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Metalpha Technology Holding Ltd

MATH Clue Score76
Hong Kong CIK 0001682241
$1.04 +10.99% Close, 9 Oct 2026
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Price $1.04 −32.47% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 20 Oct 2017. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue3.6Operating income2.0Net income1.7EPS, diluted0.17Fiscal year 2018Revenue4.3 +19.2%Operating income0.4Net income0.2 −88.7%EPS, diluted0.02Fiscal year 2019Revenue2.8 −35.6%Operating income−2.2Net income−1.1 −647.0%EPS, diluted−0.09Fiscal year 2020Revenue0.0 −99.6%Operating income−2.1Net income−1.4EPS, diluted−0.12Fiscal year 2021Revenue0.2 +1,906.3%Operating income−3.9Net income−5.1EPS, diluted−0.44Fiscal year 2022Revenue2.2 +854.9%Operating income−3.2Net income−14.4EPS, diluted−0.79Fiscal year 2023Revenue5.7 +164.1%Operating income−1.6Net income−20.6EPS, diluted−0.76Fiscal year 2024Revenue16.8 +194.5%Operating income1.3Net income−3.7EPS, diluted−0.11Fiscal year 2025Revenue44.6 +165.9%Operating income17.4Net income15.8EPS, diluted0.41
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 3.6 4.3 2.8 0.0 0.2 2.2 5.7 16.8 44.6
Growth +19.2% −35.6% −99.6% +1,906.3% +854.9% +164.1% +194.5% +165.9%
Operating income 2.0 0.4 −2.2 −2.1 −3.9 −3.2 −1.6 1.3 17.4
Net income 1.7 0.2 −1.1 −1.4 −5.1 −14.4 −20.6 −3.7 15.8
Growth −88.7% −647.0%
EPS, diluted 0.17 0.02 −0.09 −0.12 −0.44 −0.79 −0.76 −0.11 0.41

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Operating margin56.1%Net margin47.7%Fiscal year 2018Operating margin9.0%Net margin4.5%Fiscal year 2019Operating margin−81.0%Net margin−38.3%Fiscal year 2020Operating margin−18,832.5%Net margin−12,590.8%Fiscal year 2021Operating margin−1,743.1%Net margin−2,280.4%Fiscal year 2022Gross margin2.2%Operating margin−150.8%Net margin−669.9%Fiscal year 2023Gross margin35.5%Operating margin−27.3%Net margin−361.1%Free cash flow margin−20.1%Fiscal year 2024Gross margin33.6%Operating margin7.9%Net margin−21.9%Free cash flow margin−69.2%Fiscal year 2025Gross margin47.8%Operating margin39.1%Net margin35.4%Free cash flow margin0.1%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin n/a n/a n/a n/a n/a 2.2% 35.5% 33.6% 47.8%
Operating margin 56.1% 9.0% −81.0% −18,832.5% −1,743.1% −150.8% −27.3% 7.9% 39.1%
Net margin 47.7% 4.5% −38.3% −12,590.8% −2,280.4% −669.9% −361.1% −21.9% 35.4%
Free cash flow margin n/a n/a n/a n/a n/a n/a −20.1% −69.2% 0.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow2.7Fiscal year 2018Operating cash flow−1.0Fiscal year 2019Operating cash flow0.8Fiscal year 2020Operating cash flow−0.8Fiscal year 2021Operating cash flow−2.8Fiscal year 2022Operating cash flow−4.8Fiscal year 2023Operating cash flow−1.1Capital expenditure−0.0Free cash flow−1.1Fiscal year 2024Operating cash flow−11.6Capital expenditure−0.0Free cash flow−11.6Fiscal year 2025Operating cash flow0.1Capital expenditure−0.0Free cash flow0.0
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 2.7 −1.0 0.8 −0.8 −2.8 −4.8 −1.1 −11.6 0.1
Capital expenditure n/a n/a n/a n/a n/a n/a −0.0 −0.0 −0.0
Free cash flow n/a n/a n/a n/a n/a n/a −1.1 −11.6 0.0
Growth

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2017Cash3.2Shareholders’ equity3.0Fiscal year 2018Cash3.9Shareholders’ equity11.0Fiscal year 2019Cash0.0Shareholders’ equity9.8Fiscal year 2020Cash0.0Shareholders’ equity7.9Fiscal year 2021Cash1.0Shareholders’ equity9.2Fiscal year 2022Cash5.3Shareholders’ equity12.8Fiscal year 2023Cash6.7Shareholders’ equity−0.2Fiscal year 2024Cash4.9Shareholders’ equity−0.3Fiscal year 2025Cash6.9Shareholders’ equity36.6
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 3.2 3.9 0.0 0.0 1.0 5.3 6.7 4.9 6.9
Shareholders’ equity 3.0 11.0 9.8 7.9 9.2 12.8 −0.2 −0.3 36.6

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending March, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Mar 2017 FY2018 31 Mar 2018 FY2019 31 Mar 2019 FY2020 31 Mar 2020 FY2021 31 Mar 2021 FY2022 31 Mar 2022 FY2023 31 Mar 2023 FY2024 31 Mar 2024 FY2025 31 Mar 2025
Margins
n/a n/a n/a n/a n/a 2.2% 35.5% 33.6% 47.8%
56.1% 9.0% −81.0% −18,832.5% −1,743.1% −150.8% −27.3% 7.9% 39.1%
60.7% 17.7% −52.9% −12,944.5% −1,021.3% −520.8% −205.6% −21.9% 35.7%
47.7% 4.5% −38.3% −12,590.8% −2,280.4% −669.9% −361.1% −21.9% 35.4%
n/a n/a n/a n/a n/a n/a −20.1% −69.2% 0.1%
Spending
43.9% 91.0% 181.0% 18,932.5% 1,843.1% 150.3% 62.1% 25.4% 8.5%
n/a n/a n/a n/a n/a n/a 0.1% 0.0% 0.1%
21.3% 83.5% n/a n/a n/a n/a n/a n/a n/a
Returns
56.7% 1.8% −10.8% −17.9% −56.2% −112.9% n/a n/a 43.2%
40.7% 1.5% −8.6% −14.2% −32.9% n/a n/a n/a n/a
Balance and payout
28.3% 15.5% 24.3% 26.0% 45.3% n/a n/a n/a n/a