Antalpha (ANTA) 2026年第二季財報電話會議：受黃金估值拖累，營收下滑

重點摘要

• 2026 財年 Q2 營收年減 28% 至 1,220 萬美元。若扣除去年同期比較中已幾乎償還完畢的 Cango 融資額度，由於平均貸款餘額減少，營收年減 15%。
• 科技融資費用下降 40% 至 770 萬美元；受惠於保證金貸款定價改善，科技平台費用成長 10% 至 450 萬美元。
• Antalpha 歸屬淨損失為 1,250 萬美元，去年同期則為淨利 70 萬美元。調整後 EBITDA 虧損為 2,740 萬美元，其中包括與持有的 XAUt 及 XAUE 相關之 2,620 萬美元未實現虧損。
• 若不計 XAUt 和 XAUE 公允價值變動，調整後 EBITDA 虧損為 120 萬美元。Antalpha Prime 在獨立 GAAP 基準下保持獲利，自成立以來維持零本金損失。
• 截至 6 月 30 日，促成貸款金額從 Q1 末的 17.1 億美元降至 13.5 億美元，反映出融資活動疲軟與資本部署選擇性提高。
• 管理層預計 2026 財年 Q3 營收為 1,000 萬至 1,200 萬美元，且預期短期內新增貸款量不會急劇增加。

核心財務數據

2025 財年 Q2 數據代表 Antalpha 獨立基準，因 Aurelion 併表自 2025 財年 Q4 開始。

業務與營運表現

Antalpha Prime

Antalpha Prime 產生 1,220 萬美元的獨立營收，並在獨立 GAAP 基準下保持獲利。其調整後 EBITDA 虧損為 330 萬美元，其中包括持有的 XAUE 產生的 390 萬美元公允價值虧損。若不計該虧損，調整後 EBITDA 為 60 萬美元，而去年同期為 400 萬美元。對應的調整後 EBITDA 利潤率為 5%，去年同期則為 24%。

資金成本佔科技融資費用的 69%，而 2025 財年 Q2 為 67%。淨手續費利潤率改善約 10 個基點，主要是由於保證金貸款業務的定價更強勁。

算力融資額達到約 30.9 EH/s，約佔季末全球比特幣網路算力的 3.1%。管理層強調嚴格核貸、超額抵押、主動抵押品管理與持續客戶互動。公司維持自成立以來零本金損失的紀錄。

Aurelion 與代幣化黃金

Aurelion 帶來了約 2,440 萬美元的營業虧損，主要是由於持有的 XAUt 產生 2,230 萬美元的未實現公允價值虧損。XAUt 的價格從季初的每單位約 4,667 美元降至季末的約 3,996 美元。管理層指出，截至 8 月 18 日，價格已回升至 4,300 美元以上。

截至 6 月 30 日，Aurelion 的淨資產價值約為 9,190 萬美元。其持有 1.347 億美元的數位資產和現金，包括 33,318 單位的 XAUt 與 XAUE，扣除 4,280 萬美元的債務。管理層表示，Antalpha 擁有的 42% 經濟權益約相當於 2,900 萬美元的可歸屬淨資產價值。

Aurelion 使用 XAUt 認購了 8,000 個 XAUE 單位，並將其質押於該協定中。相關收益記錄於營收之外，且本季度金額並不重大。

Nina Web3 AI

Nina 透過公開發布的 iOS 與 Android 應用程式進行擴展，行動端與網頁端的註冊用戶達到數千名。大多數註冊用戶至少完成了一次核心產品互動。

該計畫仍處於早期階段。管理層在確定商業化策略之前，優先考慮產品易用性、用戶參與度、留存率與更廣泛的功能。目前的用戶活動包括詢問有關比特幣趨勢、經濟議題與熱門 Web3 應用程式的問題。

管理層指引

管理層預計 2026 財年 Q3 營收為 1,000 萬至 1,200 萬美元。該展望假設融資環境保持疲軟。

公司計劃在資本部署方面保持選擇性，不以僅為了增加短期營收或資產負債表規模為目標追求貸款成長。管理層表示，復甦步伐將取決於市場穩定性、抵押品品質、定價與借款人信心。

風險與關注領域

• 較低的融資活動與平均貸款餘額對科技融資費用造成壓力。
• 合併盈餘仍面臨來自持有的 XAUt 與 XAUE 可能產生的重大公允價值波動風險。
• 借款人態度仍趨保守，管理層並未假設短期內新增貸款額會急劇反彈。
• 比特幣挖礦客戶的經濟效益因設備類型、電力成本與礦場位置而異。
• Nina 仍處於產品驗證模式，商業化仍處於早期階段。
• 年度同比的可比性受到自 2025 財年 Q4 開始將 Aurelion 納入合併報表的影響。

分析師問答重點

管理層表示，並沒有特定的比特幣價格門檻會直接觸發客戶融資需求的復甦。較高的比特幣價格與交易量可能會對活動形成支撐，但公司將繼續監控市場狀況。

在信用風險方面，Antalpha 結合了核貸、超額抵押與主動抵押品管理。對於挖礦相關貸款，挖出的比特幣可存入受控錢包，從而增加一層保護。管理層表示，可用資金並非主要限制；挑戰在於尋找符合其風險調整後報酬要求的機會。

關於 XAUE，管理層表示質押在本季度帶來了一些收益，儘管金額並不重大。該收入記錄於營業外項目，而非放款營收。

電話會議完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.