앤트알파(ANTA) 2026년 2분기 실적 발표회: 금 평가 손실 부담으로 매출 감소

핵심 요약

• 2026년 2분기 매출은 전년 동기 대비 28% 감소한 1,220만 달러를 기록했습니다. 상환이 거의 완료된 칸고(Cango) 신용 공여를 전년 동기 비교에서 제외하면, 평균 대출 잔액 감소로 인해 매출은 15% 감소했습니다.
• 기술 금융 수수료는 40% 감소한 770만 달러를 기록한 반면, 기술 플랫폼 수수료는 마진 대출 가격 개선에 힘입어 10% 증가한 450만 달러를 기록했습니다.
• 앤트알파 귀속 순손실은 1,250만 달러로, 전년 동기의 70만 달러 순이익 대비 적자 전환했습니다. 조정 EBITDA 손실은 XAUt 및 XAUE 보유 관련 미실현 손실 2,620만 달러를 포함해 2,740만 달러를 기록했습니다.
• XAUt 및 XAUE 공정가치 변동을 제외한 조정 EBITDA 손실은 120만 달러였습니다. 앤트알파 프라임은 별도 GAAP 기준 흑자를 유지했으며, 설립 이후 원금 손실 제로(0) 기록을 이어갔습니다.
• 주선 대출 규모는 둔화된 금융 활동과 선별적인 자금 집행을 반영하여, 1분기 말 17억 1,000만 달러에서 6월 30일 기준 13억 5,000만 달러로 감소했습니다.
• 경영진은 2026년 3분기 매출을 1,000만~1,200만 달러로 예상하고 있으며, 단기적으로 신규 대출 취급액이 급증하지는 않을 것으로 가정하고 있습니다.

핵심 재무 데이터

2025년 4분기부터 오렐리온 연결 편입이 시작되었으므로 2025년 2분기 수치는 앤트알파 별도 기준입니다.

사업 및 운영 실적

앤트알파 프라임

앤트알파 프라임은 별도 기준 1,220만 달러의 매출을 기록하며 별도 GAAP 기준 흑자를 유지했습니다. XAUE 보유분에 대한 390만 달러의 공정가치 손실을 포함한 조정 EBITDA 손실은 330만 달러였습니다. 해당 손실을 제외한 조정 EBITDA는 60만 달러로, 전년 동기의 400만 달러와 비교됩니다. 이에 따른 조정 EBITDA 마진은 전년 동기 24%에서 5%로 하락했습니다.

자금 조달 비용은 기술 금융 수수료의 69%로, 2025년 2분기의 67%와 비교됩니다. 순수수료 마진은 주로 마진 대출 사업의 가격 결정력 강화에 힘입어 약 10bp 개선되었습니다.

해시레이트 금융 규모는 약 30.9엑사해시(EH/s)에 달해 분기 말 기준 전 세계 비트코인 네트워크 해시레이트의 약 3.1%를 차지했습니다. 경영진은 신중한 심사, 초과 담보 설정, 능동적인 담보 관리 및 지속적인 고객 관리를 강조했습니다. 회사는 설립 이후 원금 손실 제로 기록을 이어갔습니다.

오렐리온 및 토큰화 골드

오렐리온은 주로 XAUt 보유분에 대한 2,230만 달러의 미실현 공정가치 손실로 인해 약 2,440만 달러의 영업손실을 기록했습니다. XAUt 가격은 분기 초 유닛당 약 4,667달러에서 분기 말 약 3,996달러로 하락했습니다. 경영진은 8월 18일 기준 가격이 4,300달러 이상으로 회복되었다고 덧붙였습니다.

6월 30일 기준 오렐리온의 순자산가치(NAV)는 약 9,190만 달러였습니다. 오렐리온은 4,280만 달러의 부채를 제외하고 3만 3,318유닛의 XAUt 및 XAUE를 포함하여 1억 3,470만 달러의 디지털 자산 및 현금을 보유했습니다. 경영진은 앤트알파의 42% 지분에 해당하는 귀속 순자산가치가 약 2,900만 달러라고 밝혔습니다.

오렐리온은 XAUt를 사용해 8,000유닛의 XAUE를 청약하고 이를 프로토콜에 스테이킹했습니다. 관련 수익은 매출 외 항목으로 기록되었으며 이번 분기 동안 미미한 수준이었습니다.

니나 Web3 AI

니나는 공개 출시된 iOS 및 안드로이드 애플리케이션을 통해 확장하여 모바일과 웹 전체에서 수천 명의 가입자를 확보했습니다. 가입자의 대부분은 최소 한 번 이상의 핵심 제품 상호작용을 완료했습니다.

이 프로젝트는 아직 초기 단계에 있습니다. 경영진은 상업화 전략을 결정하기 전에 제품 유용성, 사용자 참여, 고객 유지율 및 기능 확장을 최우선 과제로 두고 있습니다. 현재 사용자 활동에는 비트코인 동향, 경제 주제 및 인기 Web3 애플리케이션에 대한 질문 등이 포함되어 있습니다.

경영진 가이던스

경영진은 2026년 3분기 매출을 1,000만~1,200만 달러로 예상합니다. 이 전망은 금융 환경이 계속 둔화될 것이라는 가정을 바탕으로 합니다.

회사는 자금 집행 시 선별적 기조를 유지할 계획이며, 단기 매출이나 재무제표 규모를 늘리기 위해서만 대출 성장을 추진하지는 않을 것입니다. 경영진은 회복 속도가 시장 안정성, 담보 품질, 가격 책정 및 차주의 신뢰도에 달려 있다고 언급했습니다.

리스크 및 주요 관전 포인트

• 금융 활동 감소와 평균 대출 잔액 감소가 기술 금융 수수료에 압박을 가하고 있습니다.
• 연결 실적은 XAUt 및 XAUE 보유분에서 발생하는 잠재적으로 상당한 공정가치 변동성에 계속 노출되어 있습니다.
• 차주들의 보수적인 태도가 이어지고 있으며, 경영진은 단기적으로 신규 대출 취급액이 급격히 반등할 것으로 가정하지 않고 있습니다.
• 비트코인 채굴 고객의 수익성은 장비 유형, 전기 비용 및 채굴장 위치에 따라 다릅니다.
• 니나는 여전히 제품 검증 단계에 있으며, 상업화는 아직 초기 단계입니다.
• 2025년 4분기부터 시작된 오렐리온의 연결 편입으로 인해 전년 동기 대비 비교 가능성에 영향이 있습니다.

애널리스트 Q&A 하이라이트

경영진은 고객의 금융 수요 회복을 유발할 특정 비트코인 가격 임계값은 없다고 밝혔습니다. 비트코인 가격 상승과 거래량 증가가 활동을 뒷받침할 수는 있지만, 회사는 시장 상황을 계속 주시할 것입니다.

신용 리스크와 관련해 앤트알파는 심사, 초과 담보 설정, 능동적인 담보 관리를 결합하여 대응합니다. 채굴 관련 대출의 경우, 채굴된 비트코인을 통제된 지갑에 예치할 수 있어 안전장치를 한 층 더 강화할 수 있습니다. 경영진은 가용 자본이 주요 제약 요인은 아니며, 리스크 조정 수익률 요건을 충족하는 기회를 찾는 것이 과제라고 말했습니다.

XAUE와 관련하여 경영진은 이번 분기 동안 스테이킹을 통해 약간의 수익이 발생했으나 그 금액은 미미했다고 설명했습니다. 이 수익은 대출 매출이 아닌 영업외 항목에 기록됩니다.

실적 발표 전화회의 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Good day, and thank you for standing by. Welcome to Antalpha's Second Quarter 2026 Earnings Conference Call. Today's call is being recorded. [Operator Instructions] I'd now like to turn the call over to Chris Mammone, Managing Director of the Blueshirt Group and representative for Antalpha's Investor Relations team. Mr. Mammone, please go ahead.

Christopher Mammone

Thank you, operator, and welcome, everyone, to today's call. Joining me today is Paul Liang, Antalpha's Chief Financial Officer. Please note the following. First, all year-over-year comparisons in today's call are for Q2 2026 versus Q2 2025, unless otherwise stated. Second, consolidated financial statements, including Aurelion, began from Q4 2025. As such, Q2 2025 comparative figures reflect Antalpha's stand-alone 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 a discussion of these risks, please refer to Antalpha'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 Liang, who will provide the Q2 operating and strategic overview as well as the financial highlights and outlook. Paul, please go ahead.

Guanning Liang

Thank you, Chris, and good day, everyone. Thank you for joining us today. The second quarter reflected a more measured financing environment across the digital asset ecosystem versus earlier periods as many of our customers focus on liquidity management, operational efficiency, and prudent capital allocation. Against this backdrop, we remain selective in deploying capital, optimize our funding structure, and maintain our high underwriting standards.

Since inception, our objectives have been to build a financing platform that delivers sustainable long-term value for our clients and shareholders rather than maximizing loan growth in any particular quarter. We believe the strongest evidence of that approach is our record of 0 principal loss since inception, achieved across a broad spectrum of market environments while building long-term client relationships.

During the quarter, we strengthened the underlying economics of our financing platform while advancing our broader strategy of building a leader that provides financing, technology, and risk management solutions to the Web3 industry. Further to this point, we made progress across Nina, our Web3 AI business, and Aurelion expanded our capabilities in digital gold despite the short-term accounting volatilities reflected in this quarter's financials. With that context, let me first provide an update on the operating performance of our key businesses during the quarter before turning into our financials.

Let me begin with Antalpha Prime, which is our flagship financing platform and primary revenue and earnings contributor. During this quarter, we focused on preserving portfolio quality by maintaining prudent underwriting standards and executing with a long-term perspective. While financing activity moderated, we were highly selective in deploying capital, prioritizing long-term risk-adjusted returns over short-term loan growth. Most importantly, we maintained our record of 0 principal loss since inception.

We believe this track record reflects the effectiveness of our underwriting standards, active collateral management, and comprehensive risk management capabilities across multiple market environments. As institutional participation in digital asset financing continues to evolve, we believe these capabilities, combined with the trust we have earned from our clients and funding partners, will remain important competitive differentiators for Antalpha Prime. As well, we deepened relationships with long-standing clients while selectively originating new loans, reflecting the trust we have built through consistent execution across different market cycles.

Although the total value of loans facilitated declined during the quarter, we view that as a reflection of both customer financing behavior and our selective capital deployment rather than a change of our long-term opportunity. Net fee margin improved year-over-year, while funding costs remained broadly stable.

Turning now to Nina, Antalpha's proprietary agentic initiative. As we discussed last quarter, we firmly believe AI is becoming an increasingly important layer of Web3 infrastructure through its ability to help users more efficiently discover information, analyze opportunities, and interact with decentralized applications. During the quarter, we made encouraging progress in further developing our Web3 AI business.

We advanced several key product enhancements and expanded product availability through publicly available iOS and Android applications, making the platform more accessible to a much broader universe of adopters. Nina has now reached several thousand registered users across its website and mobile applications, with the majority of registered users completing at least 1 core product interaction. While Nina remains in the early stages of commercialization, it is very encouraging to see these initial engagement indicators. Our near-term focuses remain on product development, user engagement, and evaluating Nina's commercial potential. We look forward to keeping you updated on our progress.

With that overview of our operating performance, now let me turn to our financial results for the quarter. Total revenue for the quarter was $12.2 million, ahead of the midpoint of our guidance. The revenue of this quarter was down 28% year-over-year compared with $17 million in the second quarter of last year. As a reminder, our prior year comparison included contributions from the Cango facility, which was almost fully repaid during the first quarter of 2026. Excluding that facility, revenue declined just 15% year-over-year, primarily reflecting lower average loan balances across the remaining portfolio as financing activity moderated during the quarter.

Looking at the composition of the revenue. Technology financing fees were $7.7 million, down 40% year-over-year, reflecting lower financing activity and average loan balances. Offsetting this decline, technology platform fees increased 10% year-over-year to $4.5 million, primarily reflecting improved pricing in our margin loan business. We believe the combination of financing and platform revenue provides a solid foundation for the long-term development of our business.

Turning to our loan portfolio. Total value of loans facilitated was $1.35 billion as of June 30 compared with $1.61 (sic) [ 1.71 ] billion at the end of the first quarter. As discussed earlier, this reflected both more measured financing activity across the market and our disciplined approach to capital deployment. Hash rate financing reached approximately 30.9 exahash, representing approximately 3.1% of the global Bitcoin network hash rate at quarter end.

From a lending economics perspective, we continue improving the efficiency of our business. Funding costs remained broadly stable at 69% of technology financing fees compared with 67% in the second quarter of last year, while net fee margin improved by approximately 10 basis points year-over-year, primarily driven by improved pricing within our margin loan business.

Turning to operating expenses. In Q2, operating expenses that excluded fair value loss on crypto assets were $15 million, down 14% year-over-year, reflecting tight cost discipline amidst ongoing investments in our strategic initiatives. These expenses include funding costs of $5.3 million and noncash equity-based compensation of approximately $1.3 million. GAAP operating loss was $25.1 million compared with an operating loss of $0.5 million in the prior year period. Excluding noncash items, non-GAAP operating loss was $23.8 million.

Turning to the bottom line. Net loss attributed to Antalpha was $12.5 million compared with net income of $0.7 million in the second quarter of 2025. As a reminder, Q2 2025 reflects Antalpha's stand-alone results as consolidation of Aurelion began in Q4 2025. Adjusted EBITDA loss was $27.4 million, including approximately $26.2 million in unrealized loss related to XAUt and XAUE holdings. Excluding the XAUt and XAUE-related fair value movements, adjusted EBITDA loss was just $1.2 million. To put this consolidated result in context, Antalpha remained profitable on a stand-alone basis.

Let me now discuss the performance of Prime and Aurelion separately. Antalpha Prime generated stand-alone revenue of $12.2 million during the quarter and operated profitably on a stand-alone GAAP basis. The business improved its operating economics through funding optimization while maintaining prudent underwriting standards throughout the quarter. Prime's stand-alone adjusted EBITDA loss of $3.3 million includes a $3.9 million fair value loss related to Prime XAUE holdings. Adjusted for the fair value loss, Prime generated $0.6 million of adjusted EBITDA compared to $4 million in the prior year period, representing a 5% and 24% adjusted EBITDA margin, respectively.

I will now turn to Aurelion's performance and our perspective on its role with Antalpha's capital strategy and long-term value creation. As I mentioned earlier, Aurelion's reported results this quarter were primarily affected by unrealized fair value adjustments on its XAUt holdings. While these fair value movements significantly affected our reported consolidated earnings this quarter, they do not change our long-term strategic rationale for the business.

During the quarter, Aurelion contributed approximately $24.4 million of operating loss, primarily reflecting approximately $22.3 million of fair value loss as XAUt price declined from approximately $4,667 per unit at the beginning of the quarter to approximately $3,996 at quarter end. Since June 30, XAUt prices have been recovered to above $4,300 as of August 18, reinforcing our long-term confidence in the value of tokenized gold and its potential as an on-chain digital asset.

Turning to Aurelion's balance sheet. As of June 30, 2026, Aurelion's net asset value was approximately $91.9 million, reflecting $134.7 million of digital assets and cash, including 33,318 units of XAUt and XAUE valued at approximately $3,996 per unit, net of $42.8 million of debt. During the quarter, Aurelion completed the subscription of XAUE with 8,000 units of XAUt, which were staked into the protocol. Based on our 42% economic interest, Aurelion represents approximately $29 million of attributable net asset value.

We continue to believe tokenized gold will play an increasingly important role in the evolving digital asset ecosystem. As institutional adoption continues to broaden, we believe investors will increasingly see assets that combine the stability of traditional safe haven assets with the liquidity, transparency, and programmability of on-chain infrastructure. In that context, tokenized gold can serve simultaneously as a long-term store of value, high-quality collateral, and yield-generating assets through protocols such as XAUE.

To sum up, we have full confidence in our long-term strategy and are pleased that Antalpha Prime remains a resilient foundation for our current business while we actively explore growth-enhancing opportunities. With that, let me conclude with a few thoughts on our outlook and priorities going forward.

We expect third quarter 2026 revenue between $10 million to $12 million. While the overall financing environment remains muted, our priorities have not changed. We will allocate capital selectively, maintain our prudent risk underwriting standards, and strengthen the long-term economics of our financing platform. We believe risk management remains the foundation of sustainable shareholder value creation, and we will execute with a long-term perspective rather than optimizing any single quarter's financials.

More broadly, our objective is to build on Antalpha Prime's strong foundation while selectively deploying opportunities where our capabilities in financing, technology, and digital assets can create long-term shareholder value. Thank you again for your support and interest in Antalpha. Operator, we are now open for questions.

Operator

[Operator Instructions] We will now proceed to our first question. And our first question comes from the line of Ed Engel from Compass Point.

질의응답

Edward Engel

Do you mind providing a little bit more detail on the yield that you're earning on the XAUE holdings? And then I guess, any yield that you generate, is that reported as income in the P&L? Or is that just marked as gains in financial assets or crypto assets?

Guanning Liang

Thanks for the question. So as for your questions, the earnings is not recorded as revenue. As you can see from the financial statements from Antalpha is $12.2 million for this quarter. They are purely from the lending business. And so it was recorded in the nonoperating part. So as for the yield, well, it's yield generating this quarter, although it's not significant, but we see this as the first step for us to utilize rather than just sitting there holding an XAUt, and it's meaningful for us at least to have some revenue coming in.

Edward Engel

Great. And then I guess just more broadly, as you think about a recovery in Bitcoin and your lending book, is there a level that you think Bitcoin needs to reach for maybe your customers to get back to breakeven and start reinvesting in their fleets? Or is there not really a specific Bitcoin number that you think needs to be hit or exceed in order to grow your loan book again?

Guanning Liang

Thanks. I think at this moment, it's a very good question, but I don't think I have the answer. We have to monitor the market on a regular basis. But definitely, at this point, so we are quite conservative and our customers are also conservative to have some more financing activities. But we believe if the trading volume is going up, the price is going up, it's definitely, this will be more active from our point of view.

Edward Engel

Sorry, do you have an idea of what the average cost to mine is for your customer base? I know you guys talked about that in the past.

Guanning Liang

It's case by case. I think there's a lot of factors, the mining machine, different types of mining machine, and also about the electricity price. It's a very difficult question to say it broadly, but we do see some of our customers still generating profits at this point of price. But yes, but it depends. It all depends on the location of the mining site, the electricity, and what kind of models, mining machines they are using.

Operator

[Operator Instructions] We will now take our next question from the line of Devin Ryan from Citizens Bank.

Noah Katz

This is Noah Katz on for Devin. First, I want to focus on your expansion into AI infrastructure with your AI agent, Nina. Per your comments, Nina has now moved beyond the initial launch and is generating early user engagement with several thousand registered users and more than half completing at least 1 core product interaction. Can you outline for us your commercialization strategy for Nina? And also, as you look at the early activity, what are users engaging with most? And what have you learned so far from the product? And how are these learnings shaping the product road map from here?

Guanning Liang

Thanks, Noah. Thank you very much for the question. So I think for Nina is still in the very early stage. We are still validating the product. And the current focus, I think, is first to build a product that our users find usable, improving the engagement and retention, and then expand functionally. So currently, yes, I think for those users, in general, the interaction is quite broad. They ask about the trend of the Bitcoin price and also and what kind of applications are quite hot right now.

So we have kind of daily trends. Actually, I'm looking at my screen right now. And for example, they also asked a lot of like economic-related questions. So there's a question here in my screen, Bitcoin volatility collapse, why are the traders saying nothing, prints money and yes. So they are quite different. So I would recommend that if you have time, you can just download from the iOS or Android to take a look at what's going on there. It's quite interesting, I can say.

And so currently, I think our goal is to make the app easier for the Web3 users and so that they can use to bring more information and they can also find some interesting trends on transaction-related stuff. And so I think at this stage, it's still quite early. And we will continue to improve the product user experience. So did I answer most of your questions?

Noah Katz

Yes, that was very clear. That's helpful. I can definitely recognize that it's early in this industry. So definitely understand. If I can switch gears a little bit, talk more about the crypto lending market. We've seen periods of Bitcoin volatility that have impacted borrower demand and then the way lenders manage collateral and risk. Against that backdrop, can you walk us through the specific risk mitigation strategies you have in place? And then looking forward, what does your outlook for the loan book look like? And what's giving you confidence in the direction of demand you're seeing?

Guanning Liang

Thanks, Noah. It's a very good question. I think we take a conservative approach to manage the credit risk as we also mentioned during the call, and our framework combines careful underwriting, over collateralization, active collateral management, and continued engagement with the clients. And also from mining-related loans, collateral can also be built over time as the Bitcoin mined is also deposited within the control wallet. This provides an additional layer of protection.

And I mean, there's no credit model is perfect. It cannot eliminate all the risks. But our experience through multiple market environments reflects the rigor built into our management process. And I think on the loan book, we expect to remain selective. I think the current constraint is not the excess of capital, but finding opportunities that meet our risk-adjusted return threshold. [indiscernible] has remained relatively conservative, and we are not assuming a sharp increase in the near term.

And we will continue to see demand. Actually, we continue to see demand from the existing and prospective customers, but the conversion into our new loan will be depend on the market stability, collateral quality, and also definitely the pricing. We have capital available to deploy when those conditions are met, but we are not to review a TVL simply for the sake of balance sheet or revenue growth for the next quarter. So this, to us, is a long-term business and risk management is the first priority for us.

I think we need to stay in the market and especially in the bear market. And it's a long-term business for us. I think over time, when a more stable digital asset environment and improved borrower confidence, it should support a higher origination activity. But the pace of recovery will depend on the opportunities we actually see. Yes, I think that's probably what we can see at this moment, at this market environment.

Operator

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