Worth reading
73In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
110.7
Operating profit/loss improvement in millions of yen (year on year, second quarter alone)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentation materialsSecond quarter of the fiscal year ending March 202710 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥557.3 million+49.3%
Operating profit¥-159.4 million
Ordinary income¥277 million
Net income¥280 million
Gross Profit Margin10.2% (consulting business, second quarter alone)
Selling, general and administrative expenses¥71 million
Results for the three months of the current quarter
Net Sales
¥332.4 million+75.5%
Gross profit
¥91.5 million
Operating profit (loss)
¥-11.3 million
yoy_change¥110.7 million improvement
Ordinary income
¥792.4 million
yoy_change¥943.6 million improvement
Quarterly net income
¥791.7 million
yoy_change¥942.8 million improvement
Full-year earnings forecast
Net Sales¥1,290–1,629 million
Operating profit (loss)-¥200 million to +¥150 million
Ordinary incomeNot disclosed (lower bound: ¥172 million)
Net income for the current fiscal yearNot disclosed (lower bound: ¥170 million)
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。Not disclosed (ordinary profit and net profit exceeded the lower bounds of the full-year forecasts in the first half)
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Above the lower boundBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Improvement in the consulting business+¥45.8 million
- Improvement in the treasury business+¥61.6 million
- Cost controls+¥3.3 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- AssumptionPeriod-end ETH priceFigure¥400,000–¥800,000/ETH
- AssumptionSecond-half revenue required to achieve the lower bound of the revenue forecastFigure¥733 million (quarterly average: ¥366 million)
- AssumptionSecond-half operating profit/loss required to reach the lower bound of operating profitFigure-¥41 million or more
New initiatives
- Transition to a serial acquisition model with M&A as the core of management
- Diversification of counterparties, limits on deposits and margin, segregated custody, multiple approvals and monitoring, regular inspections, and reporting to the Board of Directors
- AI agent implementation support service (launched 24 July 2026)
Key KPIsA metric the company considers important as a management benchmark.
- Operating rate93.5 %
- Market capitalization¥41.4 100 million
- Equity ratio94.7 %
- Cumulative M&A intermediary partnerships21 companies
- Cumulative M&A long list106 projects
- Cumulative M&A IM reviews55 projects
- Cumulative M&A top-level meetings6 projects
- Cumulative M&A detailed due diligence1 projects
Unit price and quantity metricsThese figures show sales broken down by price and volume.
- Average consulting fee in Q21,243,555 yen/monthYear on year against the same period last year+34.4%
- Average SES fee in Q2396,301 yen/monthYear on year against the same period last year-3.0%
- Number of employees in operation203 People
Segment results
- Consulting BusinessNet Sales¥268.2 millionSegment Profit or Loss-¥4.5 millionYear on year against the same period last yearRevenue +43.6%; ¥45.8 million improvement in profit/loss
- Digital asset treasury businessSegment profit¥64.2 millionYear on year against the same period last year¥61.6 million improvement, reversing from a ¥11.3 million loss in Q1
Financial targets
Equity ratio: 94.7% (target: not disclosed)Orders received and order backlog
Orders for 2 public-sector projects confirmed. Amounts not disclosedNumber of employees
Number of Employees227 People
Change during the period17 joined and 14 left in Q2. The number of active employees increased from 179 to 203.
| Item | Details |
|---|---|
| Document type | Earnings presentation materials |
| Fiscal Period Covered | Second quarter of the fiscal year ending March 2027 |
| Net Sales | ¥557.3 million (YoY +49.3%) |
| Operating profit | ¥-159.4 million |
| Ordinary income | ¥277 million |
| Net income | ¥280 million |
| Gross Profit Margin | 10.2% (consulting business, second quarter alone) |
| Selling, general and administrative expenses | ¥71 million |
| Results for the three months of the current quarter | Net Sales ¥332.4 million (YoY +75.5%) / Gross profit ¥91.5 million / Operating profit (loss) ¥-11.3 million / Ordinary income ¥792.4 million / Quarterly net income ¥791.7 million |
| Full-year earnings forecast | Net Sales ¥1,290–1,629 million / Operating profit (loss) -¥200 million to +¥150 million / Ordinary income Not disclosed (lower bound: ¥172 million) / Net income for the current fiscal year Not disclosed (lower bound: ¥170 million) |
| Progress against full-year forecast | Not disclosed (ordinary profit and net profit exceeded the lower bounds of the full-year forecasts in the first half) |
| Self-assessment against the plan | Above the lower bound |
| Segment results | Segment Consulting Business / Net Sales ¥268.2 million / Segment Profit or Loss -¥4.5 million / Year on year against the same period last year Revenue +43.6%; ¥45.8 million improvement in profit/loss, Segment Digital asset treasury business / Net Sales Not disclosed / Segment profit ¥64.2 million / Year on year against the same period last year ¥61.6 million improvement, reversing from a ¥11.3 million loss in Q1 |
| Breakdown of Factors Affecting the Change | Factors Improvement in the consulting business / Amount +¥45.8 million, Factors Improvement in the treasury business / Amount +¥61.6 million, Factors Cost controls / Amount +¥3.3 million |
| Key KPIs | Indicator name Operating rate / Value 93.5 % / Year on year against the same period last year Not disclosed, Indicator name Market capitalization / Value ¥41.4 100 million / Year on year against the same period last year Not disclosed, Indicator name Equity ratio / Value 94.7 % / Year on year against the same period last year Not disclosed, Indicator name Cumulative M&A intermediary partnerships / Value 21 companies / Year on year against the same period last year Not disclosed, Indicator name Cumulative M&A long list / Value 106 projects / Year on year against the same period last year Not disclosed, Indicator name Cumulative M&A IM reviews / Value 55 projects / Year on year against the same period last year Not disclosed, Indicator name Cumulative M&A top-level meetings / Value 6 projects / Year on year against the same period last year Not disclosed, Indicator name Cumulative M&A detailed due diligence / Value 1 projects / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Indicator name Average consulting fee in Q2 / Value 1,243,555 yen/month / Year on year against the same period last year 34.4 yen/month, Indicator name Average SES fee in Q2 / Value 396,301 yen/month / Year on year against the same period last year -3 yen/month, Indicator name Number of employees in operation / Value 203 People / Year on year against the same period last year Not disclosed |
| Number of employees | Number of Employees 227 People / Change during the period 17 joined and 14 left in Q2. The number of active employees increased from 179 to 203. |
| Assumptions Underlying the Business Outlook | Assumption Period-end ETH price / Figure ¥400,000–¥800,000/ETH, Assumption Second-half revenue required to achieve the lower bound of the revenue forecast / Figure ¥733 million (quarterly average: ¥366 million), Assumption Second-half operating profit/loss required to reach the lower bound of operating profit / Figure -¥41 million or more |
| Financial targets | Equity ratio: 94.7% (target: not disclosed) |
| Orders received and order backlog | Orders for 2 public-sector projects confirmed. Amounts not disclosed |
| New initiatives | Transition to a serial acquisition model with M&A as the core of management, Diversification of counterparties, limits on deposits and margin, segregated custody, multiple approvals and monitoring, regular inspections, and reporting to the Board of Directors, AI agent implementation support service (launched 24 July 2026) |
Items this document does not state (10)
Operating profit marginNumber of stores and locationsRisk amount incorporated into the outlookMedium-term management plan targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresMarket Size / ShareKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The improvement comprised ¥45.8 million in the consulting business, ¥61.6 million in the treasury business and ¥3.3 million from company-wide cost controls. In the consulting business, the recovery in utilization and the higher proportion of upstream work contributed, while in the treasury business, growth in operating income such as staking rewards and option fees contributed.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.