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Antalpha Platform Holding Company
(NASDAQ:ANTA)
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Rating:46Neutral
Price Target:
$2.00
▼(-46.81% Downside)
Action:Reiterated
Date:10/01/26
ANTA scores low primarily due to elevated financial risk (very high leverage and negative operating/free cash flow) despite strong recent profitability improvements. Technicals also weigh on the score as the stock trades well below key moving averages with negative MACD. Valuation is not supportive at a high P/E with no dividend yield, and the latest earnings call signaled a muted near-term revenue outlook with significant mark-to-market volatility impacting reported results.
Positive Factors
Rapid revenue and margin improvement
The sharp expansion in revenue and margins shows that Antalpha has recently achieved meaningful operating scale and improved profitability. If this performance persists, stronger economics can support reinvestment, improve competitive positioning, and create a more durable earnings base.
Negative Factors
Very high leverage
Debt that is many times larger than the equity base leaves Antalpha highly sensitive to refinancing conditions, asset performance, and earnings volatility. Elevated leverage can constrain capital allocation, increase financial risk, and reduce the company’s ability to absorb setbacks.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue and margin improvement
The sharp expansion in revenue and margins shows that Antalpha has recently achieved meaningful operating scale and improved profitability. If this performance persists, stronger economics can support reinvestment, improve competitive positioning, and create a more durable earnings base.
Read all positive factors
Antalpha Platform Holding Company (ANTA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$56.86M
Dividend YieldN/A
Average Volume (3M)35.70K
Price to Earnings (P/E)39.5
Beta (1Y)1.98
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees113
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Credit Services
Share Statistics
EPS (TTM)0.06
Shares Outstanding23,992,516
10 Day Avg. Volume86,271
30 Day Avg. Volume35,697
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)1.72
Price to Sales (P/S)2.58
P/FCF Ratio-45.34
Enterprise Value/Market Cap1.82
Enterprise Value/Revenue1.40
Enterprise Value/Gross Profit2.98
Enterprise Value/Ebitda-28.03
Forecast
1Y Price Target
$7.50Price Target Upside99.47% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.07
Revenue Forecast (FY)$67.15M
Antalpha Platform Holding Company Business Overview & Revenue Model
Company Description
Antalpha Platform Holding Company provides a comprehensive suite of financial, technological, and risk management solutions specifically designed for the digital asset sector. Its offerings include supply chain financing for enterprises, collatera...
How the Company Makes Money
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Antalpha Platform Holding Company Earnings Call Summary
Earnings Call Date:Aug 19, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 16, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: underlying financing operations (Antalpha Prime) remain resilient and profitable on a stand-alone basis with strong risk controls (including a 0 principal loss record), improved platform fees, cost discipline, and early traction for the Nina AI product. However, consolidated results were materially impacted by large unrealized fair value losses at Aurelion tied to tokenized gold (XAUt/XAUE), driving significant GAAP and adjusted EBITDA losses and a year-over-year revenue decline. Management emphasized selective capital deployment and risk-first underwriting, signaling confidence in long-term strategy despite near-term volatility from tokenized asset mark-to-market effects.Positive Updates
Zero Principal Loss Since Inception
Antalpha maintained a record of 0 principal loss since inception, highlighting strong underwriting, active collateral management, and robust risk controls across market environments.
Negative Updates
Consolidated GAAP Operating Loss
GAAP operating loss was $25.1 million in Q2 2026 versus an operating loss of $0.5 million in Q2 2025, driven largely by unrealized fair value adjustments on tokenized gold holdings.
Read all updates
Q2-2026 Updates
Positive
Negative
Zero Principal Loss Since Inception
Antalpha maintained a record of 0 principal loss since inception, highlighting strong underwriting, active collateral management, and robust risk controls across market environments.
Read all positive updates
Company Guidance
Management guided Q3 2026 revenue of $10.0–$12.0 million while reiterating priorities to allocate capital selectively, maintain prudent underwriting, and strengthen financing economics. This guidance follows Q2 results of $12.2M revenue (down 28% YoY from $17M, or down ~15% ex‑Cango), technology financing fees of $7.7M (‑40% YoY) and technology platform fees of $4.5M (+10% YoY), total loans facilitated of $1.35B (vs ~$1.71B at Q1 end), hash‑rate financing ~30.9 EH (~3.1% of global Bitcoin hash rate), funding costs at 69% of tech financing fees (vs 67% prior year) and a net fee margin improvement of ~10 bps; Q2 operating expenses excluding fair‑value losses were $15M (‑14% YoY), GAAP operating loss was $25.1M, non‑GAAP operating loss $23.8M, net loss attributable $12.5M, and adjusted EBITDA loss $27.4M (including ~$26.2M XAUt/XAUE unrealized loss; ex‑those fair‑value movements adjusted EBITDA was ~$1.2M). Management also noted Antalpha Prime generated $12.2M stand‑alone revenue and was profitable on a stand‑alone GAAP basis (Prime adj. EBITDA loss $3.3M including $3.9M fair‑value loss; ex‑fair value Prime adj. EBITDA $0.6M), Aurelion reported a NAV of ~$91.9M (33,318 XAUt/XAUE at ~$3,996/unit, net debt $42.8M; ~8,000 XAUt staked, 42% economic interest → ~$29M attributable NAV), XAUt moved from ~$4,667 to ~$3,996 in Q2 and recovered to >$4,300 by Aug 18, and the firm emphasized its 0 principal loss record since inception.Antalpha Platform Holding Company Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
34
Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 73.97M | 79.68M | 47.45M | 11.27M |
| Gross Profit | 34.72M | 35.79M | 17.92M | 1.83M |
| EBITDA | -3.69M | 27.77M | 5.69M | -6.91M |
| Net Income | 790.11K | 18.49M | 4.39M | -6.59M |
Balance Sheet | ||||
| Total Assets | 961.42M | 2.41B | 1.25B | 732.03M |
| Cash, Cash Equivalents and Short-Term Investments | 4.31M | 450.35M | 5.93M | 439.10K |
| Total Debt | 417.00M | 1.03B | 410.09M | 346.47M |
| Total Liabilities | 777.63M | 2.20B | 1.21B | 719.32M |
| Stockholders Equity | 112.08M | 119.68M | 46.38M | 12.71M |
Cash Flow | ||||
| Free Cash Flow | 0.00 | -4.53M | -11.85M | -12.30M |
| Operating Cash Flow | 0.00 | -3.84M | -11.69M | -12.24M |
| Investing Cash Flow | 0.00 | -6.86M | -76.17M | -34.99M |
| Financing Cash Flow | 0.00 | 12.63M | 93.35M | 47.46M |
Antalpha Platform Holding Company Technical Analysis
Negative
3.76
Price Trends
3.40
Negative
4.59
Negative
6.63
Negative
Market Momentum
-0.34
Positive
36.64
Neutral
22.22
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ANTA, the sentiment is Negative. The current price of 3.76 is above the 20-day moving average (MA) of 2.84, above the 50-day MA of 3.40, and below the 200-day MA of 6.63, indicating a bearish trend. The MACD of -0.34 indicates Positive momentum. The RSI at 36.64 is Neutral, neither overbought nor oversold. The STOCH value of 22.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ANTA.
Antalpha Platform Holding Company Risk Analysis
Antalpha Platform Holding Company disclosed 93 risk factors in its most recent earnings report. Antalpha Platform Holding Company reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Antalpha Platform Holding Company Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $201.29M | 0.40 | 7.19% | 10.87% | -23.31% | -63.32% | |
71 Outperform | $410.21M | 22.30 | 4.95% | ― | -2.34% | ― | |
67 Neutral | $744.46M | 2.64 | 4.56% | 10.00% | -1.89% | -26.81% | |
62 Neutral | $118.41M | 0.76 | 8.64% | 54.34% | -4.17% | -34.34% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | $87.34M | -0.18 | -16.95% | 20.00% | -27.36% | -220.29% | |
46 Neutral | $56.86M | 39.50 | 0.68% | ― | ― | ― |
* General Sector Average
ANTA
Antalpha Platform Holding Company
2.37
-9.50
-80.03%
YRD
Yiren Digital
0.56
-5.49
-90.76%
FINV
FinVolution Group
3.06
-3.28
-51.77%
LX
Lexinfintech Holdings
0.70
-4.02
-85.11%
XYF
X Financial
5.15
-6.92
-57.35%
OPRT
Oportun Financial
8.92
3.66
69.58%
Antalpha Platform Holding Company Corporate Events
Antalpha Posts Q2 Loss on Tokenized Gold Marks as Core Web3 Lending Platform Stays Profitable
Aug 20, 2026
On Aug. 19, 2026, Antalpha reported unaudited second-quarter 2026 results showing revenue falling 28% year over year to $12.2 million, as overall financing activity and loan balances moderated. The quarter also reflected the consolidation of Aurel...
Antalpha Subsidiary Aurelion Posts Q3 2026 Loss as It Deepens Bet on Tokenized Gold
Jul 28, 2026
On July 27, 2026, Aurelion reported unaudited results for the quarter ended June 30, 2026, highlighting its strategic shift toward serving as the risk-control and technology layer for on-chain gold. The company committed 10,000 units of XAU₮...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.