Coincheck Reports Financial Results for Fourth Quarter and Year Ended March 31, 2025

Fourth Quarter Total Revenue Increased 13% Year-over-Year and Decreased 7% Quarter-over-Quarter

Full-Year Total Revenue Increased by 71%

AMSTERDAM--(BUSINESS WIRE)--May 13, 2025-- 

Coincheck Group N.V. (Nasdaq: CNCK) ("Coincheck Group", the "Company" or "Group"), a Dutch public limited liability company and the holding company of Coincheck, Inc. ("Coincheck"), a leading Japanese crypto exchange company, today reported financial results for the fourth quarter and year ended March 31, 2025 ("fiscal 2025").

Financial Highlights:(1)

Certain Year-Over-Year Highlights

   -- Total revenue increased 13% to Yen114.6 billion ($764 million) in the 
      fourth quarter of fiscal 2025 from Yen101.4 billion ($676 million) in the 
      fourth quarter of fiscal 2024, and increased 71%, to Yen383.3 billion 
      ($2,557 million) in the fiscal 2025 full year from Yen224.0 billion 
      ($1,495 million) in the fiscal 2024 full year. 
 
   -- Gross margin2 decreased 20% to Yen3.5 billion ($24 million) in the fourth 
      quarter of fiscal 2025, compared to Yen4.4 billion ($30 million) in the 
      fourth quarter of fiscal 2024, and increased 46% to Yen13.5 billion ($90 
      million) in the fiscal 2025 full year, compared to Yen9.3 billion ($62 
      million) in the fiscal 2024 full year. 
 
   -- Verified Accounts3 increased 16%, to 2,291,103 as of the end of fiscal 
      2025 from 1,981,152 as of the end of fiscal 2024. 
 
   -- Customer Assets4 increased 15%, to Yen859.2 billion ($5,732 million) as 
      of the end of fiscal 2025, from Yen744.2 billion ($4,965 million) as of 
      the end of fiscal 2024. 
 
   -- Marketplace Trading Volume5 increased 44%, to Yen337.5 billion ($2,252 
      million) for the fiscal 2025 full year from Yen234.6 billion ($1,565 
      million) for the fiscal 2024 full year. Fluctuations in Marketplace 
      Trading Volume are usually driven by crypto-asset industry market volumes 
      and conditions generally, and the size and level of trading activity at 
      Coincheck specifically, as well as market-price fluctuations in the 
      crypto assets most frequently traded. 
 
   -- Net profit was Yen642 million ($4.3 million) in the fourth quarter of 
      fiscal 2025 compared to Yen1,953 million ($13.0 million) in the fourth 
      quarter of fiscal 2024, and Net loss was Yen14,350 million ($95.7 
      million) in the fiscal 2025 full year, compared to Net profit of Yen1,967 
      million ($13.1 million) in the fiscal 2024 full year. A large component 
      of the Net loss results for the fiscal 2025 full year was total 
      transaction expenses6 of Yen18,321 million ($122.2 million), partially 
      offset by gain from the change in fair value of warrant liability of 
      Yen1,435 million ($9.6 million) in the third and fourth fiscal quarters. 
 
   -- Adjusted EBITDA7 decreased 46%, to Yen1,692 million ($11.3 million) in 
      the fourth quarter of fiscal 2025 from Yen3,111 million ($20.8 million) 
      in the fourth quarter of fiscal 2024, and increased 52%, to Yen5,718 
      million ($38.1 million) in the fiscal 2025 full year from Yen3,773 
      million ($25.2 million) in the fiscal 2024 full year. 

Certain Quarter-Over-Quarter Highlights

   -- Total revenue decreased 7% to Yen114.6 billion ($764 million) in the 
      fourth quarter of fiscal 2025, compared to Yen123.1 billion ($821 
      million) in the third quarter of fiscal 2025. 
 
   -- Gross margin decreased 26% to Yen3.5 billion ($24 million) in the fourth 
      quarter of fiscal 2025, compared to Yen4.8 billion ($32 million) in the 
      third quarter of fiscal 2025. 
 
   -- Verified Accounts increased 4.3% to 2,291,103 as of the end of the fourth 
      quarter of fiscal 2025, compared to 2,197,619 as of the end of the third 
      quarter of fiscal 2025. 
 
   -- Customer Assets decreased 25% to Yen859.2 billion ($5,732 million) in the 
      fourth quarter of fiscal 2025, compared to Yen1,142.2 billion ($7,620 
      million) in the third quarter of fiscal 2025. 
 
   -- Marketplace Trading Volume decreased 22% to Yen92.0 billion ($614 
      million) in the fourth quarter of fiscal 2025, compared to Yen117.4 
      billion ($783 million) in the third quarter of fiscal 2025. 
 
   -- Selling, general and administrative expenses decreased 45% to Yen3,556 
      million ($23.7 million) in the fourth quarter of fiscal 2025, compared to 
      Yen6,429 million ($42.9 million) in the third quarter of fiscal 2025. 
 
   -- Transaction expenses included in Selling, general and administrative 
      expenses were Yen540 million ($3.6 million) and Yen3,804 million ($25.4 
      million), respectively for the fourth quarter and third quarter of fiscal 
      2025. Excluding transaction expenses, Selling, general and administrative 
      expenses increased 15% to Yen3,016 million ($20.1 million) in the fourth 
      quarter of fiscal 2025, compared to Yen2,625 million ($17.5 million) in 
      the third quarter of fiscal 2025. 
 
   -- Total transaction expenses were Yen540 million ($3.6 million) for the 
      fourth quarter of fiscal 2025, compared to Yen17,518 million ($116.9 
      million) for the third quarter of fiscal 2025, which included the 
      transaction expenses related to the Company's recent de-SPAC business 
      combination ("Listing Expense") of Yen13,714 million ($91.5 million). 
 
   -- Net profit was Yen642 million ($4.3 million) in the fourth quarter of 
      fiscal 2025, compared to Net loss of Yen15,445 million ($103.0 million) 
      in the third quarter of fiscal 2025. Net profit in the fourth quarter of 
      fiscal 2025 included transaction expenses of Yen540 million ($3.6 
      million), compared to transaction expenses of Yen17,518 million ($116.9 
      million) in the third quarter of fiscal 2025's Net loss, and change in 
      fair value of warrant liability was Yen973 million ($6.5 million) in the 
      fourth quarter of fiscal 2025, compared to Yen462 million ($3.1 million) 
      in the third quarter of fiscal 2025. 
 
   -- Adjusted EBITDA decreased 39% to Yen1,692 million ($11.3 million) in the 
      fourth quarter of fiscal 2025, compared to Yen2,767 million ($18.5 
      million) in the third quarter of fiscal 2025. 

Fiscal 2025 Fourth Quarter Strategic and Operational Highlights:

   -- Launched Coincheck Staking on January 13, 2025, allowing users to 
      automatically earn Ethereum $(ETH)$ simply by depositing ETH with 
      Coincheck. 
 
   -- Completed the acquisition of Next Finance Tech Co., Ltd., a staking 
      platform service company, on March 14, 2025, to enhance Coincheck Staking 
      and offer staking platform services to other cryptocurrency marketplace 
      providers both in and outside of Japan. 
 
____________________ 
(1) References in this announcement to "Yen" are to Japanese Yen and 
references to "U.S. Dollars" and "$" are to United States Dollars. Unless 
otherwise stated, Coincheck Group has translated U.S. Dollar amounts from 
Japanese Yen at the exchange rate of Yen149.9 per $1.00, which was the Yen/$ 
exchange rate reported by the Federal Reserve Bank of New York as of March 31, 
2025. 
(2) Gross margin is defined as total revenue less cost of sales. 
(3) Verified Accounts are all accounts that have been opened after the account 
owner completes all application procedures (including "know your customer" or 
"KYC"), after subtracting therefrom the total number of closed accounts. 
(4) Customer Assets are preliminary figures prepared in accordance with 
Japanese generally accepted accounting principles (JGAAP) and differ from the 
financial figures of Coincheck Group N.V., prepared in accordance with IFRS 
Accounting Standards ("IFRS"), and may be revised in the future. 
(5) Marketplace Trading Volume for a specific period is the total value, based 
on the underlying asset, of all transactions completed through Coincheck's 
marketplace platform business. 
(6) Transaction expenses for the third and fourth quarters of fiscal 2025 were 
mainly cash and non-cash expenses related to the Company's de-SPAC business 
combination, including listing expense, that closed in December 2024. 
(7) Adjusted EBITDA is a non-IFRS financial measure; see "Non-IFRS financial 
measures" for definition and corresponding reconciliation below. 
 

About Coincheck Group N.V.

Headquartered in the Netherlands, Coincheck Group N.V. $(CNCK)$ is a public limited liability company and the holding company for Coincheck, Inc. Coincheck operates one of the largest multi-cryptocurrency marketplaces and crypto asset exchanges in Japan and is regulated by the Japan Financial Services Agency. Coincheck provides Marketplace and Exchange platforms on which diverse cryptocurrencies, including Bitcoin and Ethereum, are held and exchanged as well as other retail-focused crypto services. Coincheck also leverages its ownership of Next Finance Tech Co., Ltd. to offer staking services to retail customers and corporate clients.

Forward Looking Statements

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