Hội nghị công bố kết quả kinh doanh Quý 2/2026 của Antalpha (ANTA): Doanh thu giảm do áp lực từ hạch toán giá trị vàng

Điểm chính

• Doanh thu quý 2/2026 giảm 28% so với cùng kỳ năm trước xuống còn 12,2 triệu USD. Nếu loại trừ khoản tài trợ Cango gần như đã hoàn trả khỏi mức so sánh với cùng kỳ năm trước, doanh thu giảm 15% do dư nợ cho vay bình quân giảm.
• Phí tài trợ công nghệ giảm 40% xuống 7,7 triệu USD, trong khi phí nền tảng công nghệ tăng 10% lên 4,5 triệu USD nhờ định giá cho vay ký quỹ được cải thiện.
• Lỗ ròng phân bổ cho cổ đông Antalpha là 12,5 triệu USD, so với lãi ròng 0,7 triệu USD của cùng kỳ năm trước. Lỗ EBITDA điều chỉnh là 27,4 triệu USD, bao gồm 26,2 triệu USD lỗ chưa thực hiện liên quan đến số lượng nắm giữ XAUt và XAUE.
• Nếu loại trừ biến động giá trị hợp lý của XAUt và XAUE, lỗ EBITDA điều chỉnh là 1,2 triệu USD. Antalpha Prime vẫn duy trì có lãi trên cơ sở GAAP độc lập và tiếp tục giữ kỷ lục không phát sinh tổn thất nợ gốc kể từ khi thành lập.
• Tổng giá trị các khoản vay được kết nối giảm xuống 1,35 tỷ USD vào ngày 30 tháng 6 từ mức 1,71 tỷ USD vào cuối quý 1, phản ánh hoạt động tài trợ trầm lắng và việc triển khai vốn có chọn lọc.
• Ban lãnh đạo dự kiến doanh thu quý 3/2026 đạt từ 10 triệu USD đến 12 triệu USD và không đưa ra giả định về sự tăng trưởng mạnh mẽ của dư nợ cấp mới trong ngắn hạn.

Dữ liệu tài chính cốt lõi

Số liệu quý 2/2025 đại diện cho Antalpha trên cơ sở độc lập vì việc hợp nhất Aurelion mới bắt đầu từ quý 4/2025.

Kết quả kinh doanh và hoạt động

Antalpha Prime

Antalpha Prime đạt 12,2 triệu USD doanh thu độc lập và duy trì có lãi trên cơ sở GAAP độc lập. Lỗ EBITDA điều chỉnh của bộ phận này là 3,3 triệu USD, bao gồm khoản lỗ giá trị hợp lý 3,9 triệu USD đối với số lượng nắm giữ XAUE. Nếu loại trừ khoản lỗ đó, EBITDA điều chỉnh đạt 0,6 triệu USD, so với 4,0 triệu USD của cùng kỳ năm ngoái. Biên EBITDA điều chỉnh tương ứng đạt 5%, so với 24%.

Chi phí vốn chiếm 69% phí tài trợ công nghệ, so với mức 67% trong quý 2/2025. Biên phí ròng cải thiện khoảng 10 điểm cơ bản, chủ yếu nhờ định giá tốt hơn trong mảng cho vay ký quỹ.

Hoạt động tài trợ năng lực tính toán (hash-rate) đạt khoảng 30,9 exahash, tương đương khoảng 3,1% tổng năng lực tính toán của mạng lưới Bitcoin toàn cầu vào cuối quý. Ban lãnh đạo nhấn mạnh vào việc bảo lãnh phát hành cẩn trọng, thế chấp vượt mức, quản lý tài sản thế chấp chủ động và gắn kết khách hàng liên tục. Công ty tiếp tục duy trì kỷ lục không phát sinh tổn thất nợ gốc kể từ khi thành lập.

Aurelion và Token vàng

Aurelion đóng góp khoảng 24,4 triệu USD vào khoản lỗ hoạt động, chủ yếu do khoản lỗ giá trị hợp lý chưa thực hiện 22,3 triệu USD đối với số lượng XAUt nắm giữ. XAUt đã giảm từ khoảng 4.667 USD mỗi đơn vị vào đầu quý xuống còn khoảng 3.996 USD vào cuối quý. Ban lãnh đạo lưu ý rằng giá đã phục hồi lên trên 4.300 USD tính đến ngày 18 tháng 8.

Tính đến ngày 30 tháng 6, giá trị tài sản ròng của Aurelion đạt khoảng 91,9 triệu USD. Đơn vị này nắm giữ 134,7 triệu USD tài sản kỹ thuật số và tiền mặt, bao gồm 33.318 đơn vị XAUt và XAUE, sau khi trừ đi 42,8 triệu USD nợ. Ban lãnh đạo cho biết 42% lợi ích kinh tế của Antalpha tương đương khoảng 29 triệu USD giá trị tài sản ròng phân bổ.

Aurelion đã đăng ký mua 8.000 đơn vị XAUE bằng cách sử dụng XAUt và thực hiện staking vào giao thức. Lợi suất liên quan được ghi nhận ngoài doanh thu và không đáng kể trong quý.

Nina Web3 AI

Nina đã mở rộng thông qua các ứng dụng có sẵn công khai trên iOS và Android, đạt vài nghìn người dùng đã đăng ký trên nền tảng di động và web. Hầu hết người dùng đăng ký đã hoàn thành ít nhất một tương tác sản phẩm cốt lõi.

Sáng kiến này vẫn đang ở giai đoạn đầu. Ban lãnh đạo đang ưu tiên khả năng sử dụng của sản phẩm, mức độ gắn kết, giữ chân người dùng và mở rộng tính năng trước khi xác định chiến lược thương mại hóa. Hoạt động hiện tại của người dùng bao gồm các câu hỏi về xu hướng Bitcoin, các chủ đề kinh tế và các ứng dụng Web3 phổ biến.

Dự báo từ ban lãnh đạo

Ban lãnh đạo dự kiến doanh thu quý 3/2026 đạt từ 10 triệu USD đến 12 triệu USD. Triển vọng này dựa trên giả định rằng môi trường tài trợ vẫn tiếp tục trầm lắng.

Công ty có kế hoạch tiếp tục duy trì sự chọn lọc trong việc triển khai vốn và không đặt mục tiêu tăng trưởng cho vay chỉ nhằm tăng doanh thu ngắn hạn hoặc quy mô bảng cân đối kế toán. Ban lãnh đạo cho biết tốc độ phục hồi sẽ phụ thuộc vào sự ổn định của thị trường, chất lượng tài sản thế chấp, việc định giá và niềm tin của bên vay.

Rủi ro và các khía cạnh cần theo dõi

• Hoạt động tài trợ giảm và dư nợ cho vay bình quân thấp hơn đang gây áp lực lên phí tài trợ công nghệ.
• Lợi nhuận hợp nhất vẫn đối mặt với rủi ro biến động giá trị hợp lý lớn có thể xảy ra từ việc nắm giữ XAUt và XAUE.
• Bên vay vẫn duy trì sự thận trọng và ban lãnh đạo không giả định về một sự phục hồi mạnh mẽ trong ngắn hạn đối với dư nợ cấp mới.
• Hiệu quả kinh tế của khách hàng khai thác Bitcoin thay đổi tùy theo loại thiết bị, chi phí điện và vị trí của trang trại khai thác.
• Nina vẫn đang trong giai đoạn thử nghiệm kiểm chứng sản phẩm, với việc thương mại hóa mới ở bước đầu.
• Khả năng so sánh theo năm bị ảnh hưởng do việc hợp nhất Aurelion bắt đầu từ quý 4/2025.

Điểm tin hỏi đáp với chuyên gia phân tích

Ban lãnh đạo cho biết không có ngưỡng giá Bitcoin cụ thể nào sẽ kích hoạt sự phục hồi nhu cầu tài trợ của khách hàng. Giá và khối lượng giao dịch Bitcoin cao hơn có thể hỗ trợ hoạt động, nhưng công ty sẽ tiếp tục theo dõi điều kiện thị trường.

Về rủi ro tín dụng, Antalpha kết hợp bảo lãnh phát hành, thế chấp vượt mức và quản lý tài sản thế chấp chủ động. Đối với các khoản vay liên quan đến khai thác, Bitcoin khai thác được có thể được gửi vào ví do công ty kiểm soát, tạo thêm một lớp bảo vệ. Ban lãnh đạo cho biết nguồn vốn khả dụng không phải là hạn chế chính; thách thức nằm ở việc tìm kiếm các cơ hội đáp ứng yêu cầu về lợi nhuận đã điều chỉnh theo rủi ro.

Về XAUE, ban lãnh đạo cho biết hoạt động staking đã tạo ra một số lợi suất trong quý, mặc dù số lượng không đáng kể. Khoản thu nhập này được ghi nhận trong phần hoạt động ngoài kinh doanh thay vì doanh thu cho vay.

Toàn văn biên bản cuộc họp kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

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.

Phần hỏi đáp

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

That concludes the questions-and-answers period. Thank you again for joining our call today. You may now disconnect.