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Side-by-side financial comparison of INTELLIGENT PROTECTION MANAGEMENT CORP. (IPM) 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 $6.1M, roughly 2.0× INTELLIGENT PROTECTION MANAGEMENT CORP.). On growth, INTELLIGENT PROTECTION MANAGEMENT CORP. posted the faster year-over-year revenue change (2091.6% vs -39.0%).
Intelligent Limited is a Holding Company and Parent company headquartered in Gloucestershire, United Kingdom and was incorporated on 21 May 2008. Intelligent Limited provides a group management structure for four companies and was born out of the operations of International Intelligence Limited, a company specialising in Intelligence, Counter Espionage and TSCM sweeping.
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.
IPM vs MATH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $6.1M | $12.0M |
| Net Profit | — | $-2.9M |
| Gross Margin | 53.1% | 28.3% |
| Operating Margin | -13.4% | -24.2% |
| Net Margin | — | -24.0% |
| Revenue YoY | 2091.6% | -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 | $6.1M | — | ||
| Q3 25 | $6.2M | $12.0M | ||
| Q2 25 | $5.7M | — | ||
| Q1 25 | $5.5M | $24.8M | ||
| Q3 24 | — | $19.7M | ||
| Q4 23 | $-7.3M | — | ||
| Q3 23 | $2.8M | — | ||
| Q2 23 | $3.0M | — |
| Q4 25 | — | — | ||
| Q3 25 | $-1.1M | $-2.9M | ||
| Q2 25 | $-1.1M | — | ||
| Q1 25 | $808.5K | $9.8M | ||
| Q3 24 | — | $6.0M | ||
| Q4 23 | — | — | ||
| Q3 23 | $-181.6K | — | ||
| Q2 23 | $135.6K | — |
| Q4 25 | 53.1% | — | ||
| Q3 25 | 50.7% | 28.3% | ||
| Q2 25 | 50.1% | — | ||
| Q1 25 | 55.3% | 85.7% | ||
| Q3 24 | — | 49.5% | ||
| Q4 23 | — | — | ||
| Q3 23 | 70.1% | — | ||
| Q2 23 | 73.8% | — |
| Q4 25 | -13.4% | — | ||
| Q3 25 | -23.0% | -24.2% | ||
| Q2 25 | -19.7% | — | ||
| Q1 25 | -24.2% | 39.3% | ||
| Q3 24 | — | 38.9% | ||
| Q4 23 | — | — | ||
| Q3 23 | -14.1% | — | ||
| Q2 23 | -9.4% | — |
| Q4 25 | — | — | ||
| Q3 25 | -17.4% | -24.0% | ||
| Q2 25 | -18.3% | — | ||
| Q1 25 | 14.7% | 39.6% | ||
| Q3 24 | — | 30.7% | ||
| Q4 23 | — | — | ||
| Q3 23 | -6.6% | — | ||
| Q2 23 | 4.6% | — |
| Q4 25 | $-0.05 | — | ||
| Q3 25 | $-0.08 | $-0.07 | ||
| Q2 25 | $-0.08 | — | ||
| Q1 25 | $0.06 | $0.25 | ||
| Q3 24 | — | $0.16 | ||
| Q4 23 | $-0.03 | — | ||
| Q3 23 | $-0.02 | — | ||
| Q2 23 | $0.01 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $5.6M | $10.1M |
| Total DebtLower is stronger | — | $101.2K |
| Stockholders' EquityBook value | $18.2M | $35.1M |
| Total Assets | $26.0M | $413.8M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.6M | — | ||
| Q3 25 | $7.3M | $10.1M | ||
| Q2 25 | $7.3M | — | ||
| Q1 25 | $9.7M | $6.9M | ||
| Q3 24 | — | $3.8M | ||
| Q4 23 | $13.6M | — | ||
| Q3 23 | $13.7M | — | ||
| Q2 23 | $13.7M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $101.2K | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $188.0K | ||
| Q3 24 | — | $275.1K | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
| Q4 25 | $18.2M | — | ||
| Q3 25 | $18.8M | $35.1M | ||
| Q2 25 | $19.9M | — | ||
| Q1 25 | $21.1M | $36.6M | ||
| Q3 24 | — | $25.3M | ||
| Q4 23 | $20.1M | — | ||
| Q3 23 | $20.4M | — | ||
| Q2 23 | $20.5M | — |
| Q4 25 | $26.0M | — | ||
| Q3 25 | $27.2M | $413.8M | ||
| Q2 25 | $29.8M | — | ||
| Q1 25 | $31.1M | $246.8M | ||
| Q3 24 | — | $237.2M | ||
| Q4 23 | $23.9M | — | ||
| Q3 23 | $24.1M | — | ||
| Q2 23 | $24.4M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.01× | ||
| Q3 24 | — | 0.01× | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q2 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 | $87.6K | $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.
| Q4 25 | $87.6K | — | ||
| Q3 25 | $133.0K | $3.3M | ||
| Q2 25 | $-888.7K | — | ||
| Q1 25 | $1.7M | $16.2M | ||
| Q3 24 | — | $-16.1M | ||
| Q4 23 | $-99.0K | — | ||
| Q3 23 | $16.1K | — | ||
| Q2 23 | $-193.8K | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.16× | 1.64× | ||
| Q3 24 | — | -2.66× | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | -1.43× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IPM
| Procurement Revenue | $5.4M | 88% |
| Other | $743.9K | 12% |
MATH
Segment breakdown not available.
