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Loss narrows at Lead Real Estate (LRE) as interim revenue declines

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Form Type
6-K

Rhea-AI Filing Summary

Lead Real Estate Co., Ltd filed an interim report showing a net loss for the six months ended December 31, 2025, although results improved from the prior year. Total revenue was ¥3,992,020 thousand, down from ¥5,031,849 thousand, mainly due to lower real estate sales.

Operating loss narrowed to ¥455,173 thousand from ¥594,353 thousand as selling, general, and administrative expenses decreased. Net loss attributable to ordinary shareholders was ¥446,798 thousand, compared with ¥604,313 thousand a year earlier, with basic and diluted loss per share of ¥32.75 versus ¥44.32.

On the balance sheet, total assets rose to ¥25,303,296 thousand from ¥20,479,834 thousand, driven by an increase in real estate inventory. Total liabilities increased to ¥20,845,515 thousand, reflecting higher notes payable, while total shareholders’ equity declined to ¥4,457,781 thousand from ¥5,030,713 thousand.

Positive

  • None.

Negative

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Total revenue ¥3,992,020 thousand Six months ended December 31, 2025
Total revenue prior-year period ¥5,031,849 thousand Six months ended December 31, 2024
Net loss ¥446,798 thousand Six months ended December 31, 2025
Net loss prior-year period ¥604,313 thousand Six months ended December 31, 2024
Basic and diluted loss per share ¥32.75 Six months ended December 31, 2025
Total assets ¥25,303,296 thousand As of December 31, 2025
Total liabilities ¥20,845,515 thousand As of December 31, 2025
Total shareholders’ equity ¥4,457,781 thousand As of December 31, 2025
real estate inventory financial
"Real estate inventory | | | 15,614,502 | | | | 10,134,739 |"
contract assets financial
"Contract assets | | | 223,241 | | | | 141,418 |"
Contract assets are amounts a company has earned by doing work or delivering goods under a customer agreement but has not yet billed or collected because certain contract conditions remain. Think of it as completed work sitting in a company’s toolbox waiting for an invoice trigger. For investors, growing contract assets signal future cash and revenue potential but also raise questions about timing, cash collection risk and the real strength of reported sales.
right-of-use assets, operating lease financial
"Right-of-use assets, operating lease, net | | | 755,336 |"
comprehensive loss financial
"UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS FOR THE SIX MONTHS ENDED"
Comprehensive loss measures the total decrease in a company’s value over a reporting period by combining its regular profit-or-loss with other gains or losses that don’t show up on the main income line—things like currency swings, changes in the value of certain investments, or pension adjustments. For investors it matters because it reveals hidden hits to a company’s equity that aren’t reflected in net income, offering a fuller picture of financial health, similar to checking both your bank balance and the value of investments when assessing your net worth.
non-controlling interest financial
"Non-controlling interest | | | (8,456 | ) | | | (8,456 | )"
Non-controlling interest represents the portion of ownership in a company held by investors who do not have a controlling stake, meaning they do not have enough voting power to make major decisions. It is similar to owning a minority share of a business partner’s company—while they benefit from profits, they cannot control how the company is run. This matters to investors because it shows how much of the company's value is owned by outside shareholders and affects overall financial reporting.
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FAQ

How did Lead Real Estate (LRE) perform in the six months ended December 31, 2025?
Lead Real Estate reported a net loss of ¥446,798 thousand for the six months ended December 31, 2025. This was an improvement from a ¥604,313 thousand net loss in the prior-year period as operating loss narrowed and other income turned positive.

What were Lead Real Estate (LRE) revenues for the six months ended December 31, 2025?
Total revenue was ¥3,992,020 thousand for the six months ended December 31, 2025. Real estate sales contributed ¥3,632,226 thousand and other revenue ¥359,794 thousand, compared with total revenue of ¥5,031,849 thousand in the same period of 2024.

How much did Lead Real Estate (LRE) lose per share in this interim period?
Basic and diluted loss per share were both ¥32.75 for the six months ended December 31, 2025. This compares with a basic and diluted loss per share of ¥44.32 for the same six-month period in 2024, reflecting smaller overall losses.

What changes occurred in Lead Real Estate (LRE) assets and liabilities by December 31, 2025?
Total assets increased to ¥25,303,296 thousand as of December 31, 2025, from ¥20,479,834 thousand at June 30, 2025. Total liabilities rose to ¥20,845,515 thousand, up from ¥15,449,121 thousand, largely due to higher notes payable balances during the period.

How did Lead Real Estate (LRE) operating results change year over year?
Operating loss narrowed to ¥455,173 thousand for the six months ended December 31, 2025, from ¥594,353 thousand a year earlier. Lower selling, general, and administrative expenses contributed to the improvement, although total revenue declined compared with the prior-year period.

What happened to Lead Real Estate (LRE) shareholders’ equity during this period?
Total shareholders’ equity decreased to ¥4,457,781 thousand as of December 31, 2025, from ¥5,030,713 thousand at June 30, 2025. The decline reflects the net loss recorded in the six-month period and other movements such as foreign currency translation adjustments.

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 June 2026

 

Commission File Number: 001-41814

 

 

Lead Real Estate Co., Ltd

 

 

16-11

Nampeidai-cho, 6F, Shibuya-ku

Tokyo, 150-0036, Japan
(Address of Principal Executive Office)

 

 

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 x   Form 40-F ¨

 

 

 

 

 

 

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

 

On June 18, 2026, Lead Real Estate Co., Ltd, a joint-stock corporation with limited liability incorporated in Japan (the “Company”), released its interim report, including the related unaudited consolidated balance sheet and statement of comprehensive loss of the Company, for the six months ended December 31, 2025.

 

EXHIBIT INDEX

 

Exhibit
No		   Description
99.1   Interim report of the Company for the six months ended December 31, 2025

 

 

 

SIGNATURE

 

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.

 

  Lead Real Estate Co., Ltd
   
Date: June 18, 2026 By: /s/ Eiji Nagahara
  Name: Eiji Nagahara
  Title: Representative Director, President, and Chief Executive Officer

 

 

 

Exhibit 99.1

 

LEAD REAL ESTATE CO., LTD

 

INDEX TO CONSOLIDATED BALANCE SHEETS AND STATEMENTS OF COMPREHENSIVE LOSS
TABLE OF CONTENTS

 

CONTENTS   PAGE(S)
UNAUDITED CONSOLIDATED BALANCE SHEETS AND STATEMENTS OF COMPREHENSIVE LOSS    
     
CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2025 (UNAUDITED) AND JUNE 30, 2025   F-2
     
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS FOR THE SIX MONTHS ENDED DECEMBER 31, 2025 AND 2024   F-3

 

F-1

 

 

LEAD REAL ESTATE CO., LTD

CONSOLIDATED BALANCE SHEETS

(Japanese yen in thousands, except share data)

 

   December 31,
2025		   June 30,
 2025		 
    (Unaudited)      
ASSETS          
Current assets:          
Cash and cash equivalents  ¥1,028,478   ¥2, 656,860 
Accounts receivable, net   53,262    38,523 
Real estate inventory   15,614,502    10,134,739 
Contract assets   223,241    141,418 
Prepaid and other current assets   622,893    381,581 
Total current assets   17,542,376    13,353,121 
Property and equipment, net   6,528,923    5,796,381 
Intangible asset, net   25,439    35,396 
Investments in marketable securities   60,714    25,303 
Right-of-use assets, operating lease, net   755,336    820,786 
Investments   123,377    122,101 
Other assets   267,131    326,746 
Total assets  ¥25,303,296   ¥20,479,834 
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Current liabilities:          
Accounts payable  ¥1,589,024   ¥1,035,712 
Current portion of notes payable   11,750,370    7,599,606 
Contract liabilities   621,576    337,483 
Current portion of operating lease liabilities   207,317    201,313 
Accrued expenses and other current liabilities   254,853    764,920 
Total current liabilities   14,423,140    9,939,034 
Notes payable, net of current portion   5,486,818    4,557,855 
Deferred tax liabilities, net   135,103    89,638 
Operating lease liabilities, net of current portion   549,347    621,962 
Other liabilities   251,107    240,632 
Total liabilities   20,845,515    15,449,121 
COMMITMENTS AND CONTINGENCIES SHAREHOLDERS’ EQUITY          
Ordinary shares, 50,000,000 shares authorized, 15,628,000 shares issued and 13,641,900 shares outstanding as of December 31, 2025 and June 30, 2025, with no stated par value    1,207,055    1,207,055 
Retained earnings   3,382,455    3,965,673 
Treasury stock, at cost, 1,986,100 shares as of December 31, 2025 and June 30, 2025   (154,121)   (154,121)
Non-controlling interest   (8,456)   (8,456)
Accumulated translation gain   30,848    20,562 
Total shareholders’ equity   4,457,781    5,030,713 
Total liabilities and shareholders’ equity  ¥25,303,296   ¥20,479,834 

 

F-2

 

 

LEAD REAL ESTATE CO., LTD

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Japanese yen in thousands, except share and per share data)

 

   Six Months Ended December 31, 
   2025   2024 
Revenue:        
Real estate sales  ¥3,632,226   ¥4,812,944 
Other revenue   359,794    218,905 
Total revenue   3,992,020    5,031,849 
Expenses:          
Cost of sales - real estate   3,251,366    4,309,767 
Cost of sales - other   318,969    125,049 
Selling, general, and administrative   876,858    1,191,386 
Total expenses   4,447,193    5,626,202 
Operating loss   (455,173)   (594,353)
Other income (expense):          
Interest expenses   (20,195)   (23,301)
Other, net   49,560    (8,639)
Total other income (expense), net   29,365    (31,940)
Loss before income taxes   (425,808)   (626,293)
Income tax expense (benefit)   20,990   (21,980)
Net loss   (446,798)   (604,313)
Net loss attributable to the noncontrolling interests   -    -
Net loss attributable to ordinary shareholders   (446,798)   (604,313)
Foreign currency translation gain (loss)   10,286    (276)
Total comprehensive loss  ¥(436,512)  ¥(604,589)
Loss per share:          
Basic  ¥(32.75)  ¥(44.32)
Diluted  ¥(32.75)  ¥(44.32)
Weighted average shares outstanding:          
Basic   13,641,900    13,641,900 
Diluted   13,641,900    13,641,900 

 

F-3

 

Source: View Original Filing on SEC EDGAR

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