Analogy:

• Imagine a Web3 version of Roblox, building games and experiences within the metaverse where players can truly own digital assets through blockchain technology.

• GameFi Business: Engaging in the GameFi business within the metaverse ecosystem.
• Aircraft Advisory and Management Services: Providing advisory and management services related to aircraft.

Mega Matrix (MPU) does not report any single customer accounting for 10% or more of its total revenue in its latest annual filings (10-K for the fiscal year ended December 31, 2023), indicating a diversified customer base without any major customers by name.

As its GameFi business is the primary revenue driver and primarily serves individuals, Mega Matrix's customer categories include:

• Game Players/Users: Individuals who engage with Mega Matrix's blockchain games and platforms by making in-game purchases (e.g., for virtual items, upgrades, or currencies) and participating in various gaming activities.
• NFT Collectors/Traders: Individuals who buy, sell, or collect non-fungible tokens (NFTs) facilitated or offered within Mega Matrix's metaverse ecosystem.

Yucheng Hu, Chief Executive Officer

Mr. 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 President and CEO of Mega Matrix Corp. in September 2021 and Chairman in October 2021.

Jie Ma, Chief Financial Officer, Treasurer & Secretary

Ms. Ma has served as CFO, secretary, and treasurer of Mega Matrix Inc. since December 2025. Prior to this role, she served as the Head of Finance for Mega Matrix Inc. starting in December 2023. Before joining Mega Matrix, Ms. Ma was a Senior Auditor at PricewaterhouseCoopers (PwC) in Shenzhen from October 2018 to May 2023. Her expertise includes financial reporting under U.S. GAAP and IFRS, as well as mergers and acquisitions, due diligence, internal controls, and SEC financial reporting.

Xiangchen Gao, Chief Operating Officer

Mr. Gao is responsible for overseeing the daily operations and ensuring the efficient execution of Mega Matrix Corp.'s business strategies, focusing on optimizing operational processes, managing resources, and driving productivity across the organization. His responsibilities encompass managing supply chain operations, production, logistics, and customer service. Previously, Mr. Gao was the senior investment manager at Baofeng Group.

Songtao Jia, Chief Strategy Officer

Mr. Jia is tasked with developing and executing Mega Matrix Corp.'s long-term strategic vision. His role is crucial for identifying growth opportunities, assessing market trends, and formulating plans to maintain a competitive edge. He is responsible for driving innovation, exploring new business models, and guiding the company toward sustainable growth and market leadership.

Xiao Ling, Chief Investment Officer

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

1. Significant Financial Instability and Unprofitability: Mega Matrix is characterized as a speculative company with an unstable financial foundation, marked by a lack of meaningful revenue, persistent operating losses, and consistent cash burn. Its past performance shows significant volatility and has led to massive shareholder dilution. The company's operating margins have been consistently and deeply negative, and its revenue has seen substantial declines over recent years, indicating challenges in converting revenue into profits.
2. Highly Competitive and Unproven Short-Form Streaming Business Model: Mega Matrix has recently pivoted its business focus to developing FlexTV, a mobile streaming application for short-form, serialized dramas. This business model is largely unproven in Western markets and operates within an extremely crowded and competitive streaming landscape, contending with established industry giants. A primary risk is the potential for the FlexTV platform to fail in gaining adequate traction or market share.
3. Volatility and Regulatory Uncertainty in Digital Asset Strategy: Mega Matrix has a Digital Asset Treasury (DAT) strategy that involves investments in stablecoins and governance tokens. This strategy exposes the company to the inherent volatility of digital assets like ENA tokens, Bitcoin, and Ethereum. Furthermore, the cryptocurrency and blockchain space is subject to significant and evolving regulatory uncertainty, which could adversely affect the company's digital asset holdings and overall business operations.

The potential for major technology and gaming companies to establish dominant, centralized metaverse platforms that prioritize user accessibility and experience over blockchain integration. If these platforms gain widespread adoption, they could marginalize the appeal and user base of decentralized, blockchain-based GameFi offerings, which constitute Mega Matrix's primary business. This would be analogous to a more user-friendly, non-blockchain-centric alternative emerging to capture the market.

The addressable markets for Mega Matrix Corp.'s main products and services are substantial on a global scale.

GameFi Business in the Metaverse Ecosystem

The global metaverse market was valued at approximately USD 1,273.58 billion in 2025 and is projected to expand significantly to USD 10,808.57 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 22.60% during this period. North America held a dominant position in the metaverse industry, accounting for 70.70% of the market share in 2025.

Within this broader metaverse, the global GameFi market was valued at USD 9.6 billion in 2023. This market is anticipated to grow at a CAGR of 25.4% from 2024 to 2033, reaching an estimated USD 92.31 billion by 2033. In 2023, North America emerged as the largest regional market for GameFi, with a 43.0% market revenue share.

Aircraft Advisory and Management Services

The global aircraft management service market was valued at approximately USD 5.2 billion in 2023 and is projected to reach USD 9.7 billion by 2032, with a CAGR of 7.1%. North America was the dominant region in this market, contributing roughly 35% of the global market in 2023.

In addition, the global aviation consulting market, which provides expert advice and solutions to aviation stakeholders, was valued at USD 4.6 billion in 2023. This market is projected to grow to USD 7.6 billion by 2033, exhibiting a CAGR of 4.9% from 2024 to 2033.

Share Issuance

• Mega Matrix issued 16,000,000 Class A ordinary shares at US$1.00 per share through a private placement, raising aggregate gross proceeds of US$16 million in July 2025 to fund its strategic expansion into the stablecoin sector.
• The number of outstanding shares significantly increased from 8 million in 2020 to 38 million by 2024, representing a nearly 375% increase.
• The company filed a US$2 billion universal shelf registration with the SEC in September 2025 to fund its Digital Asset Treasury (DAT) strategy, focusing on ENA, indicating authorization for future share issuances.

Inbound Investments

• Mega Matrix completed a private placement in July 2025, securing US$16 million from qualified institutional and accredited investors to establish a capital foundation for its expansion into the stablecoin sector.

Outbound Investments

• Mega Matrix announced an accumulated purchase of US$6 million worth of ENA tokens by September 2025, as part of its Stablecoin Governance Token Treasury Reserve (DAT) strategy.
• The company initiated its Stablecoin Governance Token Treasury Reserve (DAT) strategy with an initial strategic purchase of US$3 million worth of ENA tokens in January 2026 (referring to a prior event).
• The Board of Directors approved Bitcoin and Ethereum as Treasury Reserve Assets in May 2025, and the company announced its first purchase of 12 BTC in June 2025.