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Side-by-side financial comparison of Metalpha Technology Holding Ltd (MATH) and QT IMAGING HOLDINGS, INC. (QTI). 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 $8.3M, roughly 1.5× QT IMAGING HOLDINGS, INC.). QT IMAGING HOLDINGS, INC. runs the higher net margin — -16.8% vs -24.0%, a 7.2% gap on every dollar of revenue. On growth, QT IMAGING HOLDINGS, INC. posted the faster year-over-year revenue change (877.2% 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.
QT Imaging Holdings, Inc. is a medical technology company that designs, manufactures and commercializes non-invasive medical imaging systems primarily for breast health diagnostics. It serves healthcare providers, clinics and medical institutions across key markets including North America, Europe and Asia-Pacific, focusing on improving the accuracy and accessibility of diagnostic imaging for patients.
MATH vs QTI — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $12.0M | $8.3M |
| Net Profit | $-2.9M | $-1.4M |
| Gross Margin | 28.3% | 38.0% |
| Operating Margin | -24.2% | -8.5% |
| Net Margin | -24.0% | -16.8% |
| Revenue YoY | -39.0% | 877.2% |
| Net Profit YoY | -147.7% | 60.2% |
| EPS (diluted) | $-0.07 | $-1.00 |
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 | — | $8.3M | ||
| Q3 25 | $12.0M | $4.2M | ||
| Q2 25 | — | $3.7M | ||
| Q1 25 | $24.8M | $2.8M | ||
| Q3 24 | $19.7M | — | ||
| Q2 24 | — | $1.7M | ||
| Q1 24 | — | $1.4M |
| Q4 25 | — | $-1.4M | ||
| Q3 25 | $-2.9M | $-4.6M | ||
| Q2 25 | — | $-4.0M | ||
| Q1 25 | $9.8M | $-11.1M | ||
| Q3 24 | $6.0M | — | ||
| Q2 24 | — | $-1.2M | ||
| Q1 24 | — | $-628.6K |
| Q4 25 | — | 38.0% | ||
| Q3 25 | 28.3% | 43.0% | ||
| Q2 25 | — | 49.9% | ||
| Q1 25 | 85.7% | 64.7% | ||
| Q3 24 | 49.5% | — | ||
| Q2 24 | — | 51.0% | ||
| Q1 24 | — | 55.8% |
| Q4 25 | — | -8.5% | ||
| Q3 25 | -24.2% | -39.4% | ||
| Q2 25 | — | -28.5% | ||
| Q1 25 | 39.3% | -37.2% | ||
| Q3 24 | 38.9% | — | ||
| Q2 24 | — | -129.5% | ||
| Q1 24 | — | -409.5% |
| Q4 25 | — | -16.8% | ||
| Q3 25 | -24.0% | -108.7% | ||
| Q2 25 | — | -109.3% | ||
| Q1 25 | 39.6% | -397.9% | ||
| Q3 24 | 30.7% | — | ||
| Q2 24 | — | -72.9% | ||
| Q1 24 | — | -46.1% |
| Q4 25 | — | $-1.00 | ||
| Q3 25 | $-0.07 | $-0.47 | ||
| Q2 25 | — | $-0.14 | ||
| Q1 25 | $0.25 | $-0.40 | ||
| Q3 24 | $0.16 | — | ||
| Q2 24 | — | $-0.30 | ||
| Q1 24 | — | $-0.05 |
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 | $10.4M |
| Total DebtLower is stronger | $101.2K | $10.1M |
| Stockholders' EquityBook value | $35.1M | $6.4M |
| Total Assets | $413.8M | $23.0M |
| Debt / EquityLower = less leverage | 0.00× | 1.57× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $10.4M | ||
| Q3 25 | $10.1M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $6.9M | — | ||
| Q3 24 | $3.8M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $10.1M | ||
| Q3 25 | $101.2K | $15.1M | ||
| Q2 25 | — | $10.1M | ||
| Q1 25 | $188.0K | $10.2M | ||
| Q3 24 | $275.1K | — | ||
| Q2 24 | — | $11.7M | ||
| Q1 24 | — | $11.7M |
| Q4 25 | — | $6.4M | ||
| Q3 25 | $35.1M | $-9.1M | ||
| Q2 25 | — | $-324.3K | ||
| Q1 25 | $36.6M | $-20.2M | ||
| Q3 24 | $25.3M | — | ||
| Q2 24 | — | $-6.2M | ||
| Q1 24 | — | $-4.9M |
| Q4 25 | — | $23.0M | ||
| Q3 25 | $413.8M | $12.1M | ||
| Q2 25 | — | $11.6M | ||
| Q1 25 | $246.8M | $10.9M | ||
| Q3 24 | $237.2M | — | ||
| Q2 24 | — | $10.8M | ||
| Q1 24 | — | $12.9M |
| Q4 25 | — | 1.57× | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.01× | — | ||
| 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 | $-3.1M |
| 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 | — | $-3.1M | ||
| Q3 25 | $3.3M | $-878.8K | ||
| Q2 25 | — | $-1.4M | ||
| Q1 25 | $16.2M | $-3.5M | ||
| Q3 24 | $-16.1M | — | ||
| Q2 24 | — | $-979.6K | ||
| Q1 24 | — | $-6.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 1.64× | — | ||
| Q3 24 | -2.66× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
