Innovacell Inc.(504A) Financial Results

Current Period Guidance

Annual

Result

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022 ＊	ー	-355	-514	-515	-20.6	0	ー	J-GAAP
Dec, 2023 ＊	ー	-1,861	-2,000	-2,002	-75.4	0	ー	J-GAAP
Dec, 2024 ＊	ー	-1,872	-2,391	-2,392	-89.4	0	ー	J-GAAP
Dec, 2025 ＊	ー	-2,231	-2,853	-2,855	-89.0	0	Feb 24, 2026	J-GAAP
Dec, 2026 Guidance	1,000	-3,337	-3,461	-3,463	-83.0	0	Feb 24, 2026	J-GAAP
YoY	－	-49.6%	-21.3%	-21.3%	+6.8%

Guidance History

Revision Direction	Revision Date	Revenue	Operating Profit	Ordinary Profit	Net Profit	Revised Dividend	Accounting Standards
- Results	Feb 24, 2026	ー	-2,231	-2,853	-2,855	0	J-GAAP
Dec, 2026	Feb 24, 2026	1,000	-3,337	-3,461	-3,463	0	J-GAAP

Growth Rate

Fiscal Year	Revenue	YoY	Operating Profit	YoY	Ordinary Profit	YoY	Adj. EPS	YoY
Dec, 2021	ー	－	Available in future release
Dec, 2022	ー	－
Dec, 2023	ー	－
Dec, 2024	ー	－
Dec, 2025	ー	－
Dec, 2026 Guidance	1,000	－	-3,337	-49.6	-3,461	-21.3	-83.0	+6.7

Profitability

Fiscal Year	Revenue	Operating Profit	Operating Profit Margin	ROE	ROA	Total Asset Turnover Ratio	Adj. EPS
Dec, 2024 ＊	ー	-1,872	ー	ー	ー	ー	-89.4
Dec, 2026 Guidance	1,000	-3,337	-334	ー	-68.01	0.20	-83.0

All-Time High

	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS
Record	ー	-213	-291	-515	-20.6
Fiscal Year	ー	Dec, 2021	Dec, 2021	Dec, 2022	Dec, 2022

First Half

Result

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jan - Jun, 2025	ー	-1,045	-1,231	-1,231	-39.7	0	ー	J-GAAP
Jan - Jun, 2026 Guidance	ー	ー	ー	ー	－	0	Feb 24, 2026	J-GAAP
YoY	－	－	－	－	－

Guidance History

Revision Direction	Revision Date	Revenue	Operating Profit	Ordinary Profit	Net Profit	Revised Dividend	Accounting Standards

Cash Flow

Annual

Fiscal Year	Operating Profit	Fee Cash Flow	Operating Cash Flow	Investing Cash Flow	Financial Cash Flow	Cash & Equivalents	Cash Ratio	Accounting Standards
Dec, 2023	-1,861	-405	-1,407	1,002	510	1,096	45.59	J-GAAP
Dec, 2024	-1,872	-1,308	-1,297	-11	2,142	1,961	69.20	J-GAAP
Dec, 2025	-2,231	-2,048	-1,995	-53	4,089	4,101	80.54	J-GAAP

Actual Performance and Financial Trends

Historical Performance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2023	ー	-1,861	-2,000	-2,002	-75.4	0	ー	J-GAAP
Dec, 2024	ー	-1,872	-2,391	-2,392	-89.4	0	ー	J-GAAP
Dec, 2025	ー	-2,231	-2,853	-2,855	-89.0	0	Feb 24, 2026	J-GAAP
YoY	－	-19.2%	-19.3%	-19.4%	+0.5%

Quarterly Results

Result

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2025	ー	-535	-862	-863	-27.3	ー	ー	J-GAAP
Oct - Dec, 2025	ー	-651	-760	-761	-23.7	ー	Feb 24, 2026	J-GAAP
YoY	－	－	－	－	－

Growth Rate

Fiscal Year	Revenue	YoY	Operating Profit	YoY	Ordinary Profit	YoY	Adj. EPS	YoY
Jul - Sep, 2025	ー	－	Available in future release
Oct - Dec, 2025	ー	－	-651	－	-760	－	-23.7	－

All-Time High Quarterly Results

	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS
Record	ー	-535	-760	-761	-23.7
Fiscal Year	ー	Sep, 2025	Dec, 2025	Dec, 2025	Dec, 2025

Key Balance Sheet Figures

Fiscal Year	BPS	Equity Ratio	Total Asset	Equity	Retained Earnings	Interest-Bearing Debt Ratio	Announce	Accounting Standards
Dec, 2023	-96.94	-72.3	2,404	-1,737	ー	ー	ー	J-GAAP
Dec, 2024	-64.57	-69.1	2,834	-1,957	ー	ー	ー	J-GAAP
Dec, 2025	-78.95	-51.7	5,092	-2,631	-8,366	-1.97	Feb 24, 2026	J-GAAP