Mega Matrix Inc.
MPU Communication Services Entertainment
Mega Matrix Inc.’s revenue for fiscal 2025 (year ended December 2025) was $26.1 million, down 27.9% from fiscal 2024. In the quarter to December 2025, revenue fell 49.2%, EPS fell 850.8% and free cash flow fell 206.2%, each against the same quarter a year earlier.
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Mega Matrix Inc. (MPU) Beneish M-score
Mega Matrix Inc.'s Beneish M-score for fiscal 2025 is −7.20; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −7.20 | (9.49) |
| FY2021 | 2.28 | 7.72 |
| FY2020 | −5.44 | (3.07) |
| FY2019 | −2.37 | 0.43 |
| FY2018 | −2.80 | (0.88) |
| FY2017 | −1.92 | 0.70 |
| FY2016 | −2.62 | (5.00) |
| FY2015 | 2.37 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.69 | — | 1.55 | |
| Gross margin index | 1.05 | — | 0.56 | |
| Asset quality index Asset quality not computable — index set to 1 | 1.00 | — | Set to 1 | 0.40 |
| Sales growth index | 0.72 | — | 0.64 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 1.84 | — | −0.32 | |
| Total accruals to total assets | (1.09) | — | −5.09 | |
| Leverage index | 0.71 | — | −0.23 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −7.20 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| MMVVF MultiMetaVerse Holdings Limited compare | −20.0× |
| MPU Mega Matrix Inc. | −7.2× |
| KUKEY Kuke Music Holding Limited Sponsored ADR compare | −2.1× |
| KUST Kustom Entertainment Inc. compare | −1.2× |
| CPOP Pop Culture Group Co., Ltd. compare | 7.0× |
| CSSEQ Chicken Soup for the Soul Entertainment, Inc. compare | — |
| FTRKF FAST TRACK GROUP compare | — |
| ANGH Anghami Inc. compare | — |
| NIPG NIP Group Inc. Sponsored ADR compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI