フルッタフルッタ's share price surged in the second half of 2024 on improving earnings and the acai boom, but fell sharply in 2026 as upfront investment and dilution from MS Warrants weighed on the stock. This article examines the company's current position, in which its financial condition is improving but the risks of dilution and dependence on trends remain.
フルッタフルッタ is a superfood company focused primarily on acai, and its share price surged from the second half of 2024 through 2025. The drivers included sales growth and a return to profitability. In the fiscal year ended March 2025, the company returned to profit after years of losses, eliminating the note regarding the going concern assumption.
However, in the fiscal year ended March 2026, selling, general and administrative expenses expanded due to upfront investment, weighing on earnings and causing operating profit to fall sharply to ¥94 million. In addition, the continued exercise of MS Warrants increased the number of shares outstanding, intensifying dilution pressure on a per-share basis. Cash and cash on hand at the end of the fiscal year were substantial, but operating cash flow was negative.
The share price entered a sharp decline from the second half of 2025 and fell into the ¥80 range in May 2026. Dilution and the loss of momentum in quarterly earnings are considered the main causes, and the number of shares outstanding had reached approximately 106 million as of April 2026.
Looking ahead, stabilisation in demand for acai and progress in overseas expansion could provide catalysts for improvement. At the same time, the cooling of the boom and continued dilution are cited as risks that could negatively affect the share price and financial position.