This article first appeared on GuruFocus .
-
Total Revenue (Q4 2026):JPY119.7 billion ($752 million), up 4% from JPY114.6 billion ($720 million) in Q4 2025.
-
Total Revenue (Fiscal 2026):JPY480.2 billion ($3 billion), up 25% from JPY383.3 billion ($2.4 billion) in Fiscal 2025.
-
Adjusted Revenue (Q4 2026):JPY2.9 billion ($18 million), down 18% from JPY3.5 billion ($22 million) in Q4 2025.
-
Adjusted Revenue (Fiscal 2026):JPY13.1 billion ($82 million), down 8% from JPY14.2 billion ($89 million) in Fiscal 2025.
-
Verified Accounts:Increased 10% to 2.5 million as of March 31, 2026, from 2.3 million as of March 31, 2025.
-
Assets Under Management:JPY128.8 billion ($810 million) as of March 31, 2026.
-
Marketplace Trading Volume (Q4 2026):JPY65.7 billion ($413 million), down 29% from JPY92 billion ($578 million) in Q4 2025.
-
Marketplace Trading Volume (Fiscal 2026):JPY309.6 billion ($1.9 billion), down 8% from JPY337.5 billion ($2.1 billion) in Fiscal 2025.
-
Net Loss (Q4 2026):JPY1.2 billion ($7.6 million), compared to a net profit of JPY642 million ($4 billion) in Q4 2025.
-
Net Loss (Fiscal 2026):JPY1.8 billion ($11.5 million), compared to a net loss of JPY14.35 billion ($90.2 million) in Fiscal 2025.
-
Adjusted EBITDA (Q4 2026):Loss of JPY863 million ($5.4 million), compared to income of JPY719 million ($4.5 million) in Q4 2025.
-
Adjusted EBITDA (Fiscal 2026):JPY1.7 billion ($10.5 million), down 61% from JPY4.3 billion ($26.9 million) in Fiscal 2025.
-
Selling, General and Administrative Expenses (Q4 2026):JPY4.3 billion ($27 million), up from JPY3.6 billion ($22.4 million) in Q4 2025.
-
Cash and Cash Equivalents:JPY9.5 billion ($59.5 million) as of the end of Q4 2026.
Release Date: May 12, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
-
Coincheck Group NV ( NASDAQ:CNCK ) reported a 25% increase in total revenue for fiscal 2026, driven by institutional and counterparty transaction revenue.
-
The company has maintained its position as the number one downloaded crypto app in Japan for seven consecutive years, highlighting strong consumer trust and brand recognition.
-
Strategic partnerships with KDDI Corporation and Dynamic Funds demonstrate Coincheck Group's growing institutional traction and credibility.
-
The acquisition of 3iQ has enhanced Coincheck Group's institutional capabilities, providing a meaningful AUM base and opening doors to global institutional clients.
-
Coincheck Group is strategically positioned to capitalize on Japan's regulatory progress and market maturation in the digital assets space.
Negative Points
-
Adjusted revenue for the fourth quarter of fiscal 2026 decreased by 18% due to a decline in marketplace trading volume.
-
The company reported a net loss of JPY1.2 billion ($7.6 million) for the fourth quarter of fiscal 2026, compared to a net profit in the same quarter of the previous year.
-
Marketplace trading volume decreased by 29% in the fourth quarter of fiscal 2026, reflecting challenging market conditions.
-
Adjusted EBITDA for fiscal 2026 decreased by 61%, primarily due to lower adjusted revenue and increased selling, general, and administrative expenses.
-
Customer assets decreased due to a decline in the market price of crypto assets, impacting the overall financial performance.
Q & A Highlights
Q: Can you provide an update on the tax reform in Japan and its potential impact on Coincheck? A: Pascal St-Jean, CEO, explained that the tax reform is expected to take effect in 2028, with crypto regulation changes starting in 2027. Coincheck is focusing on partnerships and market positioning in anticipation of these changes, as demonstrated by their recent deal with KDDI.
Q: How is Coincheck positioning itself for the potential introduction of crypto ETFs in Japan? A: Pascal St-Jean, CEO, stated that Coincheck is preparing for both retail and institutional market changes, including regulatory requirements for crypto ETFs. The company is actively engaging with large institutions and regulators to ensure readiness for these opportunities.
Q: What is the current average spread on the exchange for the fourth quarter? A: Jason Sandberg, CFO, noted that the average spread remained consistent quarter-over-quarter, ranging between 3.2% and 3.3%.
Q: When can we expect to see the integration of acquired businesses reflected in Coincheck's financials? A: Pascal St-Jean, CEO, mentioned that integration is ongoing, with some benefits already visible in diversified revenue streams. The company is optimizing internal processes and enhancing services to clients, which will gradually reflect in financial results.
Q: Can you elaborate on the on-chain innovation initiatives Coincheck is pursuing? A: Pascal St-Jean, CEO, highlighted that Coincheck is focusing on developing Web3 wallets and exploring tokenization opportunities. The partnership with KDDI includes creating on-chain capabilities for Japanese consumers, positioning Coincheck at the forefront of future retail and institutional demand.
Q: What is the scope and economic structure of the partnership with KDDI? A: Pascal St-Jean, CEO, explained that the partnership involves a business alliance for customer referrals and a joint venture for developing new technologies. Jason Sandberg, CFO, added that while specific economics are not disclosed, the partnership offers significant potential due to KDDI's large user base.
Q: How should we think about account growth given the current market conditions and new partnerships? A: Pascal St-Jean, CEO, emphasized that Coincheck is focused on maintaining its marketing efforts and leveraging partnerships like those with KDDI and Miracoins to drive account growth. The company aims to capitalize on its brand trust and expand through B2B2C opportunities.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
