This article first appeared on GuruFocus .
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Total Revenue:$12.2 million, down 28% year-over-year from $17 million in Q2 2025.
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Revenue Excluding Cango Facility:Declined 15% year-over-year, reflecting lower average loan balances.
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Technology Financing Fees:$7.7 million, down 40% year-over-year.
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Technology Platform Fees:$4.5 million, up 10% year-over-year, driven by improved pricing in margin loan business.
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Total Value of Loans Facilitated:$1.35 billion as of June 30, compared with $1.61 billion at the end of Q1.
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Hash Rate Financing:Approximately 30.9 exahash, representing about 3.1% of global Bitcoin network hash rate.
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Funding Costs:Broadly stable at 69% of technology financing fee, compared with 67% in Q2 2025.
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Net Fee Margin:Improved by approximately 10 basis points year-over-year.
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Operating Expenses (Excluding Fair Value Loss on Crypto Assets):$15 million, down 14% year-over-year.
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GAAP Operating Loss:$25.1 million, compared with operating loss of $0.5 million in the prior year period.
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Non-GAAP Operating Loss:$23.8 million.
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Net Loss Attributed to Antalpha:$12.5 million, compared with net income of $0.7 million in Q2 2025.
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Adjusted EBITDA Loss:$27.4 million, including approximately $26.2 million in unrealized loss related to XAUT and XAUE holdings. Excluding these, adjusted EBITDA loss was $1.2 million.
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Antalpha Prime Standalone Revenue:$12.2 million, operating profitably on a standalone GAAP basis.
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Prime Adjusted EBITDA:Loss of $3.3 million, including a $3.9 million fair value loss on XAUE holdings. Adjusted for this, Prime generated $0.6 million of adjusted EBITDA, representing a 5% margin.
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Aurelion Operating Loss:Approximately $24.4 million, primarily reflecting a $22.3 million fair value loss as XAUT price declined from $4,667 to $3,996 per unit during the quarter.
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Aurelion Net Asset Value:Approximately $91.9 million as of June 13, 2026, with $134.7 million in digital assets and cash, net of $42.8 million in debt.
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Q3 2026 Revenue Guidance:Expected between $10 million and $12 million.
Release Date: August 19, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Maintained a record of zero principal loss since inception, demonstrating effective underwriting and risk management.
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Improved net fee margin by approximately 10 basis points year-over-year, driven by better pricing in the margin loan business.
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Technology platform fees increased 10% year-over-year, reflecting improved pricing and a solid revenue foundation.
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Nina, the Web3 AI business, reached several thousand registered users with majority completing core interactions, showing early engagement.
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Aurelion expanded capabilities in digital gold, with XAUT prices recovering above $4,300 as of August 18, reinforcing long-term confidence.
Negative Points
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Total revenue declined 28% year-over-year to $12.2 million, reflecting lower financing activity and average loan balances.
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Total value of loans facilitated decreased to $1.35 billion from $1.61 billion quarter-over-quarter, indicating muted demand.
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GAAP operating loss widened to $25.1 million from $0.5 million in the prior year, impacted by fair value losses on crypto assets.
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Aurelion contributed a $24.4 million operating loss, primarily due to a $22.3 million fair value loss as XAUT price declined.
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Adjusted EBITDA loss was $27.4 million, including $26.2 million in unrealized losses related to XAUT and XAUE holdings.
Q & A Highlights
Q: Can you outline your commercialization strategy for Nina, your Web3 AI agent, and what users are engaging with most so far? A: Paul Liang, CFO: Nina is still in the very early stage, and we are validating the product. Our current focus is to build a product users find useful, improving engagement and retention, and then expanding functionality. User interactions are quite broad, ranging from questions about Bitcoin price trends to hot applications and economic-related queries. We recommend downloading the app to see it firsthand. Our goal is to make it easier for Web3 users to access information and find interesting trends. It is still early, and we will continue to improve the product and user experience.
Q: Can you walk us through your specific risk mitigation strategies for the crypto lending market and your outlook for the loan book? A: Paul Liang, CFO: We take a conservative approach to managing credit risk, combining careful underwriting, over-collateralization, active collateral management, and continual client engagement. For mining-related loans, collateral can be built over time, and the Bitcoin mined is deposited into controlled wallets, providing an additional layer of protection. We expect to remain selective in deploying capital, as the current constraint is finding opportunities that meet our risk-adjusted return threshold, not the availability of capital. We continue to see demand from existing and prospective customers, but conversion into new loans depends on market stability, collateral quality, and pricing. We are not looking to grow the loan book simply for the sake of balance sheet or revenue growth next quarter; this is a long-term business, and risk management is our first priority.
Q: Do you mind providing a little more detail on the yield you are earning on the XAUE holdings, and is that yield reported as income in the P&L? A: Paul Liang, CFO: The earnings from XAUE are not recorded as revenue. The $12.2 million in revenue for the quarter is purely from the lending business. The yield is recorded in the non-operating part of the financial statements. While the yield generated this quarter is not significant, it is a meaningful first step for us to utilize the XAUE holdings rather than just holding them, and it is good to have some revenue coming in from that asset.
Q: As you think about a recovery in Bitcoin and your lending book, is there a specific Bitcoin price level that needs to be reached for customers to get back to breakeven and start reinvesting? A: Paul Liang, CFO: I do not think I have a specific answer to that question. We have to monitor the market on a regular basis. At this point, we are quite conservative, and our customers are also conservative about engaging in more financing activities. However, we believe that if trading volume and the price of Bitcoin go up, financing activity will definitely become more active from our point of view.
Q: Do you have any idea of what the average cost to mine is for your customer base? A: Paul Liang, CFO: It is very case-by-case. There are many factors, including the type of mining machine and electricity prices. It is difficult to give a broad answer. We do see some of our customers still generating profits at the current price, but it all depends on the location of the mining site, the electricity cost, and the specific models of mining machines they are using.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
