vs
Side-by-side financial comparison of Metalpha Technology Holding Ltd (MATH) and NextPlat Corp (NXPL). Click either name above to swap in a different company.
NextPlat Corp is the larger business by last-quarter revenue ($12.8M vs $12.0M, roughly 1.1× Metalpha Technology Holding Ltd). Metalpha Technology Holding Ltd runs the higher net margin — -24.0% vs -40.2%, a 16.2% gap on every dollar of revenue. On growth, NextPlat Corp posted the faster year-over-year revenue change (-21.1% vs -39.0%).
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.
MATH vs NXPL — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $12.0M | $12.8M |
| Net Profit | $-2.9M | $-5.1M |
| Gross Margin | 28.3% | 14.3% |
| Operating Margin | -24.2% | -28.9% |
| Net Margin | -24.0% | -40.2% |
| Revenue YoY | -39.0% | -21.1% |
| Net Profit YoY | -147.7% | -70.6% |
| EPS (diluted) | $-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 | — | $12.8M | ||
| Q3 25 | $12.0M | $13.8M | ||
| Q2 25 | — | $13.2M | ||
| Q1 25 | $24.8M | $14.5M | ||
| Q4 24 | — | $16.2M | ||
| Q3 24 | $19.7M | $15.4M | ||
| Q2 24 | — | $17.0M | ||
| Q1 24 | — | $17.5M |
| Q4 25 | — | $-5.1M | ||
| Q3 25 | $-2.9M | $-2.2M | ||
| Q2 25 | — | $-1.8M | ||
| Q1 25 | $9.8M | $-1.3M | ||
| Q4 24 | — | $-3.0M | ||
| Q3 24 | $6.0M | $-4.2M | ||
| Q2 24 | — | $-5.3M | ||
| Q1 24 | — | $-1.5M |
| Q4 25 | — | 14.3% | ||
| Q3 25 | 28.3% | 19.9% | ||
| Q2 25 | — | 21.8% | ||
| Q1 25 | 85.7% | 23.8% | ||
| Q4 24 | — | 16.8% | ||
| Q3 24 | 49.5% | 23.2% | ||
| Q2 24 | — | 34.5% | ||
| Q1 24 | — | 27.8% |
| Q4 25 | — | -28.9% | ||
| Q3 25 | -24.2% | -14.5% | ||
| Q2 25 | — | -13.8% | ||
| Q1 25 | 39.3% | -10.2% | ||
| Q4 24 | — | -14.1% | ||
| Q3 24 | 38.9% | -52.1% | ||
| Q2 24 | — | -64.1% | ||
| Q1 24 | — | -10.5% |
| Q4 25 | — | -40.2% | ||
| Q3 25 | -24.0% | -15.9% | ||
| Q2 25 | — | -13.5% | ||
| Q1 25 | 39.6% | -9.2% | ||
| Q4 24 | — | -18.6% | ||
| Q3 24 | 30.7% | -27.4% | ||
| Q2 24 | — | -31.3% | ||
| Q1 24 | — | -8.5% |
| Q4 25 | — | — | ||
| Q3 25 | $-0.07 | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $0.25 | $-0.05 | ||
| Q4 24 | — | — | ||
| Q3 24 | $0.16 | $-0.22 | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $-0.08 |
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 | $13.7M |
| Total DebtLower is stronger | $101.2K | $1.3M |
| Stockholders' EquityBook value | $35.1M | $17.3M |
| Total Assets | $413.8M | $27.5M |
| Debt / EquityLower = less leverage | 0.00× | 0.07× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $13.7M | ||
| Q3 25 | $10.1M | $13.9M | ||
| Q2 25 | — | $16.6M | ||
| Q1 25 | $6.9M | $17.7M | ||
| Q4 24 | — | $20.0M | ||
| Q3 24 | $3.8M | $20.4M | ||
| Q2 24 | — | $24.9M | ||
| Q1 24 | — | $23.5M |
| Q4 25 | — | $1.3M | ||
| Q3 25 | $101.2K | $1.2M | ||
| Q2 25 | — | $1.2M | ||
| Q1 25 | $188.0K | $1.3M | ||
| Q4 24 | — | $1.4M | ||
| Q3 24 | $275.1K | $1.5M | ||
| Q2 24 | — | $1.3M | ||
| Q1 24 | — | $1.4M |
| Q4 25 | — | $17.3M | ||
| Q3 25 | $35.1M | $21.4M | ||
| Q2 25 | — | $23.5M | ||
| Q1 25 | $36.6M | $25.3M | ||
| Q4 24 | — | $27.3M | ||
| Q3 24 | $25.3M | $22.5M | ||
| Q2 24 | — | $26.5M | ||
| Q1 24 | — | $31.2M |
| Q4 25 | — | $27.5M | ||
| Q3 25 | $413.8M | $30.0M | ||
| Q2 25 | — | $31.0M | ||
| Q1 25 | $246.8M | $35.2M | ||
| Q4 24 | — | $37.1M | ||
| Q3 24 | $237.2M | $41.1M | ||
| Q2 24 | — | $51.5M | ||
| Q1 24 | — | $65.1M |
| Q4 25 | — | 0.07× | ||
| Q3 25 | 0.00× | 0.05× | ||
| Q2 25 | — | 0.05× | ||
| Q1 25 | 0.01× | 0.05× | ||
| Q4 24 | — | 0.05× | ||
| Q3 24 | 0.01× | 0.07× | ||
| Q2 24 | — | 0.05× | ||
| Q1 24 | — | 0.04× |
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 | $-302.0K |
| Free Cash FlowOCF − Capex | — | $-339.0K |
| FCF MarginFCF / Revenue | — | -2.6% |
| 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 | — | $-302.0K | ||
| Q3 25 | $3.3M | $-2.7M | ||
| Q2 25 | — | $-1.0M | ||
| Q1 25 | $16.2M | $-2.1M | ||
| Q4 24 | — | $-476.0K | ||
| Q3 24 | $-16.1M | $-4.6M | ||
| Q2 24 | — | $2.3M | ||
| Q1 24 | — | $-2.7M |
| Q4 25 | — | $-339.0K | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $-1.1M | ||
| Q1 25 | — | $-2.1M | ||
| Q4 24 | — | $-508.0K | ||
| Q3 24 | — | $-4.7M | ||
| Q2 24 | — | $2.2M | ||
| Q1 24 | — | $-2.7M |
| Q4 25 | — | -2.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -8.0% | ||
| Q1 25 | — | -14.3% | ||
| Q4 24 | — | -3.1% | ||
| Q3 24 | — | -30.6% | ||
| Q2 24 | — | 13.2% | ||
| Q1 24 | — | -15.7% |
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | 0.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 1.64× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -2.66× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MATH
Segment breakdown not available.
NXPL
| Healthcare Operations | $9.0M | 70% |
| Ecommerce Revenue | $3.8M | 30% |
