Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Metalpha Technology Holding Ltd files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
1.66
3.59
4.28
2.76
0.01
0.23
2.16
5.69
16.8
44.6
Cost of revenue
0.08
3.67
11.1
23.3
Gross profit
0.05
2.02
5.63
21.3
Selling, general and administrative
0.98
1.58
3.89
4.99
2.13
4.16
3.24
3.54
4.25
3.79
Selling and marketing
0
3.34
Operating expenses
0.98
1.58
3.89
4.99
2.13
4.16
Operating income
0.68
2.02
0.38
-2.23
-2.12
-3.93
-3.25
-1.56
1.33
17.4
Interest expense
0.06
0
0
1.61
1.94
0.01
0
0.08
Interest income
0
0.07
0.31
0.64
0.67
0.41
0.21
Other non-operating income
0.14
0.16
0.37
0.77
0.66
-1.28
Pre-tax income
0.82
2.18
0.76
-1.46
-1.46
-2.31
-11.2
-11.7
-3.68
15.9
Income tax
0.16
0.46
0.63
0.03
0.01
0.22
Income from continuing operations
-1.49
-2.31
-11.3
-11.9
-3.68
15.9
Net income to minority interests
-0.07
-0.4
-0.07
-0.06
0.01
0.39
Net income
0.65
1.71
0.19
-1.06
-1.42
-5.15
-14.4
-20.6
-3.68
15.8
EBITDA
0.7
2.03
0.4
-2.13
-2.03
-3.86
-3.18
-1.55
1.33
17.4
EPS, basic
0.07
0.17
0.02
-0.09
-0.12
-0.44
-0.79
-0.76
-0.11
0.41
EPS, diluted
0.07
0.17
0.02
-0.09
-0.12
-0.44
-0.79
-0.76
-0.11
0.41
Shares, basic (weighted)
10
10
10.8
11.4
11.4
11.7
Shares, diluted (weighted)
10
10
10.8
11.4
11.4
11.7
Balance sheet
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0
3.22
3.94
0.04
0.02
0.98
5.29
6.75
4.88
6.92
Short-term investments
4.74
9.46
5.59
5.07
Receivables
0.67
1.61
1.73
Other current assets
0.09
1.23
0.62
0.76
5.51
Total current assets
4.05
11.8
11.8
9.75
15.5
23.6
55.9
175
246
Property, plant and equipment
0.03
1.06
0.38
0.13
0.05
0.3
0.01
0.01
0.05
Lease right-of-use assets
0.05
0.39
0.12
0.04
0.19
Intangible assets
0
0
0
0
0
8.44
41.1
126
221
Long-term investments
0.07
0.08
Other non-current assets
0.05
0.09
0.09
0.02
0.01
Total assets
4.21
13
12.3
9.96
15.6
24.3
56.1
175
247
Accounts payable
0.06
0.05
0.01
0.01
0.02
1.51
1.33
11.5
7.01
Total current liabilities
1.19
2.02
2.93
2.59
7.07
10
47.4
158
210
Lease liabilities
0.01
0.11
0.04
0.02
Total liabilities
1.19
2.02
3
2.59
7.08
10.1
47.5
158
210
Total debt
5.42
0.39
0.12
0.04
0.19
Paid-in capital
1.05
8.93
8.93
8.94
14.8
0
0
0
Retained earnings
2.05
1.88
0.66
-0.75
-5.9
-20.4
-40.2
-43.9
-28
Other comprehensive income
-0.15
-0.17
-0.38
-0.86
-0.57
Shareholders' equity
1.45
3.02
11
9.81
7.92
9.16
12.8
-0.24
-0.28
Minority interests
-0.08
-0.49
-0.55
-0.61
1.41
Total equity
1.45
3.02
11
9.32
7.37
8.55
14.2
8.6
16.9
36.6
Total liabilities and equity
4.21
13
12.3
9.96
15.6
24.3
56.1
175
247
Shares outstanding
10
10
11.4
11.4
13.3
Cash flow statement
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
0.65
1.71
0.13
-1.46
-1.48
-5.21
-14.4
-20.2
-3.68
15.9
Depreciation and amortization
0.03
0.02
0.02
0.1
0.09
0.08
0.06
0
0
0
Change in receivables
-0.06
-0.63
-0.93
-0.14
-0.08
Change in payables
0.01
-0.03
0.63
0.06
0.01
Cash from operations
-0.04
2.68
-1.01
0.77
-0.82
-2.79
-4.79
-1.14
-11.6
0.07
Capital expenditures
-0
-0
-0.05
Purchases of investments
0.25
-4.83
-4.78
Cash from investing
-0.41
0.8
-6.27
-4.81
0.07
0.88
0.35
-0.02
0.03
-0.02
Stock issued
1.08
7.73
0.02
4.01
Cash from financing
0.42
-0.17
7.9
0.26
0.3
3.1
8.99
2.6
9.73
2.11
Exchange rate effect
-0
-0.09
0.1
-0.12
0.42
-0.25
-0.24
0.03
-0.04
-0.12
Net change in cash
-0.45
1.22
4.55
1.43
-1.83
2.16
Free cash flow
-1.14
-11.6
0.02
Interest paid
0.07
0
Income taxes paid
0.29
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.98 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
47.8%
Gross profit / revenue.
Operating margin
39.1%
Operating income / revenue.
EBITDA margin
39.1%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
35.7%
Pre-tax income / revenue.
Net margin
35.4%
Net income / revenue.
FCF margin
0.1%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
0.2%
Cash from operations / revenue.
Return on assets (ROA)
7.5%
Net income / average total assets.
SG&A / revenue
8.5%
Selling, general and administrative expense / revenue.
Capex / revenue
0.1%
Capital expenditures / revenue.
D&A / revenue
0.0%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
165.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
174.5%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
424.3%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
278.5%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
668.5%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y
1,210.0%
Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
1,207.0%
EBITDA vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
41.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
116.4%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
90.0%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.17x
Current assets / current liabilities.
Quick ratio
0.03x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.03x
(Cash + short-term investments) / current liabilities.
Debt / assets
0.1%
Total debt / total assets.
Liabilities / assets
85.2%
Total liabilities / total assets.
Net debt
-$6.7M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
-0.39x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage
232x
Operating income / interest expense.
Working capital
$36.3M
Current assets - current liabilities.
Goodwill and intangibles / assets
89.6%
(Goodwill + intangible assets) / total assets.
Efficiency
Metric
Value
How it is calculated
Asset turnover
0.21x
Revenue / average total assets.
Fixed asset turnover
1,591x
Revenue / average property, plant and equipment.
Days payables
145 days
365 x average accounts payable / cost of revenue.
FCF conversion
0.2%
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
65.7%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.41
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
$0.41
Net income per basic share, as reported (split-adjusted).
Valuation
Metric
Value
How it is calculated
Market cap
$46.2M
Share price x shares outstanding.
Enterprise value
$39.5M
Market cap + total debt - cash - short-term investments.
P/E
2.93x
Market cap / net income. Only when net income is positive.
P/S
1.04x
Market cap / revenue.
P/FCF
1,873x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
642x
Market cap / cash from operations, when positive.
EV/Sales
0.89x
Enterprise value / revenue.
EV/EBIT
2.26x
Enterprise value / operating income, when both are positive.
EV/EBITDA
2.26x
Enterprise value / EBITDA, when both are positive.
EV/FCF
1,600x
Enterprise value / free cash flow, when both are positive.
FCF yield
0.1%
Free cash flow / market cap.
Earnings yield
34.1%
Net income / market cap (the inverse of P/E).
What was Metalpha Technology Holding Ltd's revenue in fiscal 2025?
Metalpha Technology Holding Ltd reported revenue of $44.6M for fiscal 2025, 165.9% higher than the year before.
Was Metalpha Technology Holding Ltd profitable in fiscal 2025?
Yes. Net income was $15.8M, a net margin of 35.4%.
How much free cash flow did Metalpha Technology Holding Ltd generate in fiscal 2025?
Cash from operations of $72.0K minus capital expenditures of $47.3K left free cash flow of $24.7K.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.