On Tuesday, Antalpha Platform Holding (NASDAQ:ANTA) discussed first-quarter financial results during its earnings call. The full transcript is provided below.
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Summary
Antalpha Platform Holding Co reported a 52% year-over-year revenue growth for Q1 2026, highlighting strong business execution amid challenging market conditions.
The company emphasized its risk management approach, maintaining zero principal loss and managing substantial loan repayments, notably from Cango Inc.
Antalpha launched strategic growth initiatives including a Web3AI agent (Nina) and transitioning tokenized gold holdings into yield-generating deployments.
Total loan value decreased slightly due to repayments, but the company expects demand for crypto-collateralized financing to support loan book growth.
Financial performance included a 32% GAAP operating margin; however, operating expenses rose by 102% year-over-year due to restructuring and compensation costs.
The company provided a revenue guidance of $11 million to $13 million for Q2 2026, reflecting a reduction in the loan base from one-time repayments.
Management remains optimistic about strategic opportunities in the Web3 and AI sectors, particularly targeting the Asia-Pacific region.
Full Transcript
OPERATOR
Good day and thank you for standing by. Welcome to Antalpha Platform Holding Co’s first quarter 2026 earnings conference call. Today’s call is being recorded. All participants are now in a listen-only mode. After management’s prepared remarks, there will be a question and answer session. I would now like to turn the call over to Chris Mamoni, Managing Director of the Blue Shirt Group and Representative for Antalpha Platform Holding Co’s Investor Relations team. Mr. Mamoni, please go ahead.
Chris Mamoni (Managing Director of the Blue Shirt Group and Representative for Antalfa’s Investor Relations team)
Thank you Operator. Welcome to everyone participating in this call. Joining me today is Paul Yang, Antalpha Platform Holding Co’s Chief Financial Officer. Please note the following first, all year over year comparisons in today’s call are for Q1 2026 versus Q1 2025 unless otherwise stated. Second, consolidated financial statements including Aurelian began from Q4 2025. As such, Q1 2025 comparative figures reflect Antalpha Platform Holding Co’s standalone results. Third, our remarks today will include forward looking statements based on current expectations. These statements involve risks and uncertainties that could cause actual results to differ materially. For discussion of these risks, please refer to Antalpha Platform Holding Co’s filings with the SEC. We do not undertake any obligation to update forward looking statements except as required by law. This call also contains references to unaudited non-GAAP financial measures. Reconciliations to the most comparable GAAP measures can be found in our press release and SEC filings. Now I’ll turn the call over to Paul Yang who will provide the Q1 operating and strategic overview as well as the financial highlights and outlook. Paul, please go ahead.
Paul Yang (Chief Financial Officer)
Thanks Chris Good day everyone. Thank you again for joining us. I’m Paul Yang, CFO of Antalpha. Let me start with a brief framing of the quarter. Q1 2026 was a period of solid execution and business development for N Alpha amid a dynamic and challenging market backdrop for the crypto ecosystem. We delivered 52% year over year revenue growth and maintained our record of zero principle loss. At the same time, our loan book saw a one time reduction driven by substantial repayments from certain large borrowers which notably Cango Inc. I will address this in detail, but the key point is all borrowers repay with no loss of principle and we view it as a strong reflection of our borrowers overall financial health and the soundness of our credit model. Finally, we also want two important strategic growth initiatives, the beta launch of our Web3AI agent and the transition of our tokenization gold holdings into yield generating deployment. I want to provide some extra context on the Kengo repayment before moving to the loan book. On the large borrower can go repayment. I want to provide some extra context here before the financial results section. During the first quarter and into early quarter two, Cango Inc. A NASDAQ listed Bitcoin miner, has repaid approximately 530 million US dollar of its outstanding loan balance. This represents over 95% of Cango’s outstanding balance as of December 31st of 2025. Cango funded the repayment through a combination of publicly disclosed Bitcoin, asset sales and equity transactions. This is the type of positive outcome that our credit model is designed to produce, so we were pleased with how it all played out in practice. I will now cover our loan book update and risk management activities followed by our strategic initiatives, then walk through the rest of the financials and close with our Q2 outlook. Antalpha’s operating philosophy is a risk management first philosophy. We have been consistent in this approach since our inception and it’s central to how we manage the platform in Q1. Bitcoin prices were under considerable pressure in Q1, declining approximately 40% from their October 2025 peak. In this familiar environment, our approach was deliberate. We maintain active dialogue with every client to review market conditions, stress test positions and discuss their options as we do in our daily operation, especially every period of price volatility. We did not simply wait for the market to move, we engaged proactively. Our over collateralization model continue to underpin the long ball we require over collapse. Collateralization at origination and Bitcoin mined by client is deposited directly into our wallet, allowing the collateral pool to build continuously. The result of this approach is a proven track record. We are proud to stand behind. As of March 31, 2026, N Alpha has recorded no loss of principle since the inception of the company and it is the direct outcome of the prioritization of risk management above all else amidst every market bad job. Before reviewing our loan book matrix, let me provide some broader market context. We just discussed the devaluation of Bitcoin versus the October 2025 which created a more cautious environment for new loan deployment and broader activity. While the near term sentiment for digital assets has been softer and the long term demand backdrop remains constructive. Spot Bitcoin ETF assets under management stood at approximately 102 billion US dollar as of mid May 2026, reflecting continued institutional participation in the asset class. Historically, periods of price softness have been also coincide with increased interest in machine upgrade financing as miners began positioning for the next cycle. We expect this dynamic to once again support the long demand as market conditions stabilize. With that context, let me walk through the loan book metrics and in detail starting with TVL per-client, which I think it gives a clear picture of the underlying business TVL per-client increased 36% year-over-year reflecting growth in average loan size across the client base and the continual deepening of our client relationships. This growth stems from our proactive strategy to prioritize lower risk consumers ensuring a higher quality portfolio. Total value of loans were 1.6 billion as of March 36, 2026 and was down 3% year-over-year. This change reflects three factors. First, more measured new loan deployment in a weaker bitcoin price environment. Second, substantial one time loan repayment from two large borrowers, mostly from Cango, which we mentioned earlier, which repay approximately 526 million during the first quarter of 2026 for a modest reduction of approximately 3% in the remaining portion on a sequential basis. It is worth re emphasizing that we have never had a credit loss, we have never had a loss on principal across the entire loan book and we enter the recovery phase of the cycle with a well protected portfolio. As market conditions stabilize, we are positioned to redeploy capital and grow the loan book. Hash rate loans finance approximately 34.2 exahash of hashrate capacity as of March 31, 2026 representing approximately 3.3% of global hash rate. This compares to 81.3 EH as of December 31, 2025. The decrease was mainly attributable to Cango’s repayment as Cancoast facilities were predominantly hash rate backed loans. In summary, the overall health of our loan …
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