Antalpha Platform Holding Ltd (ANTA) posted a second-quarter 2026 loss that missed analyst expectations, sending shares down 8.22% in pre-market trading. The company reported a net loss attributable to shareholders of $12.5 million, compared with net income of $700,000 in the same period a year earlier.
Revenue declined 28% year-over-year to $12.2 million, though it exceeded the midpoint of management’s guidance. Technology financing fees, which totaled $7.7 million, dropped 40% from Q2 2025. Technology platform fees rose 10% to $4.5 million. Total loans facilitated fell to $1.35 billion as of June 30, down from $1.61 billion at the end of the prior quarter.
Earnings per share came in at negative $0.22, missing the $0.27 estimate by $0.49—a gap of roughly 181.5%. Operating expenses, excluding fair value losses on crypto assets, decreased 14% year-over-year to $15 million. The GAAP operating loss widened to $25.1 million from $500,000 in Q2 2025, while the non-GAAP operating loss stood at $23.8 million.
Consolidated adjusted EBITDA loss totaled $27.4 million, driven largely by $26.2 million in unrealized losses tied to holdings in XAUT and XAUE. Excluding those fair value movements, adjusted EBITDA loss narrowed to $1.2 million. Antalpha Prime, the company’s standalone segment, generated $12.2 million in revenue and operated profitably on a GAAP basis. However, Prime’s adjusted EBITDA loss was $3.3 million, including a $3.9 million fair value loss on Prime XAUE holdings.
The Aurelion unit contributed approximately $24.4 million to operating losses, primarily due to a $22.3 million fair value loss as XAUT prices fell from roughly $4,667 per unit at the start of the quarter to about $3,996 at quarter-end. As of June 13, 2026, Aurelion’s net asset value stood at $91.9 million, supported by $134.7 million in digital assets and cash against $42.8 million in debt. Aurelion’s 32% economic interest in the unit represented approximately $29 million of attributable net asset value.
Hash rate financing reached approximately 30.9 exahash, representing about 3.1% of the global Bitcoin network’s hash rate at quarter-end. Funding costs remained broadly stable at $5.3 million, equating to 69% of technology financing fees, compared with 67% in the prior-year period.
Management guided for Q3 2026 revenue of between $10 million and $12 million. Shares of Antalpha fell to $3.35 in pre-market trading, a decline of 8.22% from the previous close of $4.09. The stock has dropped 57% over the past six months and 66% over the past year, according to InvestingPro data.
