ELEMENTS Income Statement

Financials in millions JPY. Fiscal year is December - November.

Millions JPY. Fiscal year is Dec - Nov.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Feb '26 Feb 28, 2026	Nov '25 Nov 30, 2025	Nov '24 Nov 30, 2024	Nov '23 Nov 30, 2023	Nov '22 Nov 30, 2022	Nov '21 Nov 30, 2021
Revenue	4,471	3,895	2,545	1,940	1,651	1,362
Revenue Growth (YoY)	58.10%	53.04%	31.19%	17.51%	21.22%	43.52%
Cost of Revenue	1,108	877	362	441	563	545
Gross Profit	3,363	3,018	2,183	1,499	1,088	817
Selling, General & Admin	3,445	3,233	1,927	1,543	1,467	1,522
Research & Development	-	-	198	253	195	-
Operating Expenses	3,445	3,233	2,143	1,796	1,668	1,522
Operating Income	-82	-215	40	-297	-580	-705
Interest Expense	-46	-41	-25	-14	-10	-5
Interest & Investment Income	4	3	-	-	-	-
Earnings From Equity Investments	-12	-13	-25	-28	4	-
Other Non Operating Income (Expenses)	-34	-34	-18	-9	-9	15
EBT Excluding Unusual Items	-170	-300	-28	-348	-595	-695
Gain (Loss) on Sale of Investments	-11	-6	-	-	-71	-
Gain (Loss) on Sale of Assets	-	-	-	-	-	-20
Asset Writedown	-823	-823	-	-6	-6	-
Other Unusual Items	117	117	-	-14	-	-
Pretax Income	-887	-1,012	-28	-368	-672	-715
Income Tax Expense	-178	-168	55	3	1	1
Earnings From Continuing Operations	-709	-844	-83	-371	-673	-716
Minority Interest in Earnings	160	144	-49	33	112	148
Net Income	-549	-700	-132	-338	-561	-568
Net Income to Common	-549	-700	-132	-338	-561	-568
Shares Outstanding (Basic)	26	25	23	21	14	13
Shares Outstanding (Diluted)	26	25	23	21	14	13
Shares Change (YoY)	6.03%	6.09%	11.37%	48.14%	7.12%	0.48%
EPS (Basic)	-21.48	-28.11	-5.62	-16.04	-39.43	-42.77
EPS (Diluted)	-21.48	-28.11	-5.62	-16.04	-39.43	-42.77
Free Cash Flow	-	-680	-16	-384	-577	-
Free Cash Flow Per Share	-	-27.31	-0.68	-18.22	-40.56	-
Gross Margin	75.22%	77.48%	85.78%	77.27%	65.90%	59.98%
Operating Margin	-1.83%	-5.52%	1.57%	-15.31%	-35.13%	-51.76%
Profit Margin	-12.28%	-17.97%	-5.19%	-17.42%	-33.98%	-41.70%
Free Cash Flow Margin	-	-17.46%	-0.63%	-19.79%	-34.95%	-
EBITDA	315.25	147	261	-282	-572	-
EBITDA Margin	7.05%	3.77%	10.26%	-14.54%	-34.65%	-
D&A For EBITDA	397.25	362	221	15	8	-
EBIT	-82	-215	40	-297	-580	-705
EBIT Margin	-1.83%	-5.52%	1.57%	-15.31%	-35.13%	-51.76%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.