The core lending business is contracting (TVL -34% YoY) and the Aurelion acquisition is adding significant earnings volatility without evident revenue synergies. Q3 guidance of $10M-$12M revenue implies further sequential decline. Monitor whether Antalpha can stabilize loan balances and whether Aurelion's gold token losses reverse. The company's zero-principal-loss track record supports the lending franchise's value, but the current revenue trajectory and Aurelion overhang suggest continued downside risk.
Price Chart
Executive Summary
Antalpha reported Q2 2026 revenue of $12.2M, down 28% YoY, and a net loss attributable to Antalpha of $12.5M vs. $0.7M net income in Q2 2025. The results were heavily impacted by $22.3M in unrealized fair-value losses on Aurelion's tokenized gold holdings (XAUt/XAUE). The core Antalpha Prime financing platform generated operating profitability with $245.8K non-GAAP operating income, but total TVL facilitated declined 34% YoY to $1.35B, and the company guided Q3 2026 revenue of $10M-$12M, implying continued weakness. The Aurelion acquisition (Oct 2025) has introduced significant non-cash earnings volatility without offsetting operating benefits, making reported net income largely uninformative for core business performance.
Key Facts
- Q2 2026 revenue $12.2M, down 28% YoY vs $17.0M
- Net loss (Antalpha attributable) of $12.5M vs net income $0.7M YoY
- Adjusted EBITDA loss of $27.4M vs $3.8M YoY, driven by $26.2M fair-value loss on XAUt/XAUE
- Total Value of Loans (TVL) facilitated $1.35B, down 34% YoY
- Q3 2026 revenue guidance $10M-$12M, below Q2 2026 run rate
- Core Antalpha Prime non-GAAP operating income $245.8K, a small fraction of prior year's $2.13M
- Total assets collapsed from $2.41B (Dec 2025) to $961M (Jun 2026), largely due to reclassification of related-party loan/collateral receivables
Financial Impact
Revenue decline of 28% YoY, net income swing from +$0.7M to -$12.5M, Adjusted EBITDA decline to -$27.4M, Total Asset reduction of ~$1.4B
Risk Factors
- Further contraction in financing activity leading to continued revenue decline
- Continued mark-to-market losses on Aurelion's XAUt and XAUE holdings if gold prices fall
- Cash balance declined $3.5M to $4.3M; limited liquidity runway if losses persist
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-005659 |
| Document: f6k_082026.htm | 0001171843-26-005659 |
| Document: 0001171843-26-005659-index-headers.html | 0001171843-26-005659 |
| Document: 0001171843-26-005659-index.html | 0001171843-26-005659 |
| Document: 0001171843-26-005659.txt | 0001171843-26-005659 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 6-K | $1.96 | awaiting T+60 | — | $1.71 (−12.76%) |
Oct 22, 2026 4d ago | Press Release | $1.96 | awaiting T+60 | — | $1.71 (−12.76%) |
Aug 20, 2026 9w ago | 6-K | $3.92 | awaiting T+60 | — | $1.71 (+56.32%) |
Aug 12, 2026 10w ago | Press Release | $4.02 | awaiting T+60 | — | $1.71 (−57.41%) |
Jul 28, 2026 13w ago | 6-K | $3.27 $1.75 | ▲ +46.48% | ▲ +50.83% | $1.71 (+47.71%) |
May 19, 2026 23w ago | Press Release | $8.50 $3.93 | ▲ +53.77% | ▲ +60.06% | $1.71 (+79.88%) |
May 18, 2026 23w ago | 6-K | $8.50 $3.93 | ▼ −53.77% | ▼ −60.06% | $1.71 (−79.88%) |
Apr 30, 2026 25w ago | 6-K | $8.55 $3.65 | ▼ −57.31% | ▼ −60.42% | $1.71 (−80.00%) |
Apr 27, 2026 26w ago | 6-K | $9.33 $3.64 | ▼ −60.99% | ▼ −64.98% | $1.71 (−81.67%) |
Apr 14, 2026 27w ago | 6-K | $9.00 $4.47 | ▼ −50.33% | ▼ −58.47% | $1.71 (−81.00%) |
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