Kudan Income Statement

Financials in millions JPY. Fiscal year is April - March.

Millions JPY. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Revenue	985.51	517	490	332	271	127
Revenue Growth (YoY)	56.89%	5.51%	47.59%	22.51%	113.39%	-72.15%
Cost of Revenue	568.29	178	52	156	148	91
Gross Profit	417.22	339	438	176	123	36
Selling, General & Admin	675.34	762	646	516	429	390
Research & Development	378	378	320	259	128	98
Operating Expenses	1,059	1,146	969	775	557	488
Operating Income	-642.12	-807	-531	-599	-434	-452
Interest Expense	-4.48	-4	-3	-3	-	-1
Interest & Investment Income	2.74	1	-	-	13	12
Earnings From Equity Investments	-	-	-	-	-403	-1,232
Currency Exchange Gain (Loss)	32.47	21	384	146	124	96
Other Non Operating Income (Expenses)	209.1	46	100	62	18	1
EBT Excluding Unusual Items	-402.3	-743	-50	-394	-682	-1,576
Gain (Loss) on Sale of Investments	-	-	-	-	-48	-6
Asset Writedown	-18.72	-57	-18	-20	-1,474	-18
Pretax Income	-423.26	-800	-68	-414	-2,204	-1,600
Income Tax Expense	86.32	1	1	-1	33	8
Net Income	-509.58	-801	-69	-413	-2,237	-1,608
Net Income to Common	-509.58	-801	-69	-413	-2,237	-1,608
Shares Outstanding (Basic)	11	11	9	8	8	7
Shares Outstanding (Diluted)	11	11	9	8	8	7
Shares Change (YoY)	0.04%	24.03%	5.76%	6.41%	5.34%	6.44%
EPS (Basic)	-45.16	-72.79	-7.78	-49.23	-283.73	-214.85
EPS (Diluted)	-45.16	-72.79	-7.78	-49.23	-283.73	-214.85
Free Cash Flow	-	-872	-508	-639	-518	-364
Free Cash Flow Per Share	-	-79.24	-57.25	-76.17	-65.70	-48.63
Gross Margin	-	65.57%	89.39%	53.01%	45.39%	28.35%
Operating Margin	-65.16%	-156.09%	-108.37%	-180.42%	-160.15%	-355.91%
Profit Margin	-51.71%	-154.93%	-14.08%	-124.40%	-825.46%	-1266.14%
Free Cash Flow Margin	-	-168.66%	-103.67%	-192.47%	-191.14%	-286.61%
EBITDA	-	-	-	-	-429	-447
EBITDA Margin	-	-	-	-	-158.30%	-
D&A For EBITDA	-	-	-	-	5	5
EBIT	-642.12	-807	-531	-599	-434	-452
EBIT Margin	-	-156.09%	-108.37%	-180.42%	-160.15%	-

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.