Antalpha Platform Holding Co

Profitable, fast-scaling Bitcoin-mining supply-chain lender with strong operating margin but negative operating cash flow and concentrated crypto/counterparty risk.

Strengths

• Revenue up 68% (88.9th) and net income up 4.6x (79.6th); operating margin 18.8% (82.9th)
• Net income of $24.4M in FY2025 with 17+ quarters of cash runway

Risks

• Negative operating cash flow (-$3.8M) and FCF; ROA only 1.0% (44.4th)
• Highly concentrated funding via Northstar and dependence on Bitmain/Bitcoin cycle; China/Hong Kong governance and outbound-investment exposure

Notable findings

• Cash burnNegative free cash flow (-4.2M)
• China exposureexport control regulations and sanctions targeting certain Chinese companies and industries, and concerns from the U