Antalpha Q1 revenue jumps 52%; EPS misses, Q2 guidance undercuts estimates
Antalpha’s Q1 revenue grew 52% year-on-year to $20.7 million, but adjusted EPS of $0.07 fell short of analysts’ $0.22 estimate. Outlook disappointed with Q2 revenue guidance of $11–13 million versus $21.25 million consensus, although adjusted EBITDA jumped 435% to $13.3 million driven by $12.9 million tokenized gold gains.
1. First-Quarter Financial Performance
Antalpha reported Q1 revenue of $20.7 million, up 52% from $13.6 million a year earlier, while adjusted EPS came in at $0.07 versus a $0.22 consensus. Net income rose to $2.7 million from $1.5 million, and adjusted EBITDA surged 435% to $13.3 million, boosted by $12.9 million in unrealized tokenized gold gains, lifting margin to 64% from 18%.
2. Disappointing Second-Quarter Outlook
The company set Q2 revenue guidance at $11–13 million, with a $12 million midpoint well below the $21.25 million analysts projected. This guidance reflects a more cautious approach to loan facilitation due to weaker Bitcoin prices and significant repayments by large borrowers.
3. Operational Trends and Initiatives
Loans facilitated totaled $1.7 billion as of March 31, down 3% year-on-year. Operating expenses excluding unrealized gains jumped 102% to $25.0 million, including $10.4 million in funding costs and $3.3 million in one-time restructuring charges. In May, a beta Web3 AI agent was launched for natural language blockchain interaction, though no material near-term impact is expected.