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Side-by-side financial comparison of Metalpha Technology Holding Ltd (MATH) and Recon Technology, Ltd (RCON). Click either name above to swap in a different company.
Recon Technology, Ltd is the larger business by last-quarter revenue ($12.2M vs $12.0M, roughly 1.0× Metalpha Technology Holding Ltd). Recon Technology, Ltd runs the higher net margin — -6.8% vs -24.0%, a 17.2% gap on every dollar of revenue. On growth, Recon Technology, Ltd posted the faster year-over-year revenue change (111.0% 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.
Recon Instruments Inc. was a Canadian technology company that produced smartglasses and wearable displays marketed by the company as "heads-up displays" for sports. Recon's products delivered live activity metrics, GPS maps, and notifications directly to the user's eye. Recon's first heads-up display offering was released commercially in October 2010, roughly a year and a half before Google introduced Google Glass.
MATH vs RCON — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $12.0M | $12.2M |
| Net Profit | $-2.9M | $-832.7K |
| Gross Margin | 28.3% | 33.5% |
| Operating Margin | -24.2% | -14.6% |
| Net Margin | -24.0% | -6.8% |
| Revenue YoY | -39.0% | 111.0% |
| Net Profit YoY | -147.7% | 70.5% |
| EPS (diluted) | $-0.07 | $-0.09 |
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 | — | $12.2M | ||
| Q3 25 | $12.0M | — | ||
| Q1 25 | $24.8M | — | ||
| Q4 24 | — | $5.8M | ||
| Q3 24 | $19.7M | — | ||
| Q4 23 | — | $6.4M |
| Q4 25 | — | $-832.7K | ||
| Q3 25 | $-2.9M | — | ||
| Q1 25 | $9.8M | — | ||
| Q4 24 | — | $-2.8M | ||
| Q3 24 | $6.0M | — | ||
| Q4 23 | — | $-3.2M |
| Q4 25 | — | 33.5% | ||
| Q3 25 | 28.3% | — | ||
| Q1 25 | 85.7% | — | ||
| Q4 24 | — | 31.7% | ||
| Q3 24 | 49.5% | — | ||
| Q4 23 | — | 26.7% |
| Q4 25 | — | -14.6% | ||
| Q3 25 | -24.2% | — | ||
| Q1 25 | 39.3% | — | ||
| Q4 24 | — | -63.9% | ||
| Q3 24 | 38.9% | — | ||
| Q4 23 | — | -50.4% |
| Q4 25 | — | -6.8% | ||
| Q3 25 | -24.0% | — | ||
| Q1 25 | 39.6% | — | ||
| Q4 24 | — | -48.9% | ||
| Q3 24 | 30.7% | — | ||
| Q4 23 | — | -49.8% |
| Q4 25 | — | $-0.09 | ||
| Q3 25 | $-0.07 | — | ||
| Q1 25 | $0.25 | — | ||
| Q4 24 | — | $-0.31 | ||
| Q3 24 | $0.16 | — | ||
| Q4 23 | — | $-1.16 |
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 | $10.7M |
| Total DebtLower is stronger | $101.2K | — |
| Stockholders' EquityBook value | $35.1M | $66.4M |
| Total Assets | $413.8M | $77.6M |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $10.7M | ||
| Q3 25 | $10.1M | — | ||
| Q1 25 | $6.9M | — | ||
| Q4 24 | — | $19.9M | ||
| Q3 24 | $3.8M | — | ||
| Q4 23 | — | $36.0M |
| Q4 25 | — | — | ||
| Q3 25 | $101.2K | — | ||
| Q1 25 | $188.0K | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $275.1K | — | ||
| Q4 23 | — | — |
| Q4 25 | — | $66.4M | ||
| Q3 25 | $35.1M | — | ||
| Q1 25 | $36.6M | — | ||
| Q4 24 | — | $66.9M | ||
| Q3 24 | $25.3M | — | ||
| Q4 23 | — | $60.0M |
| Q4 25 | — | $77.6M | ||
| Q3 25 | $413.8M | — | ||
| Q1 25 | $246.8M | — | ||
| Q4 24 | — | $74.2M | ||
| Q3 24 | $237.2M | — | ||
| Q4 23 | — | $68.1M |
| Q4 25 | — | — | ||
| Q3 25 | 0.00× | — | ||
| Q1 25 | 0.01× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.01× | — | ||
| Q4 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 | $3.3M | $-1.9M |
| 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 | — | $-1.9M | ||
| Q3 25 | $3.3M | — | ||
| Q1 25 | $16.2M | — | ||
| Q4 24 | — | $-1.7M | ||
| Q3 24 | $-16.1M | — | ||
| Q4 23 | — | $-931.0K |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q1 25 | 1.64× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -2.66× | — | ||
| Q4 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
