FlexTV owner Mega Matrix reports revenue down 28% and a net loss larger than sales

Mega Matrix Inc, the Cayman-incorporated, Singapore-headquartered operator of the short-drama streaming platform FlexTV, filed its annual report on Form 20-F for the year ended 31 December 2025 on 16 April 2026.

Revenue fell to approximately $26.1m from approximately $36.2m. Neither total is stated in the filing; both are the sum of three disclosed lines. Membership and top-up streaming revenue, the largest, fell to $21,620,200 from $31,586,800, a decline of 31.6%. Online advertising fell 29.3%, while content licensing rose by about $1.0m. The company attributes the decline to a strategic change: from May 2025 it scaled back self-developed short dramas in favour of acquiring licensed content.

Net loss for the year was approximately $34.3m, an increase of 226.5% from approximately $10.5m, and larger than revenue. The company's adjusted EBITDA loss, a non-GAAP measure, improved from $7.1m to $5.6m. The gap between the two is driven by general and administrative expenses of about $30.9m, up 206.9%.

Average revenue per user rose to $3.42 from $3.15, and period active users totalled 6,321,852 across the four quarters. Selling expenses fell to $12,301,300, or 47% of revenue, from $22,391,900, or 62% — an improvement measured against a revenue base that itself fell about 28%.