Earlyworks Co., Ltd. American (ELWS) Financials
Newest figures come from the 20-F for FY2025, filed Aug 27, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ELWS SEC filings page.
Earlyworks Co., Ltd. American (ELWS) reported $3.1M in revenue for fiscal year 2025, up 171.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue has scaled quickly, but gross margins fluctuate and overhead still exceeds gross profit, keeping the model cash-consuming.
Through FY2025, revenue expanded sharply while gross margin first jumped and then retreated to51.6% , indicating that improved unit economics have not yet formed a dependable scale pattern. In FY2025, gross profit of$1.6M remained below SG&A of$2.5M ; the central constraint is overhead absorption, not the direct cost of delivering revenue.
Operating cash flow and free cash flow were both about
Total assets fell from
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Earlyworks Co., Ltd. American's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Earlyworks Co., Ltd. American, and counted as zero in the overall score.
Earlyworks Co., Ltd. American had 15M shares outstanding at the end of fiscal year 2025, against 15M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Earlyworks Co., Ltd. American scores 73/100 among other emerging companies.
Earlyworks Co., Ltd. American spent $303K on research and development in fiscal year 2025, which was 6.3% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Earlyworks Co., Ltd. American scores 27/100 among other emerging companies.
Earlyworks Co., Ltd. American reported revenue of $3.1M in fiscal year 2025, against $1.1M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Earlyworks Co., Ltd. American scores 91/100 among other emerging companies.
Earlyworks Co., Ltd. American's operations used $1.3M of cash in fiscal year 2025, against $2.5M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Earlyworks Co., Ltd. American scores 73/100 among other emerging companies.
Not available for Earlyworks Co., Ltd. American, and counted as zero in the overall score.
Earlyworks Co., Ltd. American scores -1.81, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($21.5M) relative to total liabilities ($817K). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Earlyworks Co., Ltd. American passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Earlyworks Co., Ltd. American reported a net loss of $1.8M while operations used $1.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Earlyworks Co., Ltd. American reported an operating loss of $1.7M against $12K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
Earlyworks Co., Ltd. American held $732K in cash against $237K in long-term debt as of Q4 2025.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
ELWS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q2'25 | Q4'24 | Q2'24 | Q4'23 |
|---|
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
ELWS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q2'25 | Q4'24 | Q2'24 | Q4'23 |
|---|---|---|---|---|---|
| Total Assets | $1.3M-63.4% | $2.5M-50.9% | $3.7M+9.7% | $5.1M | $3.3M |
| Current Assets | $1.0M-70.2% | $2.2M-55.1% | $3.4M+95.1% | $5.0M | $1.7M |
| Cash & Equivalents | $732K-65.9% | $1.4M-69.9% | $2.1M+90.0% | $4.6M | $1.1M |
| Accounts Receivable | $64K-75.2% | $186K+156.2% | $258K+13.6% | $73K | $227K |
| Total Liabilities | $817K-47.5% | $1.0M-45.3% | $1.6M-13.6% | $1.9M | $1.8M |
| Current Liabilities | $579K-52.7% | $775K-48.1% | $1.2M-5.4% | $1.5M | $1.3M |
| Non-Current Liabilities | $237K-27.9% | $272K-35.8% | $329K-34.6% | $424K | $503K |
| Long-Term Debt | $237K-26.3% | $272K-77.0% | $322K-35.8% | $1.2M | $502K |
| Total Equity | $519K-77.6% | $1.4M-54.1% | $2.3M+58.6% | $3.2M | $1.5M |
| Retained Earnings | -$15.3M-25.1% | -$13.4M-14.0% | -$12.2M-4.5% | -$11.7M | -$11.7M |
Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Long-Term Investments, Goodwill.
ELWS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q2'25 | Q4'24 | Q2'24 | Q4'23 |
|---|
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
ELWS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q2'25 | Q4'24 | Q2'24 | Q4'23 |
|---|---|---|---|---|---|
| Current Ratio | 1.74-1.0x | 2.87-0.5x | 2.75+1.4x | 3.33 | 1.33 |
| Debt-to-Equity | 0.46+0.3x | 0.19-0.2x | 0.14-0.2x | 0.38 | 0.34 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Earlyworks Co., Ltd. American ELWS | FY2025 | $3.1M | -$1.8M | -58.3% | $21.5M | 44/100 |
| Signing Day Sports, Inc. SGN | FY2024 | $616K | N/A | N/A | $7.4M | — |
| T Stamp Inc. IDAI | FY2025 | $3.1M | -$8.3M | N/A | $15.4M | 55/100 |
| Society Pass Incorporated SOPA | FY2024 | $7.1M | -$10.2M | N/A | $978K | 41/100 |
| Oblong Inc. OBLG | FY2025 | $2.4M | -$6.4M | N/A | $8.7M | 29/100 |
| Quhuo Limited QH | FY2025 | $361.2M | -$21.4M | -5.9% | $9.2M | 30/100 |
Where Earlyworks Co., Ltd. American Ranks
Frequently Asked Questions
What is Earlyworks Co., Ltd. American's annual revenue?
Earlyworks Co., Ltd. American (ELWS) reported $3.1M in total revenue for fiscal year 2025. This represents a 171.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Earlyworks Co., Ltd. American's revenue growing?
Earlyworks Co., Ltd. American (ELWS) revenue grew by 171.2% year-over-year, from $1.1M to $3.1M in fiscal year 2025.
Is Earlyworks Co., Ltd. American profitable?
No, Earlyworks Co., Ltd. American (ELWS) reported a net income of -$1.8M in fiscal year 2025, with a net profit margin of -58.3%.
What is Earlyworks Co., Ltd. American's EBITDA?
Earlyworks Co., Ltd. American (ELWS) had EBITDA of -$1.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Earlyworks Co., Ltd. American have?
As of fiscal year 2025, Earlyworks Co., Ltd. American (ELWS) had $732K in cash and equivalents against $237K in long-term debt.
What is Earlyworks Co., Ltd. American's gross margin?
Earlyworks Co., Ltd. American (ELWS) had a gross margin of 51.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Earlyworks Co., Ltd. American's operating margin?
Earlyworks Co., Ltd. American (ELWS) had an operating margin of -55.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Earlyworks Co., Ltd. American's net profit margin?
Earlyworks Co., Ltd. American (ELWS) had a net profit margin of -58.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Earlyworks Co., Ltd. American's return on equity (ROE)?
Earlyworks Co., Ltd. American (ELWS) has a return on equity of -346.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Earlyworks Co., Ltd. American's free cash flow?
Earlyworks Co., Ltd. American (ELWS) recorded an outflow of $1.3M in free cash flow during fiscal year 2025. This represents a 46.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Earlyworks Co., Ltd. American's operating cash flow?
Earlyworks Co., Ltd. American (ELWS) recorded an outflow of $1.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Earlyworks Co., Ltd. American's total assets?
Earlyworks Co., Ltd. American (ELWS) had $1.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Earlyworks Co., Ltd. American's capital expenditures?
Earlyworks Co., Ltd. American (ELWS) invested $3K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Earlyworks Co., Ltd. American spend on research and development?
Earlyworks Co., Ltd. American (ELWS) invested $303K in research and development during fiscal year 2025.
What is Earlyworks Co., Ltd. American's current ratio?
Earlyworks Co., Ltd. American (ELWS) had a current ratio of 1.74 as of fiscal year 2025, which is generally considered healthy.
What is Earlyworks Co., Ltd. American's debt-to-equity ratio?
Earlyworks Co., Ltd. American (ELWS) had a debt-to-equity ratio of 0.46 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Earlyworks Co., Ltd. American's return on assets (ROA)?
Earlyworks Co., Ltd. American (ELWS) had a return on assets of -134.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Earlyworks Co., Ltd. American's Altman Z-Score?
Earlyworks Co., Ltd. American (ELWS) has an Altman Z-Score of -1.81, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Earlyworks Co., Ltd. American's Piotroski F-Score?
Earlyworks Co., Ltd. American (ELWS) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Earlyworks Co., Ltd. American's earnings high quality?
Earlyworks Co., Ltd. American (ELWS) reported a net loss of $1.8M while operations used $1.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Earlyworks Co., Ltd. American cover its interest payments?
Earlyworks Co., Ltd. American (ELWS) reported an operating loss of $1.7M against $12K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Earlyworks Co., Ltd. American?
Earlyworks Co., Ltd. American (ELWS) scores 44 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.