BALMUDA Income Statement

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

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	10,115	12,462	13,011	17,595	18,379
Revenue Growth (YoY)	-18.83%	-4.22%	-26.05%	-4.27%	46.02%
Cost of Revenue	6,808	8,576	9,508	12,128	11,059
Gross Profit	3,307	3,886	3,503	5,467	7,320
Selling, General & Admin	4,173	3,603	4,554	5,061	4,604
Research & Development	-	270	324	331	1,144
Other Operating Expenses	-	-	-	-	54
Operating Expenses	4,173	3,873	4,886	5,392	5,802
Operating Income	-866	13	-1,383	75	1,518
Interest Expense	-12	-12	-16	-16	-15
Interest & Investment Income	2	1	1	-	-
Currency Exchange Gain (Loss)	-31	60	126	-38	-29
Other Non Operating Income (Expenses)	-684	33	35	-7	-13
EBT Excluding Unusual Items	-1,591	95	-1,237	14	1,461
Asset Writedown	-	-	-65	-	-1
Other Unusual Items	-	2	-544	-	-
Pretax Income	-1,591	97	-1,846	14	1,460
Income Tax Expense	5	30	225	11	445
Net Income	-1,596	67	-2,071	3	1,015
Net Income to Common	-1,596	67	-2,071	3	1,015
Net Income Growth	-	-	-	-99.70%	21.70%
Shares Outstanding (Basic)	9	8	8	8	8
Shares Outstanding (Diluted)	9	8	8	8	8
Shares Change (YoY)	0.27%	0.56%	-0.54%	0.12%	26.74%
EPS (Basic)	-187.71	7.92	-245.59	0.36	122.74
EPS (Diluted)	-187.71	7.91	-245.59	0.36	119.93
EPS Growth	-	-	-	-99.70%	-3.95%
Free Cash Flow	-890	1,163	-152	483	-3,808
Free Cash Flow Per Share	-104.67	137.15	-18.02	56.97	-449.68
Gross Margin	32.69%	31.18%	26.92%	31.07%	39.83%
Operating Margin	-8.56%	0.10%	-10.63%	0.43%	8.26%
Profit Margin	-15.78%	0.54%	-15.92%	0.02%	5.52%
Free Cash Flow Margin	-8.80%	9.33%	-1.17%	2.74%	-20.72%
EBITDA	-518	412	-886	619	1,852
EBITDA Margin	-5.12%	3.31%	-6.81%	3.52%	10.08%
D&A For EBITDA	348	399	497	544	334
EBIT	-866	13	-1,383	75	1,518
EBIT Margin	-8.56%	0.10%	-10.63%	0.43%	8.26%
Effective Tax Rate	-	30.93%	-	78.57%	30.48%
Advertising Expenses	-	419	431	486	650

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