Coincheck Reports Financial Results for First Quarter of Year Ending March 31, 2026
First Quarter Total Revenue Increased
Financial Highlights:1
Certain Year-Over-Year Highlights
-
Total revenue increased
12% , to¥84.0 billion ($583 million ¥75.3 billion ($522 million -
Gross margin2 decreased
13% , to¥2,701 million ($19 million ¥3,118 million ($22 million -
Verified Accounts3 increased
14% , to 2,351,223 as of June 30, 2025 from 2,060,379 as of June 30, 2024. -
Customer Assets4 increased
34% , to¥1,000.3 billion ($6,938 million ¥747.9 billion ($5,188 million -
Marketplace Trading Volume5 decreased
16% , to¥61.5 billion ($427 million ¥73.0 billion ($506 million -
Net loss was
¥1,377 million ($9.5 million ¥436 million ($3.0 million ¥298 million ($2.1 million ¥223 million ($1.5 million ¥143 million ($1.0 million -
Adjusted EBITDA6 was negative
¥399 million ($2.8 million ¥1,014 million ($7.0 million
Certain Quarter-Over-Quarter Highlights
-
Total revenue decreased
27% , to¥84.0 billion ($583 million ¥114.6 billion ($795 million -
Gross margin decreased
24% , to¥2.7 billion ($19 million ¥3.5 billion ($25 million -
Verified Accounts increased
3% , to 2,351,223 as of June 30, 2025 from 2,291,103 as of March 31, 2025. -
Customer Assets increased
16% , to¥1,000.3 billion ($6,938 million ¥859.2 billion ($5,960 million -
Marketplace Trading Volume decreased
33% , to¥61.5 billion ($427 million ¥92.0 billion ($638 million -
Net loss was
¥1,377 million ($9.5 million ¥642 million ($4 million ¥298 million ($2.1 million ¥223 million ($1.5 million ¥143 million ($1.0 million -
Adjusted EBITDA6 was negative
¥399 million ($2.8 million ¥719 million ($5.0 million
Fiscal 2026 First Quarter Strategic and Operational Highlights:
-
The Company launched "Coincheck Staking" on January 13, 2025, allowing users to automatically earn Ethereum (ETH) simply by depositing ETH with Coincheck for staking rewards. The staking revenue, of which Coincheck (together with the third-party staking platform, or node operator, used) retain approximately
30% (the remainder is delivered to the customer ), increased to¥381 million ($2.6 million ¥61 million ($0.4 million -
The Company recently announced a strategic business relationship with Mercoin, a subsidiary of Mercari, Inc., one of the biggest C2C marketplaces in
Japan , to expand Coincheck’s customer base by allowing Mercari’s customer base to open and use Coincheck accounts from within Mercari’s customer app.
_____________________________ |
1 References in this announcement to “¥” are to Japanese Yen and references to “U.S. Dollars” and “$” are to United States Dollars. Unless otherwise stated, Coincheck Group has translated |
2 Gross margin is defined as total revenue less cost of sales. |
3 Verified Accounts are all accounts that have been opened after the account owner completes all application procedures (including “know your customer” or “KYC”), after subtracting therefrom the total number of closed accounts. |
4 Cryptocurrencies held for customers + fiat currency deposited by customers, on a J-GAAP basis. This does not include NFTs. |
5 Marketplace Trading Volume for a specific period is the total value, based on the underlying asset, of all transactions completed through Coincheck’s marketplace platform. |
6 Adjusted EBITDA is a non-IFRS financial measure; see “Non-IFRS financial measures” for definition and corresponding reconciliation below. Adjusted EBITDA is being calculated differently for the first quarter of fiscal 2026 than it was calculated for the fourth quarter of fiscal 2025, as further explained under “Non-IFRS financial measures” and “Reconciliation of Adjusted EBITDA.” |
Webcast and Conference Call
Coincheck Group will host a live webcast to discuss its results today at 5:00 pm ET. The call will be hosted by the following members of Coincheck Group’s management: Gary Simanson, CEO, and Jason Sandberg, CFO. The conference call can be accessed live via webcast from the Company’s investor relations website at https://www.coincheckgroup.com/news-events/ir-calendar. A replay will be available on the investor relations website following the call. The conference call can also be accessed over the phone by dialing (800) 245-3047 or (203) 518-9765; the Conference ID is CNCKQ1.
About Coincheck Group N.V.
Headquartered in
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about trading, future financial and operating results, plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning or the negative thereof. Such forward-looking statements are based upon the current beliefs and expectations of the Company’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the Company’s control, which could cause actual results or events to differ materially from those presently anticipated; such risks, uncertainties, and assumptions, include, among others: (i) changes in the cryptocurrency and digital asset markets in which the Company competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) changes in global political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effects of inflation, trade policies and government regulation; (iii) changes in economic conditions and consumer sentiment in
Non-IFRS financial measures
EBITDA and Adjusted EBITDA
In addition to the Company’s results determined in accordance with IFRS Accounting Standards, the Company presents EBITDA and Adjusted EBITDA, non-IFRS measures, because the Company believes they are useful in evaluating its operating performance.
EBITDA represents net profit (loss) for the period before the impact of taxes, interest, depreciation, and amortization of intangible assets, and Adjusted EBITDA represents EBITDA, further adjusted mainly for transaction expenses that are directly attributable to the business combination with Thunder Bridge Capital Partners IV, Inc., accounted for as a reverse recapitalization, and including Nasdaq listing expenses incurred in connection with that business combination, and the other items explained in this paragraph. Adjusted EBITDA is being calculated differently for the first quarter of fiscal 2026 than it was previously calculated for the fourth quarter of fiscal 2025. When the Company announced its financial results on May 13, 2025 for the fourth quarter of fiscal 2025, the further adjustment to calculate Adjusted EBITDA consisted only of transaction expenses. For the first quarter of fiscal 2026, (a) further adjustments were made for the non-cash expenses of share-based compensation and change in fair value of warrant liability, and (b) in the quarter-over-quarter comparison published today, change in fair value of warrant liability was also included in Adjusted EBITDA for the fourth quarter of fiscal 2025 (it was not included as an adjustment for Adjusted EBITDA for the fourth quarter of fiscal 2025 in the Company’s financial results published May 13, 2025). There was no share-based compensation in the fourth quarter or first quarter of fiscal 2025, and no change in fair value of warrant liability in the first quarter of fiscal 2025. See, also, the notes under “Reconciliation of Adjusted EBITDA.”
The Company uses EBITDA and Adjusted EBITDA to evaluate its ongoing operations and for internal planning and forecasting purposes and believes that EBITDA and Adjusted EBITDA may be helpful to investors because they provide consistency and comparability with past financial performance. However, EBITDA and Adjusted EBITDA are presented for supplemental informational purposes only, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS.
A reconciliation is provided below for each non-IFRS financial measure to the most directly comparable financial measure stated in accordance with IFRS. Investors are encouraged to review the related IFRS financial measures and the reconciliation of these non-IFRS financial measures to their most directly comparable IFRS financial measures, and not to rely on any single financial measure to evaluate Coincheck Group’s business.
Please see tables on the following pages for reconciliations of non-IFRS financial measures.
For the convenience of the reader, where applicable, Coincheck Group has translated
This information is intended to be reviewed in conjunction with the Company’s filings with the SEC.
COINCHECK GROUP N.V. and its subsidiaries CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS (UNAUDITED) |
||||||||||||
|
|
Japanese Yen |
||||||||||
|
For the three months ended |
|||||||||||
|
|
June 30, |
|
June 30, |
|
March 31, |
||||||
(in millions) |
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
Revenue: |
|
|
|
|
|
|
||||||
Revenue |
|
¥ |
83,553 |
|
|
¥ |
75,294 |
|
|
¥ |
114,489 |
|
Other revenue |
|
|
436 |
|
|
|
6 |
|
|
|
90 |
|
Total revenue |
|
|
83,989 |
|
|
|
75,300 |
|
|
|
114,579 |
|
|
|
|
|
|
|
|
||||||
Expenses: |
|
|
|
|
|
|
||||||
Cost of sales |
|
|
81,288 |
|
|
|
72,182 |
|
|
|
111,034 |
|
Selling, general and administrative expenses |
|
|
3,571 |
|
|
|
2,474 |
|
|
|
3,556 |
|
Total expenses |
|
|
84,859 |
|
|
|
74,656 |
|
|
|
114,590 |
|
Operating profit (loss) |
|
|
(870 |
) |
|
|
644 |
|
|
|
(11 |
) |
|
|
|
|
|
|
|
||||||
Other income and expenses: |
|
|
|
|
|
|
||||||
Financial income |
|
|
1 |
|
|
|
23 |
|
|
|
972 |
|
Financial expenses |
|
|
(251 |
) |
|
|
(23 |
) |
|
|
(11 |
) |
Other income |
|
|
1 |
|
|
|
8 |
|
|
|
5 |
|
Other expenses |
|
|
(132 |
) |
|
|
(7 |
) |
|
|
(72 |
) |
Profit (loss) before income taxes |
|
|
(1,251 |
) |
|
|
645 |
|
|
|
883 |
|
Income tax expense |
|
|
126 |
|
|
|
209 |
|
|
|
241 |
|
Net profit (loss) for the period attributable to owners of the Company |
|
¥ |
(1,377 |
) |
|
¥ |
436 |
|
|
¥ |
642 |
|
COINCHECK GROUP N.V. and its subsidiaries CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS (UNAUDITED) |
||||||||
|
|
Japanese Yen |
|
United States Dollar* |
||||
|
For the three months ended |
|
For the three months ended |
|||||
|
|
June 30, |
|
June 30, |
||||
(in millions) |
|
|
2025 |
|
|
|
2025 |
|
Revenue: |
|
|
|
|
||||
Revenue |
|
¥ |
83,553 |
|
|
$ |
579.5 |
|
Other revenue |
|
|
436 |
|
|
|
3.0 |
|
Total revenue |
|
|
83,989 |
|
|
|
582.6 |
|
|
|
|
|
|
||||
Expenses: |
|
|
|
|
||||
Cost of sales |
|
|
81,288 |
|
|
|
563.8 |
|
Selling, general and administrative expenses |
|
|
3,571 |
|
|
|
24.8 |
|
Total expenses |
|
|
84,859 |
|
|
|
588.6 |
|
Operating profit (loss) |
|
|
(870 |
) |
|
|
(6.0 |
) |
|
|
|
|
|
||||
Other income and expenses: |
|
|
|
|
||||
Financial income |
|
|
1 |
|
|
|
0.0 |
|
Financial expenses |
|
|
(251 |
) |
|
|
(1.7 |
) |
Other income |
|
|
1 |
|
|
|
0.0 |
|
Other expenses |
|
|
(132 |
) |
|
|
(0.9 |
) |
Profit (loss) before income taxes |
|
|
(1,251 |
) |
|
|
(8.7 |
) |
Income tax expense |
|
|
126 |
|
|
|
0.9 |
|
Net profit (loss) for the period attributable to owners of the Company |
|
¥ |
(1,377 |
) |
|
$ |
(9.5 |
) |
_____________________________ |
* Convenience Translation into |
COINCHECK GROUP N.V. and its subsidiaries CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (UNAUDITED) |
||||||||
|
Japanese Yen |
|||||||
|
|
As of June 30, |
|
As of March 31, |
||||
(in millions) |
|
|
2025 |
|
|
|
2025 |
|
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
¥ |
10,636 |
|
|
¥ |
8,584 |
|
Cash segregated as deposits |
|
|
49,843 |
|
|
|
51,655 |
|
Crypto assets held |
|
|
53,613 |
|
|
|
44,680 |
|
Customer accounts receivable |
|
|
1,114 |
|
|
|
1,086 |
|
Other financial assets |
|
|
109 |
|
|
|
62 |
|
Other current assets |
|
|
653 |
|
|
|
1,035 |
|
Total current assets |
|
|
115,968 |
|
|
|
107,102 |
|
Non-current assets: |
|
|
|
|
||||
Property and equipment |
|
|
1,795 |
|
|
|
1,909 |
|
Intangible assets |
|
|
2,546 |
|
|
|
2,401 |
|
Crypto assets held |
|
|
115 |
|
|
|
43 |
|
Other financial assets |
|
|
531 |
|
|
|
433 |
|
Deferred tax assets |
|
|
264 |
|
|
|
386 |
|
Total non-current assets |
|
|
5,251 |
|
|
|
5,172 |
|
Total assets |
|
¥ |
121,219 |
|
|
¥ |
112,274 |
|
Liabilities and equity |
|
|
|
|
||||
Liabilities: |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Deposits received |
|
¥ |
50,993 |
|
|
¥ |
50,911 |
|
Crypto asset borrowings |
|
|
53,307 |
|
|
|
44,479 |
|
Other financial liabilities |
|
|
4,420 |
|
|
|
2,826 |
|
Income taxes payable |
|
|
58 |
|
|
|
799 |
|
Excise tax payable |
|
|
291 |
|
|
|
303 |
|
Other current liabilities |
|
|
483 |
|
|
|
536 |
|
Total current liabilities |
|
|
109,552 |
|
|
|
99,854 |
|
Non-current liabilities: |
|
|
|
|
||||
Other financial liabilities |
|
|
806 |
|
|
|
901 |
|
Warrant liability |
|
|
615 |
|
|
|
410 |
|
Provisions |
|
|
341 |
|
|
|
340 |
|
Total non-current liabilities |
|
|
1,762 |
|
|
|
1,651 |
|
Total liabilities |
|
|
111,314 |
|
|
|
101,505 |
|
Equity: |
|
|
|
|
||||
Ordinary shares |
|
|
213 |
|
|
|
213 |
|
Capital surplus |
|
|
13,317 |
|
|
|
13,317 |
|
Share-based payment reserve |
|
|
306 |
|
|
|
— |
|
Treasury shares |
|
|
(4 |
) |
|
|
(4 |
) |
Foreign currency translation adjustment |
|
|
220 |
|
|
|
13 |
|
Retained earnings (accumulated deficit) |
|
|
(4,147 |
) |
|
|
(2,770 |
) |
Total equity |
|
|
9,905 |
|
|
|
10,769 |
|
Total liabilities and equity |
|
¥ |
121,219 |
|
|
¥ |
112,274 |
|
COINCHECK GROUP N.V. and subsidiaries CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (UNAUDITED) |
||||||||
|
|
Japanese Yen |
|
United States Dollar* |
||||
|
|
As of June 30, |
|
As of June 30, |
||||
(in millions) |
|
|
2025 |
|
|
|
2025 |
|
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
¥ |
10,636 |
|
|
$ |
73.8 |
|
Cash segregated as deposits |
|
|
49,843 |
|
|
|
345.7 |
|
Crypto assets held |
|
|
53,613 |
|
|
|
371.9 |
|
Customer accounts receivable |
|
|
1,114 |
|
|
|
7.7 |
|
Other financial assets |
|
|
109 |
|
|
|
0.8 |
|
Other current assets |
|
|
653 |
|
|
|
4.5 |
|
Total current assets |
|
|
115,968 |
|
|
|
804.4 |
|
Non-current assets: |
|
|
|
|
||||
Property and equipment |
|
|
1,795 |
|
|
|
12.5 |
|
Intangible assets |
|
|
2,546 |
|
|
|
17.7 |
|
Crypto assets held |
|
|
115 |
|
|
|
0.8 |
|
Other financial assets |
|
|
531 |
|
|
|
3.7 |
|
Deferred tax assets |
|
|
264 |
|
|
|
1.8 |
|
Total non-current assets |
|
|
5,251 |
|
|
|
36.4 |
|
Total assets |
|
¥ |
121,219 |
|
|
$ |
840.8 |
|
Liabilities and equity |
|
|
|
|
||||
Liabilities: |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Deposits received |
|
¥ |
50,993 |
|
|
$ |
353.7 |
|
Crypto asset borrowings |
|
|
53,307 |
|
|
|
369.8 |
|
Other financial liabilities |
|
|
4,420 |
|
|
|
30.7 |
|
Income taxes payable |
|
|
58 |
|
|
|
0.4 |
|
Excise tax payable |
|
|
291 |
|
|
|
2.0 |
|
Other current liabilities |
|
|
483 |
|
|
|
3.4 |
|
Total current liabilities |
|
|
109,552 |
|
|
|
759.9 |
|
Non-current liabilities: |
|
|
|
|
||||
Other financial liabilities |
|
|
806 |
|
|
|
5.6 |
|
Warrant liability |
|
|
615 |
|
|
|
4.3 |
|
Provisions |
|
|
341 |
|
|
|
2.4 |
|
Total non-current liabilities |
|
|
1,762 |
|
|
|
12.2 |
|
Total liabilities |
|
|
111,314 |
|
|
|
772.1 |
|
Equity: |
|
|
|
|
||||
Ordinary shares |
|
|
213 |
|
|
|
1.5 |
|
Capital surplus |
|
|
13,317 |
|
|
|
92.4 |
|
Share-based payment reserve |
|
|
306 |
|
|
|
2.1 |
|
Treasury shares |
|
|
(4 |
) |
|
|
(0.0 |
) |
Foreign currency translation adjustment |
|
|
220 |
|
|
|
1.5 |
|
Retained earnings (accumulated deficit) |
|
|
(4,147 |
) |
|
|
(28.8 |
) |
Total equity |
|
|
9,905 |
|
|
|
68.7 |
|
Total liabilities and equity |
|
¥ |
121,219 |
|
|
$ |
840.8 |
|
_____________________________ |
* Convenience Translation into |
COINCHECK GROUP N.V. and subsidiaries RECONCILIATION OF EBITDA |
||||||||||
|
|
Japanese Yen |
||||||||
|
|
For the three months ended |
||||||||
|
|
June 30, |
|
June 30, |
|
March 31, |
||||
|
|
|
2025 |
|
|
|
2024 |
|
|
2025 |
Reconciliation of EBITDA: |
|
|
|
|
|
|
||||
Net profit (loss) for the period |
|
¥ |
(1,377 |
) |
|
¥ |
436 |
|
¥ |
642 |
Add: Income tax expenses |
|
|
126 |
|
|
|
209 |
|
|
241 |
Profit before income taxes |
|
|
(1,251 |
) |
|
|
645 |
|
|
883 |
Add: Interest expense |
|
|
24 |
|
|
|
7 |
|
|
16 |
Add: Depreciation and amortization |
|
|
164 |
|
|
|
183 |
|
|
253 |
EBITDA |
|
¥ |
(1,063 |
) |
|
¥ |
835 |
|
¥ |
1,152 |
RECONCILIATION OF ADJUSTED EBITDA |
|||||||||||
|
|
Japanese Yen |
|||||||||
|
|
For the three months ended |
|||||||||
June 30, |
|
June 30, |
|
March 31, |
|||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
2025 |
|
Reconciliation of Adjusted EBITDA: |
|
|
|
|
|
|
|||||
Net profit (loss) for the period |
|
¥ |
(1,377 |
) |
|
¥ |
436 |
|
¥ |
642 |
|
Add: Income tax expenses |
|
|
126 |
|
|
|
209 |
|
|
241 |
|
Profit before income taxes |
|
|
(1,251 |
) |
|
|
645 |
|
|
883 |
|
Add: Interest expense |
|
|
24 |
|
|
|
7 |
|
|
16 |
|
Add: Transaction expenses excluding listing expense1 |
|
|
143 |
|
|
|
179 |
|
|
540 |
|
Add: Change in fair value of warrant liability2 |
|
|
223 |
|
|
|
— |
|
|
(973 |
) |
Add: Share-based compensation3 |
|
|
298 |
|
|
|
— |
|
|
— |
|
Add: Depreciation and amortization |
|
|
164 |
|
|
|
183 |
|
|
253 |
|
Adjusted EBITDA |
|
¥ |
(399 |
) |
|
¥ |
1,014 |
|
¥ |
719 |
|
Prior to the first quarter of fiscal 2026, the Company had no share-based compensation expense. In evaluating how Adjusted EBITDA should be calculated for the first quarter of fiscal 2026 (and the foreseeable future), the Company considered, in addition to transaction expenses, the non-cash expenses of (i) share-based compensation, the majority of which consisted of Coincheck Group restricted share unit awards granted to two of Coincheck, Inc.’s co-founders, and other restricted share unit awards related to the business combination with Thunder Bridge Capital Partners IV, and (ii) change in fair value of warrant liability, which fluctuates quarter to quarter based on the Company’s share price. The Company believes that showing its EBITDA results, further adjusted to exclude share-based compensation and change in fair value of warrant liability, can present a clearer view of the Company’s operational performance, and is helpful to view together with EBITDA and net profit or loss.
_____________________________ |
1 Transaction expenses were mainly cash expenses related to Company business acquisition activities. |
2 Change in fair value of warrant liability was non-cash expenses (incomes) related to change in fair value of warrant liability. |
3 Share-based compensation was non-cash expenses for restricted share units, which were granted to managing directors and officers, board members and other qualified employees and non-employee consultants. |
COINCHECK GROUP N.V. and subsidiaries RECONCILIATION OF EBITDA |
||||||||
|
|
Japanese Yen |
|
United States Dollar* |
||||
|
|
For the three months ended |
|
For the three months ended |
||||
|
|
June 30, |
|
June 30, |
||||
|
|
|
2025 |
|
|
|
2025 |
|
Reconciliation of EBITDA: |
|
|
|
|
||||
Net profit (loss) for the period |
|
¥ |
(1,377 |
) |
|
$ |
(9.5 |
) |
Add: Income tax expenses |
|
|
126 |
|
|
|
0.9 |
|
Profit before income taxes |
|
|
(1,251 |
) |
|
|
(8.7 |
) |
Add: Interest expense |
|
|
24 |
|
|
|
0.2 |
|
Add: Depreciation and amortization |
|
|
164 |
|
|
|
1.1 |
|
EBITDA |
|
¥ |
(1,063 |
) |
|
$ |
(7.4 |
) |
RECONCILIATION OF ADJUSTED EBITDA |
||||||||
|
|
Japanese Yen |
|
United States Dollar* |
||||
|
|
For the three months ended |
|
For the three months ended |
||||
|
June 30, |
|
June 30, |
|||||
|
|
|
2025 |
|
|
|
2025 |
|
Reconciliation of Adjusted EBITDA: |
|
|
|
|
||||
Net profit (loss) for the period |
|
¥ |
(1,377 |
) |
|
$ |
(9.5 |
) |
Add: Income tax expenses |
|
|
126 |
|
|
|
0.9 |
|
Profit before income taxes |
|
|
(1,251 |
) |
|
|
(8.7 |
) |
Add: Interest expense |
|
|
24 |
|
|
|
0.2 |
|
Add: Transaction expenses excluding listing expense |
|
|
143 |
|
|
|
1.0 |
|
Add: Change in fair value of warrant liability |
|
|
223 |
|
|
|
1.5 |
|
Add: Share-based compensation |
|
|
298 |
|
|
|
2.1 |
|
Add: Depreciation and amortization |
|
|
164 |
|
|
|
1.1 |
|
Adjusted EBITDA |
|
¥ |
(399 |
) |
|
$ |
(2.8 |
) |
_____________________________ |
* Convenience Translation into |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250807610173/en/
Media and Investor Relations:
CoincheckIR@icrinc.com
Source: Coincheck Group N.V.
