What is the market's earnings forecast for Antalpha Platform next quarter?

What is Antalpha Platform's latest dividend and current dividend yield?

What were the key takeaways from Antalpha Platform's earnings call?

What were the key takeaways from Antalpha Platform’s earnings call?

What is the revenue and EPS growth rate for Antalpha Platform year over year?

What does Antalpha Platform do and what are its main business segments?

What guidance did Antalpha Platform's management provide for the next earnings period?

What factors drove the changes in Antalpha Platform's revenue and profit?

- **Revenue Surge**: Q3 revenue up 62% YoY to $21.1 million; Q4 expected to double YoY, driven by crypto lending and new DATT initiatives.
- **Strategic Expansion**: Investing in U.S. market entry and Tether Gold RWA hub, with Aurelion (AURE) targeting $10 billion in tokenized gold.
- **Financial Strength**: 19% adjusted EBITDA margin (excluding non-recurring gains), with net interest margin improving to 1.63%.
- **Growth Drivers**: New lending scenarios (DATTs, tokenized gold) and stable Bitcoin mining demand, with Q4 machine loan growth anticipated.


**【Management Opening Remarks】**
- Antalpha reported 62% year-over-year (YoY) revenue growth in Q3, driven by supply chain and margin loans. Q4 revenue is expected to double YoY, reflecting market expansion and new lending scenarios.
- Total loans facilitated reached $2.4 billion, with a loan-to-value (LTV) ratio of 59% for supply chain loans. The company is exploring tokenized gold and decentralized autonomous trusts (DATTs) as new growth vectors.
- Strategic initiatives include U.S. market entry and the NLPaaS RWA hub, which aims to integrate Tether Gold into institutional crypto lending.

**【CEO (Herman Yu) Strategic Update】**
- New lending opportunities include DATTs (e.g., $206 million bridge loan to Nakamoto) and tokenized gold, with Aurelion (AURE) positioned as a $10 billion Tether Gold DATT.
- Globalization efforts are underway, with U.S. team and infrastructure development. The RWA hub, launched with Tether, enhances financial stability for crypto holdings.
- Pricing power is evident through stable tech fees despite lower interest rates, reflecting brand strength and scale.

**【CFO (Paul Lang) Financial Highlights】**
- Q3 revenue: $21.1 million (62% YoY growth), driven by $15.6 million in supply chain fees (+51% YoY) and $5.5 million in margin fees (+100% YoY).
- Funding costs: 5.18% (down 29bps YoY), with net interest margin on margin loans at 1.63% (+44bps YoY).
- Operating expenses: $9 million (+69% YoY), driven by tech, sales, and G&A investments.
- Adjusted EBITDA margin: 40% (including non-recurring gains); core margin: 19% (+500bps YoY).
- Q4 guidance: $26-$28 million revenue (94%-109% YoY growth), reflecting pipeline strength.

**【Q&A Highlights】**
- **Revenue Composition**: Q4 guidance excludes Aurelion contributions; growth driven by core Bitcoin mining and new lending scenarios.
- **Geographic Expansion**: U.S. efforts are early-stage, with potential material impact in 2026.
- **Net Interest Margin**: 1.63% for margin loans, with opportunities to expand through U.S. entry and brand strength.
- **Loan Sizes**: Average supply chain loan $32 million, margin loan $47 million (both +50% YoY).
- **Demand Trends**: Machine loans expected to accelerate in Q4/Q1 with stable Bitcoin prices and new ASIC models.


Antalpha Platform Holding Ltd (ANTA) Q3 2025 Earnings Call Transcript

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