Financial Data and Key Metrics Changes - Antalpha reported fourth quarter revenue of $28 million, representing a 110% year-over-year increase, and full year revenue of $80 million, up 68% year-over-year [3][4] - Adjusted EBITDA for the fourth quarter was $18.4 million, up 802% year-over-year, with an adjusted EBITDA margin of 66%, an increase of 51 points from the prior year [4][5] - For the full year, adjusted EBITDA was $33.2 million, up 460% year-over-year, with an adjusted EBITDA margin of 42%, up 30 points for the year [4][5] Business Line Data and Key Metrics Changes - The total loan book for Antalpha Prime reached $2.8 billion at the end of 2025, up 59% year-over-year, with a loan-to-value (LTV) ratio of 57% for supply chain loans [3][4] - Tech financing fees on supply chain loans were $18.5 million, up 79% year-over-year, while tech platform fees on margin loans were $6 million, up 98% year-over-year [13] - Prime adjusted EBITDA was $9 million, compared to $2 million last year, with a prime adjusted margin of 32% compared to 15% last year [15][16] Market Data and Key Metrics Changes - Clients generated 81.3 EH/s, approximately 7.3% of the global hash rate, indicating a strong position in the market [4] - The company’s clients provided $3.7 billion in Bitcoin collateral, showcasing the scale of operations [18] Company Strategy and Development Direction - Antalpha aims to leverage its risk management capabilities and expand into AI-driven opportunities, aligning with new market trends [11][19] - The company is focused on incorporating tokenized gold into its risk management strategy, which is expected to provide resilience and diversification for clients [10][19] - Antalpha plans to innovate in the area of Tether Gold and explore new financing solutions in anticipation of market opportunities [9][19] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of active risk management to navigate market volatility and maintain a stable financial position for clients [7][8] - The company anticipates continued revenue growth in Q1 2026, with guidance ranging from $20 million to $23 million, representing a year-over-year increase of 47%-69% [17] - Management expressed confidence in the long-term potential of the mining industry despite current market fluctuations [18] Other Important Information - Antalpha's acquisition of Aurelion and its $100 million PIPE was completed, with Aurelion's operating results now consolidated into Antalpha's financials [12] - The company has a strong balance sheet and is well-positioned to take advantage of new blockchain lending scenarios, including insurance and AI agent lending opportunities [17] Q&A Session Summary Question: Performance of the loan book and any write-offs in Q4 - Management confirmed there were no write-offs on loans in Q4, and provisions are calculated based on the CECL standard [21][22] Question: Expectations for continued no write-offs in Q1 - Management indicated they are actively managing the loan book and have not seen major issues with bad debt write-offs [27][28] Question: Insights on the market shift from Bitcoin mining to AI - Management noted that public companies are reallocating resources towards AI, which could level the playing field in energy efficiency for Bitcoin mining [35] Question: Guidance for Q1 revenue and factors influencing it - Management explained that the anticipated revenue decrease is partly due to the absence of $3.5 million in other revenue from Q4 and potential early loan retirements [44][45] Question: Opportunities and challenges from new legislation - Management highlighted that new legislation could open access and opportunities for partnerships, while emphasizing the importance of having a strong platform and brand for risk management [53]

Financial Data and Key Metrics Changes - Fourth quarter revenue reached $28 million, up 110% year-over-year, while total revenue for 2025 was $80 million, up 68% year-over-year [3][4] - Adjusted EBITDA for Q4 was $18.4 million, up 802% year-over-year, with an adjusted EBITDA margin of 66%, up 51 points from the prior year [4][12] - Total loan book reached $2.8 billion at the end of 2025, up 59% year-over-year, with Bitcoin collateral on the total loan book at $3.7 billion [3][4] Business Line Data and Key Metrics Changes - Antalpha Prime's Q4 revenue was $28 million, with tech financing fees on supply chain loans at $18.5 million, up 79% year-over-year, and tech platform fees on margin loans at $6 million, up 98% year-over-year [12] - Prime adjusted EBITDA was $9 million, compared to $2 million last year, with an adjusted margin of 32% compared to 15% last year [14][15] Market Data and Key Metrics Changes - Clients generated 81.3 exahash, approximately 7.3% of the global hash rate [4] - Loan-to-value (LTV) on supply chain loans was 57%, indicating a disciplined approach to underwriting and collateral management [4][25] Company Strategy and Development Direction - The company aims to focus on active risk management and leverage its established trust in the mining industry to branch into new areas, including AI and tokenized gold [5][18] - The strategy includes incorporating tokenized gold into risk management, as it has low correlation with Bitcoin and low volatility, making it suitable for collateral and as a store of value [9][18] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of maintaining a stable financial position for clients amid market volatility, emphasizing ongoing conversations with clients to navigate the current market situation [6][7] - The company anticipates that 2026 will be an exciting year, aligning with new AI capabilities and market opportunities [10][18] Other Important Information - The company has acquired $20 million in Tether Gold and plans to offer XAUt collateralized loans to clients [8][9] - The total accumulated unrealized gain on Tether Gold was $16.6 million, with $9.5 million attributed to Antalpha [8] Q&A Session Summary Question: Performance of the loan book and any write-offs in Q4 - Management confirmed no write-offs on loans for Q4 and stated that provisions are calculated based on the CECL [20][22] Question: Expectations for continued no write-offs in Q1 - Management indicated they are actively managing the loan book and have not seen major issues with bad debt write-offs [26][27] Question: Explanation of pirate loans and expectations for 2026 - Management explained that pirate loans were bridge loans that expired by the end of Q4, and they do not expect to have similar loans in Q1 [28] Question: Market opportunities in light of power reallocations from Bitcoin mining to AI - Management noted that public companies shifting data centers for AI use could level the playing field for Bitcoin mining, making it easier for clients [32][33] Question: Guidance for Q1 revenue and factors influencing it - Management explained that the anticipated revenue decrease from Q4 to Q1 is due to the absence of other revenue from pirate loans and potential early retirements of loans [40][41] Question: Opportunities and challenges from new legislation in the crypto space - Management highlighted that new legislation could open access and create opportunities, while also noting the importance of having a strong platform and brand for risk management [50][51]