Financial Performance - Antalpha's revenue increased by 62% year over year in Q3 2025, reaching $21.1 million compared to $13.0 million in Q3 2024[3][5] - Net income surged by 440% year over year to $7.0 million, up from $1.3 million in the same quarter last year[5] - Adjusted EBITDA margin improved to 40% in Q3 2025, a 26 percentage point increase from 14% in Q3 2024[5][13] - Operating income for Q3 2025 reached $1,688,083, a significant increase from $1,205,605 in Q3 2024, representing a growth of 40%[24] - Non-GAAP operating income for the nine months ended September 30, 2025, was $5,867,592, up from $2,392,809 in the same period of 2024, reflecting a growth of 145%[24] - Net income (non-GAAP) for Q3 2025 was $7,530,328, a substantial increase from $1,300,113 in Q3 2024, marking a growth of 480%[24] - Adjusted EBITDA for the nine months ended September 30, 2025, was $14,751,422, compared to $3,879,402 in the same period of 2024, indicating a growth of 280%[24] - The operating margin (non-GAAP) for the nine months ended September 30, 2025, improved to 11%, up from 7% in the same period of 2024[24] - Share-based compensation for Q3 2025 amounted to $512,154, contributing to the overall increase in net income[24] - Income tax expense for Q3 2025 was $611,921, compared to $319,530 in Q3 2024, reflecting an increase of 92%[24] - Depreciation and amortization expense for the nine months ended September 30, 2025, totaled $833,943, up from $549,638 in the same period of 2024, indicating a growth of 52%[24] Growth Metrics - Total Value of Loans (TVL) facilitated grew by 60% year over year, reaching $2.357 billion compared to $1.475 billion in Q3 2024[5] - The number of institutional clients increased by 28% year over year, with TVL per customer rising by 55% year over year[6] - Antalpha expects Q4 2025 revenue to be between $26 million and $28 million, indicating a year-over-year growth of 94% to 109%[7] - Supply Chain TVL increased by 76% year over year, from $513 million to $900 million[5] Strategic Initiatives - The company financed 77.1 EH of hashrate capacity, accounting for approximately 7-8% of the global Bitcoin hashrate[6] - Antalpha's collaboration with Tether led to the launch of the RWA Hub, aimed at increasing access to Tether Gold[13] - The company invested $43 million to anchor Aurelion's $100 million PIPE, acquiring a 32% equity stake and 73% voting rights[13] Operational Focus - The company continues to focus on enhancing its operating income and EBITDA margins through strategic initiatives and cost management[24]
Antalpha Platform Holding Co(ANTA) - 2025 Q3 - Quarterly Report