vs
Side-by-side financial comparison of Canaan Inc. (CAN) and Metalpha Technology Holding Ltd (MATH). Click either name above to swap in a different company.
Canaan Inc. is the larger business by last-quarter revenue ($20.8M vs $12.0M, roughly 1.7× Metalpha Technology Holding Ltd). Canaan Inc. runs the higher net margin — -18.4% vs -24.0%, a 5.6% gap on every dollar of revenue.
Canaan Inc., doing business as Canaan Creative and known simply as Canaan, is a Singapore-based computer hardware manufacturer. Established in 2013 by N.G. Zhang, Canaan specializes in Blockchain servers and ASIC microprocessors for use in bitcoin mining.
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.
CAN vs MATH — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $20.8M | $12.0M |
| Net Profit | $-3.8M | $-2.9M |
| Gross Margin | 99.9% | 28.3% |
| Operating Margin | -15.9% | -24.2% |
| Net Margin | -18.4% | -24.0% |
| Revenue YoY | — | -39.0% |
| Net Profit YoY | — | -147.7% |
| EPS (diluted) | $-0.05 | $-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 | $20.8M | — | ||
| Q3 25 | $13.8M | $12.0M | ||
| Q2 25 | $11.4M | — | ||
| Q1 25 | — | $24.8M | ||
| Q3 24 | $10.2M | $19.7M | ||
| Q2 24 | $4.8M | — |
| Q4 25 | $-3.8M | — | ||
| Q3 25 | $-1.5M | $-2.9M | ||
| Q2 25 | $-11.9M | — | ||
| Q1 25 | — | $9.8M | ||
| Q3 24 | $-10.4M | $6.0M | ||
| Q2 24 | $-5.4M | — |
| Q4 25 | 99.9% | — | ||
| Q3 25 | 99.9% | 28.3% | ||
| Q2 25 | 99.9% | — | ||
| Q1 25 | — | 85.7% | ||
| Q3 24 | 99.9% | 49.5% | ||
| Q2 24 | 99.8% | — |
| Q4 25 | -15.9% | — | ||
| Q3 25 | -27.0% | -24.2% | ||
| Q2 25 | -45.5% | — | ||
| Q1 25 | — | 39.3% | ||
| Q3 24 | -77.2% | 38.9% | ||
| Q2 24 | -193.9% | — |
| Q4 25 | -18.4% | — | ||
| Q3 25 | -11.0% | -24.0% | ||
| Q2 25 | -104.4% | — | ||
| Q1 25 | — | 39.6% | ||
| Q3 24 | -102.7% | 30.7% | ||
| Q2 24 | -112.3% | — |
| Q4 25 | $-0.05 | — | ||
| Q3 25 | $-0.02 | $-0.07 | ||
| Q2 25 | $-0.25 | — | ||
| Q1 25 | — | $0.25 | ||
| Q3 24 | — | $0.16 | ||
| Q2 24 | — | — |
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 | $6.2M | $101.2K |
| Stockholders' EquityBook value | $52.4M | $35.1M |
| Total Assets | $92.5M | $413.8M |
| Debt / EquityLower = less leverage | 0.12× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | $10.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $6.9M | ||
| Q3 24 | — | $3.8M | ||
| Q2 24 | — | — |
| Q4 25 | $6.2M | — | ||
| Q3 25 | $6.2M | $101.2K | ||
| Q2 25 | $6.2M | — | ||
| Q1 25 | — | $188.0K | ||
| Q3 24 | — | $275.1K | ||
| Q2 24 | — | — |
| Q4 25 | $52.4M | — | ||
| Q3 25 | $44.7M | $35.1M | ||
| Q2 25 | $33.8M | — | ||
| Q1 25 | — | $36.6M | ||
| Q3 24 | $43.6M | $25.3M | ||
| Q2 24 | $56.8M | — |
| Q4 25 | $92.5M | — | ||
| Q3 25 | $81.7M | $413.8M | ||
| Q2 25 | $78.0M | — | ||
| Q1 25 | — | $246.8M | ||
| Q3 24 | $69.3M | $237.2M | ||
| Q2 24 | $73.7M | — |
| Q4 25 | 0.12× | — | ||
| Q3 25 | 0.14× | 0.00× | ||
| Q2 25 | 0.18× | — | ||
| Q1 25 | — | 0.01× | ||
| 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 | — | $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.
| Q4 25 | — | — | ||
| Q3 25 | — | $3.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $16.2M | ||
| Q3 24 | — | $-16.1M | ||
| Q2 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.64× | ||
| Q3 24 | — | -2.66× | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
