a modest increase in operating expenses. Adjusted EBITDA margin expanded to 40% from 14% a year earlier, but after excluding a $3.4 million unrealized fair‑value gain on Tether Gold and $1.1 million in other non‑operating income, the underlying margin was 19%, indicating that the headline expansion was partially driven by one‑time gains.
Management guided Q4 2025 revenue to $26‑$28 million, a 94‑109% year‑over‑year jump, and reiterated its focus on Bitcoin‑mining financing and new lending scenarios. The guidance signals confidence in sustained demand for crypto‑collateralized loans, while the company noted that the outlook remains subject to market volatility and regulatory uncertainty. In addition, Antalpha disclosed a $43 million investment in Aurelion (formerly Prestige Wealth), securing a 32% equity stake and 73% voting rights, with consolidation expected after closing. The move expands Antalpha’s footprint into real‑world assets and positions it to capture growth in the emerging RWA market.
CFO Paul Liang highlighted that the company’s “scalability of the Prime lending platform” underpins the revenue growth and margin expansion, and that it is “investing in new lending scenarios to develop a second growth curve.” He also cautioned that the crypto market’s volatility remains a headwind, but that over‑collateralization and risk‑management practices help mitigate exposure. The company’s strategic partnership with Tether to launch an RWA hub further diversifies its product offering and supports long‑term growth.
Analysts noted the EPS beat as the primary driver of the positive market reaction, with the stock rising over 6% in pre‑market trading. The consensus estimate for revenue was $21.68 million, so the modest miss was largely eclipsed by the strong profitability, underscoring investor focus on earnings quality over headline revenue figures.
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