Q2 2026 Antalpha Platform Holding Co Earnings Call Transcript
Key Points
- Maintained a record of zero principal loss since inception, demonstrating effective underwriting and risk management.
- Improved net fee margin by approximately 10 basis points year-over-year, driven by better pricing in the margin loan business.
- Technology platform fees increased 10% year-over-year, reflecting improved pricing and a solid revenue foundation.
- Nina, the Web3 AI business, reached several thousand registered users with majority completing core interactions, showing early engagement.
- Aurelion expanded capabilities in digital gold, with XAUT prices recovering above $4,300 as of August 18, reinforcing long-term confidence.
- Total revenue declined 28% year-over-year to $12.2 million, reflecting lower financing activity and average loan balances.
- Total value of loans facilitated decreased to $1.35 billion from $1.61 billion quarter-over-quarter, indicating muted demand.
- GAAP operating loss widened to $25.1 million from $0.5 million in the prior year, impacted by fair value losses on crypto assets.
- Aurelion contributed a $24.4 million operating loss, primarily due to a $22.3 million fair value loss as XAUT price declined.
- Adjusted EBITDA loss was $27.4 million, including $26.2 million in unrealized losses related to XAUT and XAUE holdings.
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 on Antalpha's investor relations team. Mr. Mammone, please go ahead.
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 standalone 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
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