Liquidity management remains complex, as evidenced by the $10.4M working capital adjustment in 2024Q4 and the absence of reported operating cash flow in 2025Q4 despite $9.3M in net income.
| Cash from Operations | -3.84M | -11.69M | -12.24M |
| Operating CF Margin % | -4.82% | -24.64% | -108.58% |
| Operating CF Growth % | 67.18% | 4.46% | - |
| Net Income | 24.43M | 4.39M | -6.59M |
| Depreciation & Amortization | 1M | 830.21K | 517.07K |
| Stock-Based Compensation | 4.77M | 129.45K | 0 |
| Deferred Taxes | 795.92K | 463.99K | -1.32M |
| Other Non-Cash Items | -38.45M | -24.06M | -603.43K |
| Working Capital Changes | 3.62M | 6.55M | -4.25M |
| Change in Receivables | -8.19M | -2.01M | -4.37M |
| Change in Inventory | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 |
| Cash from Investing | -6.86M | -76.17M | -34.99M |
| Capital Expenditures | -380.11K | -160.07K | -61.52K |
| CapEx % of Revenue | 0.48% | 0.34% | 0.55% |
| Acquisitions | - | - | - |
| Investments | 1.28B | 5.81M | 2.35M |
| Other Investing | 524.3K | -76.01M | -34.93M |
| Cash from Financing | 12.63M | 93.35M | 47.46M |
| Debt Issued (Net) | - | - | - |
| Equity Issued (Net) | 67M | 0 | 19.25K |
| Dividends Paid | 0 | 0 | 0 |
| Share Repurchases | -32.7K | 0 | 0 |
| Other Financing | 0 | 34.34M | 12.51M |
| Net Change in Cash | 1.92M | 5.49M | 229.64K |
| Free Cash Flow | -4.53M | -11.85M | -12.3M |
| FCF Margin % | -5.68% | -24.98% | -109.12% |
| FCF Growth % | 61.79% | 3.64% | - |
| FCF per Share | -0.20 | -0.51 | -0.53 |
| FCF Conversion (FCF/Net Income) | -0.21x | -2.66x | 1.86x |
| Interest Paid | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 |
Collateral valuation and liquidity
Based on the provided financial data, Antalpha exhibits a significant disconnect between net income and operating cash flow, as evidenced by the 2024Q4 period where net income of $1.7M was accompanied by only $914.6K in operating cash flow, suggesting potential accrual-based revenue recognition challenges.
The divergence between reported profitability and cash generation warrants further investigation into the company's revenue recognition policies for its lending services. Investors should monitor whether this gap reflects non-cash interest accruals or timing differences in fee collection that could impact future liquidity.
According to the 2024Q4 financial statements, the company reported a $10.4M working capital adjustment, which significantly influenced the cash flow profile and suggests that the firm's liquidity is highly sensitive to the timing of loan disbursements and repayments within its mining-focused credit portfolio.
This large working capital swing indicates that the company's cash position is subject to substantial fluctuations based on the operational cycles of its mining clients. Such volatility may imply that the firm's cash flow is less predictable than its net income suggests, necessitating a cautious approach to assessing its short-term solvency.
As reported in the company's recent filings, Antalpha maintains a low capital intensity with a CapEx-to-revenue ratio of approximately 0.6% in 2024Q4, indicating that the firm's business model is primarily service-oriented rather than asset-heavy, despite its deep integration with the Bitcoin mining hardware supply chain.
The minimal investment in physical assets suggests that the company is successfully leveraging its platform infrastructure to scale without incurring significant capital expenditures. This capital-light approach appears to support the firm's ability to generate returns on equity, provided that its technology platform remains competitive.
Based on the provided data, the absence of reported operating cash flow for several quarters, including 2025Q4, obscures the true cash-generating capacity of the business, making it difficult to determine if the reported net income of $9.3M is supported by actual cash inflows or accounting adjustments.
The lack of consistent cash flow reporting for recent periods may indicate that the company's financial reporting is still maturing or that its cash management is highly centralized. Analysts should be wary of relying solely on net income figures until more transparent cash flow disclosures are provided.
Quick answers to the most common questions about buying ANTA stock.
Antalpha Platform Holding Company (ANTA) generated $-3.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Antalpha Platform Holding Company (ANTA) reported negative free cash flow of $4.5M in 2025, indicating capital requirements exceeded cash from operations.
Antalpha Platform Holding Company (ANTA) spent $0.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Antalpha Platform Holding Company (ANTA) spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.