New Risk • May 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (JP¥11.8b market cap, or US$73.9m). Reported Earnings • Mar 19
First quarter 2026 earnings released: JP¥0.06 loss per share (vs JP¥0.073 profit in 1Q 2025) First quarter 2026 results: JP¥0.06 loss per share (down from JP¥0.073 profit in 1Q 2025). Revenue: JP¥1.51b (up 16% from 1Q 2025). Net loss: JP¥9.00m (down 190% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. New Risk • Feb 19
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Minor Risk Large one-off items impacting financial results. New Risk • Feb 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 24% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (24% increase in shares outstanding). 공시 • Feb 07
CAICA DIGITAL Inc. (TSE:2315) completed the acquisition of 89.73% stake in Zenko Research Institute Co., Ltd. for ¥2.7 billion. CAICA DIGITAL Inc. (TSE:2315) agreed to acquire 50.02% stake in Zenko Research Institute Co., Ltd. for ¥1.5 billion on December 23, 2025. The consideration consists of issue of 16.18 million common equity of CAICA DIGITAL Inc. at a ratio of 12048 per common equity of Zenko Research Institute Co., Ltd. CAICA DIGITAL Inc will acquire minimum of 1,343 shares in Zenko Research Institute. If CAICA DIGITAL Inc acquires all of Zenko Research Institute's common shares, the number of common shares to be allocated and delivered will be 32,348,880. However, the actual number of shares acquired by CAICA DIGITAL Inc may change.
For the period ending May 31, 2025, Zenko Research Institute Co., Ltd. reported total revenue of ¥504 million, operating income of ¥197 million and net loss of ¥163 million. As of May 31, 2025, Zenko Research Institute Co., Ltd. reported total assets of ¥775 million and net assets of ¥535 million.
The transaction is subject to approval of offer by acquirer shareholders. The transaction has received approval from the CAICA DIGITAL Inc. shareholders.
SPaRK Co., Ltd., acted as accountant to CAICA DIGITAL Inc.
CAICA DIGITAL Inc. (TSE:2315) completed the acquisition of 89.73% stake in Zenko Research Institute Co., Ltd. for ¥2.7 billion on February 6, 2026. CAICA DIGITAL Inc. has acquired Zenko Research Institute common shares through a Stock Issuance Plan. Initially, the plan set a minimum acquisition target of 1,443 shares. However, the actual number of shares acquired exceeded this target, reaching 2,463 shares. CAICA DIGITAL Inc. has issued a total of 29,674,224 shares of its common stock to the transferor of Zenko Research Institute common shares as consideration. 
