Antalpha Platform Holding Company (Class A) (ANTA) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, ANTA scores 36 out of 100 with a letter grade of D-, labeled "Roarable Sell — Vulnerable Balance Sheet & Flow." Across the five pillars, the Fundamental Cash Engine scores 7/20 (ROIC 10.6%; FCF yield -6.37%), indicating that reported returns on capital are positive but free cash flow is negative, so earnings are not translating into distributable cash. Whale/13F Flow scores 3/20 (institutional accumulation and options positioning), the weakest pillar, signaling little supportive institutional tailwind in the source data. Insider Conviction scores 6/20 (SEC Form 4 and Congressional PTR cluster flow), a modest reading. Macro Regime Fit scores 7/20 (Beta 1.0; sector sensitivity), meaning the stock tracks the broader market at a neutral sensitivity without a clear macro advantage. Forensic Balance Sheet scores 13/20 (Altman Z 2.5; Piotroski F 4/9; Debt/Equity 0.5), the strongest pillar, though still only moderate.

For a prospective investor evaluating the stock today, the upside case rests on the operating turnaround visible in the SEC financials (revenue growth from $11.3M to $79.7M across the reported periods) and on the low EV/EBITDA of 3.8 in the market data. The valuation tradeoff is that the market capitalization of $66.2M and a share price of 1.76 sit near the bottom of a $1.6 to $12.18 52-week range, which reflects heavy de-rating and a negative FCF yield. The rating's core message is that earnings quality and cash conversion, not headline profit, are the central question. Positive net income in FY 2025 ($24.4M) coexists with negative free cash flow ($-4.2M), so the investor must weigh whether reported profitability will convert to cash.

Per the SEC financials, revenue rose from $11.3M in FY 2023 to $79.7M in FY 2025 and operating income moved from $-7.6M to $15.0M. Per the market data, operating margin is 18.8% and net margin is 30.7%, while gross margin is reported as 0%. Per the Roarable RQD rating, ROIC is 10.6%, the Altman Z-Score is 2.5, the Piotroski F-Score is 4/9, and Debt/Equity is 0.5. Free cash flow remained negative in all three periods, and FY 2025 cash is $7.9M.

Per the recent news feed, two MarketBeat items cover ANTA: a short interest report for September and a report stating the shares climbed 0.9%. Both are rated YELLOW with a MARKET WIRE impact label and carry no fundamental detail beyond general market action and institutional positioning. Per the market data, the most recent session change was 4.45% on volume of 28,869. Per the Butterfly Supply-Chain Graph, no supply-chain links or proprietary signals are recorded.

Per the Butterfly Supply-Chain Graph, supply chain is recorded as NONE, with no upstream or downstream links and no proprietary signals. Sector correlation data beyond the Financials / Investment Bankers/Brokers/Service classification is not available in source data. An investor should note that without mapped dependencies, the second-order ripple effects of brokerage or banking-sector cycles on ANTA cannot be assessed from this source set.

• What is the company's business model and revenue mix, given that the source data contains no business description?
• Why is free cash flow negative in every reported period despite positive FY 2025 net income and operating income?
• What drove the revenue increase from $11.3M to $79.7M, and is it recurring?
• What are the debt levels and EPS figures, which are marked N/A in the SEC financials?
• Who holds the shares and whether institutional or insider activity exists, given that holder and analyst data are unavailable?