vs
Side-by-side financial comparison of Metalpha Technology Holding Ltd (MATH) and Zeo Energy Corp. (ZEO). Click either name above to swap in a different company.
Zeo Energy Corp. is the larger business by last-quarter revenue ($18.6M vs $12.0M, roughly 1.5× Metalpha Technology Holding Ltd). Zeo Energy Corp. runs the higher net margin — -10.8% vs -24.0%, a 13.2% gap on every dollar of revenue. On growth, Zeo Energy Corp. posted the faster year-over-year revenue change (-0.4% 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.
MATH vs ZEO — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $12.0M | $18.6M |
| Net Profit | $-2.9M | $-2.0M |
| Gross Margin | 28.3% | — |
| Operating Margin | -24.2% | -11.8% |
| Net Margin | -24.0% | -10.8% |
| Revenue YoY | -39.0% | -0.4% |
| Net Profit YoY | -147.7% | -360.9% |
| 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 | — | $18.6M | ||
| Q3 25 | $12.0M | $23.9M | ||
| Q2 25 | — | $18.1M | ||
| Q1 25 | $24.8M | $8.8M | ||
| Q4 24 | — | $18.6M | ||
| Q3 24 | $19.7M | $19.7M | ||
| Q2 24 | — | $14.8M | ||
| Q1 24 | — | $20.1M |
| Q4 25 | — | $-2.0M | ||
| Q3 25 | $-2.9M | $-3.2M | ||
| Q2 25 | — | $-2.4M | ||
| Q1 25 | $9.8M | $-6.4M | ||
| Q4 24 | — | $-435.3K | ||
| Q3 24 | $6.0M | $-424.3K | ||
| Q2 24 | — | $-277.8K | ||
| Q1 24 | — | $-1.5M |
| Q4 25 | — | — | ||
| Q3 25 | 28.3% | 57.9% | ||
| Q2 25 | — | 59.8% | ||
| Q1 25 | 85.7% | 99.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | 49.5% | 50.2% | ||
| Q2 24 | — | 52.3% | ||
| Q1 24 | — | — |
| Q4 25 | — | -11.8% | ||
| Q3 25 | -24.2% | -8.3% | ||
| Q2 25 | — | -15.8% | ||
| Q1 25 | 39.3% | -153.8% | ||
| Q4 24 | — | -6.0% | ||
| Q3 24 | 38.9% | -15.2% | ||
| Q2 24 | — | -18.0% | ||
| Q1 24 | — | -20.1% |
| Q4 25 | — | -10.8% | ||
| Q3 25 | -24.0% | -13.5% | ||
| Q2 25 | — | -13.3% | ||
| Q1 25 | 39.6% | -72.4% | ||
| Q4 24 | — | -2.3% | ||
| Q3 24 | 30.7% | -2.2% | ||
| Q2 24 | — | -1.9% | ||
| Q1 24 | — | -7.6% |
| Q4 25 | — | — | ||
| Q3 25 | $-0.07 | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $0.25 | $-0.48 | ||
| Q4 24 | — | $1.11 | ||
| Q3 24 | $0.16 | $-0.08 | ||
| Q2 24 | — | $0.03 | ||
| Q1 24 | — | $-1.54 |
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 | $6.1M |
| Total DebtLower is stronger | $101.2K | $79.1K |
| Stockholders' EquityBook value | $35.1M | $5.3M |
| Total Assets | $413.8M | $56.9M |
| Debt / EquityLower = less leverage | 0.00× | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $6.1M | ||
| Q3 25 | $10.1M | $3.9M | ||
| Q2 25 | — | $68.7K | ||
| Q1 25 | $6.9M | $2.9M | ||
| Q4 24 | — | $5.6M | ||
| Q3 24 | $3.8M | $4.3M | ||
| Q2 24 | — | $5.3M | ||
| Q1 24 | — | — |
| Q4 25 | — | $79.1K | ||
| Q3 25 | $101.2K | $84.6K | ||
| Q2 25 | — | $642.8K | ||
| Q1 25 | $188.0K | $715.4K | ||
| Q4 24 | — | $787.7K | ||
| Q3 24 | $275.1K | $858.6K | ||
| Q2 24 | — | $1.6M | ||
| Q1 24 | — | $748.8K |
| Q4 25 | — | $5.3M | ||
| Q3 25 | $35.1M | $-1.7M | ||
| Q2 25 | — | $-59.4M | ||
| Q1 25 | $36.6M | $-23.1M | ||
| Q4 24 | — | $-88.9M | ||
| Q3 24 | $25.3M | $-39.3M | ||
| Q2 24 | — | $-53.0M | ||
| Q1 24 | — | $-173.0M |
| Q4 25 | — | $56.9M | ||
| Q3 25 | $413.8M | $58.5M | ||
| Q2 25 | — | $46.2M | ||
| Q1 25 | $246.8M | $47.4M | ||
| Q4 24 | — | $61.0M | ||
| Q3 24 | $237.2M | $47.1M | ||
| Q2 24 | — | $49.1M | ||
| Q1 24 | — | $50.1M |
| Q4 25 | — | 0.01× | ||
| 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 | $2.4M |
| Free Cash FlowOCF − Capex | — | $2.3M |
| FCF MarginFCF / Revenue | — | 12.2% |
| Capex IntensityCapex / Revenue | — | 0.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-9.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $2.4M | ||
| Q3 25 | $3.3M | $-6.6M | ||
| Q2 25 | — | $-2.3M | ||
| Q1 25 | $16.2M | $-2.3M | ||
| Q4 24 | — | $3.5M | ||
| Q3 24 | $-16.1M | $162.2K | ||
| Q2 24 | — | $-2.2M | ||
| Q1 24 | — | $-10.2M |
| Q4 25 | — | $2.3M | ||
| Q3 25 | — | $-6.8M | ||
| Q2 25 | — | $-2.7M | ||
| Q1 25 | — | $-2.6M | ||
| Q4 24 | — | $3.4M | ||
| Q3 24 | — | $116.5K | ||
| Q2 24 | — | $-2.3M | ||
| Q1 24 | — | $-10.4M |
| Q4 25 | — | 12.2% | ||
| Q3 25 | — | -28.6% | ||
| Q2 25 | — | -15.0% | ||
| Q1 25 | — | -30.0% | ||
| Q4 24 | — | 18.2% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | -15.6% | ||
| Q1 24 | — | -51.5% |
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.1% |
| 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.
ZEO
| Nonrelated Party | $18.1M | 98% |
| Related Party | $432.1K | 2% |
