Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥507, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 16x in the Electronic industry in Japan. Total loss to shareholders of 39% over the past three years. 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 8.2% 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 1.4% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Market cap is less than US$100m (JP¥3.69b market cap, or US$23.2m). Announcement • May 20
INEST, Inc., Annual General Meeting, Jun 23, 2026 INEST, Inc., Annual General Meeting, Jun 23, 2026. Announcement • May 10
INEST, Inc. to Report Fiscal Year 2026 Results on May 20, 2026 INEST, Inc. announced that they will report fiscal year 2026 results on May 20, 2026 Reported Earnings • Feb 16
Third quarter 2026 earnings released: JP¥33.57 loss per share (vs JP¥8.76 loss in 3Q 2025) Third quarter 2026 results: JP¥33.57 loss per share (further deteriorated from JP¥8.76 loss in 3Q 2025). Revenue: JP¥3.88b (down 11% from 3Q 2025). Net loss: JP¥245.0m (loss widened 283% from 3Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Announcement • Dec 04
INEST, Inc. to Report Q3, 2026 Results on Feb 13, 2026 INEST, Inc. announced that they will report Q3, 2026 results on Feb 13, 2026 Reported Earnings • Nov 19
Second quarter 2026 earnings released: JP¥0.21 loss per share (vs JP¥13.96 profit in 2Q 2025) Second quarter 2026 results: JP¥0.21 loss per share (down from JP¥13.96 profit in 2Q 2025). Revenue: JP¥4.05b (down 9.0% from 2Q 2025). Net loss: JP¥44.0m (down 143% from profit in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Sep 01
INEST, Inc. to Report Q2, 2026 Results on Nov 14, 2025 INEST, Inc. announced that they will report Q2, 2026 results on Nov 14, 2025 Reported Earnings • Aug 15
First quarter 2026 earnings released: JP¥0.77 loss per share (vs JP¥1.15 loss in 1Q 2025) First quarter 2026 results: JP¥0.77 loss per share (improved from JP¥1.15 loss in 1Q 2025). Revenue: JP¥5.04b (up 18% from 1Q 2025). Net loss: JP¥84.0m (loss narrowed 33% from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Jul 02
INEST, Inc. to Report Q1, 2026 Results on Aug 13, 2025 INEST, Inc. announced that they will report Q1, 2026 results on Aug 13, 2025 New Risk • Jun 27
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 19% 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 (19% average weekly change). Minor Risk Market cap is less than US$100m (JP¥8.00b market cap, or US$55.4m). Reported Earnings • May 23
Full year 2025 earnings released: EPS: JP¥0.38 (vs JP¥1.49 loss in FY 2024) Full year 2025 results: EPS: JP¥0.38 (up from JP¥1.49 loss in FY 2024). Revenue: JP¥19.0b (up 80% from FY 2024). Net income: JP¥42.0m (up JP¥191.0m from FY 2024). Profit margin: 0.2% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • May 20
INEST, Inc., Annual General Meeting, Jun 24, 2025 INEST, Inc., Annual General Meeting, Jun 24, 2025. New Risk • Apr 07
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: Minor Risks Share price has been volatile over the past 3 months (5.8% average weekly change). Market cap is less than US$100m (JP¥4.38b market cap, or US$30.0m). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥40.00, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 11x in the Electronic industry in Japan. Total loss to shareholders of 37% over the past three years. Announcement • Mar 29
INEST, Inc. to Report Fiscal Year 2025 Results on May 20, 2025 INEST, Inc. announced that they will report fiscal year 2025 results on May 20, 2025 Reported Earnings • Feb 16
Third quarter 2025 earnings released: JP¥0.58 loss per share (vs JP¥0.86 loss in 3Q 2024) Third quarter 2025 results: JP¥0.58 loss per share (improved from JP¥0.86 loss in 3Q 2024). Revenue: JP¥4.35b (up 112% from 3Q 2024). Net loss: JP¥64.0m (loss narrowed 27% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Jan 03
INEST, Inc. to Report Q3, 2025 Results on Feb 14, 2025 INEST, Inc. announced that they will report Q3, 2025 results on Feb 14, 2025 Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥59.00, the stock trades at a trailing P/E ratio of 30.2x. Average trailing P/E is 13x in the Electronic industry in Japan. Total loss to shareholders of 13% over the past three years. Announcement • Aug 28
INEST, Inc. to Report Q2, 2025 Results on Nov 14, 2024 INEST, Inc. announced that they will report Q2, 2025 results on Nov 14, 2024 Reported Earnings • Aug 17
First quarter 2025 earnings released: JP¥1.15 loss per share (vs JP¥3.89 loss in 1Q 2024) First quarter 2025 results: JP¥1.15 loss per share (improved from JP¥3.89 loss in 1Q 2024). Revenue: JP¥4.27b (up 116% from 1Q 2024). Net loss: JP¥126.0m (loss narrowed 64% from 1Q 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 7% per year, which means it is significantly lagging earnings. New Risk • Aug 05
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 8.8% 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 (8.8% average weekly change). Minor Risks Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (JP¥5.15b market cap, or US$36.2m). Announcement • Jun 29
INEST, Inc. to Report Q1, 2025 Results on Aug 14, 2024 INEST, Inc. announced that they will report Q1, 2025 results on Aug 14, 2024 New Risk • Jun 26
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 7.4% 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 Risk Share price has been highly volatile over the past 3 months (7.4% average weekly change). Minor Risks Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (JP¥8.11b market cap, or US$50.8m). Reported Earnings • May 23
Full year 2024 earnings released: JP¥1.49 loss per share (vs JP¥4.95 profit in FY 2023) Full year 2024 results: JP¥1.49 loss per share (down from JP¥4.95 profit in FY 2023). Revenue: JP¥10.5b (up 33% from FY 2023). Net loss: JP¥149.0m (down 133% from profit in FY 2023). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • May 22
INEST, Inc., Annual General Meeting, Jun 27, 2024 INEST, Inc., Annual General Meeting, Jun 27, 2024. Announcement • Mar 28
INEST, Inc. to Report Fiscal Year 2024 Results on May 20, 2024 INEST, Inc. announced that they will report fiscal year 2024 results on May 20, 2024 Reported Earnings • Feb 17
Third quarter 2024 earnings released Third quarter 2024 results: JP¥0.86 loss per share. Revenue: JP¥2.05b (up 14% from 3Q 2023). Net loss: JP¥88.0m (down 338% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥84.00, the stock trades at a trailing P/E ratio of 78.3x. Average trailing P/E is 14x in the Electronic industry in Japan. Total loss to shareholders of 11% over the past three years. Announcement • Dec 28
INEST, Inc. to Report Q3, 2024 Results on Feb 14, 2024 INEST, Inc. announced that they will report Q3, 2024 results on Feb 14, 2024 New Risk • Dec 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 46% 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 (18% average weekly change). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (46% increase in shares outstanding). Market cap is less than US$100m (JP¥11.0b market cap, or US$75.5m). Valuation Update With 7 Day Price Move • Nov 16
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to JP¥68.00, the stock trades at a trailing P/E ratio of 43.5x. Average trailing P/E is 13x in the Electronic industry in Japan. Total loss to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to JP¥71.00, the stock trades at a trailing P/E ratio of 45.5x. Average trailing P/E is 13x in the Electronic industry in Japan. Total loss to shareholders of 10% over the past three years. Announcement • Aug 31
INEST, Inc. to Report Q2, 2024 Results on Nov 14, 2023 INEST, Inc. announced that they will report Q2, 2024 results on Nov 14, 2023 Board Change • Aug 19
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 Takeo Kondo was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 17
First quarter 2024 earnings released: JP¥3.89 loss per share (vs JP¥0.51 loss in 1Q 2023) First quarter 2024 results: JP¥3.89 loss per share (further deteriorated from JP¥0.51 loss in 1Q 2023). Revenue: JP¥1.98b (up 7.5% from 1Q 2023). Net loss: JP¥354.0m (loss widened JP¥308.0m from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. New Risk • Jul 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 60% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.6% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (JP¥5.09b market cap, or US$35.8m). Announcement • Jun 28
INEST, Inc. to Report Q1, 2024 Results on Aug 14, 2023 INEST, Inc. announced that they will report Q1, 2024 results on Aug 14, 2023 Reported Earnings • May 23
Full year 2023 earnings released: EPS: JP¥4.95 (vs JP¥0.65 loss in FY 2022) Full year 2023 results: EPS: JP¥4.95 (up from JP¥0.65 loss in FY 2022). Revenue: JP¥7.94b (up 20% from FY 2022). Net income: JP¥450.0m (up JP¥508.0m from FY 2022). Profit margin: 5.7% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥62.00, the stock trades at a trailing P/E ratio of 34.8x. Average trailing P/E is 13x in the Electronic industry in Japan. Negligible returns to shareholders over past three years. Announcement • May 21
INEST, Inc., Annual General Meeting, Jun 29, 2023 INEST, Inc., Annual General Meeting, Jun 29, 2023. Announcement • Dec 01
INEST, Inc. to Report Q3, 2023 Results on Feb 13, 2023 INEST, Inc. announced that they will report Q3, 2023 results on Feb 13, 2023 Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. 3 independent directors (4 non-independent directors). President & Representative Director Kentaro Shigyo is the most experienced director on the board, commencing their role in 2020. Independent Outside Director Takeo Kondo was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Oct 03
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. 3 independent directors (4 non-independent directors). President & Representative Director Kentaro Shigyo is the most experienced director on the board, commencing their role in 2020. Independent Outside Director Takeo Kondo was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors.