[1]	Reflects unrealized fair value gains on XAUt and XAUt collateral receivables due from related party, which are managed under Aurelion Inc’s (“AURE”) core treasury strategy (Note 4).
[2]	Primarily consists of crypto asset custodial and wallet service fees (Cobo).
[3]	Giving retroactive effect to the reverse stock split effected on April 18, 2025 (Note 19).

Combined and Consolidated Statements of Cash Flows - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash flows from operating activities

Net (loss)/income

$ 24,434,334

$ 4,393,471

$ (6,585,440)

Adjustments to reconcile net (loss)/income to net cash used in operating activities

Depreciation of property and equipment

143,794

29,513

14,655

Amortization of right-of use assets

805,292

800,694

502,419

Amortization of intangible assets

51,851

Write off of plant and equipment

4,356

Bad debt written off - other receivable

69,904

Allowance for expected credit losses

324,858

Deferred income taxes

795,923

463,989

(1,318,123)

Share-based compensation

4,766,783

129,446

Unrealized loss/(gain) on foreign exchange

(51,836)

111,707

412,592

Fair value loss/(gain) on crypto assets and liabilities

(6,029,314)

767

831

Fair value gain on crypto assets

(10,399,549)

Crypto assets received as revenue

(48,207,213)

(46,808,313)

(7,502,042)

Crypto assets received as revenue - USDC

(979,135)

Crypto assets paid as costs and expenses

33,179,554

22,633,785

6,485,191

Crypto assets received as other income

(6,534,111)

Crypto assets paid as other expense

167,749

Changes in operating assets and liabilities

Accounts receivable

(3,879,369)

(834,671)

(3,770,953)

Amount due from related parties

(4,314,715)

(1,175,587)

(594,456)

Prepaid expenses and other current assets

232,634

(1,710,957)

60,742

Accrued expenses and other current liabilities

1,466,321

5,290,567

1,014,686

Amount due to related parties

740,559

6,733,296

439,377

Conversion of proprietary crypto assets to fiat currency - USDC

925,170

Conversion of proprietary crypto assets to fiat currency

9,263,314

Operating lease obligations

(815,264)

(1,751,765)

(1,399,474)

Net cash used in operating activities

(3,838,110)

(11,694,058)

(12,239,995)

Cash flows from investing activities

Loans provided to customers

(11,200)

(77,711,373)

(34,932,998)

Loans repaid by customers

846,597

1,700,000

Acquisition of fixed assets

(380,113)

(160,066)

(61,522)

Acquisition of intangible assets

(311,101)

Acquisition of long term investment

(7,000,000)

Net cash used in investing activities

(6,855,817)

(76,171,439)

(34,994,520)

Cash flows from financing activities

Issuance of common shares to shareholders

4,428

19,250

Loans borrowed from related party

77,711,373

34,932,998

Loans repaid to related party

(54,371,290)

(18,700,000)

Deemed capital contribution

5,191,683

12,511,909

Funding from Parent Group upon completion of 2024 Reorganization

30,000,000

Net proceeds from initial public offering (“IPO”)

53,248,032

Payments for deferred offering costs

(850,000)

Purchase of treasury shares

(32,696)

Proceeds from exercise of share options

154

Net proceeds from private placement

13,781,345

Net cash provided by financing activities

12,629,973

93,353,056

47,464,157

Effect of exchange rate changes on cash and cash equivalents

(12,531)

Net increase in cash and cash equivalents

1,923,515

5,487,559

229,642

Cash and cash equivalents, beginning of period

5,926,655

439,096

209,454

Cash and cash equivalents, end of period

7,850,170

5,926,655

439,096

Supplemental information

Cash paid for income tax

6,088

287

Supplemental schedule of non-cash investing and financing activities

Crypto assets received as revenue

^[1]

48,207,213

46,808,313

7,502,042

Crypto assets received as revenue - USDC

979,135

Crypto assets paid as costs and expenses

^[1]

(33,179,554)

(22,633,785)

(6,485,191)

Crypto assets received as other income

^[1]

6,534,111

Crypto assets paid as other expense

^[1]

(167,749)

Deposit/(withdrawal) of custodial crypto assets, net

^[1]

(1,916,041)

(373,732)

646,333

Loans provided to related party

^[1]

(278,419,042)

Loans provided to customers

^[1]

(887,879,223)

(614,343,955)

(309,818,893)

Loans provided to customers – USDC

(9,600,748)

Loans repaid by customers

^[1]

593,182,363

605,472,804

17,844,313

Loans repaid by customers – USDC

428,486

Collateral received from related party

^[1]

279,888,518

Collateral received from customers

^[1]

1,901,052,016

1,176,240,978

414,952,584

Collateral returned to customers

^[1]

(1,806,024,448)

(762,374,581)

(51,283,183)

Acquisition of investment

^[1]

(4,993,550)

(2,999,700)

Loans borrowed from related party

^[1]

1,183,144,951

579,960,843

309,818,893

Loans borrowed from related party – USDC

9,600,748

Loans repaid to related party

^[1]

(508,068,759)

(575,345,884)

(17,844,313)

Loans repaid to related party – USDC

(428,486)

Collateral pledged to related party

^[1]

(2,103,891,348)

(1,197,477,498)

(414,952,584)

Collateral returned from related party

^[1]

1,685,386,710

829,400,586

51,283,183

Margin loan payment collected from related party

^[1],[2]

536,399,831

335,362,834

Margin loan payment remitted to customer

^[1],[2]

(521,201,516)

(326,916,796)

Margin loan repayment collected from customer

^[1],[2]

463,850,261

117,964,950

Margin loan repayment returned to related party

^[1],[2]

(485,637,648)

(120,792,421)

Margin loan collateral collected from customer

^[1],[2]

583,998,731

132,084,182

Margin loan collateral remitted to related party

^[1],[2]

(568,972,170)

(132,084,182)

Margin loan collateral collected from related party

^[1],[2]

1,011,354,658

485,010,701

Margin loan collateral returned to customer

^[1],[2]

(1,026,502,114)

(485,010,701)

Margin loan interest collected from customer

^[1],[2]

58,015,708

15,641,145

Margin loan interest collected from customer - USDC

^[2]

1,620

Margin loan interest remitted to related party

^[1],[2]

(58,015,708)

(15,641,145)

Margin loan interest remitted to related party - USDC

^[2]

(1,620)

Fund inflows between customers and related party through shared accounts

^[1],[3]

34,537,507

2,744,963

Fund outflows between customers and related party through shared accounts

^[1],[3]

(37,282,470)

Proceeds of amount due to related party

^[1],[4]

4,510,437

55,539

5,515,524

Repayment of amount due to related party

^[1],[4]

(1,746,444)

(2,990,552)

(3,162,870)

Deemed capital contribution - USDC

(100,025)

1,025,195

Conversion of proprietary crypto assets to fiat currency - USDC

(925,170)

Conversion of proprietary crypto assets to fiat currency

^[1]

(9,263,314)

USDT payment to related party for Purchasing XAUt

^[1],[5]

(104,073,507)

XAUt received from related party

^[1],[5]

114,803,981

Collateral pledged to related party - XAUt

^[1]

(92,289,229)

Proceeds from capital injection

^[1],[6]

$ 41,031,667

[1]	These transactions were conducted in crypto assets.
[2]	Subsequent to the Reorganization, the Company established a dedicated clearing account, with strengthened detection capabilities, to facilitate the margin loan transactions where the Company serves the role of an agent. These transactions related to margin loans reflect the collection and remittance of funds to the customer and related party at inception and repayment of the loan. This arrangement was discontinued effective October 2025.
[3]	Prior to the Reorganization, the Company and related party shared the use of certain accounts. As a result, certain fund flows between related parties and customers, which were unrelated to the Company’s business activities, were routed through the Company’s shared accounts. These transactions do not pertain to categories such as revenue, costs and expenses, loan borrowings and repayments, collateral receipts and remittances and margin loan interest receipts and remittances.
[4]	Prior to the Reorganization, during the initial setup of the Antalpha Prime platform, the Company received temporary crypto fund support from related party, which was subsequently settled in the ordinary course of operations. These transactions do not pertain to categories such as revenue, costs and expenses, loan borrowings and repayments, collateral receipts and remittances and Margin loan interest receipts and remittances.
[5]	In connection with the Company’s announced strategy to diversify its digital asset treasury through stable and gold-backed instruments, the Company used 104 million of USDT to purchase XAUt. The acquired XAUt was subsequently pledged as collateral to the funding partner in exchange for funding.
[6]	Gross proceeds from the AURE PIPE financing, which were received in the form of USDT,