Earlyworks Income Statement

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

Millions JPY. Fiscal year is May - Apr.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Apr '25 Apr 30, 2025	Apr '24 Apr 30, 2024	Apr '23 Apr 30, 2023	Apr '22 Apr 30, 2022	Apr '21 Apr 30, 2021
Revenue	440.36	179.36	46.57	463.72	216.21
Revenue Growth (YoY)	145.52%	285.14%	-89.96%	114.47%	-
Cost of Revenue	213.26	37.58	30.5	108.38	33.54
Gross Profit	227.1	141.77	16.07	355.34	182.67
Selling, General & Admin	428.59	440.48	297	225.02	193.68
Research & Development	42.88	74.08	107.06	24.89	22.12
Other Operating Expenses	1.49	7.08	0.43	7.56	-
Operating Expenses	472.96	523.26	404.49	927.46	271.8
Operating Income	-245.85	-381.49	-388.43	-572.12	-89.13
Interest Expense	-1.72	-1.59	-2.7	-1.26	-1.45
Earnings From Equity Investments	-	-	-	-	-0.44
Currency Exchange Gain (Loss)	-10.23	46.67	0.22	-	-
Other Non Operating Income (Expenses)	1.26	0.13	0.01	-0.16	0.1
EBT Excluding Unusual Items	-256.54	-336.28	-390.9	-573.53	-90.92
Gain (Loss) on Sale of Assets	-0.16	-0.06	-0.63	-	-
Other Unusual Items	-	-	-	-	4.78
Pretax Income	-256.7	-336.34	-391.53	-573.53	-86.14
Income Tax Expense	-	-0.19	-9.22	28.94	-15.62
Net Income	-256.7	-336.15	-382.31	-602.47	-70.52
Net Income to Common	-256.7	-336.15	-382.31	-602.47	-70.52
Shares Outstanding (Basic)	3	3	3	3	3
Shares Outstanding (Diluted)	3	3	3	3	3
Shares Change (YoY)	2.11%	6.69%	0.20%	2.98%	-
EPS (Basic)	-85.13	-113.84	-138.12	-218.11	-26.29
EPS (Diluted)	-85.15	-113.85	-138.12	-218.11	-26.30
Free Cash Flow	-192.17	-394.2	-401.36	99.28	33.91
Free Cash Flow Per Share	-63.73	-133.50	-145.01	35.94	12.64
Gross Margin	51.57%	79.05%	34.50%	76.63%	84.49%
Operating Margin	-55.83%	-212.70%	-834.10%	-123.38%	-41.22%
Profit Margin	-58.29%	-187.42%	-820.95%	-129.92%	-32.62%
Free Cash Flow Margin	-43.64%	-219.79%	-861.88%	21.41%	15.68%
EBITDA	-245.03	-380.4	-387.65	-571.81	-89.06
EBITDA Margin	-55.64%	-212.09%	-	-123.31%	-41.19%
D&A For EBITDA	0.83	1.08	0.78	0.31	0.07
EBIT	-245.85	-381.49	-388.43	-572.12	-89.13
EBIT Margin	-55.83%	-212.70%	-	-123.38%	-41.22%
Revenue as Reported	440.36	179.36	46.57	463.72	216.21
Advertising Expenses	45.74	34.36	29.86	-	3.13

Updated Aug 27, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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