Revenue performance remains highly inconsistent, evidenced by a 100% growth spike in 2024Q4 followed by periods of negative revenue and structural margin instability.
| Sales/Revenue | 0 | 44.57M | 16.76M | 5.69M | 122.71K | 225.75K | 11.25K | 2.76M | 4.28M | 3.59M | 1.66M | 0 |
| Revenue Growth % | -100% | 165.85% | 194.52% | 4538.54% | -45.64% | 1906.3% | -99.59% | -35.57% | 19.19% | 116% | - | - |
| Cost of Goods Sold | 41.12M | 23.26M | 11.14M | 3.67M | 334.82K | 438.26K | 0 | 1.26M | 1.69M | 310.68K | 236.78K | 0 |
| COGS % of Revenue | - | 52.2% | 66.43% | 64.49% | 272.85% | 194.14% | - | 45.77% | 39.52% | 8.65% | 14.25% | - |
| Gross Profit | -41.12M | 21.3M | 5.63M | 2.02M | 46.93K | -213K | 11.25K | 1.5M | 2.59M | 3.28M | 1.43M | 0 |
| Gross Margin % | - | 47.8% | 33.57% | 35.51% | 38.24% | -94.35% | 100% | 54.23% | 60.48% | 91.36% | 85.8% | - |
| Gross Profit Growth % | - | 278.51% | 178.48% | 4206.78% | 122.03% | -1993% | -99.25% | -42.23% | -21.1% | 130.01% | - | - |
| Operating Expenses | 11.34M | 3.86M | 4.3M | 3.58M | 3.3M | 201.54K | 2.13M | 3.73M | 2.2M | 1.26M | 747K | 296.15K |
| OpEx % of Revenue | - | 8.67% | 25.63% | 62.82% | 2686.8% | 89.27% | 18929.97% | 135.29% | 51.48% | 35.21% | 44.95% | - |
| Selling, General & Admin | 11.34M | 3.7M | 4.21M | 2.78M | 3.14M | 4M | 1.12M | 3.55M | 2.17M | 1.08M | 714.87K | 296.15K |
| SG&A % of Revenue | - | 8.3% | 25.1% | 48.84% | 2560.49% | 1771.88% | 9980.45% | 128.87% | 50.78% | 30.08% | 43.01% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 161.89K | 88.81K | 88.36K | 155.3K | -59.58K | 1.01M | 138.52K | 30.34K | 93.99K | 32.14K | 0 |
| Operating Income | -7.9M | 17.44M | 1.33M | -1.55M | -3.25M | -3.93M | -2.12M | -2.23M | 384.04K | 2.02M | 678.62K | -296K |
| Operating Margin % | - | 39.13% | 7.95% | -27.32% | -2648.5% | -1739.99% | -18832.21% | -81.07% | 8.97% | 56.13% | 40.83% | - |
| Operating Income Growth % | - | 1209.25% | 185.66% | 52.15% | 17.26% | -85.37% | 5.19% | -681.97% | -80.94% | 196.92% | 329.26% | - |
| EBITDA | -7.6M | 17.6M | 1.42M | -1.46M | -3.09M | -3.85M | -2.03M | -2.13M | 404.21K | 2.04M | 699.46K | -295.32K |
| EBITDA Margin % | - | 39.49% | 8.48% | -25.57% | -2521.94% | -1706.09% | -18020.17% | -77.37% | 9.45% | 56.72% | 42.09% | - |
| EBITDA Growth % | 58.57% | 1138.24% | 197.65% | 52.96% | 19.65% | -89.95% | 4.94% | -627.71% | -80.15% | 191.12% | 336.85% | - |
| D&A (Non-Cash Add-back) | 298.81K | 161.89K | 89.46K | 99.34K | 155.3K | 76.51K | 91.37K | 101.93K | 20.17K | 21.3K | 20.84K | 684 |
| EBIT | 986.89K | 15.97M | -3.67M | -11.69M | -9.29M | -699K | -1.46M | -1.46M | 758.92K | 2.18M | 879.55K | -296K |
| Net Interest Income | -15.81K | -51.25K | 29.72K | 16.82K | -1.94M | -1.61M | 665.27K | 636.36K | 312.86K | 69.16K | -61.72K | -18.65K |
| Interest Income | 68.46K | 24K | 33.96K | 25.28K | 1.49K | 783 | 667.9K | 636.49K | 312.86K | 69.16K | 163 | 84 |
| Interest Expense | 84.27K | 75.25K | 4.24K | 8.46K | 1.94M | 1.61M | 2.63K | 133 | 0 | 0 | 61.88K | 18.73K |
| Other Income/Expense | 65.42M | -1.54M | -5.01M | -10.15M | -7.98M | -2.31M | 659.9K | 774.88K | 374.88K | 163.15K | 139.05K | -18.65K |
| Pretax Income | 12.95M | 15.89M | -3.68M | -11.7M | -11.23M | -2.31M | -1.46M | -1.46M | 758.92K | 2.18M | 817.67K | -315K |
| Pretax Margin % | - | 35.66% | -21.95% | -205.57% | -9149.09% | -1021.05% | -12966.58% | -52.96% | 17.74% | 60.67% | 49.2% | - |
| Income Tax | -233K | 0 | 0 | 218.03K | 8.06K | 1.52M | 27.41K | 0 | 633.61K | 464.33K | 164.82K | -66.64K |
| Effective Tax Rate % | -1.8% | 0% | 0% | -1.86% | -0.07% | -65.86% | -1.88% | 0% | 83.49% | 21.32% | 20.16% | 21.16% |
| Net Income | 13.19M | 15.89M | -3.68M | -20.56M | -14.44M | -5.15M | -1.42M | -1.06M | 193.13K | 1.71M | 652.85K | -250K |
| Net Margin % | - | 35.66% | -21.95% | -361.16% | -11767.49% | -2279.97% | -12611.09% | -38.3% | 4.51% | 47.74% | 39.28% | - |
| Net Income Growth % | 139.62% | 532.04% | 82.1% | -42.36% | -180.55% | -262.72% | -34.38% | -646.78% | -88.73% | 162.54% | 361.14% | - |
| Net Income (Continuing) | 13.19M | 15.89M | -3.68M | -11.92M | -11.23M | -5.21M | -1.49M | -1.46M | 125.3K | 1.71M | 652.85K | -248K |
| Discontinued Operations | 0 | 0 | 0 | -8.25M | -3.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 1.41M | -611.69K | -547.78K | -489.76K | -78.79K | 0 | 0 | 0 |
| EPS (Diluted) | 0.32 | 0.41 | -0.11 | -0.76 | -0.79 | -0.44 | -0.12 | -0.09 | 0.02 | 0.15 | 0.06 | -0.02 |
| EPS Growth % | 124.26% | 472.73% | 85.53% | 3.8% | -79.55% | -266.67% | -29.73% | -616.76% | -88.07% | 167.86% | 361.68% | - |
| EPS (Basic) | - | 0.41 | -0.11 | -0.76 | -0.79 | -0.44 | -0.12 | -0.09 | 0.02 | 0.15 | 0.06 | -0.02 |
| Diluted Shares Outstanding | 41.02M | 38.55M | 34.71M | 26.99M | 18.3M | 11.65M | 11.42M | 11.42M | 10.77M | 11.67M | 11.67M | 11.67M |
| Basic Shares Outstanding | 41.02M | 38.55M | 34.71M | 26.99M | 18.3M | 11.65M | 11.42M | 11.42M | 10.77M | 11.67M | 11.67M | 11.67M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
High volatility and liquidity
As reported in recent financial filings, Metalpha's revenue trajectory remains highly inconsistent, characterized by extreme fluctuations such as the 100% growth observed in 2024Q4 followed by periods of negative revenue, which suggests a business model heavily tethered to volatile digital asset market cycles rather than stable growth.
The lack of consistent top-line expansion indicates that the firm's revenue is likely driven by opportunistic trading gains rather than a predictable fee-based model. Investors should monitor whether the company can establish a recurring revenue base, as the current reliance on transactional volatility makes long-term forecasting difficult.
Based on the provided income statement data, Metalpha exhibits significant margin volatility, with gross margins swinging from 100% in earlier periods to negative figures in recent quarters, reflecting the inherent difficulty in managing cost of revenue within a crypto-derivative market-making framework.
The negative gross profit figures in recent periods suggest that the cost of hedging or interest paid to clients on structured products is occasionally outpacing the revenue generated from those positions. This instability warrants further investigation into the firm's risk management protocols and the sustainability of its current pricing power.
According to the company's historical income statements, net income figures appear disconnected from operational performance, with significant swings such as the $9.8M profit in 2025Q4 contrasting sharply with deep losses in other quarters, suggesting that non-operating items or unrealized gains may be distorting reported results.
The reliance on mark-to-market accounting for digital asset holdings likely creates artificial noise in the bottom line, making it difficult to assess the firm's true cash-generating capability. Analysts should be cautious of interpreting these earnings as indicative of core operational health, as they appear highly sensitive to external market valuations.
As indicated by the financial data, the firm's persistent operating losses and lean cash position suggest that the current business model may be unsustainable without frequent capital injections, a reality that short-sellers would likely highlight given the company's limited liquidity relative to its operational scale.
The consistent inability to scale operating income faster than expenses suggests a lack of operating leverage, which is concerning for a firm operating in a high-risk financial services niche. Investors should monitor the cash burn rate closely, as the current trajectory may necessitate dilutive financing if market conditions deteriorate further.
Quick answers to the most common questions about buying MATH stock.
For fiscal year 2025, Metalpha Technology Holding Limited (MATH) reported total revenue of $44.6M.
Metalpha Technology Holding Limited (MATH) is profitable, generating $15.9M in net income for the fiscal year ending 2025 with a net profit margin of 35.7%.
Metalpha Technology Holding Limited (MATH) reported an operating income of $17.4M, resulting in an operating profit margin of 39.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Metalpha Technology Holding Limited (MATH) generated $21.3M in gross profit for the year, representing a gross profit margin of 47.8%. This demonstrates the company's core pricing power and production efficiency.