Third Quarter Total Revenue Increased 17% Year-over-Year and 8% Quarter-over-Quarter
AMSTERDAM--(BUSINESS WIRE)--February 12, 2026--
Coincheck Group N.V. (Nasdaq: CNCK) ("Coincheck Group" or the "Company"), 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 third quarter of the fiscal year ending March 31, 2026 ("fiscal 2026"). References to "fiscal 2025" mean the fiscal year ended March 31, 2025.
The Company also announced that Gary Simanson, its CEO and President, has informed the board of directors that he is resigning from Coincheck Group effective as of the end of the Company's fiscal year, March 31, 2026. Pascal St-Jean, Coincheck Group's Chief Growth Officer since November 2025, and the CEO of 3iQ Corp., a global pioneer in digital asset investment solutions, will succeed Mr. Simanson effective April 1. The Company announced its pending acquisition of 3iQ in January 2026.
"With the acquisition of 3iQ, Gary has led the Company to the next stage of its growth strategy," said Oki Matsumoto, the Company's Executive Chairperson. "Gary has been a highly effective leader -- he has led our transition to becoming a Nasdaq-listed company, spearheaded our acquisition strategy, and built the initial structural foundation for our global strategy. We and the entire Coincheck Group community thank him for his leadership and wish him the absolute best in his future pursuits. Now, Pascal is ideally suited to lead the next phase of our strategy, which is to grow our institutional presence in the crypto industry, in Japan and other regions, by shifting from acquisitions to numerous types of B2B and B2B2C strategic alliances with large financial institutions and funds that we believe will be attracted to the combined platforms and services our operating subsidiaries can offer."
"I deeply appreciate the Coincheck Group team's efforts and what we have accomplished," said Simanson. "I believe the company is well-positioned to succeed in the next phase of its strategy."
"First, I need to say how exciting it is for me to be given the opportunity to lead this company in the next stage of its strategy to be a leading global crypto financial services company," said St-Jean. "I believe we have the pieces we need, and now it is time to put them all together and execute on our vision."
Financial Highlights:(1)
Certain Year-Over-Year Highlights
-- Total revenue increased 17%, to Yen143.5 billion ($915 million) in the
third quarter of fiscal 2026 from Yen123.1 billion ($785 million) in the
third quarter of fiscal 2025, due mainly to revenue of Yen13.1 billion
($83 million) of Aplo (the Paris-based digital asset prime brokerage
acquired by the Company in October 2025), staking revenue of Yen777
million ($5 million), and Initial Exchange Offering (or IEO) revenue of
Yen359 million ($2 million) recorded in third quarter of fiscal 2026.
-- Gross margin2 decreased 20%, to Yen3,833 million ($24 million) in the
third quarter of fiscal 2026 from Yen4,794 million ($31 million) in the
third quarter of fiscal 2025, mainly as a result of a decrease in
Marketplace Trading Volume, partially offset by an increase in IEO
revenue.
-- Verified Accounts3 increased 13%, to 2,475,345 as of December 31, 2025
from 2,197,619 as of December 31, 2024.
-- Customer Assets4 decreased 17%, to Yen948.5 billion ($6,049 million) as
of December 31, 2025 from Yen1,142.2 billion ($7,285 million) as of
December 31, 2024. Even though the quantity of digital tokens held by
customers remained relatively stable during the third quarter of fiscal
2026, Customer Assets decreased due primarily to the decline in the
market price of crypto assets, including Bitcoin, Ethereum and XRP.
-- Marketplace Trading Volume5 decreased 25%, to Yen87.7 billion ($559
million) for the third quarter of fiscal 2026 from Yen117.4 billion ($749
million) for the third quarter of fiscal 2025. 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 frequently traded.
-- Net income was Yen405 million ($2.6 million) in the third quarter of
fiscal 2026, compared to Net loss of Yen15,445 million ($98.5 million) in
the third quarter of fiscal 2025. A large component of the Net loss
results for the third quarter of fiscal 2025 was total transaction
expenses6 of Yen17,518 million ($111.7 million).
-- Adjusted EBITDA7 decreased 38%, to Yen1,428 million ($9.1 million) in
the third quarter of fiscal 2026 compared to Yen2,303 million ($14.7
million) in the third quarter of fiscal 2025, due mainly to lower
Marketplace Trading Volume in the third quarter of fiscal 2026.
___________________________
(1) References in this announcement to "Yen" are to Japanese Yen and
references to "U.S. Dollars" and "$" are to United States Dollars. Unless
otherwise stated, Coincheck Group has translated U.S. Dollar amounts from
Japanese Yen at the exchange rate of Yen156.800 per $1.00, which was the Yen/$
exchange rate reported by the Federal Reserve Bank of New York as of December
31, 2025.
(2) Gross margin is defined as total revenue less cost of sales for Coincheck
Inc.'s business (does not include Aplo or Next Finance Tech).
(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. These
numbers are for Coincheck Inc.'s business (do not include Aplo or Next Finance
Tech).
(4) Cryptocurrencies held for customers + fiat currency deposited by
customers. This does not include NFTs or customer assets of Aplo, or of Next
Finance Tech (if any).
(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.
(6) Transaction expenses for the third quarter 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. Adjusted
EBITDA has been calculated differently beginning with the first quarter of
fiscal 2026 than it was calculated for the fourth quarter of fiscal 2025, as
further explained under "Non-IFRS financial measures" and "Reconciliation of
Adjusted EBITDA."
Certain Quarter-Over-Quarter Highlights
-- Total revenue increased 8%, to Yen143.5 billion ($915 million) in the
third quarter of fiscal 2026 compared to Yen133.1 billion ($849 million)
in the second quarter of fiscal 2026, due to revenue of Yen13.1 billion
($83 million) of Aplo and Initial Exchange Offering (or IEO) revenue of
Yen359 million ($2 million) recorded in third quarter of fiscal 2026.
-- Gross margin decreased 1%, to Yen3,833 million ($24.4 million) in the
third quarter of fiscal 2026 compared to Yen3,886 million ($24.8 million)
in the second quarter of fiscal 2026, partially offset by an increase in
IEO revenue.
-- Verified Accounts increased 2%, to 2,475,345 as of December 31, 2025
from 2,421,080 as of September 30, 2025.
-- Customer Assets decreased 20%, to Yen948.5 billion ($6,049 million) as
of December 31, 2025 from Yen1,189.2 billion ($7,584 million) as of
September 30, 2025. Even though the quantity of digital tokens held by
customers remained relatively stable during the third quarter of fiscal
2026, Customer Assets decreased due primarily to the decline in the
market price of crypto assets, including Bitcoin, Ethereum and XRP.
-- Marketplace Trading Volume decreased 7%, to Yen87.7 billion ($559
million) for the third quarter of fiscal 2026 from Yen94.7 billion ($604
million) for the second quarter of fiscal 2026.
-- Net income increased 14% to Yen405 million ($2.6 million) in the third
quarter of fiscal 2026 compared to Yen354 million ($2.3 million) in the
second quarter of fiscal 2026. The primary driver of this increase was a
decrease in income tax expense and an increase in gain from change in
fair value of warrant liability in the second quarter of fiscal 2026.
-- Adjusted EBITDA decreased 4% to Yen1,428 million ($9.1 million) in the
third quarter of fiscal 2026 compared to Yen1,486 million ($9.5 million)
in the second quarter of fiscal 2026, due mainly to lower Marketplace
Trading Volume in the third quarter of fiscal 2026.
Fiscal 2026 Third Quarter Strategic Highlights:
-- The Company acquired Aplo SAS, a digital asset prime brokerage for
institutional crypto investors based in Paris, on October 14, 2025. Aplo
has grown rapidly and today serves more than 60 active institutional
clients, including hedge funds, asset managers, banks and large
corporates. Aplo was named "Prime Broker of the Year (EMEA)" at the 2025
Hedgeweek Global Digital Asset Awards. The purchase price was
approximately $24 million in a stock-for-stock transaction.
Other Recent Highlights:
-- Coincheck Group entered into a stock purchase agreement dated January
8, 2026, with its majority shareholder, Monex Group, Inc. ("Monex"), as
seller, to acquire approximately 97% beneficial ownership of 3iQ Corp.,
one of the world's leading alternative digital asset managers. 3iQ is
based in Ontario, Canada. Pursuant to the agreement, based on an agreed
value for 3iQ of USD 111,840,476, and an agreed value for Coincheck Group
stock of USD 4.00 per ordinary share, all issued and outstanding shares
beneficially owned by Monex in 3iQ's holding company, constituting
approximately 97% beneficial ownership of 3iQ, are to be exchanged for
27,149,684 newly issued ordinary shares of Coincheck Group. The agreement
also contemplates that between signing and closing Coincheck Group will
offer the same or substantially equivalent acquisition consideration
terms to 3iQ's minority shareholders, issuing to them in the aggregate up
to 810,435 Coincheck Group ordinary shares, which would result in
Coincheck Group beneficially owning 100% of 3iQ. Thus far, minority
shareholders have joined in the transaction that will result in Coincheck
Group acquiring approximately 99.8% ownership of 3iQ. Closing of the
transaction, which is subject to customary undertakings and certain
conditions, including regulatory approvals and confirmatory due diligence,
is expected during the second calendar quarter of 2026.
Webcast and Conference Call
Coincheck Group will host a live webcast to discuss its results today at 5:00 pm ET. The call will be hosted by the following members of Coincheck Group's management: Gary Simanson, CEO, Jason Sandberg, CFO, Pascal St-Jean, incoming CEO, and Oki Matsumoto, Executive Chairperson. The conference call can be accessed live via webcast from the Company's investor relations website at https://www.coincheckgroup.com/news-events/ir-calendar. A replay will be available on the investor relations website following the call. The conference call can also be accessed over the phone by dialing (800) 245-3047 or (203) 518-9765; the Conference ID is CNCKQ3.
About Coincheck Group N.V.
Coincheck Group N.V. is a NASDAQ-listed holding company (Nasdaq: CNCK) based in the Netherlands. Its core subsidiary, Coincheck, Inc., operates one of Japan's leading crypto asset trading platforms. Coincheck has ranked No.1 in crypto trading app downloads in Japan for seven consecutive years (2019 through 2025)*. Through advanced technology and robust security infrastructure, Coincheck aims to foster an ecosystem where new forms of value exchange--enabled by crypto assets and blockchain--can flourish. The Company's other operating subsidiary, Aplo SAS, is a registered crypto prime brokerage for institutional investors headquartered in Paris, France. The Company also leverages its ownership of Next Finance Tech Co., Ltd., a staking platform services company, to offer staking services to retail customers and corporate clients.
*Sources: AppTweak, domestic crypto asset trading apps from 2019 to 2025, and Sensor Tower App Performance Insights for the 12-month period ended September 2025.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about trading, future financial and operating results, management updates, the pending acquisition of 3iQ, plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "believe," "intend," "plan," "projection," "outlook" or words of similar meaning or the negative thereof. Such forward-looking statements are based upon the current beliefs and expectations of the Company's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the Company's control, which could cause actual results or events to differ materially from those presently anticipated; such risks, uncertainties, and assumptions, include, among others: (i) changes in the cryptocurrency and digital asset markets in which the Company competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) changes in global political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effects of inflation, trade policies and government regulation; (iii) changes in economic conditions and consumer sentiment in Japan; (iv) the price of crypto assets and volume of transactions on the Company's platform; (v) the development, utility and usage of crypto assets; (vi) demand for any particular crypto asset; (vii) cyberattacks and security breaches on the Company platform; (viii) the Company's ability to introduce new products and services, (ix) the Company's ability to execute its growth strategies, including identifying and executing acquisitions, (x) the success, continued success, or lack thereof, regarding the Company's staking award program, Next Finance Tech's staking platform and other potential commercial relationships, the strategic relationship with Mercoin/Mercari, and Aplo's and 3iQ's businesses; (xi) the ability to grow and manage growth profitably; and (xii) other risks and uncertainties discussed in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"), including its Annual Report on Form 20-F for the fiscal year ended March 31, 2025, as such factors may be updated from time to time, which are or will be accessible on the SEC's website at www.sec.gov. The forward-looking statements included in this press release are made only as of the date of this press release and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.
Non-IFRS financial measures
EBITDA and Adjusted EBITDA
In addition to the Company's results determined in accordance with IFRS Accounting Standards, the Company presents EBITDA and Adjusted EBITDA, non-IFRS measures, because the Company believes they are useful in evaluating its operating performance.
EBITDA represents net profit (loss) for the period before the impact of taxes, interest, depreciation, and amortization of intangible assets, and Adjusted EBITDA represents EBITDA, further adjusted, as follows. Adjusted EBITDA was being calculated differently for the first three quarters of fiscal 2026 than it was previously calculated for the fourth quarter of fiscal 2025. When the Company announced its financial results on May 13, 2025 for the fourth quarter of fiscal 2025, the further adjustment to calculate Adjusted EBITDA consisted only of transaction expenses. Beginning with the first quarter for the year ending March 31, 2026 (and for the foreseeable future), in evaluating how Adjusted EBITDA should be calculated, the Company considers, in addition to transaction expenses, the non-cash expenses of (i) share-based compensation, which the Company did not have prior to April 1, 2025, the majority of which consists of Coincheck Group restricted share unit awards granted to two of Coincheck, Inc.'s founders and awards granted related to the Company's December 2024 business combination that resulted in the Company's listing on Nasdaq, and (ii) change in fair value of warrant liability, which fluctuates quarter to quarter based on the Company's share price.
The Company uses EBITDA and Adjusted EBITDA to evaluate its ongoing operations and for internal planning and forecasting purposes and believes that EBITDA and Adjusted EBITDA may be helpful to investors because they provide consistency and comparability with past financial performance. However, EBITDA and Adjusted EBITDA are presented for supplemental informational purposes only, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS Accounting Standards.
A reconciliation is provided below for each non-IFRS financial measures to the most directly comparable financial measure stated in accordance with IFRS Accounting Standards. Investors are encouraged to review the related IFRS Accounting Standards financial measures and the reconciliation of these non-IFRS financial measures to their most directly comparable IFRS Accounting Standards financial measures, and not to rely on any single financial measure to evaluate Coincheck Group's business.
Please see tables on the following pages for reconciliations of non-IFRS Accounting Standards financial measures.
U.S. Dollar financial information
For the convenience of the reader, where applicable, Coincheck Group has translated U.S. Dollar amounts from Japanese Yen at the exchange rate of Yen156.800 per $1.00, which was the Yen/$ exchange rate reported by the Federal Reserve Bank of New York as of December 31, 2025.
This information is intended to be reviewed in conjunction with the Company's filings with the SEC.
COINCHECK GROUP N.V. and its subsidiaries
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS (UNAUDITED)
Japanese Yen
For the three months ended
December 31, December 31, September 30,
--------------- -------------- ---------------
(in millions) 2025 2024 2025
----- -------- ---- -------- ---- ---------
Revenue:
Revenue Yen 142,574 Yen 123,084 Yen 132,229
Other revenue 881 20 876
-------- ---- -------- ---- ---------
Total revenue 143,455 123,104 133,105
Expenses:
Cost of sales 139,622 118,311 129,219
Selling, general and
administrative expenses 3,509 6,429 3,370
-------- ---- -------- ---- ---------
Total expenses 143,131 124,740 132,589
-------- ---- -------- ---- ---------
Operating profit (loss) 324 (1,636) 516
Other income and
expenses:
Other income 309 -- 322
Other expenses (33) (30) (1)
Financial income 249 476 116
Financial expenses (54) (4) (50)
Listing expense -- (13,714) --
----- -------- ---- -------- ---- ---------
Profit (loss) before income
taxes 795 (14,908) 902
Income tax expense 390 537 548
-------- ---- -------- ---- ---------
Net profit (loss) for
the period
attributable to
owners of the
Company Yen 405 Yen (15,445) Yen 354
==== ======== ==== ======== ==== =========
COINCHECK GROUP N.V. and its subsidiaries
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS (UNAUDITED)
United States
Japanese Yen Dollar(*)
For the three months For the three
ended months ended
December 31, December 31,
----------------------- -------------------
(in millions) 2025 2025
--------- ------------ ----- ------------
Revenue:
Revenue Yen 142,574 $ 909.3
Other revenue 881 5.6
------------ ----- ------------
Total revenue 143,455 914.9
Expenses:
Cost of sales 139,622 890.4
Selling, general and administrative
expenses 3,509 22.4
------------ ----- ------------
Total expenses 143,131 913
------------ ----- ------------
Operating profit (loss) 324 2.1
Other income and expenses:
Other income 309 2.0
Other expenses (33) (0.2)
Financial income 249 1.6
Financial expenses (54) (0.3)
------------ ----- ------------
Profit (loss) before income taxes 795 5.1
------------ ----- ------------
Income tax expense 390 2.5
------------ ----- ------------
Net profit for the period
attributable to owners of
the Company Yen 405 $ 2.6
======== ============ ===== ============
__________________________
* Convenience Translation into U.S.
Dollars
COINCHECK GROUP N.V. and its subsidiaries
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS (UNAUDITED)
United States
Japanese Yen Dollar(*)
For the nine
For the nine months ended months ended
December 31, December 31,
---------------------------- -------------
(in millions) 2025 2024 2025
---- ------- --- -------- ------------
Revenue:
Revenue Yen 358,356 Yen 268,716 $ 2,285.4
Other revenue 2,193 35 14.0
------- --- -------- ------------
Total revenue 360,549 268,751 2,299.4
------- --- -------- ------------
Expenses:
Cost of sales 350,385 258,818 2,234.6
Selling, general and
administrative expenses 10,193 10,902 65.0
------- --- -------- ------------
Total expenses 360,577 269,720 2,299.6
------- --- -------- ------------
Operating profit (loss) (29) (970) (0.2)
Other income and expenses:
Other income 499 17 3.2
Other expenses (35) (33) (0.2)
Financial income 143 485 0.9
Financial expenses (132) (28) (0.8)
Listing expense -- (13,714) --
Profit (loss) before income taxes 447 (14,242) 2.9
------- --- -------- ------------
Income tax expense 1,064 750 6.8
------- --- -------- ------------
Net profit (loss) for the
period attributable to
owners of the Company Yen (617) Yen (14,992) $ (3.9)
==== ======= === ======== ============
__________________________
* Convenience Translation into
U.S. Dollars
COINCHECK GROUP N.V. and its subsidiaries
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS (UNAUDITED)
For the three months ended December 31,
----------------------------------------------
(In millions) 2024 2025
--------- ------------- ----- -------------
Revenue arising from contracts
with customers
Transaction revenue -
Retail(1) Yen 122,695 Yen 128,877
Transaction revenue - Institutional(2) -- 13,038
Commission received(3) 389 659
Institutional revenue -- --
--------- ------------- ----- -------------
Sub-total 123,084 142,574
------------- ----- -------------
Other sources
Staking revenue -- 777
Other revenue(4) 20 104
------------- ----- -------------
Sub-total 20 881
------------- ----- -------------
Total Yen 123,104 Yen 143,455
--------- ------------- ----- -------------
For the nine months ended December 31,
---------------------------------------------
(In millions) 2024 2025
------- -------------- ----- -------------
Revenue arising from contracts
with customers
Transaction revenue -
Retail(1) Yen 267,479 Yen 344,196
Transaction revenue - Institutional(2) -- 13,038
Commission received(3) 1,237 1,122
Institutional revenue -- --
------- -------------- ----- -------------
Sub-total 268,716 358,356
-------------- ----- -------------
Other sources
Staking revenue -- 1,952
Other revenue(4) 35 241
-------------- ----- -------------
Sub-total 35 2,193
-------------- ----- -------------
Total Yen 268,751 Yen 360,549
------- -------------- ----- -------------
____________
(1) Transaction revenue - Retail refers mainly to revenue from sales of crypto
assets to retail customers and cover counterparties, which has been entirely
derived from operations within Japan.
(2) Transaction revenue - Institutional refers to the revenue from Aplo's
prime brokerage services.
(3) Commission received refers to remittance fees, deposit and withdrawal
fees, custodial fees, commissions received from the issuer and the applicants
in the IEO business, commissions that arise from transactions on the Coincheck
NFT Marketplace, commissions that arise from transactions on the Coincheck
Exchange platform, and other.
(4) Other revenue is mainly the interest received from JSF Trust and Banking
Co., Ltd.
COINCHECK GROUP N.V. and its subsidiaries
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(UNAUDITED)
United States
Japanese Yen Dollar
As of December As of March As of
31, 31, December 31,
(In millions) 2025 2025 2025
---- -------- --- -------- ------------
Assets:
Current assets:
Cash and cash
equivalents Yen 10,647 Yen 8,584 $ 67.9
Cash segregated as deposits 55,024 51,655 350.9
Crypto assets held 49,988 44,680 318.8
Customer accounts receivable 1,269 1,086 8.1
Other financial assets 538 62 3.4
Other current assets 1,275 1,035 8.1
-------- --- -------- ------------
Total current assets 118,741 107,102 757.2
-------- --- -------- ------------
Noncurrent assets:
Property and equipment 1,575 1,909 10.0
Intangible assets 6,767 2,529 43.2
Crypto asset held 113 43 0.7
Other financial assets 536 433 3.4
Deferred tax assets 300 337 1.9
Other non-current assets 184 -- 1.2
-------- --- -------- ------------
Total non-current assets 9,476 5,251 60.4
-------- --- -------- ------------
Total assets 128,217 112,353 $ 817.6
======== === ======== ============
Liabilities and equity
Liabilities:
Current liabilities:
Deposits received 56,480 50,911 $ 360.2
Crypto asset borrowings 49,487 44,479 315.6
Other financial liabilities 4,174 2,826 26.6
Income taxes payable 624 799 4.0
Excise tax payable -- 303 0.0
Other current liabilities 594 536 3.8
-------- --- -------- ------------
Total current liabilities 111,359 99,854 710.2
-------- --- -------- ------------
Non-current
liabilities:
Other financial liabilities 1,400 901 8.9
Warrant liability 300 410 1.9
Provisions 342 340 2.2
Deferred tax liabilities 564 79 3.6
-------- --- -------- ------------
Total non-current liabilities 2,606 1,730 16.6
-------- --- -------- ------------
Total liabilities 113,966 101,584 726.8
======== === ======== ============
Equity:
Ordinary shares 222 213 1.4
Capital surplus 16,797 13,317 107.1
Share-based payment reserve 851 -- 5.4
Treasury shares (4) (4) (0.0)
Retained earnings
(accumulated deficit) (3,387) (2,770) (21.6)
Foreign currency translation
adjustment (228) 13 (1.5)
-------- --- -------- ------------
Total equity 14,251 10,769 90.8
-------- --- -------- ------------
Total liabilities and
equity Yen 128,217 Yen 112,353 $ 817.6
=== ======== === ======== ============
COINCHECK GROUP N.V. and subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (UNAUDITED)
For the nine months ended December 31,
---------------------------------------------
(In millions) 2024 2025
------- -------------- ----- -------------
Cash flows from operating
activities:
Profit (loss) before income
taxes Yen (14,242) Yen 447
Depreciation and amortization 474 654
Listing expense 13,714 --
Interest expense -- 116
Share-based payments -- 935
Foreign exchange gain -- (255)
Share of loss of equity-accounted
investees, net of tax -- 1
Impairment loss of other
assets (non-current
assets) 13 --
Change in fair value of other
financial assets (non-current
assets) -- 15
Net loss on sale or
disposal of property and
equipment 0 --
Net loss on sale or disposal of
intangible assets 23 23
Change in fair value of warrant
liability (462) (139)
Increase in cash segregated as
deposits (1,392) (3,369)
Increase in crypto assets held
(current assets) (11,114) (5,254)
Increase in customer accounts
receivable (332) (164)
Increase in other financial assets
(current assets) (254) (170)
Increase in other current assets (168) (253)
(Increase) decrease in other
financial assets (non-current
assets) 155 0
Increase in deposits received 2,644 5,569
Increase in crypto asset borrowings 10,952 4,938
Increase in other financial
liabilities 235 26
(Increase) decrease in excise tax
payable 12 (303)
Increase in other current
liabilities 280 50
Other, net 44 (1)
-------------- ----- -------------
Cash provided by operating
activities 582 2,866
-------------- ----- -------------
Interest income received 6 4
Interest expenses paid (12) (108)
Income taxes paid (720) (1,273)
-------------- ----- -------------
Net cash provided by (used in)
operating activities (144) 1,489
-------------- ----- -------------
Cash flows from investing
activities
Purchase of property and equipment (164) (72)
Proceeds from sale of
property and equipment 0 --
Expenditure on internally generated
intangible assets (394) (657)
Proceeds from refund of guarantee
deposits 33 1
Purchase of other financial assets
(non-current assets) -- (100)
Acquisition of subsidiaries, net of
cash acquired -- 252
Acquisition of equity-accounted
investees -- (161)
-------------- ----- -------------
Net cash used in investing
activities (524) (737)
-------------- ----- -------------
Cash flows from financing
activities
Proceeds from short-term loans
payable 1,300 1,000
Repayments of short-term loans
payable (1,300) (1,020)
Proceeds received from
non-redemption agreement 202 --
Reverse recapitalization
impact 205 --
Proceeds from loan from related
party 8,522 17,854
Repayments of loan from related
party (6,081) (16,265)
Repayments of lease obligations (290) (282)
-------------- ----- -------------
Net cash provided by financing
activities 2,559 1,287
-------------- ----- -------------
Effect of exchange rate change on
cash and cash equivalents (54) 24
-------------- ----- -------------
Net increase in cash and cash
equivalents 1,890 2,040
-------------- ----- -------------
Cash and cash equivalents at the
beginning of period 10,837 8,584
Cash and cash equivalents
at the end of period Yen 12,673 Yen 10,647
======= ============== ===== =============
COINCHECK GROUP N.V. and subsidiaries
RECONCILIATION OF EBITDA
Japanese Yen
For the three months ended
December 31 December 31 September 30
-------------- ------------- --------------
2025 2024 2025
------ ------ --- -------- ----- -------
Reconciliation of EBITDA:
Net profit (loss) for the
period Yen 405 Yen (15,445) Yen 355
Add: Income tax expenses 390 537 548
------ --- -------- ----- -------
Profit (loss) before income taxes 795 (14,908) 903
Add: Interest expense 53 8 38
Add: Depreciation and amortization 306 149 185
------ --- -------- ----- -------
EBITDA Yen 1,153 Yen (14,752) Yen 1,126
====== ====== === ======== ===== =======
RECONCILIATION OF ADJUSTED EBITDA
Japanese Yen
For the three months ended
December 31 December 31 September 30
-------------- ------------- --------------
2025 2024 2025
------ ------ --- -------- ----- -------
Reconciliation of Adjusted
EBITDA:
Net profit (loss) for the
period Yen 405 Yen (15,445) Yen 355
Add: Income tax expenses 390 537 548
------ --- -------- ----- -------
Profit (loss) before income taxes 795 (14,908) 903
Add: Interest expense 53 8 38
Add: Transaction expenses excluding
listing expense 206 3,804 153
Add: Listing expense -- 13,714 --
Add: Change in fair value of warrant
liability (248) (462) (114)
Add: Share-based compensation 316 -- 321
Add: Depreciation and amortization 306 149 185
------ --- -------- ----- -------
Adjusted EBITDA Yen 1,428 Yen 2,303 Yen 1,486
====== ====== === ======== ===== =======
Prior to the first quarter of fiscal 2026, the Company had no share-based compensation expense. In evaluating how Adjusted EBITDA should be calculated for the first three quarters of fiscal 2026 (and the foreseeable future), the Company considered, in addition to transaction expenses, the non-cash expenses of (i) share-based compensation, the majority of which consisted of Coincheck Group restricted share unit awards granted to two of Coincheck, Inc.'s co-founders, and other restricted share unit awards related to the business combination with Thunder Bridge Capital Partners IV, and (ii) change in fair value of warrant liability, which fluctuates quarter to quarter based on the Company's share price. The Company believes that showing its EBITDA results, further adjusted to exclude share-based compensation and change in fair value of warrant liability, can present a clearer view of the Company's operational performance, and is helpful to view together with EBITDA and net profit or loss.
COINCHECK GROUP N.V. and subsidiaries
RECONCILIATION OF EBITDA
Japanese Yen United States Dollar(*)
For the three months
For the three months ended ended
December 31, December 31,
----------------------------- ------------------------
2025 2025
----------- ---------------- ------ ----------------
Reconciliation
of EBITDA:
Net profit for
the period Yen 405 $ 2.6
Add: Income tax expenses 390 2.5
---------------- ------ ----------------
Profit before income taxes 795 5.1
Add: Interest expense 53 0.4
Add: Depreciation and
amortization 306 1.9
---------------- ------ ----------------
EBITDA Yen 1,153 $ 7.4
========== ================ ====== ================
RECONCILIATION OF ADJUSTED EBITDA
United States
Japanese Yen Dollar(*)
For the three months For the three months
ended ended
December 31, December 31,
--------------------- ---------------------
2025 2025
---------- --------- ----- --------------
Reconciliation of Adjusted
EBITDA:
Net profit (loss) for the
period Yen 405 $ 2.6
Add: Income tax expenses 390 2.5
--------- ----- --------------
Profit (loss) before income taxes 795 5.1
Add: Interest expense 53 0.4
Add: Transaction expenses excluding
listing expense 206 1.3
Add: Listing expense -- --
Add: Change in fair value of warrant
liability (248) (1.6)
Add: Share-based compensation 316 2.0
Add: Depreciation and amortization 306 1.9
--------- ----- --------------
Adjusted EBITDA Yen 1,428 $ 9.1
========= ========= ===== ==============
__________________________
* Convenience Translation into U.S.
Dollars
View source version on businesswire.com: https://www.businesswire.com/news/home/20260212910450/en/
CONTACT: Media and Investor Relations:
CoincheckIR@icrinc.com
(END) Dow Jones Newswires
February 12, 2026 07:45 ET (12:45 GMT)