Antalpha (ANTA) Q2 2026 Earnings Call: Revenue Falls as Gold Marks Weigh
Source Tradingkey
Key Takeaways
- Q2 2026 revenue fell 28% year over year to $12.2 million. Excluding the nearly repaid Cango facility from the prior-year comparison, revenue declined 15% as average loan balances decreased.
- Technology financing fees declined 40% to $7.7 million, while technology platform fees rose 10% to $4.5 million on improved margin-loan pricing.
- Net loss attributable to Antalpha was $12.5 million, compared with net income of $0.7 million a year earlier. Adjusted EBITDA loss was $27.4 million, including $26.2 million of unrealized losses related to XAUt and XAUE holdings.
- Excluding XAUt and XAUE fair-value movements, adjusted EBITDA loss was $1.2 million. Antalpha Prime remained profitable on a stand-alone GAAP basis and maintained zero principal loss since inception.
- Loans facilitated declined to $1.35 billion at June 30 from $1.71 billion at the end of Q1, reflecting muted financing activity and selective capital deployment.
- Management expects Q3 2026 revenue of $10 million to $12 million and is not assuming a sharp near-term increase in loan originations.
Core Financial Data
| Metric | Q2 2026 | Change / Context |
|---|---|---|
| Total revenue | $12.2 million | Down 28% year over year; down 15% excluding the Cango facility from the comparison |
| Technology financing fees | $7.7 million | Down 40% year over year |
| Technology platform fees | $4.5 million | Up 10% year over year |
| Loans facilitated | $1.35 billion | Down from $1.71 billion at the end of Q1 2026 |
| Operating expenses excluding crypto fair-value loss | $15.0 million | Down 14% year over year |
| GAAP operating loss | $25.1 million | Versus a $0.5 million loss in Q2 2025 |
| Net loss attributable to Antalpha | $12.5 million | Versus net income of $0.7 million in Q2 2025 |
| Adjusted EBITDA loss | $27.4 million | Included $26.2 million of unrealized XAUt and XAUE losses |
| Adjusted EBITDA loss excluding gold-token fair-value movements | $1.2 million | Consolidated basis |
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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