Financial Data and Key Metrics Changes - Total revenue reached $21.1 million, up 62% year-over-year, marking the third consecutive quarter of acceleration [11] - Tech financing fee on supply chain loans was $15.6 million, up 51% year-over-year, driven by strong hash rate loan growth [11] - Total loans facilitated on NLPaaS Prime reached $2.4 billion, up 60% year-over-year [12] - Adjusted EBITDA margin reached 40% in Q3, compared to 14% a year ago, excluding non-recurring items [15] Business Line Data and Key Metrics Changes - Tech platform fee on margin loans doubled year-over-year to $5.5 million [11] - Average loan amount per customer for supply chain loans is approximately $32 million, while for margin loans it is roughly $47 million, both growing over 50% year-over-year [33] Market Data and Key Metrics Changes - The number of institutional clients increased by 28% year-over-year in Q3 [12] - Total value of loans (TVL) per customer on a 12-month rolling basis increased by 55% year-over-year [12] Company Strategy and Development Direction - The company is focusing on globalization and the NLPaaS RWA hub as strategic priorities for growth [6][7] - The acquisition of Prestige Wealth, renamed Aurelion, is a pivotal milestone in the company's treasury strategy, aiming to grow Aurelion to a $10 billion Tether Gold DATT over time [9][17] Management's Comments on Operating Environment and Future Outlook - Management expects revenue for Q4 to range between $26 million and $28 million, representing 94%-109% growth year-over-year [15] - The company is leveraging its platform to drive sustainable revenue growth, expand margins, and strengthen its balance sheet [15] Other Important Information - Funding costs on supply chain loans declined to 5.18%, down 29 basis points from a year ago [13] - The company is seeing new lending scenarios emerging from the large growing crypto market [5] Q&A Session Summary Question: Is the fourth quarter guidance assuming any benefit from Aurelion, or is it organically all NLPaaS? - Management clarified that they do not derive revenue from Aurelion; instead, Aurelion raises capital and lends gold to strengthen NLPaaS's balance sheet [20] Question: Can you expand on pricing power in the business? - Management noted that despite the Fed decreasing interest rates, they have been able to maintain tech fees, which has improved margins [22] Question: What is the proper range for net interest margin, and can it reach 2%? - Management indicated that net interest margin has been improving and there is potential for growth as the brand scales and trust increases [30] Question: What is the average loan amount per customer? - The average loan amount for supply chain loans is approximately $32 million, and for margin loans, it is roughly $47 million, both growing over 50% year-over-year [33] Question: Can you provide the total number of customers at quarter end in each segment? - Management stated that for supply chain loans, the number is close to 50, and for margin loans, it is a little above 40, totaling approximately 80 customers [35][36]

Financial Data and Key Metrics Changes - Antalpha reported total revenue of $21.1 million for Q3 2025, representing a 62% year-over-year increase, marking the third consecutive quarter of revenue acceleration [11] - Adjusted EBITDA margin reached 40% in Q3, which includes $3.4 million in unrealized gains on Tether Gold holdings [15] - Total loans facilitated on Antalpha Prime reached $2.4 billion, up 60% year-over-year, driven by new client rings and increased loan amounts from existing clients [12] Business Line Data and Key Metrics Changes - Tech financing fees on supply chain loans reached $15.6 million, up 51% year-over-year, driven by strong hash rate loan growth [11] - Tech platform fees on margin loans roughly doubled year-over-year to $5.5 million, benefiting from higher Bitcoin prices [11] - The average loan amount per customer for supply chain loans is approximately $32 million, while for margin loans, it is around $47 million, both growing over 50% year-over-year [33] Market Data and Key Metrics Changes - The number of institutional clients increased by 28% year-over-year in Q3, with total value of loans (TVL) per customer on a 12-month rolling basis increasing by 55% year-over-year [12] - Antalpha's LTV on supply chain loans was at 59% at the end of Q3 [3] - The crypto market capitalization is estimated to be between $3.5 trillion and $4 trillion, comparable to the annual GDP of Japan or the U.K. [4] Company Strategy and Development Direction - Antalpha is focusing on globalization and the NLPaaS RWA hub as strategic priorities, requiring investments to develop significant new growth curves [6][7] - The company aims to grow Aurelion to a $10 billion Tether Gold DATT over time to increase collateral resiliency and provide funding for new lending scenarios [17] - Antalpha is leveraging its platform to drive sustainable revenue growth, expand margins, and strengthen its balance sheet while positioning for long-term global expansion [15] Management's Comments on Operating Environment and Future Outlook - Management expects Q4 revenue to range between $26 million and $28 million, representing 94%-109% growth year-over-year [15] - The company is optimistic about the broader adoption of collateralized loans in the crypto sector, driven by policy tailwinds and the passing of the Genius Act [3] - Management highlighted the importance of tokenized gold in the crypto economy, suggesting significant growth potential in this area [7] Other Important Information - Antalpha completed the acquisition of Prestige Wealth for $43 million, which will be renamed Aurelion, marking a pivotal milestone in its treasury strategy [9] - The company financed 77.1 exahash of hash rate capacity at the end of Q3, indicating active participation in the mining sector [11] Q&A Session Summary Question: Is the fourth quarter guidance assuming any benefit from Aurelion, or is it all organic? - Management clarified that revenue does not derive from Aurelion; instead, Aurelion raises capital and lends gold to strengthen Antalpha's balance sheet [20] Question: Can you expand on pricing power in the business? - Management noted that despite the Fed decreasing interest rates, they have maintained tech fees, and branding power since going public has improved margins [23] Question: What is the proper range for net interest margin, and can it reach 2%? - Management indicated that net interest margin has been improving and there is potential for growth as the brand scales and enters new markets [30] Question: What is the average loan amount per customer? - The average loan amount for supply chain loans is approximately $32 million, and for margin loans, it is around $47 million, both growing over 50% year-over-year [33] Question: Can you provide the total number of customers in each segment? - Management stated there are close to 50 customers for supply chain loans and a little above 40 for margin loans, totaling approximately 80 customers [35][36]