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Side-by-side financial comparison of Metalpha Technology Holding Ltd (MATH) and Zedge, Inc. (ZDGE). 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 $7.6M, roughly 1.6× Zedge, Inc.). Zedge, Inc. runs the higher net margin — 10.4% vs -24.0%, a 34.4% gap on every dollar of revenue. On growth, Zedge, Inc. posted the faster year-over-year revenue change (5.8% 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.
Zedge is a content distribution platform that provides consumers with a way to personalize their mobile devices. It has offices in Trondheim, Vilnius, and New York City.
MATH vs ZDGE — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $12.0M | $7.6M |
| Net Profit | $-2.9M | $788.0K |
| Gross Margin | 28.3% | — |
| Operating Margin | -24.2% | 12.0% |
| Net Margin | -24.0% | 10.4% |
| Revenue YoY | -39.0% | 5.8% |
| Net Profit YoY | -147.7% | 332.4% |
| EPS (diluted) | $-0.07 | $0.06 |
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 | — | $7.6M | ||
| Q3 25 | $12.0M | $7.5M | ||
| Q2 25 | — | $7.8M | ||
| Q1 25 | $24.8M | $7.0M | ||
| Q4 24 | — | $7.2M | ||
| Q3 24 | $19.7M | $7.6M | ||
| Q2 24 | — | $7.7M | ||
| Q1 24 | — | $7.8M |
| Q4 25 | — | $788.0K | ||
| Q3 25 | $-2.9M | $-559.0K | ||
| Q2 25 | — | $185.0K | ||
| Q1 25 | $9.8M | $-1.7M | ||
| Q4 24 | — | $-339.0K | ||
| Q3 24 | $6.0M | $-39.0K | ||
| Q2 24 | — | $113.0K | ||
| Q1 24 | — | $-9.2M |
| Q4 25 | — | — | ||
| Q3 25 | 28.3% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 85.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 49.5% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 12.0% | ||
| Q3 25 | -24.2% | -9.6% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | 39.3% | -31.8% | ||
| Q4 24 | — | -6.4% | ||
| Q3 24 | 38.9% | -0.8% | ||
| Q2 24 | — | -1.7% | ||
| Q1 24 | — | -153.5% |
| Q4 25 | — | 10.4% | ||
| Q3 25 | -24.0% | -7.5% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | 39.6% | -24.1% | ||
| Q4 24 | — | -4.7% | ||
| Q3 24 | 30.7% | -0.5% | ||
| Q2 24 | — | 1.5% | ||
| Q1 24 | — | -118.8% |
| Q4 25 | — | $0.06 | ||
| Q3 25 | $-0.07 | $-0.04 | ||
| Q2 25 | — | $0.01 | ||
| Q1 25 | $0.25 | $-0.12 | ||
| Q4 24 | — | $-0.02 | ||
| Q3 24 | $0.16 | $0.00 | ||
| Q2 24 | — | $0.01 | ||
| Q1 24 | — | $-0.66 |
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 | $18.5M |
| Total DebtLower is stronger | $101.2K | — |
| Stockholders' EquityBook value | $35.1M | $25.9M |
| Total Assets | $413.8M | $36.0M |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $18.5M | ||
| Q3 25 | $10.1M | $18.6M | ||
| Q2 25 | — | $20.4M | ||
| Q1 25 | $6.9M | $20.1M | ||
| Q4 24 | — | $20.2M | ||
| Q3 24 | $3.8M | $20.0M | ||
| Q2 24 | — | $19.9M | ||
| Q1 24 | — | $18.1M |
| Q4 25 | — | — | ||
| Q3 25 | $101.2K | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $188.0K | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $275.1K | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $25.9M | ||
| Q3 25 | $35.1M | $25.9M | ||
| Q2 25 | — | $28.6M | ||
| Q1 25 | $36.6M | $28.2M | ||
| Q4 24 | — | $30.1M | ||
| Q3 24 | $25.3M | $30.9M | ||
| Q2 24 | — | $30.9M | ||
| Q1 24 | — | $30.7M |
| Q4 25 | — | $36.0M | ||
| Q3 25 | $413.8M | $35.7M | ||
| Q2 25 | — | $37.8M | ||
| Q1 25 | $246.8M | $37.1M | ||
| Q4 24 | — | $38.2M | ||
| Q3 24 | $237.2M | $38.2M | ||
| Q2 24 | — | $38.1M | ||
| Q1 24 | — | $37.1M |
| 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 | $825.0K |
| Free Cash FlowOCF − Capex | — | $808.0K |
| FCF MarginFCF / Revenue | — | 10.6% |
| Capex IntensityCapex / Revenue | — | 0.2% |
| Cash ConversionOCF / Net Profit | — | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | — | $3.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $825.0K | ||
| Q3 25 | $3.3M | $674.0K | ||
| Q2 25 | — | $870.0K | ||
| Q1 25 | $16.2M | $708.0K | ||
| Q4 24 | — | $1.2M | ||
| Q3 24 | $-16.1M | $695.0K | ||
| Q2 24 | — | $2.3M | ||
| Q1 24 | — | $1.6M |
| Q4 25 | — | $808.0K | ||
| Q3 25 | — | $640.0K | ||
| Q2 25 | — | $851.0K | ||
| Q1 25 | — | $689.0K | ||
| Q4 24 | — | $1.2M | ||
| Q3 24 | — | $683.0K | ||
| Q2 24 | — | $2.3M | ||
| Q1 24 | — | $1.6M |
| Q4 25 | — | 10.6% | ||
| Q3 25 | — | 8.6% | ||
| Q2 25 | — | 11.0% | ||
| Q1 25 | — | 9.9% | ||
| Q4 24 | — | 16.1% | ||
| Q3 24 | — | 9.0% | ||
| Q2 24 | — | 30.4% | ||
| Q1 24 | — | 20.0% |
| Q4 25 | — | 0.2% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | — | 1.05× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.70× | ||
| Q1 25 | 1.64× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -2.66× | — | ||
| Q2 24 | — | 20.73× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MATH
Segment breakdown not available.
ZDGE
| Zedge Marketplace | $7.1M | 94% |
| Other | $468.0K | 6% |
