Antalpha (ANTA) 2026财年第二季度业绩电话会：受黄金重估拖累营收下滑

核心要点

• 2026财年第二季度营收同比下降28%至1220万美元。若在对比数据中剔除上年同期已接近偿清的灿谷（Cango）融资额度，由于平均贷款余额下降，营收同比下降15%。
• 技术融资服务费下降40%至770万美元；同时受杠杆贷款定价改善推动，技术平台服务费增长10%至450万美元。
• 归属于Antalpha的净亏损为1250万美元，而上年同期净利润为70万美元。调整后EBITDA亏损为2740万美元，其中包括与持有的XAUt和XAUE相关的2620万美元未实现亏损。
• 若剔除XAUt和XAUE的公允价值变动，调整后EBITDA亏损为120万美元。Antalpha Prime在独立GAAP基础上保持盈利，且自成立以来维持本金零亏损记录。
• 截至6月30日，促成贷款金额从第一季度末的17.1亿美元降至13.5亿美元，反映出融资活动放缓以及资本部署较为审慎。
• 管理层预计2026财年第三季度营收为1000万至1200万美元，且未假设短期内新增贷款会出现大幅增长。

核心财务数据

2025财年第二季度数据代表Antalpha独立基准数据，因为Aurelion自2025财年第四季度起才纳入合并报表。

业务与运营表现

Antalpha Prime

Antalpha Prime实现独立营收1220万美元，并在独立GAAP基础上保持盈利。其调整后EBITDA亏损为330万美元，其中包括持有的XAUE产生的390万美元公允价值亏损。若剔除该项亏损，调整后EBITDA为60万美元，而上年同期为400万美元。对应的调整后EBITDA利润率为5%，上年同期为24%。

资金成本占技术融资服务费的69%，而2025财年第二季度该比例为67%。净服务费费率提升了约10个基点，主要得益于杠杆贷款业务定价改善。

算力融资规模达到约30.9 EH/s，约占季度末全球比特币网络总算力的3.1%。管理层强调了审慎核保、超额抵押、积极的抵押品管理以及持续的客户沟通。公司维持了自成立以来本金零亏损的记录。

Aurelion与代币化黄金

Aurelion产生了约2440万美元的运营亏损，主要是由于持有的XAUt产生了2230万美元的未实现公允价值亏损。XAUt价格从季度初的每单位约4,667美元降至季度末的每单位约3,996美元。管理层指出，截至8月18日，其价格已回升至4,300美元以上。

截至6月30日，Aurelion的净资产价值约为9190万美元。其持有1.347亿美元的数字资产和现金（包括33,318个单位的XAUt和XAUE），扣除债务4280万美元。管理层表示，Antalpha持有的42%经济权益对应约2900万美元的应占净资产价值。

Aurelion使用XAUt认购了8,000个单位的XAUE并将其质押在协议中。相关收益记录在营业收入之外，且在本季度并不重大。

Nina Web3 AI

Nina通过公开可用的iOS和Android应用程序扩大了推广，移动端和网页端的注册用户数达到数千名。大多数注册用户完成了至少一次核心产品互动。

该项目仍处于早期阶段。在确定商业化策略之前，管理层正优先考虑产品易用性、参与度、留存率以及拓展更多功能。目前的用户活动包括咨询有关比特币趋势、经济议题及热门Web3应用的问题。

管理层业绩指引

管理层预计2026财年第三季度营收为1000万至1200万美元。该展望假设融资环境保持低迷。

公司计划在部署资本时保持审慎选择，不会仅为了推高短期营收或扩大资产负债表规模而设定贷款增长目标。管理层表示，复苏步伐将取决于市场稳定性、抵押品质量、定价以及借款人信心。

风险与关注事项

• 融资活动放缓及平均贷款余额下降正使技术融资服务费承压。
• 持有的XAUt和XAUE面临潜在的重大公允价值波动，导致合并收益存在不确定性。
• 借款人态度依然保守，管理层未假设短期内新增贷款会出现大幅反弹。
• 比特币挖矿客户的经济效益因设备类型、电力成本和矿场位置而异。
• Nina仍处于产品验证模式，商业化尚处于早期阶段。
• 自2025财年第四季度起将Aurelion纳入合并报表，影响了同比可比性。

分析师问答环节亮点

管理层表示，并不存在会触发客户融资需求复苏的具体比特币价格门槛。更高的比特币价格和交易量可能会对融资活动形成支撑，但公司将继续监测市场状况。

在信用风险方面，Antalpha将核保、超额抵押和积极的抵押品管理相结合。对于挖矿相关贷款，挖出的比特币可存入受控钱包，增加了一层保护。管理层表示，可用资本并非主要制约因素，挑战在于寻找符合其风险调整后收益要求的机会。

关于XAUE，管理层表示质押在本季度产生了一定收益，但金额并不重大。该收入记录在非营业部分，而非贷款收入。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.