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TryHard Holdings (THH) interim loss widens despite disposal gain

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(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

TryHard Holdings Limited filed unaudited interim IFRS financials for the six months ended December 31, 2025. Revenue was broadly flat at JPY 1,696,012 thousand, but the company swung to a much larger loss as margins tightened and costs rose.

Gross profit fell from JPY 387,088 thousand to JPY 129,378 thousand, while general and administrative expenses increased to JPY 588,062 thousand. Despite recognising JPY 385,660 thousand gain on disposal of an associate and higher other income, TryHard reported a net loss of JPY 57,140 thousand versus a JPY 3,509 thousand loss a year earlier, or a basic and diluted loss per share of JPY 1.11.

On the balance sheet at December 31, 2025, cash and cash equivalents rose to JPY 121,343 thousand, total liabilities decreased to JPY 2,422,371 thousand, and shareholders’ equity increased to JPY 1,157,516 thousand. Ordinary shares issued and outstanding were 52,046,250.

Positive

  • None.

Negative

  • None.

Insights

Flat revenue with weaker margins and higher overheads drives a larger interim loss despite disposal gains.

TryHard’s revenue for the six months to December 31, 2025 was essentially unchanged at JPY 1,696,012 thousand. However, gross profit dropped sharply to JPY 129,378 thousand as total cost of revenue increased, compressing margins.

Operating performance weakened further as general and administrative expenses jumped to JPY 588,062 thousand, turning operating profit of the prior period into an operating loss. The company booked substantial other income and a JPY 385,660 thousand gain on disposal of an associate, yet still reported a net loss of JPY 57,140 thousand.

The balance sheet shows deleveraging and stronger liquidity: cash and cash equivalents rose to JPY 121,343 thousand, while total liabilities declined to JPY 2,422,371 thousand and shareholders’ equity increased to JPY 1,157,516 thousand. Subsequent filings may provide more detail on sustainability of cost levels and margin trends.

Total revenues JPY 1,696,012 thousand For the six months ended December 31, 2025
Net loss JPY 57,140 thousand For the six months ended December 31, 2025
Gross profit JPY 129,378 thousand For the six months ended December 31, 2025
Loss per ordinary share JPY 1.11 Basic and diluted, six months ended December 31, 2025
Cash and cash equivalents JPY 121,343 thousand As of December 31, 2025
Total liabilities JPY 2,422,371 thousand As of December 31, 2025
Total shareholders’ equity JPY 1,157,516 thousand As of December 31, 2025
Ordinary shares outstanding 52,046,250 shares As of December 31, 2025
Net investment in sublease financial
"Net investment in sublease, current ... Net investment in sublease, non-current"
Operating lease right-of-use assets financial
"Operating lease right-of-use assets | | | 848,971 | | | | 683,104"
An operating lease right-of-use (ROU) asset is an accounting entry that shows the value of a leased item you have the legal right to use—like a building, vehicle, or equipment—recorded on a company’s balance sheet along with the corresponding lease obligation. Investors care because it adds to reported assets and liabilities, changing measures like leverage and return on assets much like bringing a long-term rental onto the company’s financial snapshot, which can affect credit terms and valuation.
Finance lease liabilities financial
"Finance lease liabilities, current ... Finance lease liabilities, non-current"
Finance lease liabilities are the long-term payment obligations a company records when it effectively finances the use of an asset through a lease rather than buying it outright. Think of it like taking a car on a long-term financed rental: you get the asset now but also take on a loan-like obligation. Investors watch these liabilities because they increase reported debt, affect interest and cash-flow commitments, and can change leverage and valuation assessments.
Financial assets at FVTPL financial
"Financial assets at FVTPL | | | — | | | | 40,000"
Loss per ordinary share financial
"Loss per ordinary share - basic and diluted | | | ( 0.07 | ) | | | ( 1.11 | )"
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Form 6-K: How Foreign Companies Report to the SEC →

 

 

 

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 OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of June 23, 2026

 

Commission File Number 001-42820

 

TryHard Holdings Limited

(Exact name of registrant as specified in its charter)

 

Not Applicable

(Translation of Registrant’s Name Into English)

 

 541-0056, 2 Chome 5−19, Kyutaromachi

Chuo Ward, Osaka

    
(Address of principal executive offices)   (Zip Code)

 

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 ☐

 

 

 

 

 

 

Exhibit Index

 

Exhibit

Number

  

 

Exhibit Title

99.1   Unaudited Interim Condensed Financial Statements for the Six Months Ended December 31, 2025

 

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.

 

  TryHard Holdings Limited
   
Date: June 23, 2026 By /s/ Rakuyo Otsuki
    Rakuyo Otsuki
    Chief Executive Officer and Executive Director

 

3

false 2026 --06-30 Q2 2025-12-31 0002044241 0002044241 2025-07-01 2025-12-31 0002044241 2025-06-30 0002044241 2025-12-31 0002044241 ifrs-full:OrdinarySharesMember 2025-12-31 0002044241 ifrs-full:OrdinarySharesMember 2025-06-30 0002044241 THH:SeriesAPreferrenceSharesMember 2025-12-31 0002044241 THH:SeriesAPreferrenceSharesMember 2025-06-30 0002044241 2024-07-01 2024-12-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares iso4217:JPY iso4217:JPY xbrli:shares xbrli:pure

 

Exhibit 99.1

 

TRYHARD HOLDINGS LIMITED AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF JUNE 30, 2025 and DECEMBER 31, 2025

(All amounts in thousands, except for share and per share data, or otherwise noted)

 

   JPY   JPY   US$ 
  

As of

Jun 30, 2025

  

As of

December 31, 2025

 
   JPY   JPY   US$ 
Assets               
Current assets               
Cash and cash equivalents   13,348    121,343    774 
Term deposit   1,800    —    — 
Accounts receivable, net   1,014,513    1,095,397    6,986 
Accounts receivable – related party, net   107    —    — 
Net investment in sublease, current   172,233    277,629    1,771 
Inventories, net   15,255    13,535    86 
Other current assets, net   35,466    41,876    267 
Total current assets   1,252,722    1,549,780    9,884 
                
Non-current assets               
Property and equipment, net   989,408    997,299    6,360 
Investments in an associate   16,902    16,650    106 
Operating lease right-of-use assets   848,971    683,104    4,356 
Finance lease right-of-use assets   17,855    14,777    94 
Deferred tax assets, net   66,408    66,408    424 
Net investment in sublease, non-current   111,513    59,207    378 
Deferred offering costs   207,471    —    — 
Other non-current assets   162,814    152,662    974 
Financial assets at FVTPL   —    40,000    255 
Total non-current assets   2,421,342    2,030,107    12,947 
Total assets   3,674,064    3,579,887    22,831 
                
Liabilities and shareholders’ equity               
Current liabilities               
Bank and other borrowings, current   116,150    125,806    802 
Accounts payable   258,183    179,969    1,148 
Accounts payable – related party   12,900    12,895    82 
Other payables and accruals   305,196    174,568    1,113 
Income tax payable   168,295    144,638    922 
Contract liabilities   348    2,631    17 
Amount due to a related party   26,629    —    — 
Operating lease liabilities, current   374,687    341,955    2,181 
Finance lease liabilities, current   5,276    4,929    31 
Total current liabilities   1,267,664    987,391    6,296 
                
Non-current liabilities               
Bank and other borrowings, non-current   766,691    734,898    4,688 
Asset retirement obligation   386    —    — 
Operating lease liabilities, non-current   737,903    586,383    3,740 
Finance lease liabilities, non-current   13,237    10,860    69 
Rental deposits   90,752    90,752    579 
Other non-current liabilities   16,142    12,087    77 
Total non-current liabilities   1,625,111    1,434,980    9,153 
Total liabilities   2,892,775    2,422,371    15,449 
                
Shareholders’ equity               
Ordinary shares (par value of US$0.00002 per share; 22,500,000,000 ordinary shares authorized, 48,750,000 and 52,046,250 ordinary shares issued and outstanding as of June 30, 2025 and December 31, 2025)   157    161    1 
Series A Preferred Shares (par value of US$0.00002 per share; 2,500,000,000 Series A Preferred Shares authorized, 2,000,000 Series A Preferred Shares issued and outstanding as of June 30, 2025 and December 31, 2025)   6    6    — 
Share subscription receivable   (6)   (6)   — 
Merger reserve   459,207    892,571    5,692 
Retained earnings   321,925    264,784    1,689 
Total shareholders’ equity   781,289    1,157,516    7,382 
Total liabilities and shareholders’ equity   3,674,064    3,579,887    22,831 

 

 
 

 

TRYHARD HOLDINGS LIMITED AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND COMPREHENSIVE LOSS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2024 and 2025

(All amounts in thousands, except for share and per share data, or otherwise noted)

 

   2024   2025   2025 
   For the six months ended December 31, 
   2024   2025   2025 
   JPY   JPY   US$ 
Revenue               
– External   1,687,519    1,689,170    10,772 
– Related party   —    6,842    44 
Total revenues   1,687,519    1,696,012    10,816 
                
Cost of revenue               
– External   (1,300,431)   (1,503,132)   (9,586)
– Related party   —    (63,502)   (405)
Total cost of revenue   (1,300,431)   (1,566,634)   (9,991)
                
Gross profit   387,088    129,378    825 
                
Operating expenses               
Selling and marketing expenses   (132,355)   (106,135)   (677)
General and administrative expenses   (228,846)   (588,062)   (3,750)
Total operating expenses   (361,201)   (694,197)   (4,427)
                
Other income (expenses)               
Other income   11,694    156,346    997 
Other expenses   (229)   (30,762)   (196)
Total other income, net   11,465    125,584    801 
                
Operating profit (loss)   

37,352

    

(439,235

)   

(2,801

) 
                
Share of profit of investments in an associate   6,158    14,088    90 
Gain on disposal of investments in an associate   —    385,660    2,460 
Finance costs   (9,842)   (10,271)   (66)
Profit (loss) before income tax expenses   33,668    (49,758)   (317)
Income tax expenses   (37,177)   (7,382)   (47)
Net loss for the period and total comprehensive loss   (3,509)   (57,140)   (364)
                
Weighted average number of ordinary shares - basic and diluted   50,750,000    51,628,333    51,628,333 
Loss per ordinary share - basic and diluted   (0.07)   (1.11)   (0.01)

 

 

 

Source: View Original Filing on SEC EDGAR

FAQ

How did TryHard Holdings (THH) perform for the six months ended December 31, 2025?

TryHard reported flat revenue but a larger loss. Revenue was JPY 1,696,012 thousand, while net loss widened to JPY 57,140 thousand compared with a JPY 3,509 thousand loss in the prior-year period.

What were TryHard Holdings (THH) revenues and gross profit in the latest interim period?

For the six months ended December 31, 2025, TryHard generated total revenues of JPY 1,696,012 thousand. Gross profit declined to JPY 129,378 thousand, down from JPY 387,088 thousand in the comparable 2024 period, reflecting higher costs of revenue.

What net loss and loss per share did TryHard Holdings (THH) report?

TryHard recorded a net loss of JPY 57,140 thousand for the six months ended December 31, 2025. Basic and diluted loss per ordinary share was JPY 1.11, based on a weighted average of 51,628,333 ordinary shares.

How did TryHard Holdings’ (THH) balance sheet change by December 31, 2025?

At December 31, 2025, TryHard’s cash and cash equivalents increased to JPY 121,343 thousand. Total liabilities fell to JPY 2,422,371 thousand, while shareholders’ equity rose to JPY 1,157,516 thousand, indicating a stronger equity base.

How many TryHard Holdings (THH) ordinary shares were outstanding at December 31, 2025?

As of December 31, 2025, TryHard had 52,046,250 ordinary shares issued and outstanding. The ordinary shares have a par value of US$0.00002 each, under an authorization of up to 22,500,000,000 ordinary shares.

What notable one-off items affected TryHard Holdings (THH) interim results?

During the six months ended December 31, 2025, TryHard recognised a JPY 385,660 thousand gain on disposal of an investment in an associate and JPY 156,346 thousand of other income, which partly offset higher operating expenses.

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