Buy Or Sell Opportunity • Jun 16
Now 21% undervalued Over the last 90 days, the stock has risen 5.7% to JP¥460. The fair value is estimated to be JP¥582, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 26% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Jun 11
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 6.8% 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: Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (JP¥3.35b market cap, or US$20.8m). Reported Earnings • Jun 11
Third quarter 2026 earnings released: EPS: JP¥8.82 (vs JP¥0.48 loss in 3Q 2025) Third quarter 2026 results: EPS: JP¥8.82 (up from JP¥0.48 loss in 3Q 2025). Revenue: JP¥262.0m (down 12% from 3Q 2025). Net income: JP¥59.0m (up JP¥62.0m from 3Q 2025). Profit margin: 23% (up from net loss in 3Q 2025). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 16
First quarter 2026 earnings released: EPS: JP¥4.94 (vs JP¥4.94 loss in 1Q 2025) First quarter 2026 results: EPS: JP¥4.94 (up from JP¥4.94 loss in 1Q 2025). Revenue: JP¥211.0m (down 53% from 1Q 2025). Net income: JP¥33.0m (up JP¥64.0m from 1Q 2025). Profit margin: 16% (up from net loss in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Oct 25
Karadanote, Inc. to Report Q1, 2026 Results on Dec 15, 2025 Karadanote, Inc. announced that they will report Q1, 2026 results on Dec 15, 2025 New Risk • Oct 23
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 6.4% 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 Earnings have declined by 7.9% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (JP¥3.33b market cap, or US$21.8m). Reported Earnings • Sep 14
Full year 2025 earnings released: JP¥10.93 loss per share (vs JP¥18.19 profit in FY 2024) Full year 2025 results: JP¥10.93 loss per share (down from JP¥18.19 profit in FY 2024). Revenue: JP¥1.27b (down 42% from FY 2024). Net loss: JP¥69.0m (down 161% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Sep 12
Karadanote, Inc., Annual General Meeting, Oct 22, 2025 Karadanote, Inc., Annual General Meeting, Oct 22, 2025. Announcement • Aug 07
Karadanote, Inc. to Report Fiscal Year 2025 Results on Sep 12, 2025 Karadanote, Inc. announced that they will report fiscal year 2025 results on Sep 12, 2025 Announcement • Jul 02
Karadanote, Inc. announced that it has received ¥189.2 million in funding from Sumitomo Life Insurance Company On July 1, 2025, Karadanote, Inc. closed the transaction. New Risk • Jun 16
New major risk - Revenue and earnings growth Earnings have declined by 10% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.6% average weekly change). Earnings have declined by 10% per year over the past 5 years. Minor Risk Market cap is less than US$100m (JP¥3.26b market cap, or US$22.6m). Reported Earnings • Jun 16
Third quarter 2025 earnings released: JP¥0.48 loss per share (vs JP¥6.06 profit in 3Q 2024) Third quarter 2025 results: JP¥0.48 loss per share (down from JP¥6.06 profit in 3Q 2024). Revenue: JP¥297.0m (down 46% from 3Q 2024). Net loss: JP¥3.00m (down 108% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • May 30
Karadanote, Inc. announced that it expects to receive ¥189.2 million in funding from Sumitomo Life Insurance Company Karadanote, Inc. announced a private placement and it has entered into a agreement to issue 400,000 shares at an issue price of ¥473 per share for gross proceeds of ¥189,200,000 on May 29, 2025. The transaction includes participation from new investor, Sumitomo Life Insurance Company. The transaction will happen through third party allocation. The issue date will be July 1, 2025. The transaction has been approved at board of director meeting of the company. The company will bear issuance expenses of ¥8,000,000 and will receive net proceeds of ¥181,200,000. The estimated issuance costs include financial advisory fees, legal fees, costs of preparing the securities registration statement, and registration-related costs, etc. Announcement • Apr 29
Karadanote, Inc. to Report Q3, 2025 Results on Jun 13, 2025 Karadanote, Inc. announced that they will report Q3, 2025 results on Jun 13, 2025 New Risk • Mar 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 84% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (84% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Market cap is less than US$100m (JP¥2.75b market cap, or US$18.4m). Reported Earnings • Mar 18
Second quarter 2025 earnings released: JP¥6.20 loss per share (vs JP¥5.10 profit in 2Q 2024) Second quarter 2025 results: JP¥6.20 loss per share (down from JP¥5.10 profit in 2Q 2024). Revenue: JP¥333.0m (down 53% from 2Q 2024). Net loss: JP¥39.0m (down 222% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Announcement • Feb 03
Karadanote, Inc. to Report Q2, 2025 Results on Mar 17, 2025 Karadanote, Inc. announced that they will report Q2, 2025 results on Mar 17, 2025 Reported Earnings • Dec 15
First quarter 2025 earnings released: JP¥4.94 loss per share (vs JP¥1.76 loss in 1Q 2024) First quarter 2025 results: JP¥4.94 loss per share (further deteriorated from JP¥1.76 loss in 1Q 2024). Revenue: JP¥445.0m (down 11% from 1Q 2024). Net loss: JP¥31.0m (loss widened 182% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥595, the stock trades at a trailing P/E ratio of 32.8x. Average trailing P/E is 21x in the Interactive Media and Services industry in Japan. Total loss to shareholders of 45% over the past three years. Reported Earnings • Sep 17
Full year 2024 earnings released: EPS: JP¥18.19 (vs JP¥59.78 loss in FY 2023) Full year 2024 results: EPS: JP¥18.19 (up from JP¥59.78 loss in FY 2023). Revenue: JP¥2.19b (up 6.7% from FY 2023). Net income: JP¥114.0m (up JP¥486.0m from FY 2023). Profit margin: 5.2% (up from net loss in FY 2023). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 26% per year. Announcement • Sep 13
Karadanote, Inc., Annual General Meeting, Oct 25, 2024 Karadanote, Inc., Annual General Meeting, Oct 25, 2024. Announcement • Aug 01
Karadanote, Inc. to Report Fiscal Year 2024 Results on Sep 13, 2024 Karadanote, Inc. announced that they will report fiscal year 2024 results on Sep 13, 2024 Reported Earnings • Jun 16
Third quarter 2024 earnings released: EPS: JP¥0.16 (vs JP¥8.19 loss in 3Q 2023) Third quarter 2024 results: EPS: JP¥0.16 (up from JP¥8.19 loss in 3Q 2023). Revenue: JP¥554.0m (up 11% from 3Q 2023). Net income: JP¥1.00m (up JP¥52.0m from 3Q 2023). Profit margin: 0.2% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. New Risk • Jun 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 8.4% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.4% average weekly change). Earnings have declined by 60% per year over the past 5 years. Minor Risk Market cap is less than US$100m (JP¥4.02b market cap, or US$25.8m). Announcement • May 11
Karadanote, Inc. to Report Q3, 2024 Results on Jun 14, 2024 Karadanote, Inc. announced that they will report Q3, 2024 results on Jun 14, 2024 Reported Earnings • Mar 17
Second quarter 2024 earnings released: EPS: JP¥8.13 (vs JP¥9.16 loss in 2Q 2023) Second quarter 2024 results: EPS: JP¥8.13 (up from JP¥9.16 loss in 2Q 2023). Revenue: JP¥701.0m (up 26% from 2Q 2023). Net income: JP¥51.0m (up JP¥108.0m from 2Q 2023). Profit margin: 7.3% (up from net loss in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. Announcement • Feb 07
Karadanote Inc. to Report Q2, 2024 Results on Mar 15, 2024 Karadanote Inc. announced that they will report Q2, 2024 results on Mar 15, 2024 Reported Earnings • Dec 12
First quarter 2024 earnings released: EPS: JP¥1.12 (vs JP¥8.38 loss in 1Q 2023) First quarter 2024 results: EPS: JP¥1.12 (up from JP¥8.38 loss in 1Q 2023). Revenue: JP¥499.0m (up 7.8% from 1Q 2023). Net income: JP¥7.00m (up JP¥59.0m from 1Q 2023). Profit margin: 1.4% (up from net loss in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Announcement • Nov 17
Karadanote Inc. to Report Q1, 2024 Results on Dec 08, 2023 Karadanote Inc. announced that they will report Q1, 2024 results on Dec 08, 2023 Reported Earnings • Sep 17
Full year 2023 earnings released: JP¥43.71 loss per share (vs JP¥43.46 loss in FY 2022) Full year 2023 results: JP¥43.71 loss per share (further deteriorated from JP¥43.46 loss in FY 2022). Revenue: JP¥2.06b (up 57% from FY 2022). Net loss: JP¥272.0m (flat on FY 2022). Announcement • Sep 16
Karadanote Inc., Annual General Meeting, Oct 26, 2023 Karadanote Inc., Annual General Meeting, Oct 26, 2023. New Risk • Sep 07
New major risk - Revenue and earnings growth Earnings have declined by 60% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.7% average weekly change). Earnings have declined by 60% per year over the past 5 years. Minor Risk Market cap is less than US$100m (JP¥5.00b market cap, or US$33.9m). Announcement • Aug 11
Karadanote Inc. to Report Fiscal Year 2023 Results on Sep 14, 2023 Karadanote Inc. announced that they will report fiscal year 2023 results on Sep 14, 2023 New Risk • Jun 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 8.7% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (8.7% average weekly change). Minor Risk Market cap is less than US$100m (JP¥6.33b market cap, or US$45.5m). Announcement • May 14
Karadanote Inc. to Report Q3, 2023 Results on Jun 09, 2023 Karadanote Inc. announced that they will report Q3, 2023 results on Jun 09, 2023 Announcement • Feb 03
Karadanote Inc. to Report Q2, 2023 Results on Mar 17, 2023 Karadanote Inc. announced that they will report Q2, 2023 results on Mar 17, 2023 Announcement • Oct 05
Karadanote Inc. to Report Q1, 2023 Results on Dec 09, 2022 Karadanote Inc. announced that they will report Q1, 2023 results on Dec 09, 2022 Announcement • Jul 02
Karadanote Inc. to Report Fiscal Year 2022 Results on Sep 14, 2022 Karadanote Inc. announced that they will report fiscal year 2022 results on Sep 14, 2022 Announcement • Jun 10
Karadanote Inc. Provides Earnings Guidance for the Full Year Ending July 31, 2022 Karadanote Inc. provided earnings guidance for the full year ending July 31, 2022. For the period, the company expected net sales of JPY 1,300 million, operating loss of JPY 210 million, loss of JPY 220 million and basic loss per share of JPY 33.87. Announcement • Apr 09
Karadanote Inc. to Report Q3, 2022 Results on Jun 09, 2022 Karadanote Inc. announced that they will report Q3, 2022 results on Jun 09, 2022 Announcement • Dec 16
Karadanote Inc. (TSE:4014) announces an Equity Buyback for 100,000 shares, representing 1.59% for ¥100 million. Karadanote Inc. (TSE:4014) announces a share repurchase program. Under the program, the company will repurchase up to 100,000 shares, representing 1.59% of its issued share capital (excluding treasury stock), for ¥100 million. The purpose of the program is to carry out agile investment strategies and capital policies such as expansion of shareholder returns and future M&A and alliances using treasury stock and to allocate to restricted shares to be delivered as stock compensation. The program will run until January 31, 2022. As of November 30, 2021, the company had 6,299,600 shares in issue (excluding treasury stock). Announcement • Sep 13
Karadanote Inc. Provides Earnings Guidance for the Fiscal Year Ending July 2022 Karadanote Inc. provided earnings guidance for the fiscal year ending July 2022. In the fiscal year ending July 2022, the company forecast sales of JPY 1.4 billion, up 39.7% year on year. The forecast operating profit of JPY 280 million and an operating margin of 20%. Announcement • Jun 12
Karadanote Inc. Provides Earnings Guidance for the Year Ending July 31, 2021 Karadanote Inc. provided earnings guidance for the year ending July 31, 2021. For the period, the company expects net sales to be between JPY 941 million to JPY 1,070 million a year ago. Operating profit to be between JPY 205 million to JPY 266 million a year ago. Profit to be between JPY 126 million to JPY 160 million a year ago. Basic earnings per share to be between JPY 21.39 to JPY 27.17. Announcement • Jan 08
Karadanote Inc. to Report Q2, 2021 Results on Mar 12, 2021 Karadanote Inc. announced that they will report Q2, 2021 results on Mar 12, 2021 Announcement • Oct 27
Karadanote Inc. has completed an IPO in the amount of ¥674.55 million. Karadanote Inc. has completed an IPO in the amount of ¥674.55 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,499,000
Price\Range: ¥450
Discount Per Security: ¥36 
