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Side-by-side financial comparison of Borealis Foods Inc. (BRLS) 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 $7.1M, roughly 1.7× Borealis Foods Inc.). Metalpha Technology Holding Ltd runs the higher net margin — -24.0% vs -53.2%, a 29.2% gap on every dollar of revenue. On growth, Borealis Foods Inc. posted the faster year-over-year revenue change (-12.0% vs -39.0%).
Borealis Foods Inc is a food technology enterprise specializing in developing and producing high-quality plant-based protein products including plant-based meat alternatives. It mainly serves retail and food service customers across North America and Europe, focusing on delivering affordable, nutritious sustainable food options matching the taste of conventional animal-derived meat.
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.
BRLS vs MATH — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.1M | $12.0M |
| Net Profit | $-3.8M | $-2.9M |
| Gross Margin | 14.6% | 28.3% |
| Operating Margin | -27.1% | -24.2% |
| Net Margin | -53.2% | -24.0% |
| Revenue YoY | -12.0% | -39.0% |
| Net Profit YoY | 21.8% | -147.7% |
| EPS (diluted) | $-0.18 | $-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.
| Q3 25 | $7.1M | $12.0M | ||
| Q2 25 | $7.2M | — | ||
| Q1 25 | $6.8M | $24.8M | ||
| Q4 24 | $6.8M | — | ||
| Q3 24 | $8.1M | $19.7M | ||
| Q2 24 | $5.5M | — | ||
| Q1 24 | $7.9M | — | ||
| Q4 23 | $7.5M | — |
| Q3 25 | $-3.8M | $-2.9M | ||
| Q2 25 | $-4.6M | — | ||
| Q1 25 | $-4.2M | $9.8M | ||
| Q4 24 | $-5.8M | — | ||
| Q3 24 | $-4.8M | $6.0M | ||
| Q2 24 | $-6.3M | — | ||
| Q1 24 | $-8.4M | — | ||
| Q4 23 | $-6.7M | — |
| Q3 25 | 14.6% | 28.3% | ||
| Q2 25 | 7.2% | — | ||
| Q1 25 | 13.1% | 85.7% | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 15.8% | 49.5% | ||
| Q2 24 | 7.7% | — | ||
| Q1 24 | 3.1% | — | ||
| Q4 23 | 7.5% | — |
| Q3 25 | -27.1% | -24.2% | ||
| Q2 25 | -46.7% | — | ||
| Q1 25 | -42.6% | 39.3% | ||
| Q4 24 | -68.4% | — | ||
| Q3 24 | -44.8% | 38.9% | ||
| Q2 24 | -94.8% | — | ||
| Q1 24 | -88.3% | — | ||
| Q4 23 | -60.5% | — |
| Q3 25 | -53.2% | -24.0% | ||
| Q2 25 | -64.0% | — | ||
| Q1 25 | -61.2% | 39.6% | ||
| Q4 24 | -85.3% | — | ||
| Q3 24 | -59.8% | 30.7% | ||
| Q2 24 | -115.0% | — | ||
| Q1 24 | -106.8% | — | ||
| Q4 23 | -89.3% | — |
| Q3 25 | $-0.18 | $-0.07 | ||
| Q2 25 | $0.21 | — | ||
| Q1 25 | $-0.20 | $0.25 | ||
| Q4 24 | $-0.82 | — | ||
| Q3 24 | $-0.23 | $0.16 | ||
| Q2 24 | $0.29 | — | ||
| Q1 24 | $-0.49 | — | ||
| Q4 23 | $-0.63 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $10.1M |
| Total DebtLower is stronger | — | $101.2K |
| Stockholders' EquityBook value | $-12.9M | $35.1M |
| Total Assets | $56.3M | $413.8M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | $10.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $6.9M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $3.8M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q3 25 | — | $101.2K | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $188.0K | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $275.1K | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q3 25 | $-12.9M | $35.1M | ||
| Q2 25 | $-9.2M | — | ||
| Q1 25 | $-4.8M | $36.6M | ||
| Q4 24 | $-695.9K | — | ||
| Q3 24 | $5.1M | $25.3M | ||
| Q2 24 | $9.9M | — | ||
| Q1 24 | $16.2M | — | ||
| Q4 23 | $-21.3M | — |
| Q3 25 | $56.3M | $413.8M | ||
| Q2 25 | $57.3M | — | ||
| Q1 25 | $58.4M | $246.8M | ||
| Q4 24 | $60.0M | — | ||
| Q3 24 | $61.9M | $237.2M | ||
| Q2 24 | $63.6M | — | ||
| Q1 24 | $70.3M | — | ||
| Q4 23 | $65.8M | — |
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.01× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.01× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
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 | $-190.6K | $3.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $-190.6K | $3.3M | ||
| Q2 25 | $-2.2M | — | ||
| Q1 25 | $-1.4M | $16.2M | ||
| Q4 24 | $-819.4K | — | ||
| Q3 24 | $-3.3M | $-16.1M | ||
| Q2 24 | $-4.2M | — | ||
| Q1 24 | $-6.8M | — | ||
| Q4 23 | $-1.9M | — |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $-1.4M | — | ||
| Q4 24 | $-951.6K | — | ||
| Q3 24 | $-3.7M | — | ||
| Q2 24 | $-4.7M | — | ||
| Q1 24 | $-7.3M | — | ||
| Q4 23 | $-2.9M | — |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -20.3% | — | ||
| Q4 24 | -14.1% | — | ||
| Q3 24 | -46.1% | — | ||
| Q2 24 | -86.7% | — | ||
| Q1 24 | -92.7% | — | ||
| Q4 23 | -38.9% | — |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 5.6% | — | ||
| Q2 24 | 9.4% | — | ||
| Q1 24 | 7.0% | — | ||
| Q4 23 | 12.7% | — |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.64× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -2.66× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
