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.
Recommended Articles
As of the Asian session on August 19, gold prices (XAUUSD) maintained a weak rebound intraday, rising about 0.2% on the day to trade near $4,340. Earlier on Tuesday, gold prices fell near
West Texas Intermediate (WTI) oil price extends its gains for the fourth consecutive day, trading around $84.80 per barrel during the Asian hours on Wednesday.
WTI consolidates below $84.50, two-week top as bullish bias remains amid Hormuz standoffWest Texas Intermediate (WTI) – the benchmark US Crude Oil price – extends its consolidative price move through the first half of the European session and currently trades near the $84.25-$84.30 area, close to a two-week high set earlier this Tuesday.
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – extends its consolidative price move through the first half of the European session and currently trades near the $84.25-$84.30 area, close to a two-week high set earlier this Tuesday.
Australian Dollar gains as US Dollar struggles amid fading Fed rate hike betsAUD/USD extends its gains for the third successive day, trading around 0.7110 during the Asian hours on Tuesday. The currency pair continues to appreciate as the US Dollar (USD) remains subdued amid fading expectations for further rate hikes by the Federal Reserve (Fed).
AUD/USD extends its gains for the third successive day, trading around 0.7110 during the Asian hours on Tuesday. The currency pair continues to appreciate as the US Dollar (USD) remains subdued amid fading expectations for further rate hikes by the Federal Reserve (Fed).
As of the European session on August 17, gold prices (XAUUSD) were trading above $4,400, up about 0.7% on the day and reaching an intraday high of $4,416.43, extending last Friday's gains
