gumi Inc. (3903): FY2025 Results Summary — Profitable at All Levels on Oradora and Crypto Valuation Gains

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

Note: gumi Inc. has an April fiscal year-end, and its presentation labels the year ended April 2026 as “Fiscal Year 2026 (May 2025 – April 2026)”; this site classifies it as FY2025, while the figures and labels below follow the presentation.

gumi Inc. (Securities code: 3903) reported full-year revenue of ¥9,183 million (+2.7% YoY) and ordinary profit of ¥2,170 million for the fiscal year ended April 2026, achieving profitability at all levels. The company attributes the result to steady revenue contributions from its flagship title JoJo’s Bizarre Adventure: Ora Ora Overdrive (“Oradora”) and the recording of crypto asset valuation gains. Q4 swung to an operating loss of ¥47 million due to advertising spending for Oradora’s half-anniversary, and full-year pre-tax profit of ¥1.52 billion reached approx. 47% of the midpoint of the revised Medium-Term Management Plan target range of ¥2.5-4.0 billion. The company is targeting solid growth in revenue and profit in FY27 through the release of major IP titles and other initiatives.

Consolidated Results (Full-Year Actual)

Revenue for FY2026 was ¥9,183 million, compared with ¥8,942 million in FY2025. Operating profit was ¥83 million (FY2025: ¥370 million), ordinary profit ¥2,170 million (FY2025: ¥2,103 million), pre-tax profit ¥1,524 million (FY2025: ¥2,467 million) and net profit attributable to owners of parent ¥1,454 million. Full-year ordinary profit was driven by the ¥1,094 million gain on crypto asset valuation recorded in Q1.

Item (Millions of yen)	FY2026 Full Year	FY2025 Full Year	Cumulative YoY
Revenue	9,183	8,942	+241
Operating Profit	83	370	(287)
Ordinary Profit	2,170	2,103	+66
Pre-Tax Profit	1,524	2,467	(943)
Net Profit Attributable to Owners of Parent	1,454	2,063	(608)

By quarter, FY2026 revenue was ¥1,354 million in Q1, ¥2,496 million in Q2, ¥2,982 million in Q3 and ¥2,351 million in Q4. Q4 revenue declined by ¥631 million QoQ as sales of Oradora during its half-anniversary event fell short of expectations, and Q4 resulted in an operating loss of ¥47 million due to increased expenses from advertising investments for the half-anniversary. Q4 ordinary profit remained stable at ¥197 million.

FY2026 (Millions of yen)	Q1	Q2	Q3	Q4	QoQ (Q4)
Revenue	1,354	2,496	2,982	2,351	(631)
Operating Profit	72	(235)	293	(47)	(340)
Ordinary Profit	1,234	267	470	197	(273)
Pre-Tax Profit	1,270	203	469	(419)	(888)
Quarterly Net Profit Attributable to Owners of Parent	1,247	103	496	(393)	(889)

On a full-year basis, domestic revenue was ¥7,090 million and overseas revenue ¥2,093 million, with an overseas revenue ratio of 22.9% and an operating margin of 0.9% (FY2025: 4.1%). Revenue increased, driven by the generally solid performance of Oradora, which was launched in Sept. 2025, while operating profit decreased due to a temporary increase in Oradora’s A&P expenses. Development cost decreased to ¥3,399 million from ¥4,822 million, which the company attributes to the optimization of the development structure, while A&P spend rose to ¥969 million from ¥272 million due to enhanced promotional activities around the launch of Oradora. A&P as a percentage of revenue was 10.6% (FY2025: 3.0%).

Segment Results

In FY2026 the company reported two segments. The Mobile Game Business recorded a full-year operating loss of ¥469 million: although half-anniversary advertising was deployed for Oradora in Q4, sales fell short of expectations. The Blockchain-Related Business continued to generate stable earnings, with the stable receipt of crypto assets in the entertainment sector driving an overall segment operating profit of ¥552 million. At the ordinary profit level, the entertainment sector recorded ordinary profit driven by valuation gains on crypto assets continuously received, while node operations & asset management recorded an ordinary loss caused by crypto market volatility, and investments, etc. recorded an ordinary loss reflecting equity-method investment losses from Group-operated funds. Prior-year segment figures cannot be confirmed from the materials.

Segment	Metric	FY2026 Full Year	FY2025 Full Year
Mobile Game Business	Operating profit	(¥469M)	―
Blockchain-Related Business	Operating profit	¥552M	―

The balance of crypto assets held by the gumi Group (excluding funds) reached ¥14,133 million as of the end of Q4, up 86.4% YoY from ¥7,581 million, and the company states that the balance held and managed by the Group including funds is in the scale of ¥26 billion. Following the strategy announcement at SBI Neo-Media Summit 2026 (May 2026), the existing Mobile Game Business and Blockchain-Related Business have been realigned into the Neo-Media Entertainment Business and the Neo-Crypto Business to maximize synergies with the SBI Group.

Financial Position

As of the end of FY2026 Q4, total assets were ¥28,821 million (+20.7% YoY) and net assets ¥22,134 million (+23.8% YoY). Cash and deposits decreased to ¥3,393 million from ¥6,077 million, which the company attributes to development investments in My Hero Academia and new major IP titles, as well as the concentration of one-time payments in Q4, noting that the balance remained within the expected range. The equity ratio was 76.8%.

Item (Millions of yen)	FY2026 Q4	FY2025 Q4	YoY
Current Assets	20,443	15,736	+29.9%
Cash and Deposits	3,393	6,077	(44.2%)
Fixed Assets	8,377	8,148	+2.8%
Total Assets	28,821	23,884	+20.7%
Current Liabilities	6,224	5,112	+21.7%
Fixed Liabilities	462	892	(48.1%)
Net Assets	22,134	17,880	+23.8%

FY2027 Outlook

The presentation does not include numerical full-year forecasts for FY2027; this cannot be confirmed from the materials. Qualitatively, the company is targeting solid growth in revenue and profit in FY27 through the release of major IP titles and other initiatives. My Hero Academia: UNITED SURVIVAL is scheduled for launch in FY2027 (within CY2026), and development of 2 new major global IP titles has begun in earnest. In the Neo-Crypto Business, the company aims to become Japan’s largest XRP holder and management firm, gradually transitioning held crypto assets (approx. ¥14B) into XRP and generating stable income through options trading such as covered calls. Given that the crypto asset market has recently entered a downturn, the company has adopted a policy of acquiring crypto assets while closely monitoring their prices.

Shareholder Returns and Capital Policy

In light of the recent weakness in the share price, the company resolved on June 12, 2026 to acquire and cancel all unexercised portions of the 26th Series of Stock Acquisition Rights (with Exercise Price Adjustment Clause). The rights were issued in October 2025 for growth investments and debt repayment; out of 10.7 million total shares issued, approx. 4.36 million shares have been exercised, raising approx. ¥1.5 billion, and approximately 6.34 million unexercised shares are subject to cancellation. The company states the aim is to improve the supply and demand of shares and protect the interests of existing shareholders by resolving concerns over potential dilution. Dividend information cannot be confirmed from the materials.

Medium-Term Management Plan

FY2026 was the final year of the previous Medium-Term Management Plan (established in Jun. 2023 and revised in Jun. 2025). Full-year pre-tax profit of ¥1.52 billion represented an achievement rate of approx. 47% against the revised target range of ¥2.5-4.0 billion (based on the range midpoint of ¥3.25B as 100%). The company cites the failure to secure commissioned projects and lower-than-expected revenue contributions from new titles in the Mobile Game Business, and the weak performance of collaborative game titles and delays in monetizing asset management in the Blockchain-Related Business, as factors for the underachievement. Over the three years, ordinary profit moved from (¥4,514M) in FY2024 to ¥2,103M in FY2025 and ¥2,170M in FY2026.

In response to the SBI Group’s strategic vision, gumi is formulating a new Medium-Term Management Plan, to be announced as soon as it is finalized, and aims to grow as a hybrid enterprise by integrating its game-centric Neo-Media Entertainment business with its XRP-focused Neo-Crypto business. The Neo-Media Entertainment Business will pursue three revenue engines across the entertainment value chain: IP acquisition through production committee investment to earn royalty revenues as the IP holder, game development under the “major IP × proprietary game engine” model, and peripheral entertainment such as the points-based prediction service ‘Yosoku Hiroba’, launched on June 9, and an official secondary creation platform. The Neo-Crypto Business comprises XRP holding and management, Hinode Technologies (a joint venture with TIS), and the fund business, including the SBI Crypto Fund. Through gumi AI Labs, the company has already invested in 17 companies, primarily AI startups in Silicon Valley.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.