Here are the 10-K annual reports from Exceed World Inc (EXDW) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow EXDW and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full EXDW filings page.
Exceed World, Inc., a Japan-focused e-learning and online gaming membership company, reported a sharp downturn for the year ended September 30, 2025. Revenue fell to $8.6 million from $24.4 million, mainly because recruitment activity by premium Force Club members declined, which is central to its multilevel marketing model.
The company swung from net income of $1.2 million to a net loss of $6.9 million, as fixed administrative costs of about $9.8 million outweighed the smaller gross profit base. Operating cash flow moved from an inflow of $2.7 million to an outflow of $8.1 million, and cash dropped to $7.4 million from $17.6 million, though working capital remained positive at $5.3 million.
The business continues to focus on Force Club memberships and the newer Connector Plan game membership, all primarily in Japan, supported by 57 employees. The company added bank borrowing, including a new credit line and long-term loans totaling about $1.5 million, and recorded modest legal settlements and contingencies related to contract cancellations.