Revenue contraction of 49.2% year-over-year combined with a -2.9% operating margin suggests that the company's pivot has failed to generate sufficient scale to cover its $18.3 million quarterly SG&A burden.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 26.11M | 36.18M | 47.8K | 448.6K | 6.29M | 16.02M | 43.26M | 30.52M | 34.76M | 26.55M | 26.06M | 25.31M | 27.67M | 27.76M | 24.55M | 30.7M | 33.56M | 31.8M | 23.85M | 18.32M | 13.5M | 10.9M | 8.91M | 8.81M | 11.23M | 12.11M | 7.38M | 3.78M | 1.67K |
| Revenue Growth % | -27.85% | 75598.74% | -89.34% | -92.87% | -60.72% | -62.96% | 41.75% | -12.2% | 30.92% | 1.89% | 2.96% | -8.55% | -0.32% | 13.07% | -20.03% | -8.53% | 5.56% | 33.31% | 30.17% | 35.73% | 23.8% | 22.38% | 1.08% | -21.53% | -7.23% | 64.06% | 95.37% | 225831.82% | - |
| Cost of Goods Sold | 11.71M | 15.16M | 281.1K | 782.6K | 1.4M | 7.33M | 851K | 636K | 2.92M | 3.29M | 4.66M | 7.48M | 8.77M | 4.08M | 10.93M | 10.89M | 7.15M | 6.77M | 2.4M | 3.5M | 2.34M | 1.99M | 1.91M | 1.73M | 1.76M | 0 | 0 | 0 | 0 |
| COGS % of Revenue | 44.86% | 41.91% | 588.08% | 174.45% | 22.25% | 45.74% | 1.97% | 2.08% | 8.41% | 12.38% | 17.89% | 29.55% | 31.67% | 14.7% | 44.53% | 35.47% | 21.3% | 21.3% | 10.04% | 19.12% | 17.33% | 18.23% | 21.44% | 19.57% | 15.65% | - | - | - | - |
| Gross Profit | 14.4M | 21.02M | -233.3K | -334K | 4.89M | 8.69M | 42.41M | 29.88M | 31.83M | 23.26M | 21.39M | 17.83M | 18.91M | 23.68M | 13.62M | 19.81M | 26.41M | 25.02M | 21.45M | 14.82M | 11.16M | 8.92M | 7M | 7.09M | 9.47M | 12.11M | 7.38M | 3.78M | 1.67K |
| Gross Margin % | 55.14% | 58.09% | -488.08% | -74.45% | 77.75% | 54.26% | 98.03% | 97.92% | 91.59% | 87.62% | 82.11% | 70.45% | 68.33% | 85.3% | 55.47% | 64.53% | 78.7% | 78.7% | 89.96% | 80.88% | 82.67% | 81.77% | 78.56% | 80.43% | 84.35% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | -31.52% | 9109.64% | 30.15% | -106.83% | -43.71% | -79.5% | 41.92% | -6.13% | 36.84% | 8.73% | 20% | -5.71% | -20.15% | 73.87% | -31.26% | -25% | 5.56% | 16.64% | 44.78% | 32.78% | 25.17% | 27.37% | -1.26% | -25.18% | -21.75% | 64.06% | 95.37% | 225831.82% | - |
| Operating Expenses | 43.33M | 32.64M | 3.26M | 4.72M | 11.29M | 8.96M | 19.55M | 21.17M | 23.37M | 19.34M | 21.09M | 22.08M | 23.22M | 16.84M | 11.62M | 12.99M | 12.56M | 11.99M | 9.84M | 8.57M | 7.32M | 5.44M | 7.19M | 3.64M | 4.15M | 6.12M | 3.8M | 1.66M | 503.03K |
| OpEx % of Revenue | 165.96% | 90.2% | 6824.06% | 1051.16% | 179.44% | 55.93% | 45.19% | 69.36% | 67.22% | 72.85% | 80.94% | 87.25% | 83.9% | 60.68% | 47.31% | 42.31% | 37.42% | 37.72% | 41.26% | 46.8% | 54.25% | 49.85% | 80.75% | 41.26% | 36.94% | 50.54% | 51.55% | 43.89% | 30085.35% |
| Selling, General & Admin | 43.33M | 32.64M | 4.97M | 4.58M | 11.26M | 8.96M | 7.11M | 7.89M | 8.42M | 6.92M | 7.37M | 7.3M | 7.14M | 6.55M | 5.93M | 5.22M | 3.68M | 4.85M | 3.9M | 3.59M | 3.29M | 1.88M | 3.83M | 784.97K | 1.36M | 3.44M | 2.1M | 943.89K | 0 |
| SG&A % of Revenue | 165.96% | 90.2% | 10400.21% | 1020.62% | 178.96% | 55.93% | 16.43% | 25.86% | 24.21% | 26.05% | 28.27% | 28.86% | 25.8% | 23.58% | 24.14% | 17% | 10.97% | 15.25% | 16.35% | 19.62% | 24.39% | 17.25% | 43.03% | 8.91% | 12.1% | 28.45% | 28.52% | 24.99% | - |
| Research & Development | 0 | 0 | 0 | -21 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | -0% | - | - | - | 0% | 0% | 0% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | -1.71M | 137.02K | 30.6K | 0 | 12.44M | -2.52M | 4K | 17K | 507K | 252K | 719K | 110.7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -28.93M | -11.62M | -3.5M | -5.05M | -6.4M | 61.97M | 57.3M | 15.73M | 12.19M | 8.54M | 17.44M | 6.63M | 4.91M | 12.51M | 2M | 6.82M | 13.86M | 12.81M | 11.61M | 6.24M | 3.84M | 3.48M | -194.75K | 3.45M | 5.33M | 5.99M | 3.58M | 2.12M | -501.36K |
| Operating Margin % | -110.82% | -32.11% | -7312.13% | -1125.61% | -101.63% | 386.71% | 132.46% | 51.55% | 35.07% | 32.16% | 66.95% | 26.18% | 17.73% | 45.08% | 8.15% | 22.22% | 41.28% | 40.29% | 48.7% | 34.08% | 28.42% | 31.92% | -2.19% | 39.16% | 47.41% | 49.46% | 48.45% | 56.11% | -29985.35% |
| Operating Income Growth % | -149.01% | -232.41% | 30.78% | 21.06% | -110.32% | 8.14% | 264.26% | 29.07% | 42.73% | -51.05% | 163.31% | 35.04% | -60.8% | 525% | -70.66% | -50.75% | 8.16% | 10.29% | 86.01% | 62.77% | 10.23% | 1887.01% | -105.64% | -35.18% | -11.08% | 67.5% | 68.67% | 522.81% | - |
| EBITDA | -23.93M | -7.02M | -40.67K | -4.94M | -5.22M | 68.99M | 91.06M | 45.92M | 43.31M | 34.06M | 26.51M | 13.92M | 12.22M | 18.64M | 7.6M | 14.22M | 21.5M | 20.03M | 17.23M | 11.22M | 7.87M | 7.03M | 3.17M | 6.3M | 8.11M | 8.66M | 5.28M | 2.83M | -501.36K |
| EBITDA Margin % | -91.68% | -19.4% | -85.08% | -1100.85% | -82.95% | 430.56% | 210.5% | 150.47% | 124.6% | 128.28% | 101.73% | 55.02% | 44.16% | 67.15% | 30.96% | 46.31% | 64.05% | 63% | 72.24% | 61.26% | 58.28% | 64.52% | 35.53% | 71.52% | 72.25% | 71.55% | 71.48% | 75.01% | -29985.35% |
| EBITDA Growth % | -240.98% | -17160.25% | 99.18% | 5.41% | -107.57% | -24.23% | 98.31% | 6.03% | 27.16% | 28.49% | 90.36% | 13.95% | -34.45% | 145.24% | -46.54% | -33.86% | 7.32% | 16.27% | 53.51% | 42.66% | 11.83% | 122.21% | -49.78% | -22.32% | -6.33% | 64.21% | 86.17% | 665.21% | - |
| D&A (Non-Cash Add-back) | 5M | 4.6M | 3.45M | 111.1K | 1.18M | 7.03M | 33.76M | 30.19M | 31.12M | 25.52M | 9.06M | 7.3M | 7.31M | 6.13M | 5.6M | 7.4M | 7.64M | 7.22M | 5.61M | 4.98M | 4.03M | 3.55M | 3.36M | 2.85M | 2.79M | 2.67M | 1.7M | 713.93K | 0 |
| EBIT | -28.93M | -11.62M | -3.54M | -9.23M | -6.44M | -28.99M | 23.88M | 9.35M | 11.39M | 7.21M | 10.64M | 3.23M | 12.58M | 10.92M | 193.5K | 6.82M | 13.86M | 12.28M | 11.61M | 6.58M | 3.84M | 3.48M | -194.75K | 3.45M | 5.33M | 5.99M | 3.64M | 2.12M | -501.36K |
| Net Interest Income | 101.9K | 131.3K | 0 | -120K | -2.51M | -16.82M | -11.3M | -9.51M | -7.75M | -5.34M | -6.14M | -5.13M | -4.08M | -4.63M | -3.93M | -4.3M | -5.2M | -7.15M | -6.26M | -4.95M | -3.48M | -2.42M | -1.94M | -1.97M | -2.8M | -3.47M | 0 | -83.69K | 0 |
| Interest Income | 101.9K | 131.3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 120K | 2.51M | 16.82M | 11.3M | 9.51M | 7.75M | 5.34M | 6.14M | 5.13M | 4.08M | 4.63M | 3.93M | 4.3M | 5.2M | 7.15M | 6.26M | 4.95M | 3.48M | 2.42M | 1.94M | 1.97M | 2.8M | 3.47M | 0 | 83.69K | 0 |
| Other Income/Expense | -5.36M | 839.3K | -1.1M | -4.3M | -4.39M | -107.77M | 0 | -24.79M | -20.4M | -12.06M | -4.7M | -28.49M | 3.81M | -3.14M | -3.93M | -4.3M | -5.2M | -7.9M | -6.26M | -4.95M | -3.5M | -3.08M | -1.94M | -1.97M | -2.8M | -3.47M | -1.6M | -83.69K | 0 |
| Pretax Income | -34.29M | -10.78M | -4.59M | -9.35M | 14.73M | -45.81M | -21.17M | -9.05M | 3.43M | 1.97M | 10.02M | -17.25M | 4.91M | 7.89M | -1.93M | 2.52M | 8.65M | 5.13M | 5.35M | 1.29M | 339.03K | 402.97K | -2.14M | 1.48M | 2.52M | 2.52M | 2.04M | 2.04M | -501.36K |
| Pretax Margin % | -131.37% | -29.79% | -9609% | -2083.62% | 233.98% | -285.88% | -48.93% | -29.67% | 9.88% | 7.43% | 38.46% | -68.15% | 17.73% | 28.41% | -7.87% | 8.22% | 25.78% | 16.13% | 22.45% | 7.04% | 2.51% | 3.7% | -23.97% | 16.82% | 22.48% | 20.79% | 27.66% | 53.9% | -29985.35% |
| Income Tax | 1.6K | -275.4K | 87.1K | -48.9K | 18K | -3.56M | -4.51M | -973K | -3.97M | 750K | 3.58M | -5.95M | 1.69M | 2.7M | -482.2K | 876.3K | 3M | 1.84M | 1.58M | 472.37K | 146.12K | 136.6K | -795.37K | 473.22K | 825.73K | 846.09K | 635.68K | 854.42K | -86.89K |
| Effective Tax Rate % | -0% | 2.55% | -1.9% | 0.52% | 0.12% | 7.78% | 21.3% | 10.75% | -115.53% | 38.03% | 35.75% | 34.51% | 34.41% | 34.21% | 24.95% | 34.71% | 34.62% | 35.81% | 29.49% | 36.63% | 43.1% | 33.9% | 37.24% | 31.92% | 32.71% | 33.61% | 31.14% | 41.96% | 17.33% |
| Net Income | -34.3M | -8.88M | -4.06M | -8.47M | 14.95M | -42.24M | -16.66M | -8.08M | 7.4M | 1.22M | 6.44M | -11.29M | 3.22M | 5.19M | -1.45M | 1.65M | 5.66M | 3.29M | 3.78M | 817.31K | 192.91K | 266.37K | -1.34M | 1.01M | 1.7M | 1.67M | 1.41M | 1.18M | -414.47K |
| Net Margin % | -131.38% | -24.55% | -8502.93% | -1887.2% | 237.46% | -263.63% | -38.51% | -26.48% | 21.29% | 4.6% | 24.71% | -44.63% | 11.63% | 18.69% | -5.91% | 5.37% | 16.85% | 10.36% | 15.83% | 4.46% | 1.43% | 2.44% | -15.04% | 11.45% | 15.13% | 13.8% | 19.04% | 31.28% | -24788.7% |
| Net Income Growth % | -286.07% | -118.57% | 51.99% | -156.65% | 135.38% | -153.58% | -106.15% | -209.22% | 505.48% | -81.02% | 157% | -450.96% | -37.98% | 457.76% | -188% | -70.87% | 71.79% | -12.78% | 361.93% | 323.67% | -27.58% | 119.87% | -232.77% | -40.58% | 1.65% | 18.92% | 18.94% | 385.1% | - |
| Net Income (Continuing) | -34.3M | -10.5M | -4.68M | -9.3M | 14.71M | -42.24M | -16.66M | -8.08M | 7.4M | 1.22M | 6.44M | -11.29M | 8.34M | 5.19M | -1.45M | 1.65M | 5.66M | 3.29M | 3.78M | 1.01M | 192.91K | 266.37K | -1.34M | 1.01M | 1.7M | 1.67M | 1.41M | 1.18M | -414.47K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | -1.02M | -237.1K | 85.82M | 108.08M | 129.39M | 136.64M | 123.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.67 | -0.23 | -0.13 | -0.37 | 0.67 | -5.47 | -2.16 | -1.12 | 1.02 | 0.16 | 0.83 | -1.46 | 0.41 | 0.66 | -0.19 | 0.21 | 0.72 | 0.42 | 0.47 | 0.13 | 0.03 | 0.03 | -0.17 | 0.13 | 0.22 | 0.22 | 0.18 | 0.15 | -0.05 |
| EPS Growth % | -191.3% | -76.92% | 64.86% | -155.22% | 112.25% | -153.24% | -92.86% | -209.8% | 537.5% | -80.72% | 156.85% | -456.1% | -37.88% | 447.37% | -190.48% | -70.83% | 71.43% | -10.64% | 261.54% | 400% | -23.53% | 120% | -230.77% | -40.91% | 0% | 22.22% | 20% | 390.7% | - |
| EPS (Basic) | -0.67 | -0.23 | -0.13 | -0.37 | 0.67 | -5.47 | -2.16 | -1.12 | 1.02 | 0.16 | 0.83 | -1.46 | 0.42 | 0.67 | -0.19 | 0.21 | 0.73 | 0.43 | 0.49 | 0.13 | 0.03 | 0.03 | -0.17 | 0.13 | 0.22 | 0.22 | 0.18 | 0.15 | -0.05 |
| Diluted Shares Outstanding | 50.96M | 38M | 31.32M | 22.99M | 22.08M | 7.73M | 7.73M | 7.25M | 7.25M | 7.83M | 7.72M | 7.72M | 7.94M | 7.82M | 7.72M | 7.92M | 7.82M | 7.93M | 7.99M | 7.72M | 7.72M | 7.72M | 7.72M | 7.72M | 7.72M | 7.72M | 7.82M | 8.03M | 8.03M |
| Basic Shares Outstanding | 50.96M | 38M | 31.32M | 22.99M | 22.08M | 7.73M | 7.73M | 7.24M | 7.25M | 7.83M | 7.72M | 7.71M | 7.72M | 7.72M | 7.72M | 7.72M | 7.72M | 7.72M | 7.72M | 7.72M | 7.72M | 7.72M | 7.72M | 7.72M | 7.72M | 7.72M | 7.82M | 8.03M | 8.03M |
| Dividend Payout Ratio | - | - | - | - | 6.69% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4.14% | - |
Unsustainable cash burn rate
As indicated by the most recent quarterly filings, MPU experienced a 49.2% year-over-year revenue decline, signaling that the company's transition into blockchain and GameFi ventures has failed to generate the necessary scale to replace its legacy aircraft advisory business or sustain previous growth momentum.
The sharp revenue drop suggests that the company's new business model is struggling to gain traction in a competitive Web3 environment. Investors should monitor whether this decline reflects a fundamental lack of product-market fit for the 'Mano' metaverse or simply the volatility inherent in Ethereum-based staking rewards.
According to reported financial data, MPU maintains a gross margin of 58.4%, yet this figure appears misleading as it fails to account for the massive operating expenses required to support the company's current blockchain-focused infrastructure and administrative overhead in the post-restructuring period.
While the gross margin appears healthy relative to industrial peers, it is insufficient to cover the company's fixed cost base. This discrepancy highlights a structural inability to achieve the operating leverage required for profitability, suggesting that the current margin profile is not indicative of long-term operational viability.
Based on the latest income statement, MPU's operating margin of -2.9% highlights a severe lack of operating leverage, as the company continues to incur significant SG&A expenses that consistently outpace the gross profit generated by its staking and gaming operations.
The company's inability to scale operating income alongside its revenue suggests that corporate overhead remains bloated relative to the size of its current operations. This indicates that management has yet to optimize its cost structure, leaving the firm highly vulnerable to further revenue volatility.
As reported in recent filings, MPU's SG&A expenses reached $18.3 million in 2025Q4, a figure that dwarfs the company's $5.2 million in quarterly revenue and underscores a concerning lack of expense discipline during this critical transition phase for the organization.
The disproportionate allocation of capital toward administrative and corporate functions suggests that the company is prioritizing overhead over core product development. This cost structure appears unsustainable and warrants further investigation into how management intends to preserve its remaining cash runway.
Data from the income statement suggests that MPU's current valuation may be disconnected from its operational reality, as the company's net margin of -3.8% and declining revenue base indicate a high-risk profile that short-sellers likely view as a classic case of value destruction.
The reliance on volatile digital assets and the lack of a defensible moat in the GameFi space suggest that the company's future cash flows are highly uncertain. Investors should be wary of the potential for further dilutive financing if the current burn rate continues to erode the balance sheet.
Quick answers to the most common questions about buying MPU stock.
For fiscal year 2025, Mega Matrix Corp. (MPU) reported total revenue of $26.1M. This represents a 1561239.7% increase compared to $0.0M in 1997.
Mega Matrix Corp. (MPU) reported a net loss of $34.3M for the fiscal year ending 2025.
Mega Matrix Corp. (MPU) reported an operating income of $-28.9M, resulting in an operating profit margin of -110.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Mega Matrix Corp. (MPU) generated $14.4M in gross profit for the year, representing a gross profit margin of 55.1%. This demonstrates the company's core pricing power and production efficiency.