Coincheck Reports Financial Results for Second Quarter of Year Ending March 31, 2026
AMSTERDAM--( BUSINESS WIRE)--Coincheck Group N.V. (Nasdaq: CNCK) (“Coincheck Group” or the “Company”), a Dutch public limited liability company and the holding company of Coincheck, Inc. (“Coincheck”), a leading Japanese crypto exchange company, today reported financial results for the second quarter of the fiscal year ending March 31, 2026 (“fiscal 2026”). References to “fiscal 2025” mean the fiscal year ended March 31, 2025.
Financial Highlights: 1
Certain Year-Over-Year Highlights
Certain Quarter-Over-Quarter Highlights
Fiscal 2026 Second Quarter Strategic and Operational Highlights:
Other Recent Highlights:
Webcast and Conference Call
Coincheck Group will host a live webcast to discuss its results today at 5:00 pm ET. The call will be hosted by the following members of Coincheck Group’s management: Gary Simanson, CEO, and Jason Sandberg, CFO. The conference call can be accessed live via webcast from the Company’s investor relations website at https://www.coincheckgroup.com/news-events/ir-calendar. A replay will be available on the investor relations website following the call. The conference call can also be accessed over the phone by dialing (800) 267-6316 or (203) 518-9783; the Conference ID is CNCKQ2.
About Coincheck Group N.V.
Headquartered in the Netherlands, Coincheck Group N.V. (NASDAQ: CNCK) is a public limited liability company and the holding company for Coincheck, Inc. Coincheck operates one of the largest multi-cryptocurrency marketplaces and crypto asset exchanges in Japan and is regulated by the Japan Financial Services Agency. Coincheck provides Marketplace and Exchange platforms on which diverse cryptocurrencies, including Bitcoin and Ethereum, are held and exchanged as well as other retail-focused crypto services. Coincheck also leverages its ownership of Next Finance Tech Co., Ltd. to offer staking services to retail customers and corporate clients, and its ownership of Aplo will be targeted at penetrating certain institutional crypto investor markets.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about trading, future financial and operating results, plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning or the negative thereof. Such forward-looking statements are based upon the current beliefs and expectations of the Company’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the Company’s control, which could cause actual results or events to differ materially from those presently anticipated; such risks, uncertainties, and assumptions, include, among others: (i) changes in the cryptocurrency and digital asset markets in which the Company competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) changes in global political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effects of inflation, trade policies and government regulation; (iii) changes in economic conditions and consumer sentiment in Japan; (iv) the price of crypto assets and volume of transactions on the Company’s platform; (v) the development, utility and usage of crypto assets; (vi) demand for any particular crypto asset; (vii) cyberattacks and security breaches on the Company platform; (viii) the Company’s ability to introduce new products and services, (ix) the Company’s ability to execute its growth strategies, including identifying and executing acquisitions, (x) the success, continued success, or lack thereof, regarding the Company's staking award program, Next Finance's staking platform and other potential commercial relationships, the strategic relationship with Mercoin/Mercari, and Aplo's business; (xi) the ability to grow and manage growth profitably; and (xii) other risks and uncertainties discussed in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 20-F for the fiscal year ended March 31, 2025, as such factors may be updated from time to time, which are or will be accessible on the SEC’s website at www.sec.gov. The forward-looking statements included in this press release are made only as of the date of this press release and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.
Non-IFRS financial measures
EBITDA and Adjusted EBITDA
In addition to the Company’s results determined in accordance with IFRS Accounting Standards, the Company presents EBITDA and Adjusted EBITDA, non-IFRS measures, because the Company believes they are useful in evaluating its operating performance.
EBITDA represents net profit (loss) for the period before the impact of taxes, interest, depreciation, and amortization of intangible assets, and Adjusted EBITDA represents EBITDA, further adjusted, as follows. Adjusted EBITDA is being calculated differently for the first and second quarter of fiscal 2026 than it was previously calculated for the fourth quarter of fiscal 2025. When the Company announced its financial results on May 13, 2025 for the fourth quarter of fiscal 2025, the further adjustment to calculate Adjusted EBITDA consisted only of transaction expenses. Beginning with the first quarter for the year ending March 31, 2026 (and for the foreseeable future), in evaluating how Adjusted EBITDA should be calculated, the Company considers, in addition to transaction expenses, the non-cash expenses of (i) share-based compensation, which the Company did not have prior to April 1, 2025, the majority of which consists of Coincheck Group restricted share unit awards granted to two of Coincheck, Inc.’s founders and awards granted related to the Company's December 2024 business combination that resulted in the Company's listing on Nasdaq, and (ii) change in fair value of warrant liability, which fluctuates quarter to quarter based on the Company’s share price.
The Company uses EBITDA and Adjusted EBITDA to evaluate its ongoing operations and for internal planning and forecasting purposes and believes that EBITDA and Adjusted EBITDA may be helpful to investors because they provide consistency and comparability with past financial performance. However, EBITDA and Adjusted EBITDA are presented for supplemental informational purposes only, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS Accounting Standards.
A reconciliation is provided below for each non-IFRS financial measures to the most directly comparable financial measure stated in accordance with IFRS Accounting Standards. Investors are encouraged to review the related IFRS Accounting Standards financial measures and the reconciliation of these non-IFRS financial measures to their most directly comparable IFRS Accounting Standards financial measures, and not to rely on any single financial measure to evaluate Coincheck Group’s business.
Please see tables on the following pages for reconciliations of non-IFRS Accounting Standards financial measures.
U.S. Dollar financial information
For the convenience of the reader, where applicable, Coincheck Group has translated U.S. Dollar amounts from Japanese Yen at the exchange rate of ¥147.97 per $1.00, which was the ¥/$ exchange rate reported by the Federal Reserve Bank of New York as of September 30, 2025.
This information is intended to be reviewed in conjunction with the Company’s filings with the SEC.
COINCHECK GROUP N.V. and its subsidiaries
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS (UNAUDITED)
Japanese Yen
For the three months ended
September 30,
September 30,
June 30,
(in millions)
2025
2024
2025
Revenue:
Revenue
¥
132,229
¥
70,339
¥
83,553
Other revenue
876
9
436
Total revenue
133,105
70,348
83,989
Expenses:
Cost of sales
129,219
68,325
81,288
Selling, general and administrative expenses
3,370
1,999
3,571
Total expenses
132,589
70,324
84,859
Operating profit (loss)
516
23
(870
)
Operating profit
Other income and expenses:
Other income
322
16
1
Other expenses
(1
)
(3
)
(132
)
Financial income
116
0
1
Financial expenses
(50
)
(16
)
(251
)
Profit (loss) before income taxes
903
21
(1,251
)
Income tax expense
548
6
126
Net profit (loss) for the period attributable to owners of the Company
¥
355
¥
15
¥
(1,377
)
COINCHECK GROUP N.V. and its subsidiaries
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS (UNAUDITED)
Japanese Yen
United States
Dollar *
For the three
months ended
For the three
months ended
September 30,
September 30,
(in millions)
2025
2025
Revenue:
Revenue
¥
132,229
$
893.6
Other revenue
876
5.9
Total revenue
133,105
899.5
Expenses:
Cost of sales
129,219
873.3
Selling, general and administrative expenses
3,370
22.8
Total expenses
132,589
896.1
Operating profit
516
3.5
Other income and expenses:
Other income
322
2.2
Other expenses
(1
)
0.0
Financial income
116
0.8
Financial expenses
(50
)
(0.3
)
Profit before income taxes
903
6.1
Income tax expense
548
3.7
Net profit for the period attributable to owners of the Company
¥
355
$
2.4
Japanese Yen
United States
Dollar *
For the six months ended
For the six
months ended
September 30,
September 30,
(in millions)
2025
2024
2025
Revenue:
Revenue
¥
215,782
¥
145,632
$
1,458.3
Other revenue
1,312
15
8.9
Total revenue
217,094
145,647
1,467.1
Expenses:
Cost of sales
210,763
140,507
1,424.4
Selling, general and administrative expenses
6,684
4,473
45.2
Total expenses
217,447
144,980
1,469.5
Operating profit (loss)
(353
)
667
(2.4
)
Other income and expenses:
Other income
247
18
1.7
Other expenses
(59
)
(4
)
(0.4
)
Financial income
4
9
0.0
Financial expenses
(187
)
(24
)
(1.3
)
Profit (loss) before income taxes
(348
)
666
(2.4
)
Income tax expense
674
214
5
Net profit (loss) for the period attributable to owners of the Company
¥
(1,022
)
¥
452
$
(6.9
)
COINCHECK GROUP N.V. and its subsidiaries
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
Japanese Yen
United States
Dollar *
As of
September 30,
As of
March 31,
As of
September 30,
(in millions)
2025
2025
2025
Assets
Current assets:
Cash and cash equivalents
¥
8,970
¥
8,584
$
60.6
Cash segregated as deposits
57,305
51,655
387.3
Crypto assets held
63,246
44,680
427.4
Customer accounts receivable
1,250
1,086
8.4
Other financial assets
114
62
0.8
Other current assets
692
1,035
4.7
Total current assets
131,577
107,102
889.2
Non-current assets:
Property and equipment
1,683
1,909
11.4
Intangible assets
2,853
2,529
19.3
Crypto assets held
107
43
0.7
Other financial assets
519
433
3.5
Deferred tax assets
303
337
2.0
Other non-current assets
28
—
0.2
Total non-current assets
5,493
5,251
37
Total assets
¥
137,070
¥
112,353
$
926
Liabilities and equity
Liabilities:
Current liabilities:
Deposits received
¥
56,925
¥
50,911
$
384.7
Crypto asset borrowings
62,844
44,479
424.7
Other financial liabilities
3,462
2,826
23.4
Income taxes payable
715
799
4.8
Excise tax payable
—
303
—
Other current liabilities
578
536
3.9
Total current liabilities
124,524
99,854
841.5
Non-current liabilities:
Other financial liabilities
1,211
901
8.2
Warrant liability
518
410
3.5
Provisions
342
340
2.3
Deferred tax liabilities
58
79
0.4
Total non-current liabilities
2,129
1,730
14.0
Total liabilities
126,654
101,584
855.5
Equity:
Ordinary shares
213
213
1.4
Capital surplus
13,401
13,317
90.6
Share-based payment reserve
535
—
3.6
Treasury shares
(4
)
(4
)
—
Retained earnings (accumulated deficit)
(3,792
)
(2,770
)
(25.6
)
Foreign currency translation adjustment
63
13
0.4
Total equity
10,416
10,769
70.4
Total liabilities and equity
¥
137,070
¥
112,353
$
925.9
COINCHECK GROUP N.V. and subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (UNAUDITED)
Japanese Yen
United States Dollar
For the six months ended
September 30,
For the six months
ended September 30,
(In millions)
2025
2024
2025
Cash flows from operating activities:
Profit (loss) before income taxes
¥
(348
)
¥
666
$
(2.4
)
Depreciation and amortization
349
325
2.4
Interest expense
63
—
0.4
Share-based payments
619
—
4.2
Foreign exchange loss
59
—
0.4
Impairment loss of other assets (non-current assets)
2
13
—
Change in fair value of other financial assets (non-current assets)
13
—
0.1
Change in fair value of warrant liability
109
—
0.7
(Increase) decrease in cash segregated as deposits
(5,650
)
10,436
(38.2
)
(Increase) decrease in crypto assets held (current assets)
(18,565
)
8,575
(125.5
)
Increase in customer accounts receivable
(164
)
(69
)
(1.1
)
Increase in other financial assets (current assets)
(52
)
(130
)
(0.4
)
(Increase) decrease in other current assets
342
(54
)
2.3
Increase (decrease) in deposits received
6,014
(10,104
)
40.6
Increase (decrease) in crypto asset borrowings
18,301
(8,529
)
123.7
Decrease in other financial liabilities
(484
)
(170
)
(3.3
)
Decrease in excise tax payable
(303
)
—
(2.0
)
Increase in other current liabilities
42
(119
)
0.3
Other, net
(30
)
23
(0.2
)
Cash provided by operating activities
317
863
2.1
Interest income received
3
0
—
Interest expenses paid
(59
)
(9
)
(0.4
)
Income taxes paid
(744
)
(487
)
(5.0
)
Net cash provided by (used in) operating activities
(483
)
367
(3.3
)
Cash flows from investing activities
Purchase of property and equipment
(45
)
(159
)
(0.3
)
Expenditure on internally generated intangible assets
(386
)
(253
)
(2.6
)
Proceeds from refund of guarantee deposits
—
33
—
Purchase of other financial assets (non-current assets)
(100
)
—
(0.7
)
Net cash used in investing activities
(531
)
(379
)
(3.6
)
Cash flows from financing activities
Proceeds from short-term loans payable
1,000
600
6.8
Repayments of short-term loans payable
(1,000
)
(600
)
(6.8
)
Proceeds from loan from related party
9,388
6,000
63.4
Repayments of loan from related party
(7,798
)
(6,000
)
(52.7
)
Repayments of lease obligations
(188
)
(197
)
(1.3
)
Net cash provided by (used in) financing activities
1,402
(197
)
9.5
Effect of exchange rate change on cash and cash equivalents
(2
)
—
—
Net increase (decrease) in cash and cash equivalents
386
(209
)
2.6
Cash and cash equivalents at the beginning of period
8,584
10,837
58.0
Cash and cash equivalents at the end of period
¥
8,970
¥
10,628
$
60.6
COINCHECK GROUP N.V. and subsidiaries
RECONCILIATION OF EBITDA
Japanese Yen
For the three months ended
September 30,
September 30,
June 30,
2025
2024
2025
Reconciliation of EBITDA:
Net profit (loss) for the period
¥
355
¥
15
¥
(1,377
)
Add: Income tax expenses
548
6
126
Profit before income taxes
903
21
(1,251
)
Add: Interest expense
38
3
24
Add: Depreciation and amortization
185
142
164
EBITDA
¥
1,126
¥
166
¥
(1,063
)
RECONCILIATION OF ADJUSTED EBITDA
Japanese Yen
For the three months ended
September 30,
September 30,
June 30,
2025
2024
2025
Reconciliation of Adjusted EBITDA:
Net profit (loss) for the period
¥
355
¥
15
¥
(1,377
)
Add: Income tax expenses
548
6
126
Profit before income taxes
903
21
(1,251
)
Add: Interest expense
38
3
24
Add: Transaction expenses excluding listing expense 7
153
84
143
Add: Change in fair value of warrant liability 8
(114
)
—
223
Add: Share-based compensation 9
321
—
298
Add: Depreciation and amortization
185
142
164
Adjusted EBITDA
¥
1,486
¥
250
¥
(399
)
Prior to the first quarter of fiscal 2026, the Company had no share-based compensation expense. In evaluating how Adjusted EBITDA should be calculated for the first and second quarters of fiscal 2026 (and the foreseeable future), the Company considered, in addition to transaction expenses, the non-cash expenses of (i) share-based compensation, the majority of which consisted of Coincheck Group restricted share unit awards granted to two of Coincheck, Inc.’s co-founders, and other restricted share unit awards related to the business combination with Thunder Bridge Capital Partners IV, and (ii) change in fair value of warrant liability, which fluctuates quarter to quarter based on the Company’s share price. The Company believes that showing its EBITDA results, further adjusted to exclude share-based compensation and change in fair value of warrant liability, can present a clearer view of the Company’s operational performance, and is helpful to view together with EBITDA and net profit or loss.
COINCHECK GROUP N.V. and subsidiaries
RECONCILIATION OF EBITDA
Japanese Yen
United States
Dollar *
For the three
months ended
For the three
months ended
September 30,
September 30,
2025
2025
Reconciliation of EBITDA:
Net profit for the period
¥
355
$
2.4
Add: Income tax expenses
548
3.7
Profit before income taxes
903
6.1
Add: Interest expense
38
0.3
Add: Depreciation and amortization
185
1.2
EBITDA
¥
1,126
$
7.6
RECONCILIATION OF ADJUSTED EBITDA
Japanese Yen
United States
Dollar *
For the three
months ended
For the three
months ended
September 30,
September 30,
2025
2025
Reconciliation of Adjusted EBITDA:
Net profit for the period
¥
355
$
2.4
Add: Income tax expenses
548
3.7
Profit before income taxes
903
6.1
Add: Interest expense
38
0.3
Add: Transaction expenses excluding listing expense
153
1.0
Add: Change in fair value of warrant liability
(114
)
(0.8
)
Add: Share-based compensation
321
2.2
Add: Depreciation and amortization
185
1.2
Adjusted EBITDA
¥
1,486
$
10.0
1 References in this announcement to “¥” are to Japanese Yen and references to “U.S. Dollars” and “$” are to United States Dollars. Unless otherwise stated, Coincheck Group has translated U.S. Dollar amounts from Japanese Yen at the exchange rate of ¥147.97 per $1.00, which was the ¥/$ exchange rate reported by the Federal Reserve Bank of New York as of September 30, 2025.
2 Gross margin is defined as total revenue less cost of sales.
3 Verified Accounts are all accounts that have been opened after the account owner completes all application procedures (including “know your customer” or “KYC”), after subtracting therefrom the total number of closed accounts.
4 Cryptocurrencies held for customers + fiat currency deposited by customers. This does not include NFTs.
5 Marketplace Trading Volume for a specific period is the total value, based on the underlying asset, of all transactions completed through Coincheck’s marketplace platform.
6 Adjusted EBITDA is a non-IFRS financial measure; see “Non-IFRS financial measures” for definition and corresponding reconciliation below. Adjusted EBITDA has been calculated differently beginning with the first quarter of fiscal 2026 than it was calculated for the fourth quarter of fiscal 2025, as further explained under “Non-IFRS financial measures” and “Reconciliation of Adjusted EBITDA.”
7 Transaction expenses were mainly cash expenses related to Company business acquisition activities.
8 Change in fair value of warrant liability was non-cash expenses (incomes) related to change in fair value of warrant liability.
9 Share-based compensation was non-cash expenses for restricted share units, which were granted to managing directors and officers, board members and other qualified employees and non-employee consultants.