Revenue growth has accelerated significantly, with 2025Q4 operating income reaching $12.6M compared to a $1.5M loss in 2023Q4, reflecting improved operational leverage.
| Sales/Revenue | - | - | - |
| Revenue Growth % | - | - | - |
| Cost of Goods Sold | - | - | - |
| COGS % of Revenue | - | - | - |
| Gross Profit | 35.79M | 17.92M | 1.83M |
| Gross Margin % | 44.92% | 37.75% | 16.24% |
| Gross Profit Growth % | 99.78% | 878.68% | - |
| Operating Expenses | 20.78M | 14.73M | 9.45M |
| OpEx % of Revenue | 26.08% | 31.05% | 83.85% |
| Selling, General & Admin | 0 | 13.35M | 8.95M |
| SG&A % of Revenue | - | 28.14% | 79.36% |
| Research & Development | - | - | - |
| R&D % of Revenue | - | - | - |
| Other Operating Expenses | - | - | - |
| Operating Income | 15.02M | 3.18M | -7.62M |
| Operating Margin % | 18.85% | 6.7% | -67.62% |
| Operating Income Growth % | 372.03% | 141.73% | - |
| EBITDA | 16.02M | 4.01M | -7.11M |
| EBITDA Margin % | 20.1% | 8.45% | -63.03% |
| EBITDA Growth % | 299.29% | 156.46% | - |
| D&A (Non-Cash Add-back) | 1M | 830.21K | 517.07K |
| EBIT | 26.77M | 4.86M | -7.43M |
| Net Interest Income | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 |
| Other Income/Expense | - | - | - |
| Pretax Income | 26.77M | 4.96M | -7.9M |
| Pretax Margin % | 33.6% | 10.45% | -70.11% |
| Income Tax | 2.34M | 566.97K | -1.32M |
| Effective Tax Rate % | 8.73% | 11.43% | 16.68% |
| Net Income | 18.49M | 4.39M | -6.59M |
| Net Margin % | 23.21% | 9.26% | -58.42% |
| Net Income Growth % | 320.85% | 166.71% | - |
| Net Income (Continuing) | 24.43M | 4.39M | -6.59M |
| Discontinued Operations | 0 | 0 | 0 |
| Minority Interest | 82.64M | 0 | 0 |
| EPS (Diluted) | 0.75 | 0.19 | -0.29 |
| EPS Growth % | 294.74% | 165.52% | - |
| EPS (Basic) | 0.80 | 0.19 | -0.29 |
| Diluted Shares Outstanding | 23.1M | 23.1M | 23.1M |
| Basic Shares Outstanding | 23.1M | 23.1M | 23.1M |
| Dividend Payout Ratio | - | - | - |
Bitcoin mining collateral concentration
As evidenced by the most recent quarterly data, Antalpha achieved a significant revenue expansion to $28.0M in 2025Q4, marking a substantial departure from the $5.7M reported in 2023Q4, which suggests that the company's hashrate-backed lending model is gaining traction within the specialized digital asset financing ecosystem.
The rapid revenue growth appears to be driven by the company's ability to capture demand for specialized mining equipment financing. Investors should monitor whether this trajectory is sustainable or if it remains tethered to the cyclical nature of Bitcoin mining difficulty and hardware replacement cycles.
According to the provided financial statements, Antalpha's gross margin reached 44.7% in 2025Q4, reflecting a notable improvement from the 21.7% level observed in 2023Q4, which indicates that the firm is successfully optimizing its spread between capital costs and interest income generated from its mining-focused loan portfolio.
The expansion in gross margins suggests that the company may be gaining pricing power or benefiting from more favorable funding terms. However, the volatility in quarterly margin performance warrants further investigation into whether these gains are structural or merely reflective of temporary market conditions in the crypto-lending space.
Based on reported figures, Antalpha demonstrated significant operating leverage in 2025Q4, with operating income surging to $12.6M, a sharp contrast to the negative operating income of $1.5M in 2023Q4, suggesting that the company's fixed cost base is now being effectively absorbed by its growing revenue streams.
The transition to positive operating margins indicates that the company has successfully scaled its technology and compliance infrastructure without a proportional increase in overhead. This shift appears to validate the scalability of their platform-based service model, though maintaining this efficiency will likely require continued discipline in managing fixed costs.
As reported in the 2025Q4 income statement, net income reached $9.3M, representing a substantial improvement from the losses recorded in earlier periods, which implies that the company has reached a critical operational inflection point where its core lending and service activities are generating consistent, high-quality bottom-line results.
The absence of stock-based compensation in the most recent quarter suggests that the reported net income is not being artificially inflated by non-cash equity expenses. Investors should remain cautious, however, as the reliance on a single asset class for collateral could introduce volatility into future earnings quality if market conditions deteriorate.
While the company shows strong growth, the reliance on Bitcoin-secured supply chain financing, as highlighted in recent filings, presents a significant risk, as any material decline in ASIC hardware values could lead to collateral shortfalls that would likely impair the company's net interest margins and overall profitability.
Short-sellers might focus on the potential for margin compression if competition in the mining finance sector intensifies or if the cost of liquidity from funding partners increases. The current profitability appears sensitive to the specific industrial economics of the Bitcoin network, which may not be as durable as traditional financial services.
Quick answers to the most common questions about buying ANTA stock.
Antalpha Platform Holding Company (ANTA) is profitable, generating $18.5M in net income for the fiscal year ending 2025 with a net profit margin of 23.2%.
Antalpha Platform Holding Company (ANTA) reported an operating income of $15.0M, resulting in an operating profit margin of 18.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Antalpha Platform Holding Company (ANTA) generated $35.8M in gross profit for the year, representing a gross profit margin of 44.9%. This demonstrates the company's core pricing power and production efficiency.