<SEC-DOCUMENT>0001171843-25-005347.txt : 20250813
<SEC-HEADER>0001171843-25-005347.hdr.sgml : 20250813
<ACCEPTANCE-DATETIME>20250813063005
ACCESSION NUMBER:		0001171843-25-005347
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250812
FILED AS OF DATE:		20250813
DATE AS OF CHANGE:		20250813

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Antalpha Platform Holding Co
		CENTRAL INDEX KEY:			0002044255
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42637
		FILM NUMBER:		251208890

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		9 TEMASEK BOULEVARD
		STREET 2:		SUNTEC TOWER 2
		CITY:			#13-02/03
		PROVINCE COUNTRY:   	U0
		ZIP:			038989
		BUSINESS PHONE:		65 6513 8815

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		9 TEMASEK BOULEVARD
		STREET 2:		SUNTEC TOWER 2
		CITY:			#13-02/03
		PROVINCE COUNTRY:   	U0
		ZIP:			038989
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_081325.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html><head><title></title></head><body style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div align="center"><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;">&#160;</div></div><p style="font-size: 14pt;" align="center"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong></p><p style="font-size: 14pt; text-transform: uppercase;" align="center"><strong>Form 6-K</strong></p><p style="text-align: center;"><strong></strong></p><p style="text-align: center;"><strong>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</strong></p><p style="text-align: center;"><strong></strong><strong>For the month of August 2025</strong></p><p style="text-align: center;">Commission File Number: <strong>001-42637</strong></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Antalpha Platform Holding Company</strong></font><br />(Translation of registrant's name into English)</p><p style="text-align: center;"><strong>9 TEMASEK BOULEVARD, SUNTEC TOWER 2, #13-02<br />SINGAPORE</strong><br />(Address of principal executive office)</p></div><p>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.<br />Form 20-F [&#160;X ] &#160;&#160;&#160;&#160;&#160;Form 40-F [&#160;&#160; ]</p><p>&#160;</p><p>&#160;</p><!--<p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): <u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></p><p><strong>Note:&#160;</strong>Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): <u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></p><p><strong>Note:&#160;</strong>Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.&#160;</p>--><hr style="page-break-after: always;" noshade="noshade" /><p> <p>On August 12, 2025, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference. <br /><br /><a href="exh_991.htm">(c) Exhibit 99.1. Press release dated August 12, 2025</a></p></p><p /><hr style="page-break-after: always;" noshade="noshade" /><p style="text-align: center;"><strong>SIGNATURES</strong></p><p>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p><table style="font-family: Times New Roman; font-size: 10pt;" border="0" width="100%" cellspacing="0" cellpadding="0"><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%"><strong>&#160;&#160;&#160;&#160;Antalpha Platform Holding Company&#160;&#160;&#160;&#160;</strong></td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">(Registrant)</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr><tr valign="top"><td width="47%">Date: August 12, 2025</td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%">&#160;&#160;&#160;&#160;/s/ Paul Liang&#160;&#160;&#160;&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">Paul Liang</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">CFO</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr></table></body></html>
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<DOCUMENT>
<TYPE>EX-99.1
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<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
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<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><font style="font-size: 14pt;"><strong>Antalpha Reports Second Quarter 2025 Financial Results</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
 <p>SINGAPORE, Aug.  12, 2025  (GLOBE NEWSWIRE) -- Antalpha Platform Holding Company (NASDAQ: ANTA) ("Antalpha" or the "Company"), a leading institutional digital asset financing platform, today announced its unaudited financial results for the second quarter and six months ended June 30, 2025.</p>  <p>&#8220;Q2 marks another strong quarter that exceeded our growth expectations. Antalpha delivered record revenue, expanded profitability and continued diversifying our loan portfolio and product offerings. Q2 revenue growth accelerated to 49% on a&#160;year-over-year basis and, based on our current outlook,&#160;we expect to further increase year-over-year revenue growth rate in Q3. We have built a flywheel for expanding our loan book, revenue growth and profit expansion by prioritizing risk management, valuing our customers and being innovative in new product offerings,&#8221; said Paul Liang, chief financial officer of Antalpha. &#8220;In Q2, we have also taken solid steps to advance our U.S. expansion by bringing on key leadership and build a more resilient treasury strategy with Tether Gold. We are excited about the growth opportunities ahead.&#8221;</p>  <p><strong>Second Quarter 2025 Financial Highlights</strong></p> <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="vertical-align: top ; ">&#160;</td><td colspan="8" style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><strong>Three Months Ended June 30,</strong><strong><br ></strong></td><td class="hugin">&#160;</td><td style="vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: top ; ">(US dollars in millions, unaudited)</td><td colspan="3" style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: top ; "><strong>2024</strong></td><td style="border-top: solid black 1pt ; vertical-align: top ; ">&#160;</td><td colspan="4" style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ; 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and</li><li>Hired new Chief Operating Officer Derar Islim to lead global expansion and scale operations.</li></ul>  <p><strong>Second Quarter 2025 Financial Results</strong></p>  <ul type="disc"><li>Revenue of $17.0 million grew 49% year-over-year;</li><li>Tech financing fees (on supply chain loans) were US$12.9 million, increasing 39% year-over-year;</li><li>Tech platform fees (on margin loans) were US$4.1 million, increasing 91% year-over-year;</li><li>Net interest margin (&#8220;NIM&#8221;) for both machine loans and hashrate loans expanded year-over-year, with machine loans up 47 bps and hashrate loans up 24 bps;</li><li>Funding cost declined to 5.2%, compared to 5.4% in the second quarter 2024;</li><li>NIM on supply chain loans was down 60 bps year-over-year, due to the increased proportion of hashrate loans, which reached 76% of supply chain loans;</li><li>NIM on margin loans rose to 1.3%, an improvement from 1.2% in the prior quarter.</li><li>Operating expenses were $17.5 million, up 70% year-over-year. Excluding funding cost and stock based compensation, operating expenses were $6.2 million, up 40% year-over-year. Funding cost and stock based compensation in the second quarter of 2025 were $8.7 million and $2.6 million, respectively.</li><li>Non-GAAP net income was $3.3 million, compared to $1.1 million in the prior year period; and</li><li>Adjusted EBITDA was $3.8 million, up 147% year-over-year, with adjusted EBITDA margin expanding to 22% from 13% a year ago.</li></ul>  <p><strong>Outlook<br ></strong>Assuming stable market conditions and solid demand for crypto-collateralized financing, Antalpha expects third quarter 2025 revenue to range between $21 million and $22 million, reflecting 62% - 69%&#160;year-over-year growth. Third quarter 2025 adjusted EBITDA (non-GAAP) is expected to be in the range of 20% - 24%.</p>  <p>The above forecast reflects Antalpha&#8217;s current and preliminary view, which is subject to substantial uncertainties. The Company does not undertake any obligation to update any forward-looking statements, except as required by law.</p>  <p><strong>Conference Call Information<br ></strong>Antalpha&#8217;s management will host a conference call today, August 12, 2025, at 5:00 p.m. Eastern Time to discuss the Company&#8217;s financial results.</p>  <p>To attend, please register in advance at:<br > https://register-conf.media-server.com/register/BI4024476783524280b61190106fddc957</p>  <p>Upon registration, you will receive the dial-in number, passcode, and your unique access PIN, as well as an email with a calendar invite.</p>  <p>A live webcast can be assessed at&#160;https://edge.media-server.com/mmc/p/qci67g8u. A replay of the call will also be available on the Company&#8217;s investor relations website at https://ir.antalpha.com.</p>  <p><strong>Non-GAAP&#160;Measures<br ></strong>In addition to financial measures presented under generally accepted accounting principles in the United States, or GAAP, Antalpha evaluates&#160;non-GAAP&#160;financial measures such as non-GAAP operating income, non-GAAP net income, adjusted EBITDA and adjusted EBITDA margin.</p>  <p>The Company believes these adjustments eliminate the effects of certain&#160;non-cash&#160;and/or&#160;non-recurring&#160;items that the Company believes complements management&#8217;s understanding of its ongoing operational results. However, non-GAAP measures are presented for supplemental informational purposes only, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in its industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of its non-GAAP financial measures as tools for comparison. Antalpha will continually evaluate the usefulness of such metrics. The Company believes that non-GAAP measures may be helpful to investors, because they provide consistency and comparability with past financial performance and with how management views its financial performance.</p>  <p>Non-GAAP operating income represents operating income before share-based compensation expenses.</p>  <p>Non-GAAP net income represents&#160;net income before share-based compensation expenses.</p>  <p>Adjusted EBITDA&#160;(non-GAAP)&#160;represents net income before interest (if non-operating), taxes, depreciation and amortization, and share-based compensation expenses. The Company&#8217;s funding cost is an operating item and a significant component of its business. As such, it is not excluded from adjusted EBITDA (non-GAAP). Adjusted EBITDA Margin represents the ratio between adjusted EBITDA and revenue.</p>  <p>For more information on&#160;non-GAAP&#160;financial measures, please see &#8220;Reconciliations of&#160;non-GAAP&#160;financial measures to the nearest comparable GAAP measures.&#8221;</p>  <p><strong>About Antalpha</strong><br > Antalpha is a leading fintech company specializing in providing financing, technology, and risk management solutions to institutions in the digital asset industry. The Company offers Bitcoin mining supply chain loans and margin loans through the Antalpha Prime technology platform, which allows customers to originate and manage their digital assets loans, as well as monitor collateral positions with near real-time data.</p>  <p><strong>Safe Harbor Statement</strong><br > This press release contains statements that may constitute &#8220;forward-looking&#8221; statements pursuant to the &#8220;safe harbor&#8221; provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as &#8220;will,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;aims,&#8221; &#8220;future,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;likely to,&#8221; and similar statements. Statements that are not historical facts, including statements about Antalpha&#8217;s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Antalpha&#8217;s filings with the SEC. All information provided in this press release is as of the date of this press release, and Antalpha does not undertake any obligation to update any forward-looking statement, except as required under applicable law.</p> <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td colspan="7" style="text-align: center ;  vertical-align: middle; vertical-align: top ; "><strong>Antalpha Platform Holding Company</strong></td></tr><tr><td colspan="7" style="text-align: center ;  vertical-align: middle; vertical-align: top ; "><strong>Condensed Combined and Consolidated Statements of Income</strong></td></tr><tr><td colspan="7" style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">(in USD, except for shares data, unaudited)</td></tr><tr><td colspan="7" style="vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: top ; ">&#160;</td><td colspan="3" style="text-align: center ;  vertical-align: middle; vertical-align: top ; 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  text-align: left;   padding-left: 15.0px; vertical-align: top ; ">Crypto assets collateral receivable from related party, non-current</td><td style="text-align: right ;  vertical-align: middle; ">71,040,098</td><td style="text-align: right ;  vertical-align: middle; ">57,343,125</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: top ; ">Investment</td><td style="text-align: right ;  vertical-align: middle; ">5,814,162</td><td style="text-align: right ;  vertical-align: middle; ">5,814,162</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 15.0px; ">Other non-current assets<sup>(i)</sup></td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">4,372,642</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">1,906,050</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: top ; 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text-align: right ;  vertical-align: middle; ">693,852,753</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">1,103,697,014</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: top ; "><strong>Total current liabilities</strong></td><td style="text-align: right ;  vertical-align: middle; "><strong>990,193,495</strong></td><td style="text-align: right ;  vertical-align: middle; "><strong>1,692,087,716</strong></td></tr><tr><td style="vertical-align: top ; "><strong>Non-current liabilities:</strong></td><td style="text-align: right ;  vertical-align: middle; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: top ; ">Loan payables due to related party, non-current</td><td style="text-align: right ;  vertical-align: middle; ">128,166,851</td><td style="text-align: right ; 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text-align: right ;  vertical-align: middle; "><strong>159,920,389</strong></td></tr><tr><td style="vertical-align: top ; "><strong>Total liabilities</strong></td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; "><strong>1,208,257,985</strong></td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; "><strong>1,852,008,105</strong></td></tr><tr><td style="vertical-align: top ; "><strong>Total shareholders&#8217; equity</strong></td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; "><strong>46,384,244</strong></td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; "><strong>101,447,296</strong></td></tr><tr><td style="vertical-align: top ; "><strong>Total liabilities and shareholders&#8217; equity</strong></td><td style="border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; "><strong>1,254,642,229</strong></td><td style="border-bottom: double black 3pt ; text-align: right ;  vertical-align: middle; "><strong>1,953,455,401</strong></td></tr><tr><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td></tr></table> <p>(i) Other non-current assets include deferred offering costs, property and equipment and right-of-use assets.<br >(ii) Accrued expenses and other current liabilities include accrued liabilities, other payables and the current portion of lease liabilities.</p> <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td colspan="6" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>Reconciliations of&#160;Non-GAAP&#160;Financial Measures</strong></td></tr><tr><td colspan="6" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>to the Nearest Comparable GAAP measures</strong></td></tr><tr><td colspan="6" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">(in USD, unaudited)</td></tr><tr><td colspan="6" style="vertical-align: bottom ; ">&#160;</td></tr><tr><td rowspan="2" style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; "><strong>Three months ended June 30,</strong></td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; "><strong>Six months ended June 30,</strong></td></tr><tr><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ;  vertical-align: middle; "><strong>2024</strong></td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ;  vertical-align: middle; "><strong>2025</strong></td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ;  vertical-align: middle; "><strong>2024</strong></td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ;  vertical-align: middle; "><strong>2025</strong></td></tr><tr><td style="max-width:39%; width:39%; min-width:39%;;text-align: justify ;  vertical-align: middle; vertical-align: top ; "><strong>Operating income/(loss)</strong></td><td style="max-width:15%; width:15%; min-width:15%;;padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>1,115,051</strong></td><td style="max-width:15%; width:15%; min-width:15%;;padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>(465,686</strong><strong>)</strong></td><td style="max-width:1%; width:1%; min-width:1%;;text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="max-width:15%; width:15%; min-width:15%;;padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>1,187,204</strong></td><td style="max-width:15%; width:15%; min-width:15%;;padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>712,027</strong></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">Add: Share-based compensation</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#8212;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">2,591,244</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#8212;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">2,955,328</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: top ; "><strong>Operating income (non-GAAP)</strong></td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>1,115,051</strong></td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>2,125,558</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>1,187,204</strong></td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>3,667,355</strong></td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ; 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text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#8212;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">2,591,244</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#8212;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">2,955,328</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: top ; "><strong>Net income (non-GAAP)</strong></td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>1,149,400</strong></td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>3,265,795</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>1,427,796</strong></td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>5,085,732</strong></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">Add: Income tax expense</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">201,268</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">261,350</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">282,325</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">689,498</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: justify ;  vertical-align: middle; vertical-align: top ; ">Add: depreciation and amortization expense</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">187,791</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">274,681</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">334,769</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">516,827</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: top ; "><strong>Adjusted EBITDA (non-GAAP)</strong></td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>1,538,459</strong></td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>3,801,826</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>2,044,890</strong></td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>6,292,057</strong></td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: top ; "><strong>Adjusted EBITDA margin (non-GAAP)</strong></td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>13</strong><strong>%</strong></td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>22</strong><strong>%</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>10</strong><strong>%</strong></td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>21</strong><strong>%</strong></td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr></table></p><p ></p></body></html>
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