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Side-by-side financial comparison of BITMINE IMMERSION TECHNOLOGIES, INC. (BMNR) and Metalpha Technology Holding Ltd (MATH). Click either name above to swap in a different company.
Metalpha Technology Holding Ltd is the larger business by last-quarter revenue ($12.0M vs $11.0M, roughly 1.1× BITMINE IMMERSION TECHNOLOGIES, INC.). Metalpha Technology Holding Ltd runs the higher net margin — -24.0% vs -34583.9%, a 34559.9% gap on every dollar of revenue. On growth, BITMINE IMMERSION TECHNOLOGIES, INC. posted the faster year-over-year revenue change (627.6% vs -39.0%).
Bitmine Immersion Technologies is a tech firm focused on developing and providing professional immersion cooling solutions for high-performance computing scenarios, including cryptocurrency mining rig clusters and data center infrastructure. Its products boost hardware operating efficiency, cut energy consumption for heat control, extend high-power computing equipment lifespan, and help clients reduce long-term operational costs.
Metalpha Technology Holding LtdMATHEarnings & Financial Report
Metalpha Technology Holding Ltd is a global fintech firm specializing in digital asset wealth management, institutional-grade crypto investment services, and Web3 ecosystem infrastructure support. It serves professional investors, financial institutions, and high-net-worth clients across Asia, North America and Europe, with core segments including structured digital asset products, risk management solutions and DeFi technology development.
BMNR vs MATH — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $11.0M | $12.0M |
| Net Profit | $-3.8B | $-2.9M |
| Gross Margin | 87.1% | 28.3% |
| Operating Margin | -34784.7% | -24.2% |
| Net Margin | -34583.9% | -24.0% |
| Revenue YoY | 627.6% | -39.0% |
| Net Profit YoY | -330212.5% | -147.7% |
| EPS (diluted) | $-8.40 | $-0.07 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $11.0M | — | ||
| Q4 25 | $2.3M | — | ||
| Q3 25 | — | $12.0M | ||
| Q2 25 | $2.1M | — | ||
| Q1 25 | $1.5M | $24.8M | ||
| Q4 24 | $1.2M | — | ||
| Q3 24 | $682.4K | $19.7M | ||
| Q2 24 | $1.2M | — |
| Q1 26 | $-3.8B | — | ||
| Q4 25 | $-5.2B | — | ||
| Q3 25 | — | $-2.9M | ||
| Q2 25 | $-622.8K | — | ||
| Q1 25 | $-1.2M | $9.8M | ||
| Q4 24 | $-974.0K | — | ||
| Q3 24 | — | $6.0M | ||
| Q2 24 | $-654.2K | — |
| Q1 26 | 87.1% | — | ||
| Q4 25 | 55.3% | — | ||
| Q3 25 | — | 28.3% | ||
| Q2 25 | 23.9% | — | ||
| Q1 25 | 20.1% | 85.7% | ||
| Q4 24 | 10.0% | — | ||
| Q3 24 | 16.4% | 49.5% | ||
| Q2 24 | 18.1% | — |
| Q1 26 | -34784.7% | — | ||
| Q4 25 | -238564.8% | — | ||
| Q3 25 | — | -24.2% | ||
| Q2 25 | -22.8% | — | ||
| Q1 25 | -60.2% | 39.3% | ||
| Q4 24 | -73.6% | — | ||
| Q3 24 | — | 38.9% | ||
| Q2 24 | -43.6% | — |
| Q1 26 | -34583.9% | — | ||
| Q4 25 | -226955.7% | — | ||
| Q3 25 | — | -24.0% | ||
| Q2 25 | -30.4% | — | ||
| Q1 25 | -76.2% | 39.6% | ||
| Q4 24 | -81.1% | — | ||
| Q3 24 | — | 30.7% | ||
| Q2 24 | -53.4% | — |
| Q1 26 | $-8.40 | — | ||
| Q4 25 | $-15.98 | — | ||
| Q3 25 | — | $-0.07 | ||
| Q2 25 | $-0.31 | — | ||
| Q1 25 | $-0.58 | $0.25 | ||
| Q4 24 | $-1.66 | — | ||
| Q3 24 | — | $0.16 | ||
| Q2 24 | $-0.26 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $879.6M | $10.1M |
| Total DebtLower is stronger | — | $101.2K |
| Stockholders' EquityBook value | $9.9B | $35.1M |
| Total Assets | $9.9B | $413.8M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $879.6M | — | ||
| Q4 25 | $887.7M | — | ||
| Q3 25 | — | $10.1M | ||
| Q2 25 | $1.5M | — | ||
| Q1 25 | $483.0K | $6.9M | ||
| Q4 24 | $797.3K | — | ||
| Q3 24 | $499.0K | $3.8M | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $101.2K | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $188.0K | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $275.1K | ||
| Q2 24 | — | — |
| Q1 26 | $9.9B | — | ||
| Q4 25 | $11.3B | — | ||
| Q3 25 | — | $35.1M | ||
| Q2 25 | $2.9M | — | ||
| Q1 25 | $2.9M | $36.6M | ||
| Q4 24 | $3.8M | — | ||
| Q3 24 | $4.1M | $25.3M | ||
| Q2 24 | $4.6M | — |
| Q1 26 | $9.9B | — | ||
| Q4 25 | $11.5B | — | ||
| Q3 25 | — | $413.8M | ||
| Q2 25 | $8.3M | — | ||
| Q1 25 | $7.5M | $246.8M | ||
| Q4 24 | $7.9M | — | ||
| Q3 24 | $7.3M | $237.2M | ||
| Q2 24 | $8.2M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.01× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.01× | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-88.2M | $3.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-88.2M | — | ||
| Q4 25 | $-228.4M | — | ||
| Q3 25 | — | $3.3M | ||
| Q2 25 | $1.7M | — | ||
| Q1 25 | $-215.0K | $16.2M | ||
| Q4 24 | $-96.0K | — | ||
| Q3 24 | $-30.0K | $-16.1M | ||
| Q2 24 | $-42.7K | — |
| Q1 26 | — | — | ||
| Q4 25 | $-228.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-114.0K | — | ||
| Q3 24 | $-106.0K | — | ||
| Q2 24 | $-61.3K | — |
| Q1 26 | — | — | ||
| Q4 25 | -9975.2% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -9.5% | — | ||
| Q3 24 | -15.5% | — | ||
| Q2 24 | -5.0% | — |
| Q1 26 | 0.0% | — | ||
| Q4 25 | 16.4% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 1.5% | — | ||
| Q3 24 | 11.1% | — | ||
| Q2 24 | 1.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.64× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -2.66× | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
