Metalpha Technology Holding (MATH) AI Stock Analysis

• Market Cap: $143.77M
• Dividend Yield: N/A
• Average Volume (3M): 144.88K
• Price to Earnings (P/E): 8.8
• Beta (1Y): 0.21
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 19
• Sector: Financial
• Sector Strength: 70
• Industry: Airlines, Airports & Air Services
• EPS (TTM): 0.16
• Shares Outstanding: 39,498,370
• 10 Day Avg. Volume: 149,469
• 30 Day Avg. Volume: 144,877
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: -1.31
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: 9.94
• Enterprise Value/Ebitda: -29.07
• 1Y Price Target: $3.50
• Price Target Upside: -3.85% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

• Rating: 72 Outperform
• Price Target: $3.50 ▼(-3.85% Downside)

The overall stock score of 72 reflects strong financial performance, particularly in revenue growth and profitability, despite challenges in cash flow management. The technical analysis suggests a positive short-term trend, although potential bearish momentum is indicated by the MACD. The stock's valuation is attractive with a low P/E ratio, indicating potential for price appreciation.

Metalpha Technology Holding Business Overview & Revenue Model

Company Description

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 cryptocurrency derivative products to over-the-counter clients, providing crypto derivative market making services, and proprietary trading of digital assets and crypto derivative products; and securities advising and asset management services. It serves institutional investors and high-net-worth individuals. The company was formerly known as Dragon Victory International Limited and changed its name to Metalpha Technology Holding Limited in November 2022. The company was incorporated in 2015 and is headquartered in Wan Chai, Hong Kong.

How the Company Makes Money

Metalpha generates revenue through multiple streams within the financial services ecosystem. Key revenue sources include transaction fees from trading activities on its platforms, subscription fees for premium services and tools, and management fees from assets under management (AUM) in its investment funds. The company also benefits from partnerships with exchanges, financial institutions, and technology providers that enhance its service offerings and expand its market reach. Additionally, Metalpha may earn revenue through advisory services and consultations related to blockchain integration and digital asset strategies, further diversifying its income portfolio.

Metalpha Technology Holding Financial Statement Overview

Summary

Metalpha Technology Holding demonstrates strong revenue growth and profitability, supported by efficient cost management and low financial leverage. However, cash flow management presents challenges, with negative free cash flow growth and low conversion of income to cash. The company should focus on improving cash flow operations to sustain its growth trajectory and financial stability.

Income Statement

Metalpha Technology Holding has shown impressive revenue growth, with a significant increase in total revenue from the previous year. The company has achieved a strong gross profit margin of 47.8% and a net profit margin of 35.7%, indicating efficient cost management and profitability. The EBIT and EBITDA margins are also robust, reflecting effective operational performance. However, the company should be cautious of maintaining these margins as the industry is highly competitive.

Balance Sheet

The balance sheet reveals a very low debt-to-equity ratio of 0.0058, suggesting minimal leverage and financial risk. The return on equity is exceptionally high at 43.5%, indicating strong profitability relative to shareholder investments. However, the equity ratio is moderate, which suggests that the company relies on a balanced mix of equity and liabilities to finance its assets.

Cash Flow

The cash flow statement indicates challenges, with a negative free cash flow growth rate and low operating cash flow to net income ratio. This suggests potential issues in converting profits into cash, which could affect liquidity. The free cash flow to net income ratio is positive, indicating some ability to generate cash relative to net income, but overall cash flow management needs improvement.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	44.57M	16.76M	5.69M	122.71K	225.75K
Gross Profit	-19.00M	21.30M	5.63M	2.02M	46.93K	-213.00K
EBITDA	6.50M	16.13M	-3.59M	-11.59M	-9.13M	-699.00K
Net Income	6.22M	15.89M	-3.68M	-20.56M	-14.44M	-5.15M
Balance Sheet
Total Assets	237.22M	246.77M	174.72M	56.08M	24.34M	15.63M
Cash, Cash Equivalents and Short-Term Investments	236.72M	20.70M	48.08M	9.47M	5.29M	982.54K
Total Debt	305.91K	212.69K	5.04M	133.28K	368.75K	4.06M
Total Liabilities	211.90M	210.21M	157.87M	47.48M	10.14M	7.08M
Stockholders Equity	25.32M	36.56M	16.85M	8.60M	12.79M	9.16M
Cash Flow
Free Cash Flow	-11.45M	24.68K	-11.60M	-1.14M	-5.15M	-3.10M
Operating Cash Flow	-16.79M	71.99K	-11.60M	-1.14M	-4.86M	-3.10M
Investing Cash Flow	15.90M	-23.31K	32.68K	-20.42K	422.89K	1.29M
Financing Cash Flow	8.92M	2.11M	9.73M	2.60M	8.98M	3.03M

Metalpha Technology Holding Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.64
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MATH, the sentiment is Positive. The current price of 3.64 is above the 20-day moving average (MA) of 3.22, above the 50-day MA of 3.20, and above the 200-day MA of 2.34, indicating a bullish trend. The MACD of 0.12 indicates Negative momentum. The RSI at 62.60 is Neutral, neither overbought nor oversold. The STOCH value of 76.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MATH.

Metalpha Technology Holding Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MATH	72 Outperform	$143.77M	8.83	59.52%	―	―	―
SRTA	54 Neutral	466.48M	-23.98	-8.51%	―	6.70%	63.35%
FLYX	54 Neutral	417.48M	-4.43	9.48%	―	0.00%	0.00%
MESA	52 Neutral	56.10M	-0.31	429.35%	―	-14.62%	-86.07%
SRFM	46 Neutral	192.72M	-1.36	49.73%	―	-3.95%	85.63%
SOAR	45 Neutral	9.29M	-0.40	248.84%	―	-9.49%	97.34%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%

Metalpha Technology Holding Corporate Events

Metalpha Technology Appoints New Head of Institutional & IR

Metalpha Technology Holding Limited announced the conclusion of Mr. Liyang Lu’s consultancy services on August 22, 2025, as he pursues personal endeavors. Subsequently, the company appointed Ms. Isabella He as the new Head of Institutional & IR, effective September 22, 2025, leveraging her extensive experience in investor relations and investment banking to enhance global investor relations and institutional partnerships.

Metalpha Reports Record Revenue and First Annual Profit for FY2025

Metalpha Technology Holding Limited announced its audited financial results for the fiscal year ending March 31, 2025, reporting a significant financial turnaround. The company achieved a revenue of $44.6 million from its wealth management business, marking a 266% increase from the previous year, and reported a net profit of $15.9 million, a substantial improvement from a net loss of $3.7 million the prior year. This growth is attributed to the increasing adoption of digital assets and clearer global regulations, positioning Metalpha as a transformative leader in the digital asset wealth management industry.

Metalpha Appoints New CEO for LSQ Capital to Boost Digital Asset Services

On July 25, 2025, Metalpha Technology Holding Limited announced the appointment of Mrs. Monique Chan as CEO of its subsidiary, LSQ Capital Limited, effective August 1, 2025. Mrs. Chan, with over 30 years of experience in banking and wealth management, is set to enhance the company’s digital asset offerings for ultra-high-net-worth clients and family offices. This strategic move is expected to strengthen Metalpha’s position in the digital asset wealth management sector.

Metalpha Technology Appoints New Head of Compliance

On July 1, 2025, Metalpha Technology Holding Limited announced the appointment of Mr. Edmond Ching as the new Head of Compliance. With nearly three decades of experience in international and Chinese financial institutions, Mr. Ching will oversee the company’s global compliance strategy, aiming to enhance regulatory adherence and strengthen the culture of compliance.