Kudan Balance Sheet

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	2017 - 2020
Period Ending	Sep '25 Sep 30, 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	2017 - 2020
Cash & Equivalents	2,201	2,593	1,719	852	604	1,230	Upgrade
Cash & Short-Term Investments	2,201	2,593	1,719	852	604	1,230	Upgrade
Cash Growth	-28.86%	50.84%	101.76%	41.06%	-50.89%	147.98%	Upgrade
Accounts Receivable	162	210	153	94	132	75	Upgrade
Other Receivables	7	18	3	26	-	-	Upgrade
Receivables	176	235	163	120	132	75	Upgrade
Inventory	58	39	12	-	4	24	Upgrade
Other Current Assets	67	15	59	19	14	30	Upgrade
Total Current Assets	2,502	2,882	1,953	991	754	1,359	Upgrade
Property, Plant & Equipment	1	-	-	-	-	-	Upgrade
Long-Term Investments	529	528	424	16	15	4	Upgrade
Other Long-Term Assets	1	1	1	1	1	1	Upgrade
Total Assets	3,033	3,411	2,378	1,008	770	1,540	Upgrade
Accounts Payable	-	4	-	-	15	30	Upgrade
Accrued Expenses	-	11	-	-	-	-	Upgrade
Short-Term Debt	200	200	200	200	-	-	Upgrade
Current Income Taxes Payable	74	35	36	21	55	29	Upgrade
Other Current Liabilities	43	23	44	20	55	22	Upgrade
Total Current Liabilities	317	273	280	241	125	81	Upgrade
Long-Term Deferred Tax Liabilities	-	6	6	6	6	-	Upgrade
Other Long-Term Liabilities	-1	2	2	2	1	1	Upgrade
Total Liabilities	316	281	288	249	132	82	Upgrade
Common Stock	14	13	740	345	897	1,620	Upgrade
Additional Paid-In Capital	3,120	3,927	1,776	965	2,205	1,620	Upgrade
Retained Earnings	273	-205	160	-332	-2,382	-1,755	Upgrade
Treasury Stock	-1	-1	-1	-1	-1	-	Upgrade
Comprehensive Income & Other	-689	-604	-585	-218	-81	-27	Upgrade
Shareholders' Equity	2,717	3,130	2,090	759	638	1,458	Upgrade
Total Liabilities & Equity	3,033	3,411	2,378	1,008	770	1,540	Upgrade
Total Debt	200	200	200	200	-	-	Upgrade
Net Cash (Debt)	2,001	2,393	1,519	652	604	1,230	Upgrade
Net Cash Growth	-30.86%	57.54%	132.97%	7.95%	-50.89%	325.61%	Upgrade
Net Cash Per Share	175.81	217.45	171.20	77.72	76.61	164.34	Upgrade
Filing Date Shares Outstanding	11.28	11.28	10.29	8.67	8.23	7.74	Upgrade
Total Common Shares Outstanding	11.28	11.28	10.29	8.51	8.23	7.68	Upgrade
Working Capital	2,185	2,609	1,673	750	629	1,278	Upgrade
Book Value Per Share	240.77	277.42	203.14	89.20	77.52	189.83	Upgrade
Tangible Book Value	2,717	3,130	2,090	759	638	1,458	Upgrade
Tangible Book Value Per Share	240.77	277.42	203.14	89.20	77.52	189.83	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.