Nulab 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	4,317	4,112	3,662	2,706	2,328	1,938
Revenue Growth (YoY)	6.80%	12.29%	35.33%	16.24%	20.12%	22.27%
Cost of Revenue	1,106	1,148	1,025	973	911	849
Gross Profit	3,211	2,964	2,637	1,733	1,417	1,089
Selling, General & Admin	2,830	2,323	2,305	1,632	1,248	1,096
Operating Expenses	2,830	2,323	2,305	1,632	1,248	1,096
Operating Income	381	641	332	101	169	-7
Interest Expense	-	-	-	-	-1	-2
Interest & Investment Income	3	1	-	-	-	-
Currency Exchange Gain (Loss)	-	-	-3	-4	-4	-3
Other Non Operating Income (Expenses)	1	-	1	-5	-1	3
EBT Excluding Unusual Items	385	642	330	92	163	-9
Gain (Loss) on Sale of Investments	-	7	-	-	-	-
Asset Writedown	-	-	-7	-6	-	-12
Pretax Income	385	649	323	86	163	-21
Income Tax Expense	18	97	15	-2	-34	4
Net Income to Company	-	552	308	88	197	-25
Net Income	367	552	308	88	197	-25
Net Income to Common	367	552	308	88	197	-25
Net Income Growth	7.63%	79.22%	250.00%	-55.33%	-	-
Shares Outstanding (Basic)	6	6	6	6	6	6
Shares Outstanding (Diluted)	6	7	7	6	6	6
Shares Change (YoY)	-0.88%	-0.45%	3.33%	6.52%	-	9.77%
EPS (Basic)	56.65	85.15	47.71	13.91	33.16	-4.21
EPS (Diluted)	56.59	84.92	47.14	13.91	33.16	-4.21
EPS Growth	8.82%	80.14%	238.94%	-58.06%	-	-
Free Cash Flow	-	725	784	277	-	-
Free Cash Flow Per Share	-	111.40	119.92	43.78	-	-
Gross Margin	74.38%	72.08%	72.01%	64.04%	60.87%	56.19%
Operating Margin	8.83%	15.59%	9.07%	3.73%	7.26%	-0.36%
Profit Margin	8.50%	13.42%	8.41%	3.25%	8.46%	-1.29%
Free Cash Flow Margin	-	17.63%	21.41%	10.24%	-	-
EBITDA	486.25	744	432	193	-	-
EBITDA Margin	11.26%	18.09%	11.80%	7.13%	-	-
D&A For EBITDA	105.25	103	100	92	-	-
EBIT	381	641	332	101	169	-7
EBIT Margin	8.83%	15.59%	9.07%	3.73%	7.26%	-0.36%
Effective Tax Rate	4.67%	14.95%	4.64%	-	-	-
Advertising Expenses	-	635	890	447	-	-

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