Buy Or Sell Opportunity • 15h
Now 25% overvalued Over the last 90 days, the stock has fallen 6.3% to JP¥1,394. The fair value is estimated to be JP¥1,113, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 106% over the last year. Earnings per share has grown by 50%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. New Risk • Jun 26
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.9b (US$98.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (8.7% operating cash flow to total debt). Minor Risk Market cap is less than US$100m (JP¥15.9b market cap, or US$98.3m). Duyuru • Jun 17
f-code Inc. to Report Q2, 2026 Results on Aug 14, 2026 f-code Inc. announced that they will report Q2, 2026 results on Aug 14, 2026 Buy Or Sell Opportunity • Jun 17
Now 28% overvalued Over the last 90 days, the stock has fallen 5.4% to JP¥1,456. The fair value is estimated to be JP¥1,140, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 106% over the last year. Earnings per share has grown by 49%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. Reported Earnings • May 20
First quarter 2026 earnings released: EPS: JP¥37.68 (vs JP¥26.35 in 1Q 2025) First quarter 2026 results: EPS: JP¥37.68 (up from JP¥26.35 in 1Q 2025). Revenue: JP¥3.90b (up 62% from 1Q 2025). Net income: JP¥460.0m (up 42% from 1Q 2025). Profit margin: 12% (down from 13% in 1Q 2025). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the IT industry in Japan. Buy Or Sell Opportunity • May 05
Now 21% overvalued Over the last 90 days, the stock has fallen 7.0% to JP¥1,491. The fair value is estimated to be JP¥1,233, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 133% over the last year. Earnings per share has grown by 52%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. New Risk • Apr 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 53% 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: Major Risk Debt is not well covered by operating cash flow (9.2% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (12% net profit margin). Reported Earnings • Apr 04
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥118 (up from JP¥77.88 in FY 2024). Revenue: JP¥11.9b (up 133% from FY 2024). Net income: JP¥1.45b (up 60% from FY 2024). Profit margin: 12% (down from 18% in FY 2024). Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the IT industry in Japan. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥1,629, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 16x in the IT industry in Japan. Total returns to shareholders of 64% over the past three years. Duyuru • Feb 16
f-code Inc., Annual General Meeting, Mar 27, 2026 f-code Inc., Annual General Meeting, Mar 27, 2026. Reported Earnings • Feb 16
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥119 (up from JP¥77.88 in FY 2024). Revenue: JP¥11.9b (up 133% from FY 2024). Net income: JP¥1.45b (up 60% from FY 2024). Profit margin: 12% (down from 18% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the IT industry in Japan. Duyuru • Feb 11
f-code Inc. (TSE:9211) agreed to acquire 75% stake in AI ONE Co., Ltd from Kazumasa Moriya for ¥1.2 billion. f-code Inc. (TSE:9211) agreed to acquire 75% stake in AI ONE Co., Ltd from Kazumasa Moriya for ¥1.2 billion on February 10, 2026. A cash consideration of ¥1.2 billion will be paid by f-code Inc. As part of consideration, ¥1.2 billion is paid towards common equity of AI ONE Co., Ltd.
The expected completion of the transaction is February 24, 2026. Duyuru • Dec 03
f-code Inc. to Report Fiscal Year 2025 Results on Feb 13, 2026 f-code Inc. announced that they will report fiscal year 2025 results on Feb 13, 2026 Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: JP¥31.87 (vs JP¥18.25 in 3Q 2024) Third quarter 2025 results: EPS: JP¥31.87 (up from JP¥18.25 in 3Q 2024). Revenue: JP¥3.19b (up 207% from 3Q 2024). Net income: JP¥389.0m (up 76% from 3Q 2024). Profit margin: 12% (down from 21% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the IT industry in Japan. New Risk • Nov 17
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 Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.4% average weekly change). Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥1,642, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 34% over the past three years. Board Change • Nov 05
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Outside Director Genta Imamura was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥2,120, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 136% over the past three years. Duyuru • Sep 02
f-code Inc. to Report Q3, 2025 Results on Nov 14, 2025 f-code Inc. announced that they will report Q3, 2025 results on Nov 14, 2025 Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: JP¥26.28 (vs JP¥15.16 in 2Q 2024) Second quarter 2025 results: EPS: JP¥26.28 (up from JP¥15.16 in 2Q 2024). Revenue: JP¥2.80b (up 179% from 2Q 2024). Net income: JP¥321.4m (up 83% from 2Q 2024). Profit margin: 12% (down from 18% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the IT industry in Japan. Duyuru • Jun 25
f-code Inc. to Report Q2, 2025 Results on Aug 14, 2025 f-code Inc. announced that they will report Q2, 2025 results on Aug 14, 2025 New Risk • May 20
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (11% average weekly change). Reported Earnings • May 20
First quarter 2025 earnings released: EPS: JP¥26.31 (vs JP¥18.53 in 1Q 2024) First quarter 2025 results: EPS: JP¥26.31 (up from JP¥18.53 in 1Q 2024). Revenue: JP¥2.42b (up 133% from 1Q 2024). Net income: JP¥324.0m (up 65% from 1Q 2024). Profit margin: 13% (down from 19% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the IT industry in Japan. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥2,185, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 18x in the IT industry in Japan. Total returns to shareholders of 198% over the past three years. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to JP¥1,345, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 17x in the IT industry in Japan. Total returns to shareholders of 50% over the past three years. Reported Earnings • Apr 05
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥77.88 (up from JP¥46.89 in FY 2023). Revenue: JP¥5.13b (up 107% from FY 2023). Net income: JP¥905.0m (up 87% from FY 2023). Profit margin: 18% (down from 20% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the IT industry in Japan. Duyuru • Apr 02
f-code Inc. (TSE:9211) announces an Equity Buyback for 160,000 shares, representing 1.3% for ¥400 million. f-code Inc. (TSE:9211) announces a share repurchase program. Under the program, the company will repurchase up to 160,000 shares, representing 1.3% of its issued share capital, for ¥400 million. The program will be valid till May 30, 2025. As of April 1, 2025, the company has 12,330,437 issued shares (excluding treasury stock) and 40,563 treasury shares. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥1,780, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 84% over the past three years. Duyuru • Mar 13
f-code Inc. (TSE:9211) announces an Equity Buyback for 40,000 shares, representing 0.33% for ¥100 million. f-code Inc. (TSE:9211) announces a share repurchase program. Under the program, the company will repurchase up to 40,000 shares, representing 0.33% of its issued share capital, for ¥100 million. The purpose of the program is to to enhance shareholder returns. The program will be valid till April 30, 2025. As of December 31, 2024, the company has 12,260,085 issued shares (excluding treasury stock) and 515 treasury shares. Duyuru • Mar 05
f-code Inc. to Report Q1, 2025 Results on May 15, 2025 f-code Inc. announced that they will report Q1, 2025 results on May 15, 2025 Duyuru • Feb 21
f-Code Inc. Provides Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2025 f-code Inc. provided consolidated earnings guidance for the fiscal year ending December 31, 2025. For the full year, the company expects sales revenue of JPY 10,000 million, Operating income of JPY 2,200 million, net income of JPY 1,319 million, Profit attributable to owners of the parent of JPY 1,285 million and Basic earnings per share of JPY 104.84. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥1,658, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 156% over the past three years. Duyuru • Feb 17
f-code Inc., Annual General Meeting, Mar 26, 2025 f-code Inc., Annual General Meeting, Mar 26, 2025. Reported Earnings • Feb 16
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥77.88 (up from JP¥46.89 in FY 2023). Revenue: JP¥5.13b (up 107% from FY 2023). Net income: JP¥905.0m (up 87% from FY 2023). Profit margin: 18% (down from 20% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the IT industry in Japan. Buy Or Sell Opportunity • Feb 12
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to JP¥1,372. The fair value is estimated to be JP¥1,141, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 69% over the last year. Earnings per share has grown by 63%. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. New Risk • Feb 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% 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 (7.6% average weekly change). Minor Risk Shareholders have been diluted in the past year (16% increase in shares outstanding). Duyuru • Dec 04
f-code Inc. to Report Fiscal Year 2024 Results on Feb 14, 2025 f-code Inc. announced that they will report fiscal year 2024 results on Feb 14, 2025 Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to JP¥1,383, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 20x in the IT industry in Japan. Total returns to shareholders of 52% over the past year. Duyuru • Nov 06
f-code Inc. (TSE:9211) completed the acquisition of 50.10% stake in SpinFlow Inc from Tetsuya Hirashima ¥170 million. f-code Inc. (TSE:9211) agreed to acquire 50.10% stake in SpinFlow Inc from Tetsuya Hirashima for approximately ¥170 million on November 5, 2024. f-code acquiring 5,010 shares in SpinFlow. SpinFlow has Total assets of ¥185 million and Net asset of ¥100 million as for April to September, 2024.
Date of conclusion of the agreement and Date of commencement of share transfer will be November 5, 2024.
f-code Inc. (TSE:9211) completed the acquisition of 50.10% stake in SpinFlow Inc from Tetsuya Hirashima on November 5, 2024. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥1,281, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 18x in the IT industry in Japan. Total returns to shareholders of 57% over the past year. Duyuru • Sep 03
f-code Inc. to Report Q3, 2024 Results on Nov 14, 2024 f-code Inc. announced that they will report Q3, 2024 results on Nov 14, 2024 Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to JP¥1,230, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 18x in the IT industry in Japan. Total returns to shareholders of 46% over the past year. Reported Earnings • Aug 19
Second quarter 2024 earnings released: EPS: JP¥10.41 (vs JP¥18.89 in 2Q 2023) Second quarter 2024 results: EPS: JP¥10.41 (down from JP¥18.89 in 2Q 2023). Revenue: JP¥1.00b (up 11% from 2Q 2023). Net income: JP¥176.0m (down 12% from 2Q 2023). Profit margin: 18% (down from 22% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the IT industry in Japan. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥1,035, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the IT industry in Japan. Total returns to shareholders of 7.8% over the past year. Buy Or Sell Opportunity • Jul 30
Now 22% overvalued Over the last 90 days, the stock has fallen 23% to JP¥1,291. The fair value is estimated to be JP¥1,054, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last year. Earnings per share has grown by 87%. For the next 3 years, revenue is forecast to grow by 23% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Buy Or Sell Opportunity • Jul 11
Now 21% overvalued Over the last 90 days, the stock has fallen 53% to JP¥1,254. The fair value is estimated to be JP¥1,037, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last year. Earnings per share has grown by 87%. For the next 3 years, revenue is forecast to grow by 23% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Buy Or Sell Opportunity • Jul 01
Now 32% overvalued Over the last 90 days, the stock has fallen 43% to JP¥1,418. The fair value is estimated to be JP¥1,074, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last year. Earnings per share has grown by 87%. For the next 3 years, revenue is forecast to grow by 23% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥1,434, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 75% over the past year. Buy Or Sell Opportunity • Jun 18
Now 25% overvalued Over the last 90 days, the stock has fallen 50% to JP¥1,310. The fair value is estimated to be JP¥1,046, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last year. Earnings per share has grown by 87%. For the next 3 years, revenue is forecast to grow by 23% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. New Risk • Jun 13
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.2b (US$97.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (JP¥15.2b market cap, or US$97.0m). Valuation Update With 7 Day Price Move • May 22
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥1,476, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 18x in the IT industry in Japan. Total returns to shareholders of 65% over the past year. New Risk • May 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% 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 Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risk Shareholders have been diluted in the past year (15% increase in shares outstanding). Duyuru • Apr 18
f-code Inc. has filed a Follow-on Equity Offering. f-code Inc. has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,800,000 Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥2,318, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 175% over the past year. Duyuru • Mar 17
f-code Inc. to Report Q1, 2024 Results on May 15, 2024 f-code Inc. announced that they will report Q1, 2024 results on May 15, 2024 Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to JP¥5,370, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 166% over the past year. Duyuru • Feb 16
f-code Inc., Annual General Meeting, Mar 28, 2024 f-code Inc., Annual General Meeting, Mar 28, 2024. Duyuru • Jan 13
f-code Inc. to Report Fiscal Year 2023 Results on Feb 14, 2024 f-code Inc. announced that they will report fiscal year 2023 results on Feb 14, 2024 New Risk • Nov 15
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 10% 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 Latest financial reports are more than 1 year old (reported December 2019 fiscal period end). Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (JP¥7.78b market cap, or US$51.8m). New Risk • Jul 14
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 5.1% 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 Latest financial reports are more than 1 year old (reported December 2019 fiscal period end). Minor Risks Share price has been volatile over the past 3 months (5.1% average weekly change). Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (JP¥9.20b market cap, or US$66.4m). Duyuru • Jun 29
f-code Inc. to Report Q2, 2023 Results on Aug 14, 2023 f-code Inc. announced that they will report Q2, 2023 results on Aug 14, 2023 Duyuru • Dec 06
f-code Inc. to Report Fiscal Year 2022 Results on Feb 14, 2023 f-code Inc. announced that they will report fiscal year 2022 results on Feb 14, 2023 Duyuru • Nov 30
f-code Inc. (TSE:9211) agreed to acquire KaiU business from Subscription Factory, K.K. for ¥300 million. f-code Inc. (TSE:9211) agreed to acquire KaiU business from Subscription Factory, K.K. for ¥300 million on November 28, 2022. Transaction is expected to be closed on January 31, 2022. Duyuru • Nov 23
f-code Inc. (TSE:9211) agreed to acquire Chatbot Hachidori Business And SaaS-Type Video Message Tool Recit Business from Hachidori Co., Ltd. for ¥800 million. f-code Inc. (TSE:9211) agreed to acquire Chatbot Hachidori Business And SaaS-Type Video Message Tool Recit Business from Hachidori Co., Ltd. for ¥800 million on November 21, 2022. Duyuru • Oct 18
f-code Inc. (TSE:9211) agreed to acquire Sinclo Business from MEDiA LiNK.Co., Ltd. for ¥350 million. f-code Inc. (TSE:9211) agreed to acquire Sinclo Business from MEDiA LiNK.Co., Ltd. for ¥350 million on October 17, 2022. Consideration will be settle in cash with cash on hand. The transaction is expected to complete on November 1, 2022. Duyuru • Sep 28
f-code Inc. to Report Q3, 2022 Results on Nov 14, 2022 f-code Inc. announced that they will report Q3, 2022 results on Nov 14, 2022 Duyuru • Aug 18
f-code Inc. (TSE:9211) agreed to acquire SaaS business (GORILLAEFO) from Bruce Clay Japan, Inc. for ¥93.1 million. f-code Inc. (TSE:9211) agreed to acquire SaaS business (GORILLAEFO) from Bruce Clay Japan, Inc. for ¥93.1 million on August 17, 2022. Consideration shall be settled in cash with cash on hand. An additional transfer price of up to ¥93.1 million may be incurred, and may be paid by September 29, 2023. For the Fiscal year ending December 2021, SaaS business reported sales of ¥45 million. Business transfer date is scheduled for September 1, 2022. Duyuru • Jun 22
f-code Inc. to Report Q2, 2022 Results on Aug 12, 2022 f-code Inc. announced that they will report Q2, 2022 results on Aug 12, 2022 Duyuru • Apr 08
f-code Inc. to Report Q1, 2022 Results on May 13, 2022 f-code Inc. announced that they will report Q1, 2022 results on May 13, 2022 Duyuru • Feb 16
f-code Inc., Annual General Meeting, Mar 25, 2022 f-code Inc., Annual General Meeting, Mar 25, 2022. Duyuru • Dec 24
f-code Inc. has completed an IPO in the amount of ¥322.594 million. f-code Inc. has completed an IPO in the amount of ¥322.594 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 159,700
Price\Range: ¥2020
Discount Per Security: ¥161.6
Transaction Features: Sponsor Backed Offering 
