Aurelion's results are entirely driven by gold price movements and unrealized gains, with zero revenue and $41.2M in related-party debt. The XAUE protocol commitment introduces yield potential but also counterparty and smart contract risk. Monitor gold price trends and any future XAUt sales for real cash generation. The 20-F annual report filed 16 days ago provides broader context on Antalpha's consolidated position.
Price Chart
Executive Summary
Antalpha's subsidiary Aurelion reported Q2 FY2026 results with operating income of $8.9M (vs -$3.0M loss a year ago), driven entirely by unrealized fair value gains on XAUt holdings from gold price appreciation. NAV stood at $116.4M ($3.16/share) as of March 31, 2026, and the company committed ~$48M to the XAUE yield protocol. However, the company generated zero revenue and the profit is entirely non-cash and dependent on gold price movements, with $41.2M in related-party debt on the balance sheet.
Key Facts
- Aurelion reported operating income of $8.9M for Q2 FY2026, compared to a $3.0M loss in the prior-year period
- Net income was $7.9M, or $0.23 per basic share, vs a $3.0M loss in Q2 FY2025
- NAV as of March 31, 2026 was $116.4M, or $3.16 per share, based on 36.8M shares outstanding
- XAUt holdings totaled 33,318 units valued at $155.5M at $4,667/oz
- The company committed 10,000 units of XAU (~$48M) to the XAUE yield protocol on April 24, 2026
- Total revenue was zero for both the current and prior-year quarters
- The company has $41.2M in related-party loan payables, collateralized by XAUt
- All profit was from unrealized fair value gains on XAUt; no XAUt was sold during the period
Financial Impact
Operating income of $8.9M vs -$3.0M YoY; net income of $7.9M vs -$3.0M loss; NAV of $116.4M ($3.16/share)
Risk Factors
- Zero revenue and profit entirely dependent on gold price appreciation and unrealized gains
- $41.2M in related-party debt with XAUt as collateral creates leverage risk if gold prices decline
- XAUE protocol participation introduces smart contract, counterparty, and liquidity risks
- Share count increased ~10x YoY (from 3.5M to 34.6M basic shares) due to capital raises and warrant exercises
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-002879 |
| Document: f6k_043026.htm | 0001171843-26-002879 |
| Document: 0001171843-26-002879-index-headers.html | 0001171843-26-002879 |
| Document: 0001171843-26-002879-index.html | 0001171843-26-002879 |
| Document: 0001171843-26-002879.txt | 0001171843-26-002879 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 6-K | $1.96 | awaiting T+60 | — | $1.69 (−13.78%) |
Oct 22, 2026 4d ago | Press Release | $1.96 | awaiting T+60 | — | $1.69 (−13.78%) |
Aug 20, 2026 9w ago | 6-K | $3.92 | awaiting T+60 | — | $1.69 (+56.83%) |
Aug 12, 2026 10w ago | Press Release | $4.02 | awaiting T+60 | — | $1.69 (−57.91%) |
Jul 28, 2026 12w ago | 6-K | $3.27 $1.75 | ▲ +46.48% | ▲ +50.83% | $1.69 (+48.32%) |
May 19, 2026 22w ago | Press Release | $8.50 $3.93 | ▲ +53.77% | ▲ +60.06% | $1.69 (+80.12%) |
May 18, 2026 23w ago | 6-K | $8.50 $3.93 | ▼ −53.77% | ▼ −60.06% | $1.69 (−80.12%) |
Apr 30, 2026 25w ago | 6-K | $8.55 $3.65 | ▼ −57.31% | ▼ −60.42% | $1.69 (−80.23%) |
Apr 27, 2026 26w ago | 6-K | $9.33 $3.64 | ▼ −60.99% | ▼ −64.98% | $1.69 (−81.89%) |
Apr 14, 2026 27w ago | 6-K | $9.00 $4.47 | ▼ −50.33% | ▼ −58.47% | $1.69 (−81.22%) |
US Market Status
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