MATH

MKT CAP:$49M

Metalpha Technology Holding Limited

Market Cap

$49M

Industrials·Airlines, Airports & Air Services·🇭🇰 Hong Kong·NASDAQ

Industrials·Airlines,·🇭🇰·NASDAQ

Stock Price

$1.27-$1.04 (-44.81%)

Apr 21, 2026

Company Details

Metalpha Technology Holding Limited, together with its subsidiaries, provides wealth management services in Hong Kong. The company offers digital asset-based wealth management services, which include issuing traditional financial and crypto...

CEO

Bingzhong Wang

IPO Date

Oct 20, 2017

Website

www.metalpha.net

Key Metrics TTM

Revenue

$0

-100.0% YoY

Net Income

$13M

EPS (Diluted)

$0.34

Free Cash Flow

-$15M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

3.7x

Earnings Reports

Q2 2026

Sep 29, 2025

$0EPS -$0.07

FY 2025

Mar 31, 2025

$45M+165.9%EPS $0.41

Q4 2025

Mar 30, 2025

$0EPS $0.25

Q2 2025

Sep 29, 2024

$0EPS $0.16

FY 2024

Mar 30, 2024

$17MEPS -$0.11

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 17	$1M	$1M	$593.9K
Q4 17	$2M	$2M	$1M
Q4 18	$2M	$0	-$187.0K
Q4 19	$421.1K	$421.1K	-$3M
Q2 20	$699.4K	$699.4K	-$167.5K
Q4 20	-$688.0K	-$688.0K	-$2M
Q2 21	$48.5K	$48.5K	-$1M
Q4 21	$177.3K	$177.3K	-$2M
Q2 22	$1M	$1M	-$6M
Q2 23	$432.3K	$48.9K	-$4M
Q2 24	$0	-$2M	-$5M
Q4 24	$0	-$9M	-$10M
Q2 25	$0	-$10M	-$12M
Q4 25	$0	-$13M	$29M
Q2 26	$0	-$9M	-$15M

Valuation

Quarter	P/S	P/E
Q2 17	—	—
Q4 17	—	—
Q4 18	—	—
Q4 19	2.5x	—
Q2 20	3.0x	—
Q4 20	4.0x	—
Q2 21	22.4x	—
Q4 21	76.1x	—
Q2 22	33.6x	—
Q2 23	11.2x	—
Q2 24	29.4x	—
Q4 24	34.3x	—
Q2 25	112.4x	—
Q4 25	—	5.4x
Q2 26	—	11.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	$766.0K	$745.7K
Q2 20	-$95.6K	-$95.6K
Q4 20	-$719.7K	-$719.7K
Q2 21	-$959.6K	-$959.6K
Q4 21	-$2M	-$2M
Q2 22	-$5M	-$5M
Q2 23	-$2M	-$2M
Q2 24	$12M	$12M
Q4 24	-$5M	-$5M
Q2 25	-$11M	-$11M
Q4 25	-$9M	-$9M
Q2 26	$11M	$11M

Capital Expenditures

Quarter	CapEx
Q4 19	$20.3K
Q2 20	$0
Q4 20	$0
Q2 21	$0
Q4 21	$0
Q2 22	$281.2K
Q2 23	$15.1K
Q2 24	$1.3K
Q4 24	$2
Q2 25	$0
Q4 25	$47.3K
Q2 26	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 20	-40.4%	+49.7%
Q4 20	-128.6%	+28.4%
Q2 21	-98.0%	-41.5%
Q4 21	-57.9%	-10.8%
Q2 22	+76.0%	+679.1%
Q2 23	+162.8%	+267.5%
Q2 24	-100.0%	+233.2%
Q4 24	-100.0%	+292.3%
Q2 25	-100.0%	+78.3%
Q4 25	-100.0%	-736.7%
Q2 26	—	+197.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$0	0.0%
Q2 20	$0	0.0%
Q4 20	$0	—
Q2 21	$0	0.0%
Q4 21	$0	0.0%
Q2 22	$0	0.0%
Q2 23	$0	0.0%
Q2 24	$0	—
Q4 24	$0	—
Q2 25	$0	—
Q4 25	$0	—
Q2 26	$0	—

OpEx Breakdown

Quarter	SG&A
Q2 17	$446.3K
Q4 17	$633.3K
Q4 18	$3M
Q4 19	$3M
Q2 20	$796.2K
Q4 20	$1M
Q2 21	$1M
Q4 21	$3M
Q2 22	$7M
Q2 23	$4M
Q2 24	$3M
Q4 24	$1M
Q2 25	$2M
Q4 25	$2M
Q2 26	$6M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 18	$4M	$5M	$9M
Q2 19	$2M	$7M	$9M
Q4 19	$38.6K	$9M	$10M
Q2 20	$13.6K	$9M	$9M
Q4 20	$15.9K	$0	$15.9K
Q2 21	$154.1K	$8M	$8M
Q4 21	$982.5K	$0	$982.5K
Q2 22	$2M	$9M	$11M
Q4 22	$5M	$0	$5M
Q2 23	$7M	$0	$7M
Q4 23	$7M	$3M	$9M
Q2 24	$8M	$21M	$28M
Q4 24	$5M	$43M	$48M
Q2 25	$4M	$233M	$237M
Q4 25	$7M	$14M	$21M
Q2 26	$10M	$403M	$413M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 17	11M	—	—
Q4 17	10M	-7.7%	—
Q4 18	11M	+14.2%	—
Q4 19	11M	0.0%	—
Q2 20	11M	+0.0%	+5.4%
Q4 20	11M	-0.0%	+14.2%
Q2 21	11M	0.0%	0.0%
Q4 21	12M	+2.7%	+2.7%
Q2 22	18M	+50.7%	+54.7%
Q2 23	25M	+39.7%	+116.1%
Q2 24	33M	+33.1%	+187.6%
Q4 24	37M	+12.1%	+214.2%
Q2 25	38M	+3.3%	+115.3%
Q4 25	39M	+2.2%	+57.5%
Q2 26	41M	+5.5%	+24.9%

Shares Outstanding