In short
Forecast unchanged- First-half revenue was ¥1,472 million, ¥124 million above the internal plan.
- The first-half operating loss narrowed from ¥77.3 million in the same period of the previous year to ¥73.7 million, while the gross profit margin improved to 40.7%.
- The recognition of ¥255.9 million in valuation gains on ETH resulted in ordinary profit of ¥194.4 million and net income of ¥191.9 million, both in the black.
What they reported
this period against the same period a year earlier, and where they now expect the year to endSales
| Period | ¥bn |
|---|---|
| FY25 Q1 | 0.9 |
| FY25 Q2 | 1.0 |
| FY25 Q3 | 1.0 |
| FY25 Q4 | 0.8 |
| FY26 Q1 | 0.7 |
| FY26 Q2 | 0.8 |
| FY26 Q3 | 0.9 |
| FY26 Q4 | 0.8 |
| FY27 Q1 | 0.7 |
| FY27 Q2 | 0.8 |
Renewed growth in the comic e-commerce business drove overall revenue higher.
コミックECの再成長が全社売上を押し上げFirst-half progress was 50.6% against the full-year revenue forecast of ¥2,910 million.
通期予想（売上高2,910百万円・営業利益0百万円）に対し、売上高の進捗率は50.6% 。Operating profit
| Period | ¥m |
|---|---|
| FY25 Q1 | -81.0 |
| FY25 Q2 | -48.0 |
| FY25 Q3 | -53.0 |
| FY25 Q4 | -78.0 |
| FY26 Q1 | -67.0 |
| FY26 Q2 | -10.0 |
| FY26 Q3 | 13.0 |
| FY26 Q4 | -3.0 |
| FY27 Q1 | -25.0 |
| FY27 Q2 | -48.0 |
The operating loss narrowed due to an improved gross profit margin and cost reductions through a focus on selected areas.
粗利率は38.0%→40.7%へ改善、利益体質が強化The Company aims to achieve full-year profitability by accumulating earnings during the busy second half.
繁忙期を迎える下期で収益を積み上げる。Ordinary profit
| Period | ¥m |
|---|---|
| FY25 Q1 | -86.0 |
| FY25 Q2 | -49.0 |
| FY25 Q3 | -52.0 |
| FY25 Q4 | -77.0 |
| FY26 Q1 | -59.0 |
| FY26 Q2 | -17.0 |
| FY26 Q3 | 13.0 |
| FY26 Q4 | -277.0 |
| FY27 Q1 | -240.0 |
| FY27 Q2 | 434.0 |
The Company recognized ¥255.9 million in valuation gains from the fair-value measurement of ETH at the end of the period as non-operating income.
ETH評価益：保有ETH（暗号資産）の期末時価評価による評価益255,860千円（営業外収益）。The significant impact of the period-end fair-value measurement of ETH has led the Company not to disclose a full-year forecast.
ETHの期末時価評価による影響が大きく、合理的な数値の算定が困難であるため、経常利益以降の予想は非開示Net profit
| Period | ¥m |
|---|---|
| FY25 Q1 | -88.0 |
| FY25 Q2 | -51.0 |
| FY25 Q3 | -83.0 |
| FY25 Q4 | -223.0 |
| FY26 Q1 | -61.0 |
| FY26 Q2 | -23.0 |
| FY26 Q3 | 9.0 |
| FY26 Q4 | -289.0 |
| FY27 Q1 | -241.0 |
| FY27 Q2 | 432.0 |
Net income also turned positive following the return to profitability in ordinary profit.
当期純利益も1.9億円超の黒字を確保Their own numbers
figures this company chose to report, a year ago against nowE-commerce revenue increased 3.8% year on year.
Event revenue was below the same period of the previous year due to store closures.
Domestic staking rewards on ETH held were recognized as revenue.
Although the number of users decreased year on year, the Company maintained the level of usage under its current operating policy.
The purchase rate increased due to the supply of high-demand inventory.
Demand for individual special-edition volumes was high, while the average purchase price decreased slightly.
The Company narrowed its domestic company-operated store network from 5 stores to 2, resulting in record-high revenue per store.
ETH holdings increased to 3,026 ETH through continued acquisitions.
ETH holdings were accumulated at a pace exceeding the increase in the number of shares resulting from the exercise of stock acquisition rights.
26 events have been confirmed for the second half, with up to 40 planned, including events currently under coordination.
The low–high ranges are Komori's estimate, not figures the company gave.
Everything else in the deck
By business
What moved
New initiatives
- The company resolved to invest in an ETH-denominated hedge fund managed by Edge Capital, creating a two-fund structure for ETH-denominated funds.
- An ETH-denominated hedge fund will be added as an investment vehicle for the company's ETH holdings from the third quarter of the fiscal year ending March 2027.
- The company will hold a fan meeting in Taiwan and develop an overseas revenue model combining live entertainment, streaming and merchandise sales.
What decks usually leave out
COMPUTED = worked out by Komori from reported numbers; the rest are stated in this deckProgress toward the full-year forecast
¥1.5bn earned of the ¥2.9bn forecast.
The rest of the year has to bring in ¥1.4bn, +3 pts off the usual pace.
| Period | % |
|---|---|
| FY23 | 46% |
| FY24 | 48% |
| FY25 | 52% |
| FY26 | 45% |
| FY27 | 51% |
Margins and overheads
Overheads (selling and admin costs): ¥673.1m
Financial targets
| Period | % |
|---|---|
| FY23 | 6.6 |
| FY24 | -26.4 |
| FY25 | -52.3 |
| FY26 | -29.8 |
| Period | % |
|---|---|
| FY22 | 55.4 |
| FY23 | 51.7 |
| FY24 | 48.2 |
| FY25 | 54.6 |
| FY26 | 72.3 |
| FY27 | 76.8 |
Yearly figures are computed by Komori from J-Quants results data (ROE = net profit ÷ average equity). The last point is this year's forecast or latest figure. Targets show only when this deck states them.
How they rate themselves against plan
The Company considers first-half revenue and operating profit in the comic e-commerce business to have exceeded the internal plan.
上期売上高1,472百万円、計画を124百万円超過The line is the plan; a bar grows right by how far the result beat it and left by how far it missed, as a share of the plan.