EBRAINS, INC., First Half Ordinary Profit Decreases by 35%, July-September Ordinary Profit Decreases by 45%

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Wed Nov 13, 2024 3:30 pm JST Earnings

6599 EBRAINS, INC. 【J-GAAP】

Earnings Report

EBRAINS, INC. <6599> [TSE-S] announced its financial results after the market closed on November 13th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 34.8% from the same period last year to 189 million yen. The progress rate against the 530 million yen full-year plan was 35.7%, also falling below the five-year average of 51.8%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to expand by 70.5% from the same period last year, reaching 341 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 79 million yen, a 45.1% decrease compared to the same period last year. The operating profit margin significantly dropped from 13.6% in the same period last year to 8.5%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	2,052	300	289	186	123.3	44.2	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	2,055	287	290	192	127.5	59.2	Nov 13, 2023	J-GAAP
Apr - Sep, 2024	1,930	188	189	124	82.6	35.7	Nov 13, 2024	J-GAAP
YoY	-6.1%	-34.5%	-34.8%	-35.4%	-35.2%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	1,900	210	210	140	92.8	0	May 13, 2024	J-GAAP
Apr - Sep, 2024 Results	1,930	188	189	124	82.6	0	Nov 13, 2024	J-GAAP
Revision Rate	+1.6%	-10.5%	-10.0%	-11.4%	-11.0%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	1,932	199	200	140	92.8	38	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	2,170	342	341	226	149.8	40	Nov 13, 2024	J-GAAP
YoY	+12.3%	+71.9%	+70.5%	+61.4%	+61.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	4,258	656	654	426	282.4	27	May 12, 2023	J-GAAP
Mar, 2024	3,987	486	490	332	220.1	38	May 13, 2024	J-GAAP
Mar, 2025 Guidance	4,100	530	530	350	232.0	40	May 13, 2024	J-GAAP
YoY	+2.8%	+9.1%	+8.2%	+5.4%	+5.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,043	142	144	100	66.4	13.6	Nov 13, 2023	J-GAAP
Oct - Dec, 2023	1,027	122	121	82	54.5	11.9	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	905	77	79	58	38.4	8.5	May 13, 2024	J-GAAP
Apr - Jun, 2024	1,020	111	110	70	47.0	10.9	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	910	77	79	54	36.0	8.5	Nov 13, 2024	J-GAAP
YoY	-12.8%	-45.8%	-45.1%	-46.0%	-45.8%