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Side-by-side financial comparison of Blaize Holdings, Inc. (BZAI) and Metalpha Technology Holding Ltd (MATH). Click either name above to swap in a different company.
Blaize Holdings, Inc. is the larger business by last-quarter revenue ($23.8M vs $12.0M, roughly 2.0× Metalpha Technology Holding Ltd). Blaize Holdings, Inc. runs the higher net margin — -13.9% vs -24.0%, a 10.1% gap on every dollar of revenue. On growth, Blaize Holdings, Inc. posted the faster year-over-year revenue change (2377500.0% vs -39.0%).
Blaize Holdings, Inc. is a technology company specializing in edge artificial intelligence computing solutions. It designs energy-efficient AI processors, low-latency inference software stacks, and end-to-end edge AI development tools, serving key segments including autonomous driving, industrial automation, smart cities, and edge healthcare monitoring.
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.
BZAI vs MATH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $23.8M | $12.0M |
| Net Profit | $-3.3M | $-2.9M |
| Gross Margin | 10.8% | 28.3% |
| Operating Margin | -89.8% | -24.2% |
| Net Margin | -13.9% | -24.0% |
| Revenue YoY | 2377500.0% | -39.0% |
| Net Profit YoY | 50.7% | -147.7% |
| EPS (diluted) | $0.16 | $-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.
| Q4 25 | $23.8M | — | ||
| Q3 25 | $11.9M | $12.0M | ||
| Q1 25 | — | $24.8M | ||
| Q3 24 | — | $19.7M |
| Q4 25 | $-3.3M | — | ||
| Q3 25 | $-26.3M | $-2.9M | ||
| Q1 25 | — | $9.8M | ||
| Q3 24 | — | $6.0M |
| Q4 25 | 10.8% | — | ||
| Q3 25 | 15.0% | 28.3% | ||
| Q1 25 | — | 85.7% | ||
| Q3 24 | — | 49.5% |
| Q4 25 | -89.8% | — | ||
| Q3 25 | -190.3% | -24.2% | ||
| Q1 25 | — | 39.3% | ||
| Q3 24 | — | 38.9% |
| Q4 25 | -13.9% | — | ||
| Q3 25 | -221.3% | -24.0% | ||
| Q1 25 | — | 39.6% | ||
| Q3 24 | — | 30.7% |
| Q4 25 | $0.16 | — | ||
| Q3 25 | $-0.25 | $-0.07 | ||
| Q1 25 | — | $0.25 | ||
| Q3 24 | — | $0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $45.8M | $10.1M |
| Total DebtLower is stronger | — | $101.2K |
| Stockholders' EquityBook value | $39.0M | $35.1M |
| Total Assets | $102.2M | $413.8M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.8M | — | ||
| Q3 25 | $24.0M | $10.1M | ||
| Q1 25 | — | $6.9M | ||
| Q3 24 | — | $3.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | $101.2K | ||
| Q1 25 | — | $188.0K | ||
| Q3 24 | — | $275.1K |
| Q4 25 | $39.0M | — | ||
| Q3 25 | $1.3M | $35.1M | ||
| Q1 25 | — | $36.6M | ||
| Q3 24 | — | $25.3M |
| Q4 25 | $102.2M | — | ||
| Q3 25 | $60.9M | $413.8M | ||
| Q1 25 | — | $246.8M | ||
| Q3 24 | — | $237.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.00× | ||
| Q1 25 | — | 0.01× | ||
| Q3 24 | — | 0.01× |
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 | $-16.5M | $3.3M |
| Free Cash FlowOCF − Capex | $-16.5M | — |
| FCF MarginFCF / Revenue | -69.6% | — |
| Capex IntensityCapex / Revenue | 0.3% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.5M | — | ||
| Q3 25 | $-24.9M | $3.3M | ||
| Q1 25 | — | $16.2M | ||
| Q3 24 | — | $-16.1M |
| Q4 25 | $-16.5M | — | ||
| Q3 25 | $-24.9M | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — |
| Q4 25 | -69.6% | — | ||
| Q3 25 | -210.2% | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — |
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.2% | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q1 25 | — | 1.64× | ||
| Q3 24 | — | -2.66× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
