Here are 1-3 brief analogies for Mega Matrix (MPU):

• Like Marathon Digital (MARA) for its crypto mining operations, but also building out Web3 applications for gaming and the metaverse.
• Think of it as a startup aiming to be the Amazon Web Services (AWS) for the decentralized Web3 economy, also engaged in crypto mining.
• An early-stage Meta Platforms (META), but exclusively focused on building a decentralized Web3 metaverse and its underlying blockchain infrastructure.

• Electric Vehicle Rideshare Platform (Flex Fleet): Provides on-demand transportation services through a fleet of electric vehicles.
• Blockchain Media and Data Services (Mars Finance): Offers comprehensive news, analysis, and data solutions related to the blockchain and cryptocurrency industry.
• AI-Powered Enterprise Solutions (Aegis Systems Limited / Digital Twin Technology): Develops and implements artificial intelligence tools and platforms for businesses to optimize operations and decision-making.

Mega Matrix Corp. (symbol: MPU) operates through two main business segments: short-distance transportation in Hong Kong and blockchain/metaverse initiatives.

While the company serves a mix of individual and business customers across its segments, its customer base is primarily composed of individuals and smaller entities, making it more appropriate to describe customer categories rather than identifying specific major corporate customers.

The major categories of customers that Mega Matrix (MPU) serves include:

• Individual Passengers and Tourists: These customers primarily utilize Mega Matrix's short-distance transportation services in Hong Kong for daily commutes, sightseeing, and general travel needs.
• Web3 Enthusiasts and Digital Asset Collectors: For its blockchain and metaverse initiatives, this category includes individuals interested in purchasing Non-Fungible Tokens (NFTs), engaging with decentralized applications (dApps), and participating in virtual economies and experiences.
• Small to Medium-sized Businesses and Developers: This category encompasses local businesses in Hong Kong that may use Mega Matrix's transportation services (e.g., for staff or deliveries), as well as businesses and developers seeking blockchain-related services, development partnerships, or solutions within the metaverse space.

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Yucheng Hu, Chief Executive Officer and President

Mr. Yucheng Hu has over 15 years of experience in the online industry. He founded Chengdu Quleduo Technology Co., Ltd. and established the Xiyou online mobile gaming platform (www.52xiyou.com). He has also developed software programming studios and mini-programs for social media. Mr. Hu was appointed CEO in September 2021.

Qin (Carol) Wang, Chief Financial Officer, Treasurer & Secretary

Ms. Qin (Carol) Wang has served as CFO, secretary, and treasurer of Mega Matrix since September 2021. Her previous roles include VP of Finance and advisor at Bit Digital, Inc. (Nasdaq: BTBT), finance controller and financial advisor at TD Holdings, Inc. (NASDAQ: GLG), senior investment manager for Yikuan Asset Management Company, and senior auditor at Ernst & Young. She possesses expertise in M&A transactions, US GAAP, IFRS financial reporting, corporate financial management, and planning.

Xiangchen Gao, Chief Operating Officer

Mr. Gao is listed as the Chief Operating Officer of Mega Matrix.

Xiao Ling, Chief Investment Officer

Mr. Ling serves as the Chief Investment Officer for Mega Matrix.

Songtao Jia, Chief Strategy Officer

Mr. Jia holds the position of Chief Strategy Officer at Mega Matrix.

1. Lack of Established Business and Unprofitability: Mega Matrix is a speculative company transitioning into the short-form streaming app market with FlexTV, but it currently lacks meaningful revenue, a substantial user base, or a robust content library. The company is unprofitable, burning through cash, and its financial foundation appears unstable, raising concerns that its business concept may not materialize into a viable product. Its operating margins have been consistently and deeply negative, and it has generated negative free cash flow in multiple recent years, necessitating reliance on capital markets.
2. Shareholder Dilution and Stock Volatility: The company has a history of significant stock price volatility and substantial shareholder dilution, which has negatively impacted shareholder returns. The stock's price has been volatile compared to the broader US market.
3. Untested and Speculative Stablecoin Strategy: Mega Matrix has embarked on a "dual-engine" digital asset treasury strategy focused on stablecoins, aiming to raise capital and capitalize on stablecoin growth. However, this pivot into stablecoin strategies has generated skepticism among investors regarding its execution risk and capital allocation, particularly because it is an untested approach without clear sector alignment. This adds another layer of speculative risk to the company's profile.

Increasing global regulatory scrutiny and potential restrictions or outright bans on energy-intensive Proof-of-Work (PoW) cryptocurrency mining due to environmental concerns.

Mega Matrix (MPU) operates in two primary markets:

• Stablecoin Market: Mega Matrix is strategically expanding into the stablecoin governance tokens treasury reserve (DAT) and offers investors direct exposure to the stablecoin market. This market is projected to reach $2.0 trillion globally by 2030.
• Vertical Screen Entertainment (FlexTV): Mega Matrix operates FlexTV, a short drama streaming platform that produces and distributes content in English, Japanese, and Thai, translated for users across Europe, America, and Southeast Asia. The company also acquires third-party content licenses and provides online advertising services. However, a specific addressable market size in monetary value for this product is not available.

Mega Matrix (MPU) is poised for future revenue growth over the next 2-3 years, driven by several key initiatives and market trends:

1. Growth in FlexTV's Membership and Streaming Services: The company's short-video streaming platform, FlexTV, is a significant revenue contributor. In Q3 2024, unaudited revenue from membership and top-up streaming services reached $9.3 million, marking a 47.6% quarter-over-quarter growth. FlexTV also expanded its user base to 3.2 million quarterly active users in Q3 2024 and continues to release new short drama series, with 56 new series launched in Q3 2024, including 16 self-produced titles. This sustained content creation and user acquisition are expected to fuel continued growth in subscription and streaming revenue.
2. Expansion and Monetization of Online Advertising Services: Mega Matrix's online advertising services demonstrated strong quarter-over-quarter growth of 66.7% in Q3 2024, contributing approximately $1.0 million to total revenue. As FlexTV's user base and engagement grow, the company has an opportunity to further expand its online advertising offerings and increase monetization, driving additional revenue streams.
3. Income Generation from Diversified Stablecoin Holdings (Stable Yield): A significant strategic shift for Mega Matrix, announced in October 2025, involves its Digital Asset Treasury (DAT) strategy. The company is transitioning to a diversified basket of leading stablecoins and their governance tokens, implementing a "dual-engine" model. One aspect of this model focuses on generating "Stable Yield" by holding stablecoins and deploying them in low-risk DeFi strategies. This strategy aims to provide consistent income from its digital asset holdings.
4. Capital Appreciation from Stablecoin Governance Tokens (Growth Potential): The second component of Mega Matrix's DAT strategy, the "Growth Potential" engine, involves allocating investments to governance tokens of leading stablecoin protocols. The company anticipates participating in protocol cash flows, such as validator rewards and staking stablecoin yield, and benefiting from the long-term upside as stablecoin adoption accelerates. The stablecoin market is projected to reach $2 trillion by 2028, presenting a substantial growth opportunity.
5. Strategic Acquisitions in the Stablecoin Sector: Mega Matrix is actively building its treasury strategy through "negotiated and opportunistic acquisitions" of leading stablecoin governance tokens. This approach allows the company to strategically acquire assets at potentially compelling entry points, such as securing exclusive access to ENA tokens at a discount in January 2025, and positions it for long-term value alignment. Further strategic acquisitions within this rapidly expanding digital asset ecosystem could be a key driver of asset and revenue growth.

Share Issuance

• Mega Matrix completed a private placement of US$16 million in July 2025, issuing 16 million Class A ordinary shares at US$1.00 per share.

Inbound Investments

• In July 2025, Mega Matrix received a US$16 million investment through a private placement from qualified institutional and accredited investors, primarily crypto funds and industry professionals, to fund its strategic expansion into the stablecoin sector.

Outbound Investments

• By September 2025, Mega Matrix announced an accumulated purchase of US$6 million worth of ENA tokens as part of its Stablecoin Governance Tokens DAT Strategy.
• In September 2025, the company made a first purchase of US$3 million worth of ENA tokens, betting US$2 billion on ENA as its next treasury asset.
• Mega Matrix secured exclusive access to ENA tokens at a 30-35% discount and was preparing for a US$1.0 billion PIPE financing to fund stablecoin infrastructure expansion in January 2025, indicating planned future investments in the stablecoin ecosystem.