Q1 2026 Antalpha Platform Holding Co Earnings Call Transcript
Key Points
- Antalpha Platform Holding Co (ANTA) achieved a 52% year-over-year revenue growth in Q1 2026.
- The company maintained a record of zero principal loss, showcasing strong risk management practices.
- Antalpha successfully launched two strategic growth initiatives: the beta launch of their Web3 AI agent and the transition of tokenized gold holdings into yield-generating deployment.
- TVL per client increased by 36% year-over-year, indicating growth in average loan size and deepening client relationships.
- The company reported a non-GAAP operating income of $11.2 million, representing a non-GAAP operating margin of 54%.
- Antalpha's loan book saw a one-time reduction due to substantial repayments from large borrowers, notably Cango Inc.
- Bitcoin prices declined approximately 40% from their October 2025 peak, creating a cautious environment for new loan deployment.
- Total operating expenses, excluding unrealized gains of crypto assets, increased by 102% year-over-year.
- The supply chain loan net fee margin saw a modest year-over-year decrease due to a higher proportion of lower-rate hashrate loans.
- The company expects a year-over-year revenue decline of 7% to 22% in Q2 2026, excluding the impact of the Cango repayment.
Good day and thank you for standing by. Welcome to Antalpha's first-quarter 2026 earnings conference call. (Operator Instructions)
I would now like to turn the call over to Chris Mamoni, Managing Director of the Blueshirt Group and representative for Antalpha's investor relations team. Mr. Mamoni, please go ahead.
Thank you, operator. Welcome to everyone participating in this 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 Q1 2026 versus Q1 2025, unless otherwise stated. Second, consolidated financial statements, including Aurelion, began from Q4 2025. As such, Q1 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 discussion of these risks, please refer to
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