Reported Earnings • May 17
Full year 2026 earnings released: JP¥16.52 loss per share (vs JP¥4.35 loss in FY 2025) Full year 2026 results: JP¥16.52 loss per share (further deteriorated from JP¥4.35 loss in FY 2025). Revenue: JP¥2.37b (up 5.2% from FY 2025). Net loss: JP¥1.28b (loss widened 362% from FY 2025). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • May 14
Path Corporation, Annual General Meeting, Jun 26, 2026 Path Corporation, Annual General Meeting, Jun 26, 2026. Reported Earnings • Feb 15
Third quarter 2026 earnings released: JP¥2.58 loss per share (vs JP¥1.79 loss in 3Q 2025) Third quarter 2026 results: JP¥2.58 loss per share (further deteriorated from JP¥1.79 loss in 3Q 2025). Revenue: JP¥529.0m (down 4.3% from 3Q 2025). Net loss: JP¥199.0m (loss widened 76% from 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 1% per year. Announcement • Jan 06
Path Corporation to Report Q3, 2026 Results on Feb 13, 2026 Path Corporation announced that they will report Q3, 2026 results on Feb 13, 2026 New Risk • Dec 19
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 8.0% 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 Risk Share price has been highly volatile over the past 3 months (8.0% average weekly change). Minor Risk Market cap is less than US$100m (JP¥4.46b market cap, or US$28.4m). Announcement • Dec 02
Path Corporation announced that it has received ¥2.5 million in funding from Evolution Capital Management LLC, Sustaina Co., Ltd. On December 1, 2025, Path Corporation closed the transaction. Reported Earnings • Nov 17
Second quarter 2026 earnings released: JP¥2.20 loss per share (vs JP¥0.57 loss in 2Q 2025) Second quarter 2026 results: JP¥2.20 loss per share (further deteriorated from JP¥0.57 loss in 2Q 2025). Revenue: JP¥666.0m (up 5.2% from 2Q 2025). Net loss: JP¥168.0m (loss widened 394% from 2Q 2025). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Nov 15
Path Corporation announced that it expects to receive ¥2.5 million in funding from Evolution Capital Management LLC, Sustaina Co., Ltd. Path Corporation announced that it will issue 380,000 20th Stock Acquisition Rights at issue price of ¥5 per stock acquisition right for gross proceeds of ¥1,900,000 on November 14, 2025. The transaction includes participation from returning investor, EVO FUND. The initial exercise price of stock acquisition right will be ¥42 initially. Exercise period is from December 2, 2025 to June 2, 2028. The transaction will happen through third party allocation. The issue date will be December 1, 2025. The transaction has been approved at board of director meeting of the company.
On the same date the company announced that it will issue 150,000 21th Stock Acquisition Rights at issue price of ¥4 per stock acquisition right for gross proceeds of ¥600,000 on November 14, 2025. The transaction includes participation from returning investor, Sustaina. The initial exercise price of stock acquisition right will be ¥83 initially. Exercise period is from December 2, 2025 to June 2, 2028. The transaction will happen through third party allocation. The issue date will be December 1, 2025. The transaction has been approved at board of director meeting of the company. Announcement • Oct 22
Path Corporation (TSE:3840) agreed to acquire 26.70% stake in Kawaminami Biomass Power Plant Co., Ltd. from Shinrin Power Holdings Co., Ltd. for approximately ¥140 million. Path Corporation (TSE:3840) agreed to acquire 26.70% stake in Kawaminami Biomass Power Plant Co., Ltd. from Shinrin Power Holdings Co., Ltd. for approximately ¥140 million on October 21, 2025. A cash consideration of ¥139.07 million will be paid by Path Corporation. As part of consideration, ¥139.07 million is paid towards common equity of Kawaminami Biomass Power Plant Co., Ltd. As of March 2025, Kawaminami Biomass Power Plant Co., Ltd. reported net assets of ¥486 million, total assets of ¥693 million, operating loss of 0.5 million. Transaction is expected to close on October 21, 2025. Announcement • Oct 02
Path Corporation to Report Q2, 2026 Results on Nov 13, 2025 Path Corporation announced that they will report Q2, 2026 results on Nov 13, 2025 Reported Earnings • Aug 15
First quarter 2026 earnings released: JP¥2.05 loss per share (vs JP¥0.80 loss in 1Q 2025) First quarter 2026 results: JP¥2.05 loss per share (further deteriorated from JP¥0.80 loss in 1Q 2025). Revenue: JP¥599.0m (up 22% from 1Q 2025). Net loss: JP¥152.0m (loss widened 223% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Board Change • Jul 11
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Outside Director Jun Morii was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jul 06
Path Corporation to Report Q1, 2026 Results on Aug 13, 2025 Path Corporation announced that they will report Q1, 2026 results on Aug 13, 2025 Reported Earnings • May 17
Full year 2025 earnings released: JP¥4.35 loss per share (vs JP¥3.29 loss in FY 2024) Full year 2025 results: JP¥4.35 loss per share (further deteriorated from JP¥3.29 loss in FY 2024). Revenue: JP¥2.25b (down 2.9% from FY 2024). Net loss: JP¥276.0m (loss widened 58% from FY 2024). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • May 13
Path Corporation, Annual General Meeting, Jun 27, 2025 Path Corporation, Annual General Meeting, Jun 27, 2025. Announcement • Feb 28
Path Corporation to Report Fiscal Year 2025 Results on May 15, 2025 Path Corporation announced that they will report fiscal year 2025 results on May 15, 2025 Reported Earnings • Feb 16
Third quarter 2025 earnings released: JP¥1.79 loss per share (vs JP¥0.41 loss in 3Q 2024) Third quarter 2025 results: JP¥1.79 loss per share (further deteriorated from JP¥0.41 loss in 3Q 2024). Revenue: JP¥553.0m (down 17% from 3Q 2024). Net loss: JP¥113.0m (loss widened 414% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. New Risk • Jan 22
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 30% 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 Risk Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (JP¥7.10b market cap, or US$45.7m). Announcement • Jan 17
Path Corporation to Report Q3, 2025 Results on Feb 14, 2025 Path Corporation announced that they will report Q3, 2025 results on Feb 14, 2025 New Risk • Nov 26
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -JP¥774m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-JP¥774m free cash flow). Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Shareholders have been diluted in the past year (12% increase in shares outstanding). Market cap is less than US$100m (JP¥7.06b market cap, or US$45.8m). Announcement • Oct 23
Path Corporation (TSE:3840) signed a letter of intent to acquire Sanwa Corporation from Yuichiro Saito, Tomoko Saito and Sanwa Tsusho Co., Ltd. Path Corporation (TSE:3840) signed a letter of intent to acquire Sanwa Corporation from Yuichiro Saito, Tomoko Saito and Sanwa Tsusho Co., Ltd. on October 22, 2024. The expected completion of the transaction is November 2024. Reported Earnings • Aug 19
First quarter 2025 earnings released: JP¥0.80 loss per share (vs JP¥0.76 loss in 1Q 2024) First quarter 2025 results: JP¥0.80 loss per share (further deteriorated from JP¥0.76 loss in 1Q 2024). Revenue: JP¥490.0m (down 13% from 1Q 2024). Net loss: JP¥47.0m (loss widened 21% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Jul 12
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 5.8% 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: Major Risk Earnings have declined by 1.5% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.8% average weekly change). Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (JP¥8.92b market cap, or US$56.1m). Announcement • Jul 04
Path Corporation to Report Q1, 2025 Results on Aug 14, 2024 Path Corporation announced that they will report Q1, 2025 results on Aug 14, 2024 Reported Earnings • May 21
Full year 2024 earnings released: JP¥3.29 loss per share (vs JP¥5.46 loss in FY 2023) Full year 2024 results: JP¥3.29 loss per share (improved from JP¥5.46 loss in FY 2023). Revenue: JP¥2.32b (up 17% from FY 2023). Net loss: JP¥175.0m (loss narrowed 32% from FY 2023). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • May 17
Path Corporation, Annual General Meeting, Jun 28, 2024 Path Corporation, Annual General Meeting, Jun 28, 2024. Announcement • Mar 06
Path Corporation to Report Fiscal Year 2024 Results on May 15, 2024 Path Corporation announced that they will report fiscal year 2024 results on May 15, 2024 Reported Earnings • Feb 19
Third quarter 2024 earnings released: JP¥0.41 loss per share (vs JP¥1.91 loss in 3Q 2023) Third quarter 2024 results: JP¥0.41 loss per share (improved from JP¥1.91 loss in 3Q 2023). Revenue: JP¥666.0m (up 51% from 3Q 2023). Net loss: JP¥22.0m (loss narrowed 76% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Nov 29
Path Corporation to Report Q3, 2024 Results on Feb 14, 2024 Path Corporation announced that they will report Q3, 2024 results on Feb 14, 2024 Reported Earnings • Nov 19
Second quarter 2024 earnings released: JP¥1.24 loss per share (vs JP¥1.27 loss in 2Q 2023) Second quarter 2024 results: JP¥1.24 loss per share. Revenue: JP¥542.0m (up 15% from 2Q 2023). Net loss: JP¥65.0m (loss widened 10% from 2Q 2023). Announcement • Aug 30
Path Corporation to Report Q2, 2024 Results on Nov 14, 2023 Path Corporation announced that they will report Q2, 2024 results on Nov 14, 2023 Reported Earnings • Aug 17
First quarter 2024 earnings released: JP¥0.76 loss per share (vs JP¥1.00 loss in 1Q 2023) First quarter 2024 results: JP¥0.76 loss per share (improved from JP¥1.00 loss in 1Q 2023). Revenue: JP¥563.0m (up 5.6% from 1Q 2023). Net loss: JP¥39.0m (loss narrowed 9.3% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • May 17
Full year 2023 earnings released: JP¥5.46 loss per share (vs JP¥20.93 loss in FY 2022) Full year 2023 results: JP¥5.46 loss per share (improved from JP¥20.93 loss in FY 2022). Revenue: JP¥1.99b (down 5.8% from FY 2022). Net loss: JP¥256.0m (loss narrowed 66% from FY 2022). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 16
Third quarter 2023 earnings released: JP¥1.91 loss per share (vs JP¥5.16 loss in 3Q 2022) Third quarter 2023 results: JP¥1.91 loss per share (improved from JP¥5.16 loss in 3Q 2022). Revenue: JP¥441.0m (down 3.9% from 3Q 2022). Net loss: JP¥91.0m (loss narrowed 52% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Announcement • Feb 01
Path Corporation (TSE:3840) completed the acquisition of RMDC Co., Ltd from Eill Co., Ltd. Path Corporation (TSE:3840) entered into share exchange agreement to acquire RMDC Co., Ltd from Eill Co., Ltd. for ¥100 million on December 20, 2022. Under the terms of transaction, Path Corporation will issue 1,883.24 shares of common stock for every one share of RMDC and in total Path will issue 1.7 million shares. Post completion, RMDC Co will become wholly owned subsidiary of Path. For year ended February 28, 2022, RMDC had total assets, common equity, revenue, operating income and net income as ¥53.1 million, ¥13.5 million, ¥170 million, ¥17.3 million and ¥ 16.4 million respectively.The Share Exchange has not been approved by the Company's general meeting of shareholders due to the simplified share exchange procedure pursuant to the provisions of Article 796, Paragraph 2 of the Companies Act. Subject to the approval of the Share Exchange, it is scheduled to take effect on January 31, 2023. Tokyo Financial Advisors acted as fairness Opinion provider to path.
Path Corporation (TSE:3840) completed the acquisition of RMDC Co., Ltd from Eill Co., Ltd. on January 31, 2023. Announcement • Dec 28
Path Corporation to Report Q3, 2023 Results on Feb 14, 2023 Path Corporation announced that they will report Q3, 2023 results on Feb 14, 2023 Announcement • Dec 22
Path Corporation (TSE:3840) entered into share exchange agreement to acquire RMDC Co., Ltd from Eill Co., Ltd. for ¥100 million Path Corporation (TSE:3840) entered into share exchange agreement to acquire RMDC Co., Ltd from Eill Co., Ltd. for ¥100 million on December 20, 2022. Under the terms of transaction, Path Corporation will issue 1,883.24 shares of common stock for every one share of RMDC and in total Path will issue 1.7 million shares. Post completion, RMDC Co will become wholly owned subsidiary of Path. For year ended February 28, 2022, RMDC had total assets, common equity, revenue, operating income and net income as ¥53.1 million, ¥13.5 million, ¥170 million, ¥17.3 million and ¥ 16.4 million respectively.The Share Exchange has not been approved by the Company's general meeting of shareholders due to the simplified share exchange procedure pursuant to the provisions of Article 796, Paragraph 2 of the Companies Act. Subject to the approval of the Share Exchange, it is scheduled to take effect on January 31, 2023. Tokyo Financial Advisors acted as fairness Opinion provider to path. Reported Earnings • Nov 17
Second quarter 2023 earnings released: JP¥1.27 loss per share (vs JP¥4.64 loss in 2Q 2022) Second quarter 2023 results: JP¥1.27 loss per share (improved from JP¥4.64 loss in 2Q 2022). Revenue: JP¥473.0m (down 16% from 2Q 2022). Net loss: JP¥59.0m (loss narrowed 64% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. Board Change • Nov 16
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. No independent directors (4 non-independent directors). Auditor Yukio Fujii is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Announcement • Sep 30
Path Corporation to Report Q2, 2023 Results on Nov 14, 2022 Path Corporation announced that they will report Q2, 2023 results on Nov 14, 2022 Reported Earnings • Aug 18
First quarter 2023 earnings released: JP¥1.00 loss per share (vs JP¥6.15 loss in 1Q 2022) First quarter 2023 results: JP¥1.00 loss per share (up from JP¥6.15 loss in 1Q 2022). Revenue: JP¥533.0m (down 7.9% from 1Q 2022). Net loss: JP¥43.0m (loss narrowed 79% from 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 18
First quarter 2023 earnings released: JP¥1.00 loss per share (vs JP¥6.15 loss in 1Q 2022) First quarter 2023 results: JP¥1.00 loss per share (up from JP¥6.15 loss in 1Q 2022). Revenue: JP¥533.0m (down 7.9% from 1Q 2022). Net loss: JP¥43.0m (loss narrowed 79% from 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Announcement • Aug 12
Path Corporation to Report Q1, 2023 Results on Aug 15, 2022 Path Corporation announced that they will report Q1, 2023 results on Aug 15, 2022 Reported Earnings • May 19
Full year 2022 earnings released: JP¥20.93 loss per share (vs JP¥18.36 loss in FY 2021) Full year 2022 results: JP¥20.93 loss per share (down from JP¥18.36 loss in FY 2021). Revenue: JP¥2.11b (down 4.3% from FY 2021). Net loss: JP¥745.0m (loss widened 39% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Announcement • May 18
Path Corporation, Annual General Meeting, Jun 30, 2022 Path Corporation, Annual General Meeting, Jun 30, 2022. Announcement • Apr 26
Path Corporation announced that it has received ¥499.998 million in funding On April 25, 2022, Path Corporation closed the transaction. Reported Earnings • Nov 19
Second quarter 2022 earnings released: JP¥4.64 loss per share (vs JP¥4.39 loss in 2Q 2021) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2022 results: Revenue: JP¥564.0m (down 5.8% from 2Q 2021). Net loss: JP¥164.0m (loss widened 32% from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 43 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 18
First quarter 2022 earnings released: JP¥6.15 loss per share (vs JP¥4.75 loss in 1Q 2021) The company reported a soft first quarter result with increased losses and weaker control over costs, although revenues improved. First quarter 2022 results: Revenue: JP¥579.0m (up 23% from 1Q 2021). Net loss: JP¥205.0m (loss widened 53% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Reported Earnings • May 17
Full year 2021 earnings released: JP¥18.36 loss per share (vs JP¥27.51 loss in FY 2020) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2021 results: Revenue: JP¥2.21b (down 11% from FY 2020). Net loss: JP¥538.0m (loss narrowed 31% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Announcement • Mar 04
Path Corporation to Report Fiscal Year 2021 Results on May 14, 2021 Path Corporation announced that they will report fiscal year 2021 results on May 14, 2021 Is New 90 Day High Low • Feb 25
New 90-day low: JP¥133 The company is down 10.0% from its price of JP¥148 on 27 November 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Online Retail industry, which is up 10.0% over the same period. Reported Earnings • Feb 17
Third quarter 2021 earnings released: JP¥4.46 loss per share (vs JP¥12.61 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: JP¥614.0m (up 3.0% from 3Q 2020). Net loss: JP¥134.0m (loss narrowed 62% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Oct 02
Path Corporation announced that it expects to receive ¥303.965468 million in funding from Reiwa Capital Investment L.P. Path Corporation (TSE:3840) announced private placement of 2,189,800 shares at a price of ¥137 per share for gross proceeds of ¥300,002,600 and 50,806 10th stock acquisition rights at a price of ¥78 per right for gross proceeds of ¥3,962,868, for aggregate gross proceeds of ¥303,965,468 with new investor Reiwa Capital Investment L.P. on September 30, 2020. The investor will acquire 20.47% stake in the company through third party allocation. The 10th stock acquisition rights are exercisable at ¥137 per share into 5,080,600 shares from October 16, 2020 to October 15, 2021. The company will incur ¥8,000,000 of legal fees, ¥1,500,000 as stock acquisition rights fair value calculation costs, and ¥7,500,000 as registration costs, judicial scrivener fees, and other expenses. The expected payment date is October 16, 2020. The transaction has been approved by the board of directors of the company. 
