Mega Matrix Announces Fiscal 2025 Annual Results on Form 20-F: Dual-Engine Strategy Delivers Operational Efficiency, Margin Improvement and Strategic Web3 Growth

Mega Matrix (NYSE: MPU) filed its Form 20-F for fiscal year ended December 31, 2025, reporting $26.1 million revenue and $7.3 million cash and equivalents as of year-end.

Rhea-AI Summary

Mega Matrix (NYSE: MPU) filed its Form 20-F for fiscal year ended December 31, 2025, reporting $26.1 million revenue and $7.3 million cash and equivalents as of year-end. The company highlighted improved marketing efficiency, higher ARPU, reduced adjusted EBITDA loss, and a dual‑engine digital asset treasury holding $~5.8 million of digital assets.

Operational shifts included an asset‑light content model, AI translation, and third‑party content procurement; FlexTV now lists 968 short dramas and over 10,500 multi‑language titles across 16 languages in 200+ markets.

Positive

• Revenue of $26.1 million in fiscal 2025
• Cash and cash equivalents of $7.3 million at year‑end
• ARPU increased from $3.15 to $3.42 year‑over‑year
• Advertising expense fell from 62% to 47% of revenue
• Adjusted EBITDA loss improved from $7.1M to $5.6M
• Digital assets carrying value of approximately $5.8 million

Negative

• Year‑over‑year revenue decline versus fiscal 2024
• Adjusted EBITDA remained a loss of $5.6 million
• Completed private placements and ATM offerings (potential shareholder dilution)

Argus Apr 16 session

-2.09% close to close Open Argus

Details

News Market Reaction – MPU

On Apr 16, the day this news came out, MPU closed 2.09% below the previous close.

Data tracked by StockTitan Argus for the Apr 16 session.

Market Context

This announcement details MPU’s fiscal 2025 Form 20-F, emphasizing an asset-light content model, imp...

Analysis

This announcement details MPU’s fiscal 2025 Form 20-F, emphasizing an asset-light content model, improved marketing efficiency, higher ARPU, and a dual-engine digital asset treasury holding about $5.8 million in BTC, ENA, and USDT. FlexTV’s catalog expanded to 968 short dramas and over 10,500 titles. Investors may watch how these efficiency gains translate into profitability and how the company uses its substantial $2,000,000,000 shelf capacity.

Key Figures

Total revenue: $26.1 million Cash & equivalents: $7.3 million Advertising expense ratio: 47% +5 more

Total revenue

$26.1 million

Fiscal year 2025

Cash & equivalents

$7.3 million

As of December 31, 2025

Advertising expense ratio

47%

Advertising expense as % of revenue in 2025

ARPU

$3.42

Average revenue per active user in 2025

Adjusted EBITDA loss

$5.6 million

Adjusted EBITDA loss in 2025

Digital assets value

$5.8 million

Carrying value as of December 31, 2025

Short dramas on FlexTV

968

Number of short dramas available on FlexTV

Multi-language titles

10,500+

Multi-language titles across 16 languages on FlexTV

Historical Context

2 past events · Latest: Mar 27

2 events

1. Mar 27

   AI strategy update

   24h Move

   -0.8%

   Announced AI initiative to cut production costs and shorten cycles.

2. Jan 08

   Strategic partnership

   24h Move

   -9.4%

   MOU for Islamic precious metals RWA and stablecoin ecosystem.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

form 20-f, at-the-market offering program, stablecoins, defi, +1 more

5 terms

form 20-f regulatory

"announced its annual report on Form 20-F for the fiscal year ended"

Form 20-F is the standardized annual disclosure that non-U.S. companies must file with the U.S. securities regulator when their shares are traded in the U.S.; it contains audited financial statements, a plain-language description of the business, management discussion, governance details and key risk factors. It matters to investors because it provides a consistent, comparable company “report card” and rulebook, helping buyers assess financial health, governance and risks before investing.

at-the-market offering program financial

"completed financing activities, including private placements and at-the-market offering program"

An at-the-market offering program lets a company sell newly issued shares directly into the open market at current trading prices through a broker, rather than issuing a large block of stock all at once. It matters to investors because it provides the company a flexible way to raise cash over time, which can dilute existing shares gradually and affect earnings per share and stock price depending on how much and when shares are sold—think of it as a faucet the company can open or close to add supply to the market.

stablecoins financial

"holds a basket of stablecoins deployed into low-risk DeFi strategies"

Stablecoins are a type of digital currency designed to maintain a steady value, often linked to traditional currencies like the dollar or euro. They function like digital cash that offers the convenience of online transactions while avoiding the large price swings common with other cryptocurrencies. This stability makes them useful for investors and users who want a reliable way to store and transfer value without exposure to sudden market changes.

defi financial

"stablecoins deployed into low-risk DeFi strategies while also allocating capital"

DeFi, short for decentralized finance, is a system of financial services built on blockchain technology that operates without traditional banks or intermediaries. It allows people to borrow, lend, trade, and earn interest directly with each other through digital platforms, much like using a peer-to-peer marketplace. For investors, DeFi offers the potential for greater access, transparency, and control over their financial activities.

View in glossary

governance tokens financial

"allocating capital to governance tokens of leading stablecoin protocols"

Governance tokens are digital tokens that give holders a voice in decisions about a decentralized project’s rules, spending, and upgrades, similar to having shares that let you vote on corporate matters but for a software protocol. They matter to investors because owning them can influence the project’s direction and access to future rewards, and their value often depends on how much control, voting turnout, and treasury decisions token holders expect. Like club membership with a vote, concentration of power and low participation can make outcomes unpredictable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SINGAPORE, April 16, 2026 /PRNewswire/ -- Mega Matrix Inc. ("MPU" or the "Company") (NYSE American: MPU), a global short-drama streaming platform operator and digital asset treasury strategy company, today announced its annual report on Form 20-F for the fiscal year ended December 31, 2025. The report highlights the Company's progress in operational efficiency, margin improvement, content strategy transformation, and disciplined digital asset treasury management.

Financial Highlights

In 2025, the Company recorded total revenue of $26.1 million. As of December 31, 2025, cash and cash equivalents totaled $7.3 million, providing liquidity to support operations and future growth. During the year, the Company also completed financing activities, including private placements and at-the-market offering program, further supporting its long-term development strategy.

Business and Operational Highlights

During 2025, the Company continued optimizing its short-drama business through a more asset-light operating model, scaling back in-house production in favor of third-party content procurement and AI-translation content. Although revenue declined compared to fiscal year 2024, this strategic transition helped improve marketing efficiency, lower production-related costs, and support a healthier margin profile. At the same time, marketing efficiency improved meaningfully, with advertising expense as a percentage of revenue declining from 62% in 2024 to 47% in 2025, driven by stronger organic social user acquisition. Monetization also strengthened, as average revenue per active user (ARPU) increased from $3.15 in 2024 to $3.42 in 2025, while adjusted EBITDA loss improved from $7.1 million to $5.6 million over the same period.

The Company also continued expanding the scale of its global content operations. FlexTV now offers 968 short dramas with more than 10,500 multi-language titles across 16 languages, available in more than 200 countries and regions worldwide.

Digital Asset Treasury Strategy

During 2025, the Company further refined its digital asset treasury strategy into a dual-engine framework combining stable yield and growth potential. Under this framework, the Company holds a basket of stablecoins deployed into low-risk DeFi strategies while also allocating capital to governance tokens of leading stablecoin protocols. As of December 31, 2025, the Company held digital assets including Bitcoin (BTC), Ethena (ENA), and USDT, with a carrying value of approximately $5.8 million, under institutional custody by Matrixport Cactus Custody and Anchorage Digital Bank.

Management Commentary

"Fiscal 2025 marked a pivotal year of operational discipline and strategic focus," said Yucheng Hu, Chief Executive Officer of the Company. "We optimized our short-drama model, improved marketing efficiency, and strengthened our digital asset strategy. Looking ahead, we will accelerate AI content integration, expand global user reach, and pursue sustainable growth for shareholders."

About Mega Matrix Inc.: Mega Matrix Inc. (NYSE American: MPU), a holding company headquartered in Singapore, is executing its strategic expansion into the stablecoin governance tokens treasury reserve strategy and operates FlexTV, a short-video streaming platform and producer of short dramas, through Yuder Pte, Ltd., an indirect wholly owned subsidiary of the Company. For more information, please contact info@megamatrix.io or visit http://www.megamatrix.io.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements that are purely historical are forward looking statements. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose," and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees for future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are the: ability to manage growth; ability to identify and integrate future acquisitions, ability to utilize AI to reduce short drama production costs and improve efficiency; fluctuations in general economic and business conditions; costs or other factors adversely affecting the Company's profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic; the possibility that the Company may not succeed in developing its new lines of businesses due to, among other things, changes in the business environment, competition, changes in regulation, or other economic and policy factors; and the possibility that the Company's new lines of business may be adversely affected by other economic, business, and/or competitive factors. The forward-looking statements in this press release and the Company's future results of operations are subject to additional risks and uncertainties set forth under the heading "Risk Factors" in documents filed by the Company with the Securities and Exchange Commission ("SEC"), including the Company's latest annual report on Form 20-F, filed with the SEC on April 16, 2026, and are based on information available to the Company on the date hereof. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release.

Disclosure Channels

We may also announce material information about the Company and its services and for complying with our disclosure obligation under Regulation FD via the following social media channels:

X (f/k/a Twitter):	twitter.com/MegaMatrixMPU
Facebook:	facebook.com/megamatrixmpu
LinkedIn:	linkedin.com/company/megamatrixmpu

The Company will also use its landing page on its corporate website (www.megamatrix.io) to host social media disclosures and/or links to/from such disclosures. The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these social media channels in addition to following our website, press releases, SEC filings and public conference calls and webcasts. The social media channels that we intend to use as a means of disclosing the information described above may be updated from time to time as listed on our website.

For inquiries, please contact: Info@megamatrix.io 

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SOURCE Mega Matrix Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Mega Matrix (MPU) fiscal 2025 total revenue and cash balances?

Mega Matrix reported $26.1 million in total revenue and $7.3 million in cash and equivalents for fiscal 2025. According to the company, these figures reflect the year‑end financial position and liquidity available to support operations.

How did Mega Matrix (MPU) improve marketing efficiency in 2025?

Marketing expense fell from 62% to 47% of revenue in 2025, improving efficiency materially. According to the company, stronger organic social user acquisition and an asset‑light content model drove the reduction in advertising spend.

What happened to Mega Matrix (MPU) adjusted EBITDA in fiscal 2025?

Adjusted EBITDA loss improved to $5.6 million in 2025 from $7.1 million in 2024, narrowing the loss. According to the company, cost reductions and higher ARPU contributed to the improved adjusted EBITDA result.

What digital assets does Mega Matrix (MPU) hold and what is their carrying value?

Mega Matrix holds digital assets including Bitcoin, Ethena (ENA), and USDT with a carrying value of about $5.8 million. According to the company, assets are held under institutional custody by Matrixport Cactus Custody and Anchorage Digital Bank.

How extensive is FlexTV's content catalog as of December 31, 2025 for MPU?

FlexTV offers 968 short dramas and over 10,500 multi‑language titles across 16 languages, available in more than 200 countries. According to the company, this reflects global content scale and multi‑language distribution reach.