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Side-by-side financial comparison of Metalpha Technology Holding Ltd (MATH) and OCULAR THERAPEUTIX, INC (OCUL). Click either name above to swap in a different company.
OCULAR THERAPEUTIX, INC is the larger business by last-quarter revenue ($13.3M vs $12.0M, roughly 1.1× Metalpha Technology Holding Ltd). Metalpha Technology Holding Ltd runs the higher net margin — -24.0% vs -488.0%, a 464.0% gap on every dollar of revenue. On growth, OCULAR THERAPEUTIX, INC posted the faster year-over-year revenue change (-22.4% 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.
Ocular Therapeutix, Inc. is a biopharmaceutical firm specializing in developing and commercializing innovative ophthalmic therapies. Its products treat acute and chronic eye conditions including post-surgical pain, glaucoma, and dry eye, serving patients and ophthalmology providers primarily across the U.S. and select global markets.
MATH vs OCUL — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $12.0M | $13.3M |
| Net Profit | $-2.9M | $-64.7M |
| Gross Margin | 28.3% | 88.0% |
| Operating Margin | -24.2% | -526.5% |
| Net Margin | -24.0% | -488.0% |
| Revenue YoY | -39.0% | -22.4% |
| Net Profit YoY | -147.7% | -33.6% |
| EPS (diluted) | $-0.07 | $-0.27 |
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 | — | $13.3M | ||
| Q3 25 | $12.0M | $14.5M | ||
| Q2 25 | — | $13.5M | ||
| Q1 25 | $24.8M | $10.7M | ||
| Q4 24 | — | $17.1M | ||
| Q3 24 | $19.7M | $15.4M | ||
| Q2 24 | — | $16.4M | ||
| Q1 24 | — | $14.8M |
| Q4 25 | — | $-64.7M | ||
| Q3 25 | $-2.9M | $-69.4M | ||
| Q2 25 | — | $-67.8M | ||
| Q1 25 | $9.8M | $-64.1M | ||
| Q4 24 | — | $-48.4M | ||
| Q3 24 | $6.0M | $-36.5M | ||
| Q2 24 | — | $-43.8M | ||
| Q1 24 | — | $-64.8M |
| Q4 25 | — | 88.0% | ||
| Q3 25 | 28.3% | 87.8% | ||
| Q2 25 | — | 85.6% | ||
| Q1 25 | 85.7% | 88.2% | ||
| Q4 24 | — | 92.8% | ||
| Q3 24 | 49.5% | 89.9% | ||
| Q2 24 | — | 90.8% | ||
| Q1 24 | — | 91.0% |
| Q4 25 | — | -526.5% | ||
| Q3 25 | -24.2% | -472.3% | ||
| Q2 25 | — | -502.6% | ||
| Q1 25 | 39.3% | -597.5% | ||
| Q4 24 | — | -296.1% | ||
| Q3 24 | 38.9% | -298.2% | ||
| Q2 24 | — | -265.1% | ||
| Q1 24 | — | -214.0% |
| Q4 25 | — | -488.0% | ||
| Q3 25 | -24.0% | -477.3% | ||
| Q2 25 | — | -503.9% | ||
| Q1 25 | 39.6% | -598.7% | ||
| Q4 24 | — | -283.3% | ||
| Q3 24 | 30.7% | -236.6% | ||
| Q2 24 | — | -266.3% | ||
| Q1 24 | — | -438.9% |
| Q4 25 | — | $-0.27 | ||
| Q3 25 | $-0.07 | $-0.38 | ||
| Q2 25 | — | $-0.39 | ||
| Q1 25 | $0.25 | $-0.38 | ||
| Q4 24 | — | $-0.25 | ||
| Q3 24 | $0.16 | $-0.22 | ||
| Q2 24 | — | $-0.26 | ||
| Q1 24 | — | $-0.49 |
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 | $737.1M |
| Total DebtLower is stronger | $101.2K | — |
| Stockholders' EquityBook value | $35.1M | $654.3M |
| Total Assets | $413.8M | $808.1M |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $737.1M | ||
| Q3 25 | $10.1M | $344.8M | ||
| Q2 25 | — | $391.1M | ||
| Q1 25 | $6.9M | $349.7M | ||
| Q4 24 | — | $392.1M | ||
| Q3 24 | $3.8M | $427.2M | ||
| Q2 24 | — | $459.7M | ||
| Q1 24 | — | $482.9M |
| Q4 25 | — | — | ||
| Q3 25 | $101.2K | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $188.0K | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $275.1K | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $654.3M | ||
| Q3 25 | $35.1M | $258.2M | ||
| Q2 25 | — | $305.9M | ||
| Q1 25 | $36.6M | $265.9M | ||
| Q4 24 | — | $315.3M | ||
| Q3 24 | $25.3M | $352.0M | ||
| Q2 24 | — | $377.7M | ||
| Q1 24 | — | $408.0M |
| Q4 25 | — | $808.1M | ||
| Q3 25 | $413.8M | $410.9M | ||
| Q2 25 | — | $451.3M | ||
| Q1 25 | $246.8M | $405.9M | ||
| Q4 24 | — | $457.9M | ||
| Q3 24 | $237.2M | $490.4M | ||
| Q2 24 | — | $517.1M | ||
| Q1 24 | — | $538.9M |
| Q4 25 | — | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.01× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.01× | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $-54.2M |
| Free Cash FlowOCF − Capex | — | $-57.1M |
| FCF MarginFCF / Revenue | — | -430.9% |
| Capex IntensityCapex / Revenue | — | 21.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-216.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-54.2M | ||
| Q3 25 | $3.3M | $-50.7M | ||
| Q2 25 | — | $-55.2M | ||
| Q1 25 | $16.2M | $-44.7M | ||
| Q4 24 | — | $-39.4M | ||
| Q3 24 | $-16.1M | $-36.6M | ||
| Q2 24 | — | $-24.8M | ||
| Q1 24 | — | $-33.9M |
| Q4 25 | — | $-57.1M | ||
| Q3 25 | — | $-56.7M | ||
| Q2 25 | — | $-56.5M | ||
| Q1 25 | — | $-46.6M | ||
| Q4 24 | — | $-39.6M | ||
| Q3 24 | — | $-36.6M | ||
| Q2 24 | — | $-25.5M | ||
| Q1 24 | — | $-34.1M |
| Q4 25 | — | -430.9% | ||
| Q3 25 | — | -390.0% | ||
| Q2 25 | — | -419.7% | ||
| Q1 25 | — | -435.6% | ||
| Q4 24 | — | -232.0% | ||
| Q3 24 | — | -237.6% | ||
| Q2 24 | — | -155.4% | ||
| Q1 24 | — | -231.1% |
| Q4 25 | — | 21.4% | ||
| Q3 25 | — | 41.2% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | — | 18.1% | ||
| Q4 24 | — | 1.2% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 4.5% | ||
| Q1 24 | — | 1.7% |
| 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.
