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Coincheck Q2 FY2027 revenue falls 43% to $480M

Aplo’s French operations are being wound down as its technology moves to 3iQ, which estimates an SMA Offering launch in the first half of calendar 2027.

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Form Type
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Rhea-AI Filing Summary

Coincheck Group N.V. reported second-quarter fiscal 2027 revenue of ¥75.5 billion ($480 million), down 43% from ¥133.1 billion ($846 million) a year earlier. Marketplace Trading Volume fell 56% to ¥41.5 billion from ¥94.7 billion. Net loss was ¥4.136 billion ($26.3 million), versus net income of ¥355 million ($2.3 million); Adjusted EBITDA was a loss of ¥4.020 billion ($25.6 million), compared with ¥1.486 billion ($9.5 million). The company attributed the net loss primarily to a ¥2.962 billion ($18.8 million) impairment loss related to Aplo, lower Marketplace Trading Volume and higher selling, general and administrative expenses.

Verified Accounts increased 18% to 2,868,544 as of September 30, 2026; Customer Assets fell 26% to ¥876.9 billion ($5.577 billion), primarily due to lower prices for Bitcoin, Ether and XRP. Assets Under Management at 3iQ were ¥148.8 billion ($946 million) as of September 30, 2026. Coincheck is winding down Aplo’s French operations, transferring its technology and related intellectual property to 3iQ, and inviting approximately one-half of Aplo’s current team to join 3iQ. 3iQ estimates a launch of the separately managed account offering in the first half of calendar 2027.

0 points · 0 major

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Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 3 points

How the balance works

Positive

  • None.

Negative

  • Moderate pointFiscal Q2 revenue fell 43% to ¥75.5 billion year over year.
  • Moderate pointFiscal Q2 net result was a ¥4.136 billion loss versus ¥355 million income.
  • Moderate pointFiscal Q2 Adjusted EBITDA was a ¥4.020 billion loss versus ¥1.486 billion income.

Filing Explained

Coincheck furnished its second-quarter results release in this Form 6-K; item 1, including the release, is incorporated by reference into its identified S-8 and F-3 registration statements, while the separately posted presentation is not incorporated into this report.

Total revenue ¥75.5 billion ($480 million) Second quarter fiscal 2027; down 43% from ¥133.1 billion ($846 million) in second quarter fiscal 2026.
Marketplace Trading Volume ¥41.5 billion Second quarter fiscal 2027; down 56% from ¥94.7 billion in second quarter fiscal 2026.
Net loss ¥4.136 billion ($26.3 million) Second quarter fiscal 2027; versus net income of ¥355 million ($2.3 million) in second quarter fiscal 2026.
Adjusted EBITDA Loss of ¥4.020 billion ($25.6 million) Second quarter fiscal 2027; versus Adjusted EBITDA of ¥1.486 billion ($9.5 million) in second quarter fiscal 2026.
Verified Accounts 2,868,544 accounts As of September 30, 2026; increased 18% from 2,421,080 as of September 30, 2025.
Customer Assets ¥876.9 billion ($5.577 billion) As of September 30, 2026; decreased 26% from ¥1,189.2 billion ($7.563 billion) as of September 30, 2025.
Assets Under Management ¥148.8 billion ($946 million) 3iQ assets under management as of September 30, 2026.
Adjusted EBITDA financial
"Adjusted EBITDA was a loss of ¥4,020 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
impairment loss financial
"impairment loss of ¥2,962 million related to the Company’s Aplo subsidiary"
An impairment loss is an accounting write-down recorded when an asset’s recorded value on the books is higher than what the company can realistically recover from using or selling it. Think of it like admitting a used car is worth much less than the loan balance and adjusting the records to match the true value; for investors, impairment losses reduce reported profits and net assets, can signal weaker future cash flow from that asset, and may affect covenants and valuation.
Marketplace Trading Volume financial
"Marketplace Trading Volume decreased 56%"
Total number or value of shares, contracts or other units bought and sold on a particular trading venue during a set period, usually a day. It shows how much activity and interest a marketplace or a specific security is drawing — like measuring foot traffic through a store — and helps investors judge how easy it will be to trade, how reliable price moves are, and whether a stock may swing wildly on small orders.
Assets Under Management (AUM) financial
"Assets Under Management (AUM) were ¥148.8 billion"
Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a bank counting all the money it manages for people and organizations—more AUM generally means the company is trusted with larger amounts and can charge higher fees.
Markets in Crypto-Assets Regulation regulatory
"licensed under Markets in Crypto-Assets Regulation"
A markets in crypto-assets regulation is a set of laws and rules that govern how crypto tokens are created, sold, traded and how service providers (like exchanges and wallet operators) must operate and protect users. Think of it as traffic laws for the crypto market: it brings clearer routes, safety checks and penalties for bad actors, which matters to investors because it reduces fraud, increases transparency and can change the cost and availability of crypto products.
SMA Offering financial
"launch the SMA Offering"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were CNCK’s second-quarter fiscal 2027 revenue and net results?
CNCK reported total revenue of ¥75.5 billion ($480 million), down 43% from ¥133.1 billion ($846 million) a year earlier, and a net loss of ¥4.136 billion ($26.3 million), versus net income of ¥355 million ($2.3 million) in the prior-year quarter. Adjusted EBITDA was a loss of ¥4.020 billion ($25.6 million).

How much did CNCK’s Marketplace Trading Volume change in fiscal Q2 2027?
Marketplace Trading Volume was ¥41.5 billion, down 56% from ¥94.7 billion in the second quarter of fiscal 2026.

What is CNCK changing about Aplo and its institutional offering?
Aplo’s French operations are being wound down under a plan for orderly cessation in accordance with French law, while its technology and related intellectual property are being transferred to 3iQ. Coincheck is inviting approximately one-half of Aplo’s current team to join 3iQ, which estimates the SMA Offering will launch in the first half of calendar 2027.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of November 2026
 
Commission File Number: 001-42438
 
COINCHECK GROUP N.V.
(Translation of registrant’s name into English)
 
Nieuwezijds Voorburgwal 162
1012 SJ Amsterdam
The Netherlands
 
(Address of principal executive offices)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: 
Form 20-F ☒     Form 40-F ☐



Coincheck Group N.V. (“Coincheck Group”) is providing the below updates:

1.On November 9, 2026, Coincheck Group issued a press release announcing its financial results for its second quarter of the fiscal year ending March 31, 2027, which is furnished as Exhibit 99.1 to this report.
2.On November 9, 2026, Coincheck Group posted on its website, www.coincheckgroup.com, one or more presentations regarding itself and its subsidiaries (collectively, the “Presentation”); see “Presentations” under “News & Events.” Coincheck Group uses its website to distribute company information, such as the Presentation, and makes available free of charge a variety of information for investors, including its filings with the Securities and Exchange Commission (“SEC”), as soon as reasonably practicable after electronically filing that material with, or furnishing it to, the SEC. The information that Coincheck Group posts on its website may be deemed material; however, by filing this report, and furnishing the information contained in the Presentation on its website, Coincheck Group makes no admission as to the materiality of any such information. Investors should monitor Coincheck Group’s website, in addition to following its press releases, filings with the SEC, and public conference calls and webcasts. In addition, investors may opt in to automatically receive email alerts and other information about Coincheck Group when enrolling their email address by visiting the “Email Alerts” section of the Coincheck Group website. Coincheck Group does not incorporate the information contained on, or accessible through, Coincheck Group’s website or related social media channels into this report. The information contained in the Presentation is not intended to be comprehensive about the subject matter it covers, and should be read only as a supplement to Coincheck’s public disclosures and in conjunction with Coincheck Group’s other filings made with the SEC, in particular Coincheck Group’s most recent Annual Report on Form 20-F and more recent reports on Form 6-K. The Presentation contains “forward-looking statements” and important information about such forward-looking statements (which should be read carefully before reading the rest of the Presentation), and you are cautioned not to place undue reliance on these forward-looking statements.

The information under item 1 (including Exhibit 99.1) in this report is incorporated by reference into Coincheck Group’s Registration Statements on Form S-8 (File No. 333-286190) and Form F-3 (File Nos. 333-292562 and 333-297896), to the extent not superseded by documents or reports subsequently filed or furnished.

Exhibit Index
Exhibit No.Description
99.1
Press Release issued by Coincheck Group N.V., dated November 9, 2026
2

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
COINCHECK GROUP N.V.
Date: November 9, 2026By:/s/ Pascal St-Jean
Name: Pascal St-Jean
Title:Chief Executive Officer and President
3
Exhibit 99.1
coincheckgroupheadera.jpg

Coincheck Reports Financial Results for Second Quarter of Year Ending March 31, 2027
Amsterdam, Netherlands – November 9, 2026 – Coincheck Group N.V. (NASDAQ: CNCK) (“Coincheck Group” or the “Company”), a Dutch public limited liability company that provides digital asset trade execution, custody, staking and asset management services, today reported financial results for the second quarter of the fiscal year ending March 31, 2027 (“fiscal 2027”). References to “fiscal 2026” mean the fiscal year ended March 31, 2026.
Financial Highlights:1
Certain Year-Over-Year Highlights
•Total revenue for the second quarter of fiscal 2027 decreased 43%, to ¥75.5 billion ($480 million) from ¥133.1 billion ($846 million) in the second quarter of fiscal 2026. The decrease was driven mainly by a decrease in Marketplace Trading Volume, partially offset by an increase in Transaction revenue – Institutional and Investment management fees.
•Verified Accounts2 increased 18%, to 2,868,544 as of September 30, 2026 from 2,421,080 as of September 30, 2025.
•Customer Assets3 decreased 26%, to ¥876.9 billion ($5,577 million) as of September 30, 2026 from ¥1,189.2 billion ($7,563 million) as of September 30, 2025. Customer Assets decreased due primarily to the decline in the market price of certain crypto assets, including Bitcoin (BTC), Ether (ETH), and XRP.
•Assets Under Management (AUM)4 were ¥148.8 billion ($946 million) as of September 30, 2026.
•Marketplace Trading Volume5 decreased 56%, to ¥41.5 billion ($264 million) for the second quarter of fiscal 2027 from ¥94.7 billion ($602 million) for the second quarter of fiscal 2026. Fluctuations in Marketplace Trading Volume are usually driven by crypto-asset industry market volumes and conditions generally, and the size and level of trading activity at Coincheck specifically, as well as market-price fluctuations in the crypto assets frequently traded.
•Net loss was ¥4,136 million ($26.3 million) in the second quarter of fiscal 2027, compared to a net income of ¥355 million ($2.3 million) in the second quarter of fiscal 2026. The decrease was driven primarily by an impairment loss of ¥2,962 million ($18.8 million) related to the Company's Aplo subsidiary recorded in the second quarter of fiscal 2027 (see "Other Recent Highlights" below for more information concerning the
1 References in this announcement to “¥” are to Japanese Yen and references to “U.S. Dollars” and “$” are to United States Dollars. Unless otherwise stated, Coincheck Group has translated U.S. Dollar amounts from Japanese Yen at the exchange rate of ¥157.250 per $1.00, which was the ¥/$ exchange rate reported by the Federal Reserve Bank of New York as of September 30, 2026.
2 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. These numbers are for Coincheck Inc.’s business (do not include Aplo or Next Finance Tech) and, beginning June 2026, include accounts opened under CaaS arrangements Coincheck Inc. has with third-party firms, which are subject to fee-sharing and other economic terms with such third-party firms.
3 Cryptocurrencies held for customers + fiat currency deposited by customers. This does not include NFTs or customer assets of Aplo, or of Next Finance Tech (if any).
4 Assets Under Management (AUM) refer to the assets under management of 3iQ, which was acquired by the Company effective March 1, 2026.
5 Marketplace Trading Volume for a specific period is the total value of all transactions completed through Coincheck’s marketplace platform.


Company's plans regarding Aplo), a decrease in Marketplace Trading Volume, and higher selling, general and administrative expenses, partially offset by a net tax benefit in the second quarter of fiscal 2027.
•Adjusted EBITDA6 was a loss of ¥4,020 million ($25.6 million) in the second quarter of fiscal 2027, compared to Adjusted EBITDA of ¥1,486 million ($9.5 million) in the second quarter of fiscal 2026. The decrease in Adjusted EBITDA was due primarily to the impairment loss relating to Aplo and an increase in operating loss.
Other Recent Highlights:
•Shift in Business Strategy Regarding Aplo’s European Prime Brokerage Offering. Aplo SAS is the Company’s Paris-based crypto prime brokerage subsidiary that serves institutional customers and is licensed under Markets in Crypto-Assets Regulation ("MiCA"). The Company acquired Aplo in October 2025, in large part based on the Company’s high opinion of Aplo’s institutional trading technology. The Company recently has (i) performed an evaluation of Aplo’s performance as an independent, small-sized crypto institutional brokerage in the European Union subject to MiCA rules, (ii) taken into account the potential value that institutional trading technology could provide if combined with the Company’s 3iQ subsidiary’s digital asset management technology and services (3iQ was acquired by the Company effective March 1, 2026), and (iii) considered how such an integration of institutional digital asset management and trading services could enable 3iQ to offer, consistent with the Company’s recent shift in its overall business strategy towards offering integrated institutional crypto products, a powerful and attractive separately managed account offering to institutional and high net worth investors globally (the “SMA Offering”). Accordingly, the Company is in the process of winding down Aplo’s operations in France, transferring Aplo’s technology and related intellectual property to 3iQ, and inviting approximately one-half of Aplo’s current team to join 3iQ to work to complete the development of, and then launch, the SMA Offering. 3iQ currently estimates a launch date in the first half of calendar 2027. This winding-down process will follow the plan for the orderly cessation of Aplo's operations in accordance with French law.
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 Pascal St-Jean, CEO, and Jason Sandberg, CFO. The live webcast of the call can be accessed at 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 1-800-267-6316 or 1-203-518-9783; the Conference ID is CNCKQ2.
About Coincheck Group N.V.
Coincheck Group N.V. (NASDAQ: CNCK) seeks to bring together retail scale, institutional capability and resilient infrastructure in one digital finance platform offering. Built on its leadership position in Japan as a retail crypto asset exchange provider, the Company is expanding into institutional services and digital asset infrastructure across multiple markets. Its offerings include trade execution, custody, staking and asset management services alongside ongoing development in on-chain finance.

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, management updates, plans, objectives, expectations and intentions with respect to future operations, products and services, and commercial relationships; 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
6 Adjusted EBITDA is a non-IFRS financial measure; see “Non-IFRS financial measures” for definition and corresponding reconciliation below.


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) risks related to winding down Aplo’s operations in France and the Company’s ability to successfully redeploy its technology; (ii) the Company's ability to successfully execute the SMA Offering; (iii) 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; (iv) 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; (v) changes in economic conditions and consumer sentiment; (vi) the price of crypto assets and volume of transactions on the Company’s platform; (vii) the development, utility and usage of crypto assets; (viii) demand for any particular crypto asset; (ix) cyberattacks and security breaches on Company platforms; (x) the Company’s ability to introduce new products and services; (xi) the Company’s ability to execute its growth strategies, including identifying and executing B2B or B2B2C (CaaS) relationships, or acquisitions; (xii) the ability to grow and manage growth profitably; and (xiii) other risks and uncertainties discussed in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 20-F for the fiscal year ended March 31, 2026, as such factors may be updated from time to time, which are or will be accessible on the SEC’s website at www.sec.gov. The forward-looking statements included in this press release are made only as of the date of this press release and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.
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 by excluding transaction expenses and the non-cash expenses of (i) share-based compensation and (ii) change in fair value of warrant liability, which fluctuates quarter to quarter based on the Company’s share price.
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 analytical tools, and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS Accounting Standards.
A reconciliation is provided below for each non-IFRS financial measure to the most directly comparable financial measure stated in accordance with IFRS Accounting Standards. Investors are encouraged to review the related IFRS Accounting Standards financial measures and the reconciliation of these non-IFRS financial measures to their most directly comparable IFRS Accounting Standards 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 Accounting Standards financial measures.
U.S. Dollar financial information
For the convenience of the reader, where applicable, Coincheck Group has translated U.S. Dollar amounts from Japanese Yen at the exchange rate of ¥157.250 per $1.00, which was the ¥/$ exchange rate reported by the Federal Reserve Bank of New York as of September 30, 2026.
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 STATEMENTS OF PROFIT OR LOSS (UNAUDITED)
Japanese Yen
For the three months ended
September 30,
September 30,
June 30,
(in millions)
2026
2025
2026
Revenue:
Revenue
¥
74,383 
¥
132,229 
¥
113,232 
Other revenue
1,133 
876 
1,100 
Total revenue
75,516 
133,105 
114,332 
Expenses:
Cost of sales
72,859 
129,219 
111,412 
Selling, general and administrative expenses
4,186 
3,370 
4,293 
Total expenses
77,045 
132,589 
115,705 
Operating profit (loss)
(1,529)
516 
(1,373)
Other income and expenses:
Other income
11 
322 
267 
Other expenses
(3,295)
(1)
(14)
Financial income
259 
116 
31 
Financial expenses
(19)
(50)
(95)
Share of loss of equity-accounted investees, net of tax
(31)
— 
(24)
Profit (loss) before income taxes
(4,604)
903 
(1,209)
Income tax expense (benefit)
(468)
548 
(33)
Net profit (loss) for the period attributable to owners of the Company
¥
(4,136)
¥
355 
¥
(1,176)

COINCHECK GROUP N.V. and its subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS (UNAUDITED)
Japanese Yen
United States Dollar*
For the three months ended
For the three months ended
September 30,
September 30,
(in millions)
2026
2026
Revenue:
Revenue
¥
74,383 
$
473.0 
Other revenue
1,133 
7.2 
Total revenue
75,516 
480.2 
Expenses:
Cost of sales
72,859 
463.3 
Selling, general and administrative expenses
4,186 
26.6 
Total expenses
77,045 
490.0 
Operating loss
(1,529)
(9.7)
Other income and expenses:
Other income
11 
0.1 
Other expenses
(3,295)
(21.0)
Financial income
259 
1.6 
Financial expenses
(19)
(0.1)
Share of loss of equity-accounted investees, net of tax
(31)
(0.2)
Loss before income taxes
(4,604)
(29.3)
Income tax benefit
(468)
(3.0)
Net loss for the period attributable to owners of the Company
¥
(4,136)
$
(26.3)
* Convenience Translation into U.S. Dollars

COINCHECK GROUP N.V. and its subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS (UNAUDITED)
Japanese Yen
United States Dollar*
For the six months ended
For the six months ended
September 30,
September 30,
(in millions)
2026
2025
2026
Revenue:
Revenue
¥
187,615 
¥
215,782 
$
1,193.1 
Other revenue
2,233 
1,312 
14.2 
Total revenue
189,848 
217,094 
1,207.3 
Expenses:
Cost of sales
184,270 
210,763 
1,171.8 
Selling, general and administrative expenses
8,479 
6,684 
53.9 
Total expenses
192,749 
217,447 
1,225.7 
Operating loss
(2,901)
(353)
(18.4)
Other income and expenses:
Other income
115 
247 
0.7 
Other expenses
(3,146)
(59)
(20.0)
Financial income
262 
4 
1.7 
Financial expenses
(87)
(187)
(0.6)
Share of loss of equity-accounted investees, net of tax
(55)
— 
(0.4)
Loss before income taxes
(5,812)
(348)
(37.0)
Income tax expense (benefit)
(501)
674 
(3.2)
Net loss for the period attributable to owners of the Company
¥
(5,311)
¥
(1,022)
$
(33.8)










*Convenience Translation into U.S. Dollars

COINCHECK GROUP N.V. and its subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
Japanese Yen
United States Dollar*
As of September 30,
As of March 31,
As of September 30,
(In millions)
2026
2026
2026
Assets:
Current assets:
Cash and cash equivalents
¥
13,995 
¥
9,458 
$
89.0 
Cash segregated as deposits
44,374 
50,024 
282.2 
Crypto assets held
47,086 
37,876 
299.4 
Customer accounts receivable
1,284 
1,422 
8.2 
Other financial assets
765 
430 
4.9 
Other current assets
742 
1,274 
4.7 
Total current assets
108,246 
100,484 
688.4 
Noncurrent assets:
Property and equipment
3,158 
1,464 
20.1 
Intangible assets and goodwill
10,466 
13,600 
66.6 
Crypto assets held
119 
186 
0.8 
Other financial assets
504 
474 
3.2 
Equity-accounted investees
600 
491 
3.8 
Deferred tax assets
407 
378 
2.6 
Other non-current assets
84 
44 
0.5 
Total non-current assets
15,338 
16,637 
97.5 
Total assets
123,584 
117,121 
785.9 
Liabilities and equity
Liabilities:
Current liabilities:
Deposits received
44,179 
49,814 
281.0 
Crypto asset borrowings
46,860 
37,543 
298.0 
Other financial liabilities
2,330 
4,517 
14.8 
Income taxes payable
1 
647 
0.0 
Other current liabilities
316 
616 
2.0 
Total current liabilities
93,686 
93,137 
595.8 
Non-current liabilities:
Other financial liabilities
2,374 
1,203 
15.1 
Warrant liability
152 
132 
1.0 
Provisions
296 
342 
1.9 
Deferred tax liabilities
156 
562 
1.0 
Total non-current liabilities
2,978 
2,239 
18.9 
Total liabilities
96,664 
95,376 
614.7 
Equity:
Ordinary shares
327 
273 
2.1 
* Convenience Translation into U.S. Dollars

COINCHECK GROUP N.V. and its subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
Japanese Yen
United States Dollar*
As of September 30,
As of March 31,
As of September 30,
(In millions)
2026
2026
2026
Capital surplus
44,631 
34,247 
283.8 
Share-based payment reserve
1,602 
1,156 
10.2 
Merger reserve
(9,258)
(9,258)
(58.9)
Treasury shares
(4)
(4)
(0.0)
Retained earnings (accumulated deficit)
(9,679)
(4,368)
(61.5)
Foreign currency translation adjustment
(699)
(301)
(4.4)
Total equity
26,920 
21,745 
171.2 
Total liabilities and equity
¥
123,584 
¥
117,121 
$
785.9 

* Convenience Translation into U.S. Dollars

COINCHECK GROUP N.V. and its subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Japanese Yen
United States Dollar
For the six months ended
For the six months ended
September 30,
September 30,
(In millions)
2026
2025
2026
Cash flows from operating activities:
Loss before income taxes
¥
(5,812)
¥
(348)
$
(37.0)
Depreciation and amortization
567 
349 
3.6 
Share-based payments
630 
619 
4.0 
Impairment loss on non-financial assets
2,962 
— 
18.8 
Changes in fair value of other financial assets
(149)
13 
(0.9)
Change in fair value of warrant liability
22 
109 
0.1 
Interest (income) expenses, net
(49)
63 
(0.3)
Foreign exchange loss
124 
59 
0.8 
Share of loss of equity-accounted investees, net of tax
55 
— 
0.4 
(Increase) decrease in cash segregated as deposits
5,650 
(5,650)
35.9 
Increase in crypto assets held
(9,143)
(18,565)
(58.1)
(Increase) decrease in customer accounts receivable
138 
(164)
0.9 
Increase in other financial assets (current assets)
(182)
(52)
(1.2)
Decrease in other current assets
568 
342 
3.6 
Increase in crypto asset held (non-current assets)
(14)
— 
(0.1)
Increase in other financial assets (non-current assets)
(78)
— 
(0.5)
Increase (decrease) in deposits received
(5,635)
6,014 
(35.8)
Increase in crypto asset borrowings
9,317 
18,301 
59.2 
Decrease in other financial liabilities
(586)
(484)
(3.7)
Refund (payment) of excise tax on share redemptions
305 
(303)
1.9 
Increase (decrease) in other current liabilities
(298)
42 
(1.9)
Other, net
1 
(28)
— 
Cash provided by (used in) operating activities
(1,607)
317 
(10.2)
Interest income received
110 
3 
0.7 
Interest expenses paid
(52)
(59)
(0.3)
Income taxes paid
(651)
(744)
(4.1)
Net cash used in operating activities
(2,200)
(483)
(14.0)
Cash flows from investing activities
Purchase of property and equipment
(78)
(45)
(0.5)
Expenditure on internally generated intangible assets
(484)
(386)
(3.1)
Payments for guarantee deposits
(9)
— 
(0.1)
Purchase of other financial assets (non-current assets)
(16)
(100)
(0.1)
Acquisition of equity-accounted investees
(160)
— 
(1.0)
Net cash used in investing activities
(747)
(531)
(4.7)
Cash flows from financing activities
Issuance of ordinary shares, net of issuance costs
9,949 
— 
63.3 

COINCHECK GROUP N.V. and its subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Proceeds from short-term loans payable
3,000 
1,000 
19.1 
Repayments of short-term loans payable
(3,040)
(1,000)
(19.3)
Proceeds from loans from related party
— 
9,388 
— 
Repayments of loans from related party
(2,008)
(7,798)
(12.8)
Repayments of lease obligations
(202)
(188)
(1.3)
Net cash provided by financing activities
7,699 
1,402 
49.0 
Effect of exchange rate change on cash and cash equivalents
(215)
(2)
(1.4)
Net increase in cash and cash equivalents
4,537 
386 
28.9 
Cash and cash equivalents at the beginning of period
9,458 
8,584 
60.1 
Cash and cash equivalents at the end of period
¥
13,995 
¥
8,970 
89.0 














COINCHECK GROUP N.V. and its subsidiaries
RECONCILIATION OF TOTAL REVENUE
Japanese Yen
For the three months ended
September 30,
September 30,
June 30,
(In millions)
2026
2025
2026
Revenue arising from contracts with customers
Transaction revenue - Retail(1)
¥
67,560 
¥
131,954 
¥
104,776 
Transaction revenue - Institutional(2)
6,609 
— 
8,255 
Commission received(3)
214 
275 
201 
Investment management fee revenue(4)
542 
— 
404 
Sub-total
74,925 
132,229 
113,635 
Other sources
Staking revenue(5)
474 
794 
579 
Other revenue(6)
117 
82 
117 
Sub-total
591 
876 
696 
Total
¥
75,516 
¥
133,105 
¥
114,332 
For the six months ended Japanese Yen
For the six months ended September 30,
(In millions)
2025
2026
Revenue arising from contracts with customers
Transaction revenue - Retail(1)
¥
215,319 
¥
172,336 
Transaction revenue - Institutional(2)
— 
14,865 
Commission received(3)
463 
414 
Investment management fee revenue(4)
— 
946 
Sub-total
215,782 
188,561 
Other sources
Staking revenue(5)
1,175 
1,053 
Other revenue(6)
136 
234 
Sub-total
1,312 
1,287 
Total
¥
217,094 
¥
189,848 
____________
(1) Transaction revenue - Retail refers mainly to revenue from sales of crypto assets to retail customers and cover counterparties, which has been entirely derived from operations based in Japan.
(2) Transaction revenue - Institutional refers to the revenue from Aplo's prime brokerage services.
(3) Commission received refers to remittance fees, deposit and withdrawal fees, custodial fees, commissions received from the issuer and the applicants in the IEO business, commissions that arise from transactions on the Coincheck NFT Marketplace and commissions that arise from transactions on the Exchange platform, Aplo’s platform and other.
(4) Investment management fee revenue refers to fees derived from providing professional services to manage client accounts and sponsored investment vehicles,and fees charged to those vehicles for staking their assets.
(5) Staking revenue refers to staking rewards in crypto assets received by making company or customer digital assets available to support network validation activities.
(6) Other revenue is mainly the interest received from JSF Trust and Banking Co., Ltd.


COINCHECK GROUP N.V. and its subsidiaries
RECONCILIATION OF EBITDA
Japanese Yen
For the three months ended
September 30,
September 30,
June 30,
2026
2025
2026
Reconciliation of EBITDA:
Net income (loss) for the period
¥
(4,136)
¥
355 
¥
(1,176)
Add: Income tax expense (benefit)
(468)
548 
(33)
Profit (loss) before income taxes
(4,604)
903 
(1,209)
Add: Interest expense
37 
38 
19 
Add: Depreciation and amortization
274 
185 
293 
EBITDA
¥
(4,293)
¥
1,126 
¥
(897)

RECONCILIATION OF ADJUSTED EBITDA
Japanese Yen
For the three months ended
September 30,
September 30,
June 30,
2026
2025
2026
Reconciliation of Adjusted EBITDA:
Net income (loss) for the period
¥
(4,136)
¥
355 
¥
(1,176)
Add: Income tax expense (benefit)
(468)
548 
(33)
Profit (loss) before income taxes
(4,604)
903 
(1,209)
Add: Interest expense
37 
38 
19 
Add: Transaction expenses excluding listing expense
— 
153 
— 
Add: Change in fair value of warrant liability
(27)
(114)
50 
Add: Share-based compensation
300 
321 
330 
Add: Depreciation and amortization
274 
185 
293 
Adjusted EBITDA
¥
(4,020)
¥
1,486 
¥
(517)



COINCHECK GROUP N.V. and its subsidiaries
RECONCILIATION OF EBITDA
Japanese Yen
United States Dollar*
For the three months ended
For the three months ended
September 30,
September 30,
2026
2026
Reconciliation of EBITDA:
Net income (loss) for the period
¥
(4,136)
$
(26.3)
Add: Income tax expense (benefit)
(468)
(3.0)
Profit (loss) before income taxes
(4,604)
(29.3)
Add: Interest expense
37 
0.2 
Add: Depreciation and amortization
274 
1.7 
EBITDA
¥
(4,293)
$
(27.3)

RECONCILIATION OF ADJUSTED EBITDA
Japanese Yen
United States Dollar*
For the three months ended
For the three months ended
September 30,
September 30,
2026
2026
Reconciliation of Adjusted EBITDA:
Net income (loss) for the period
¥
(4,136)
$
(26.3)
Add: Income tax expense (benefit)
(468)
(3.0)
Profit (loss) before income taxes
(4,604)
(29.3)
Add: Interest expense
37 
0.2 
Add: Transaction expenses excluding listing expense
— 
— 
Add: Change in fair value of warrant liability
(27)
(0.2)
Add: Share-based compensation
300 
1.9 
Add: Depreciation and amortization
274 
1.7 
Adjusted EBITDA
¥
(4,020)
$
(25.6)

*Convenience Translation into U.S. Dollars


COINCHECK GROUP N.V. and its subsidiaries
RECONCILIATION OF EBITDA
Japanese Yen
United States Dollar*
For the six months ended
For the six months ended
September 30,
September 30,
September 30,
2026
2025
2026
Reconciliation of EBITDA:
Net loss for the period
¥
(5,311)
¥
(1,022)
$
(33.8)
Add: Income tax expense (benefit)
(501)
674 
(3.2)
Loss before income taxes
(5,812)
(348)
(37.0)
Add: Interest expense
56 
63 
0.4 
Add: Depreciation and amortization
567 
349 
3.6 
EBITDA
¥
(5,189)
¥
64 
$
(33.0)


RECONCILIATION OF ADJUSTED EBITDA
Japanese Yen
United States Dollar*
For the six months ended
For the six months ended
September 30,
September 30,
September 30,
2026
2025
2026
Reconciliation of Adjusted EBITDA:
Net loss for the period
¥
(5,311)
¥
(1,022)
$
(33.8)
Add: Income tax expense (benefit)
(501)
674 
(3.2)
Loss before income taxes
(5,812)
(348)
(37.0)
Add: Interest expense
56 
63 
0.4 
Add: Transaction expenses excluding listing expense
— 
296 
— 
Add: Change in fair value of warrant liability
22 
109 
0.1 
Add: Share-based compensation
630 
619 
4.0 
Add: Depreciation and amortization
567 
349 
3.6 
Adjusted EBITDA
¥
(4,537)
¥
1,088 
$
(28.9)
*Convenience Translation into U.S. Dollars

Source: View Original Filing on SEC EDGAR

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