Operational cash flow is highly erratic, highlighted by a 2026Q2 OCF/NI ratio of -3.77, which suggests a disconnect between reported earnings and actual cash-generating capacity.
| Cash from Operations | -14.83M | 71.99K | -11.6M | -1.14M | -4.86M | -3.1M | -1.44M | 774.48K | -1.01M | 2.68M | -43.25K | -368.65K |
| Operating CF Margin % | - | 0.16% | -69.19% | -20.03% | -3959.84% | -1374.33% | -12822.42% | 28.09% | -23.65% | 74.64% | -2.6% | - |
| Operating CF Growth % | -1135.33% | 100.62% | -917.18% | 76.53% | -56.62% | -115.04% | -286.29% | 176.54% | -137.76% | 6295.64% | 88.27% | - |
| Net Income | 13.19M | 15.89M | -3.68M | -11.7M | -14.42M | -5.21M | -1.46M | -1.46M | 125.3K | 1.71M | 652.85K | -250.24K |
| Depreciation & Amortization | 298.81K | 161.89K | 89.46K | 99.34K | 64.98K | 76.51K | 86.41K | 101.93K | 19.89K | 19.01K | 26.36K | 698 |
| Stock-Based Compensation | 0 | 0 | 753.68K | 1.05M | 1.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 4.11M | 6.11M | 0 | 0 | 0 | 0 | 0 | 64.71K | 0 |
| Other Non-Cash Items | -27.57M | -20.09M | 5.34M | 2.33M | 1.76M | 1.28M | 294.01K | 819.58K | 1.96M | 23.06K | -200.08K | 2.08K |
| Working Capital Changes | -746.63K | 4.1M | -14.1M | 2.97M | 160.18K | 750.87K | -364.1K | 1.31M | -1.16M | 946.51K | -522.37K | -121.19K |
| Change in Receivables | -947 | -4.54M | 121.5K | 196.52K | 117.17K | 720.51K | -79.47K | -139.03K | -925.09K | -634.4K | -59.04K | 0 |
| Change in Inventory | 0 | 0 | 0 | -196.52K | -117.17K | -720.51K | 0 | 0 | 0 | 0 | -542.3K | 0 |
| Change in Payables | 741.57K | -11.82M | 3.81M | 2.78M | 1.2M | 6.42K | 58.71K | 634.21K | -33.21K | -13.75K | 14.26K | 0 |
| Cash from Investing | 1.85M | -23.31K | 32.68K | -20.42K | 422.89K | 1.29M | 739.3K | -4.81M | -6.27M | 797.29K | -413.99K | -502.01K |
| Capital Expenditures | -47.31K | -47.31K | -1.28K | -3.16K | -288.33K | -238 | 0 | -31.33K | -1.45M | -1.68K | -17.52K | -66.58K |
| CapEx % of Revenue | - | 0.11% | 0.01% | 0.06% | 234.97% | 0.11% | - | 1.14% | 33.84% | 0.05% | 1.05% | - |
| Acquisitions | 0 | 0 | 0 | -70.74K | -92.46K | 0 | 7.26K | 0 | 0 | 0 | -34.33K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2 | 24K | 33.96K | 53.47K | -80K | 355.37K | 667.9K | 30 | 0 | 798.97K | -581.61K | -333.29K |
| Cash from Financing | 10.75M | 2.11M | 9.73M | 2.6M | 8.98M | 3.03M | 258.26K | 259.89K | 7.9M | -171.42K | 415.5K | 916.79K |
| Debt Issued (Net) | 5M | -141.82K | 4.9M | -211.17K | 1.7M | 3.1M | -37.81K | 0 | 0 | -15.97K | -20.42K | 38.55K |
| Equity Issued (Net) | 5.96M | 2.25M | 4.76M | 2.95M | 4.01M | 0 | 19.66K | 0 | 7.73M | 0 | 1.08M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -82.13K | -353.82K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -211.97K | -141.82K | 75.11K | -139.93K | 3.28M | -69.61K | 276.41K | 259.89K | 172.31K | -155.45K | -640.41K | 878.24K |
| Net Change in Cash | 2.61M | 2.04M | -1.87M | 1.46M | 4.3M | 966.61K | -22.67K | -3.9M | 715.13K | 3.22M | -43.85K | 46.33K |
| Free Cash Flow | -14.87M | 24.68K | -11.6M | -1.14M | -5.15M | -3.1M | -1.44M | 743.15K | -2.46M | 2.68M | -60.77K | -435.24K |
| FCF Margin % | - | 0.06% | -69.2% | -20.09% | -4194.8% | -1374.43% | -12822.42% | 26.96% | -57.48% | 74.59% | -3.66% | - |
| FCF Growth % | -345.82% | 100.21% | -914.48% | 77.79% | -65.9% | -115.05% | -294.14% | 130.21% | -191.86% | 4506.82% | 86.04% | - |
| FCF per Share | -0.36 | 0.00 | -0.33 | -0.04 | -0.28 | -0.27 | -0.13 | 0.07 | -0.23 | 0.23 | -0.01 | -0.04 |
| FCF Conversion (FCF/Net Income) | -1.13x | 0.00x | 3.15x | 0.06x | 0.34x | 0.60x | 1.02x | -0.73x | -5.24x | 1.56x | -0.07x | 1.47x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 285.75K | 0 | 0 | 0 |
Liquidity and volatility exposure
As reported in recent financial statements, Metalpha's operating cash flow frequently diverges from net income, evidenced by a 2026Q2 OCF/NI ratio of -3.77, which suggests that reported earnings are not currently serving as a reliable proxy for the firm's actual cash-generating capacity in this volatile market.
The persistent gap between net income and operating cash flow indicates that accounting profits are likely driven by non-cash items or unrealized gains rather than core operational efficiency. Investors should monitor this divergence closely, as it implies that the company's reported profitability may be disconnected from its ability to fund operations internally.
Based on historical data, Metalpha's cash flow is heavily influenced by working capital fluctuations, such as the $25.5M swing observed in 2026Q2, which indicates that the firm's liquidity is highly sensitive to the timing of client settlements and the underlying volatility of digital asset trading cycles.
The extreme swings in working capital suggest that the company's cash position is subject to significant timing mismatches inherent in its derivative market-making activities. This volatility makes it difficult to forecast sustainable cash flow, as liquidity appears to be tied more to transient balance sheet movements than to consistent operational inflows.
According to the provided cash flow data, Metalpha's free cash flow trajectory remains highly erratic, oscillating between a $12.3M inflow in 2024Q2 and an $11.4M outflow in 2025Q2, which highlights the difficulty in maintaining a stable cash-generative business model within the digital asset wealth management sector.
The lack of a consistent positive free cash flow trend suggests that the business is currently in a capital-intensive phase or is struggling to achieve operational scale. This inconsistency warrants further investigation into whether the firm can achieve self-sustaining growth without relying on external financing or volatile trading gains.
As indicated by the firm's financial disclosures, the absence of significant stock-based compensation or consistent capital expenditure suggests that Metalpha's cash flow statement may be masking the true cost of maintaining its specialized quant infrastructure, leaving investors with limited visibility into the firm's long-term operational sustainability.
The lack of clear investment in tangible assets or significant non-cash adjustments suggests that the company's cash flow is primarily driven by the high-frequency nature of its trading desk. This opacity makes it challenging to determine if the firm is effectively reinvesting in its competitive moat or merely managing short-term liquidity requirements.
Quick answers to the most common questions about buying MATH stock.
Metalpha Technology Holding Limited (MATH) generated $0.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Metalpha Technology Holding Limited (MATH) generated $0.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Metalpha Technology Holding Limited (MATH) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.