Antalpha Platform Holding Company Q4 FY2025 earnings call

• Alpha delivered strong fourth quarter with revenue growth accelerating throughout 2025. Total loan book grew steadily with prudent risk management. Clients generated 81.3 exahash, ~7.3% of global hash rate. • Risk management philosophy of risk management first, requiring over-collaboration and client machine/stake storage. Had conversations with clients during Bitcoin drawdown. • Product innovation: foresaw importance of tokenized gold, acquired Tether Gold and Aurelion, accumulated unrealized gain on Tether Gold. Looking into XAAT collateralized loans. Saw AI financing opportunities, will align with new AI capabilities in 2026. • Nalpha Prime had organic revenue growth in Q4, with various revenue components and margin improvements. Aurelien's operating results included unrealized gain on Tether Gold

Fourth quarter revenue reached $28 million, up 110% year-over-year. For the year, revenue was $80 million, up 68% year-over-year. Total loan book on Nalpha Prime was $2.8 billion at year end, up 59% year-over-year. Bitcoin pledge on total loan book was $3.7 billion. Loan to value on supply chain loans was 57%. Loan balance per client grew 43%, new client ads increased 12% year over year. Fourth quarter adjusted EBITDA was $18.4 million, up 802% year over year. Adjusted EBITDA margin was 66%. For 2025, adjusted EBITDA was $33.2 million, up 460% year-over-year, margin 42%. Nalpha Prime fourth quarter revenue was $28 million, growing 110% year-over-year. Tax financing fees on supply chain loans were $18.5 million, up 79% year-over-year. Tax platform fees on margin loan were $6 million, up 98% year-over-year. Other revenue was $3.5 million. NFM increased 30 bps year-over-year to 1.49. Nalpha Prime non-operating OPEX excluding funding costs was $8.5 million, up 45% year-over-year. Prime adjusted EBITDA was $9 million, margin 32%. Aurelien had no revenue in Q4, adjusted EBITDA $9.4 million including $10.4 million unrealized gain on Tether Gold

• Expect revenue for first quarter of 2026 to range between $20 million and $23 million, representing an increase between 47% to 69% year-over-year, assuming market conditions remain consistent with current

• Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially. Risks related to market volatility, including Bitcoin price fluctuations. Impact of regulatory changes on business operations. Potential challenges in managing loan provisions and balance sheet resilience in a volatile market

Q: Do you mind just talking about the performance of the loan book, whether or not there was any write-offs or provisions in the fourth quarter, and I guess just for the date, how that's been holding up?

A: For the fourth quarter, no write-off on the loans, calculated provision based on CISO. LTV at 57% which is healthy. Managing loan books by talking to clients and monitoring, expecting to manage situation with clients to keep sound balance sheets.

Q: In light of power and globally people maybe reallocating power from Bitcoin mining to AI, can you maybe talk about what you're seeing in the market in terms of opportunity Obviously, in crypto winners, sometimes people lean into things and then there's other times where, you know, cost of mine becomes a little bit prohibitive. So just maybe the macro environment there to your AI lending and financing platform, like what sort of KPIs do you need to see in order for that to become kind of a real product slash revenue line. And then is there any thought from the management or board level about share buybacks or redeploying capital for shareholders?

A: Energy: public companies shifting data centers for AI use may be positive. AI lending: envision using AI agents to streamline lending processes by automating criteria search. Share buyback: stock price volatile, watching market opportunistically.

Q: In Q4, there was quite a drawdown in Bitcoin prices, and the results were, you know, pretty good, solid results for the quarter, $28 million in revenue. But another drawdown in the quarter, Q1, and the guidance is for $20 to $23 million in revenue. down from 28 million and four Q. And I wonder if you could give us a bridge to how you think about that quarter shaping up versus Q4. Just kind of, you know, what are some of the drivers of how you're thinking about that guidance and how it steps down from 28 million to the 20 to $23 million range?

A: Q4 had $3.5 million revenue from pilot loans which ended by year end, so Q1 guidance gap due to possible loan early retirements as clients discuss closing or continuing mining.

Q: This is Neo Elof on for Devin. Just kind of a quick question on policy and how you guys are thinking about it. So obviously the Clarity Act is kind of a big topic here in the U.S., but you could talk about various legislation around the world. I guess what do you see as the opportunities as some of this legislation kind of comes through for your various businesses? And what are some challenges you participate or expect as some of the incumbents potentially are more willing to get into this lending game as it becomes more institutionalized?

A: Opportunities: access opens up, market is large. Have infrastructure stack set up over three years, with brand, platform, and client assets to enter new businesses. Challenges: competition from incumbents, but have foundation with current clients and assets to leverage opportunities with clearer legislation