Earlyworks Co., Ltd(ELWS)Earnings, Financials & Key Ratios
ELWS•NASDAQ
$5.30
$80M mkt cap·Price updated Apr 24, 2026
SectorTechnologyIndustryApplication SoftwareSub-IndustryEmerging tech platforms (AI, blockchain, identity)
AboutEarlyworks Co., Ltd operates as a blockchain-based technology company in Japan. The company builds products, deliver services, and develop solutions based on its proprietary Grid Ledger System to leverage blockchain technology in various business settings, including advertisement tracking, online visitor management, and sales of non-fungible tokens. It also provides software and system development services; consulting and solution services; blockchain system solution planning; and proposal, design, and development planning services. The company serves the information technology, shipping, real estate, entertainment, cosmetics, and chemical products sectors. Earlyworks Co., Ltd was incorporated in 2018 and is based in Tokyo, Japan.Show more
- Revenue$440M+145.5%
- EBITDA-$244M+35.9%
- Net Income-$257M+23.6%
- EPS (Diluted)0.00+100.0%
- Gross Margin51.57%-34.8%
- EBITDA Margin-55.37%+73.9%
- Operating Margin-55.83%+73.8%
- Net Margin-58.29%+68.9%
- ROE-126.84%-1.7%
- ROIC-190.52%-32.6%
- Debt/Equity0.70+29.2%
- Interest Coverage-143.20+40.3%
ELWS Key Insights
Earlyworks Co., Ltd (ELWS) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Momentum leader: RS Rating 91 (top 9%)
- ✓Share count reduced 100.0% through buybacks
- ✓Efficient asset utilization: 2.3x turnover
✗Weaknesses
- ✗Negative free cash flow
- ✗Trading more than 30% below 52-week high
- ✗Expensive at 168.4x book value
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
ELWS Price & Volume
Earlyworks Co., Ltd (ELWS) stock price & volume — 10-year historical chart
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ELWS Growth Metrics
Earlyworks Co., Ltd (ELWS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years-1.71%
TTM-
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-
Return on Capital
10 Years-87.19%
5 Years-87.19%
3 Years-100.2%
Last Year-100.26%
ELWS Peer Comparison
Earlyworks Co., Ltd (ELWS) competitors in Emerging tech platforms (AI, blockchain, identity) — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 BTBT | 621.7M | 1.93 | 9.65 | 264.59% | 21.41% | 0.03 | ||
 CIFR | 8.89B | 21.91 | -10.19 | 48.04% | -115.53% | 3.31 | ||
 WULF | 11.31B | 25.74 | -122.57 | 102.3% | -228.04% | 2.01 | ||
 HUT | 12.08B | 108.94 | -50.91 | -90.71% | -17.66% | 0.25 | ||
 IREN | 20.26B | 60.98 | 156.36 | 167.65% | -0.64% | 0.53 | ||
 MARA | 4.95B | 13.03 | -3.53 | 38.2% | -30.54% | 1.05 | ||
 RIOT | 8.98B | 23.68 | -12.14 | 71.89% | -28.78% | 0.10 | ||
 CLSK | 3.71B | 14.50 | 12.95 | 102.21% | -33.25% | -13.75% | 0.38 |
Compare ELWS vs Peers
Earlyworks Co., Ltd (ELWS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
ELWS Income Statement
Earlyworks Co., Ltd (ELWS) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Apr'21 | Apr'22 | Apr'23 | Apr'24 | Apr'25 | TTM |
|---|---|---|---|---|---|---|
| Sales/Revenue | 216.21M | 463.72M | 46.57M | 179.36M | 440.36M | 235.07M |
| Revenue Growth % | - | 114.47% | -89.96% | 285.14% | 145.52% | - |
| Cost of Goods Sold | 33.54M | 108.38M | 30.5M | 37.58M | 213.26M | 82.74M |
| COGS % of Revenue | 15.51% | 23.37% | 65.5% | 20.95% | 48.43% | - |
| Gross Profit | 182.67M▲ 0% | 355.34M▲ 94.5% | 16.07M▼ 95.5% | 141.77M▲ 782.4% | 227.1M▲ 60.2% | 152.33M▲ 0% |
| Gross Margin % | 84.49% | 76.63% | 34.5% | 79.05% | 51.57% | 64.8% |
| Gross Profit Growth % | - | 94.53% | -95.48% | 782.42% | 60.19% | - |
| Operating Expenses | 267.02M | 927.46M | 404.49M | 523.26M | 472.96M | 1.12B |
| OpEx % of Revenue | 123.5% | 200% | 868.6% | 291.74% | 107.4% | - |
| Selling, General & Admin | 248.9M | 901.7M | 295.67M | 440.09M | 428.21M | 962.84M |
| SG&A % of Revenue | 115.12% | 194.45% | 634.92% | 245.38% | 97.24% | - |
| Research & Development | 22.89M | 25.75M | 108.82M | 76.08M | 43.25M | 191.78M |
| R&D % of Revenue | 10.59% | 5.55% | 233.69% | 42.42% | 9.82% | - |
| Other Operating Expenses | 99.84K | -155.43K | 228.94K | 7.08M | 1.49M | 0 |
| Operating Income | -89.13M▲ 0% | -572.12M▼ 541.9% | -388.43M▲ 32.1% | -381.49M▲ 1.8% | -245.85M▲ 35.6% | -969.9M▲ 0% |
| Operating Margin % | -41.22% | -123.38% | -834.1% | -212.7% | -55.83% | -412.6% |
| Operating Income Growth % | - | -541.91% | 32.11% | 1.79% | 35.55% | - |
| EBITDA | -89.06M | -571.81M | -387.65M | -380.4M | -243.85M | -967.97M |
| EBITDA Margin % | -41.19% | -123.31% | -832.43% | -212.09% | -55.37% | -411.78% |
| EBITDA Growth % | - | -542.05% | 32.21% | 1.87% | 35.9% | - |
| D&A (Non-Cash Add-back) | 67.93K | 309.51K | 778.61K | 1.08M | 2.01M | 1.93M |
| EBIT | -84.69M | -572.27M | -388.83M | -334.75M | -254.98M | -5.14M |
| Net Interest Income | -1.45M | -1.26M | -2.7M | -1.59M | -1.72M | -4.63M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.45M | 1.26M | 2.7M | 1.59M | 1.72M | 4.63M |
| Other Income/Expense | 2.99M | -1.41M | -3.1M | 45.15M | -10.84M | 213.03M |
| Pretax Income | -86.14M▲ 0% | -573.53M▼ 565.8% | -391.53M▲ 31.7% | -336.34M▲ 14.1% | -256.7M▲ 23.7% | -756.87M▲ 0% |
| Pretax Margin % | -39.84% | -123.68% | -840.76% | -187.53% | -58.29% | -321.98% |
| Income Tax | -15.62M | 28.94M | -9.22M | -188.5K | 0 | -8.31M |
| Effective Tax Rate % | 18.14% | -5.05% | 2.36% | 0.06% | 0% | 1.1% |
| Net Income | -70.52M▲ 0% | -602.47M▼ 754.4% | -382.31M▲ 36.5% | -336.15M▲ 12.1% | -256.7M▲ 23.6% | -871.66M▲ 0% |
| Net Margin % | -32.62% | -129.92% | -820.95% | -187.42% | -58.29% | -370.81% |
| Net Income Growth % | - | -754.36% | 36.54% | 12.07% | 23.64% | - |
| Net Income (Continuing) | -70.52M | -602.47M | -382.31M | -336.15M | -256.7M | -5.11M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -23.17▲ 0% | -197.93▼ 754.3% | -125.60▲ 36.5% | -113.84▲ 9.4% | 0.00▲ 100.0% | -301.02▲ 0% |
| EPS Growth % | - | -754.25% | 36.54% | 9.36% | 100% | - |
| EPS (Basic) | -23.17 | -197.93 | -125.60 | -113.84 | 0.00 | - |
| Diluted Shares Outstanding | 3.04M | 3.04M | 3.04M | 2.95M | 0 | 2.9M |
| Basic Shares Outstanding | 3.04M | 3.04M | 3.04M | 2.95M | 0 | 2.9M |
| Dividend Payout Ratio | - | - | - | - | - | - |
ELWS Balance Sheet
Earlyworks Co., Ltd (ELWS) balance sheet — assets, liabilities & shareholders' equity
| Line item | Apr'21 | Apr'22 | Apr'23 | Apr'24 | Apr'25 | TTM |
|---|---|---|---|---|---|---|
| Total Current Assets | 409.57M | 738.54M | 234.68M | 530.39M | 143.34M | 530.39M |
| Cash & Short-Term Investments | 364.26M | 657.42M | 177.89M | 437.91M | 104.38M | 437.91M |
| Cash Only | 364.26M | 657.42M | 177.89M | 337.91M | 104.38M | 337.91M |
| Short-Term Investments | 0 | 0 | 0 | 100M | 0 | 100M |
| Accounts Receivable | 40.69M | 72.26M | 50.08M | 81.07M | 26.36M | 81.07M |
| Days Sales Outstanding | 68.69 | 56.88 | 392.55 | 164.99 | 21.85 | 61.93 |
| Inventory | 4.36M | 8.54M | 5.69M | 0 | 0 | 0 |
| Days Inventory Outstanding | 47.41 | 28.75 | 68.06 | - | - | 73.06 |
| Other Current Assets | 272.62K | 329.95K | 1.03M | 84.26K | 153.76K | 84.26K |
| Total Non-Current Assets | 27.66M | 13.51M | 218.35M | 45.17M | 47.16M | 45.17M |
| Property, Plant & Equipment | 6.35M | 12.86M | 5.53M | 13.03M | 4.4M | 13.03M |
| Fixed Asset Turnover | 34.04x | 36.06x | 8.41x | 13.76x | 100.09x | 20.79x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 10.62M | 0 |
| Long-Term Investments | 4.56M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 834.74K | 647.74K | 212.82M | 32.14M | 32.14M | 366.23M |
| Total Assets | 437.23M▲ 0% | 752.05M▲ 72.0% | 453.04M▼ 39.8% | 575.57M▲ 27.0% | 190.5M▼ 66.9% | 575.57M▲ 0% |
| Asset Turnover | 0.49x | 0.62x | 0.10x | 0.31x | 2.31x | 0.39x |
| Asset Growth % | - | 72% | -39.76% | 27.05% | -66.9% | 47.89% |
| Total Current Liabilities | 55.98M | 111.38M | 176.08M | 193M | 82.61M | 193M |
| Accounts Payable | 0 | 0 | 0 | 0 | 12.17M | 0 |
| Days Payables Outstanding | - | - | - | - | 20.83 | - |
| Short-Term Debt | 10.77M | 11.77M | 123.82M | 119.19M | 15.2M | 119.19M |
| Deferred Revenue (Current) | 108.54K | 0 | 1.4M | 0 | 0 | 1.4M |
| Other Current Liabilities | 0 | -23.58M | 0 | 0 | 0 | 0 |
| Current Ratio | 7.32x | 6.63x | 1.33x | 2.75x | 1.74x | 1.74x |
| Quick Ratio | 7.24x | 6.55x | 1.30x | 2.75x | 1.74x | 1.74x |
| Cash Conversion Cycle | - | - | - | - | - | 134.99 |
| Total Non-Current Liabilities | 58.09M | 49.86M | 68.44M | 51.84M | 33.86M | 51.84M |
| Long-Term Debt | 58.09M | 46.32M | 68.25M | 49.06M | 33.86M | 49.06M |
| Capital Lease Obligations | 0 | 3.47M | 0 | 2.78M | 0 | 9.69M |
| Deferred Tax Liabilities | 0 | 66.23K | 188.5K | 0 | 0 | 311.7K |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 114.07M | 161.23M | 244.52M | 244.84M | 116.47M | 244.84M |
| Total Debt | 74.73M | 69.79M | 195.54M | 179.27M | 51.84M | 179.27M |
| Net Debt | -289.53M | -587.63M | 17.65M | -158.64M | -52.54M | -158.64M |
| Debt / Equity | 0.23x | 0.12x | 0.94x | 0.54x | 0.70x | 0.70x |
| Debt / EBITDA | - | - | - | - | - | -0.19x |
| Net Debt / EBITDA | - | - | - | - | - | 0.16x |
| Interest Coverage | -61.55x | -454.52x | -143.91x | -240.02x | -143.20x | -1.11x |
| Total Equity | 323.16M▲ 0% | 590.82M▲ 82.8% | 208.51M▼ 64.7% | 330.72M▲ 58.6% | 74.03M▼ 77.6% | 330.72M▲ 0% |
| Equity Growth % | - | 82.83% | -64.71% | 58.61% | -77.62% | 85.78% |
| Book Value per Share | 106.17 | 194.10 | 68.50 | 112.00 | 4.91 | 114.21 |
| Total Shareholders' Equity | 323.16M | 590.82M | 208.51M | 330.72M | 74.03M | 330.72M |
| Common Stock | 234.51M | 334.58M | 100M | 50M | 50M | 50M |
| Retained Earnings | -665.86M | -1.27B | -1.59B | -1.93B | -2.19B | -1.93B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
ELWS Cash Flow Statement
Earlyworks Co., Ltd (ELWS) cash flow — operating, investing & free cash flow history
| Line item | Apr'21 | Apr'22 | Apr'23 | Apr'24 | Apr'25 | TTM |
|---|---|---|---|---|---|---|
| Cash from Operations | 34.52M | 100.27M | -399.74M | -393.86M | -191.73M | -191.73M |
| Operating CF Margin % | 15.97% | 21.62% | -858.38% | -219.6% | -43.54% | - |
| Operating CF Growth % | - | 190.44% | -498.67% | 1.47% | 51.32% | 4.82% |
| Net Income | -70.52M | -602.47M | -382.31M | -336.15M | -256.7M | -871.66M |
| Depreciation & Amortization | 67.93K | 309.51K | 778.61K | 1.08M | 2.01M | 1.93M |
| Stock-Based Compensation | 56M | 670M | 0 | 1.62M | 0 | 0 |
| Deferred Taxes | -15.91M | 15.98M | 122.26K | -188.5K | 0 | -62.4K |
| Other Non-Cash Items | 684.66K | 244.23K | 231K | -40.48M | 10.53M | -149.48M |
| Working Capital Changes | 64.2M | 16.21M | -18.95M | -19.74M | 52.42M | -40.91M |
| Change in Receivables | 54.37M | -31.57M | 41.32M | -9.78M | 54.72M | -5.21M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | -6.26M | 45.1M |
| Cash from Investing | -611.15K | 3.76M | -1.63M | -100.34M | 87.76M | -105.64M |
| Capital Expenditures | -611.15K | -984.37K | -1.63M | -336.19K | -435.09K | -2.04M |
| CapEx % of Revenue | 0.28% | 0.21% | 3.49% | 0.19% | 0.1% | - |
| Acquisitions | 0 | 4.56M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 187K | 0 | 0 | -11.8M | 0 |
| Cash from Financing | 91.52M | 189.13M | -78.41M | 644.85M | -119.31M | 574.73M |
| Debt Issued (Net) | -12M | -11M | 133.75M | -24.05M | -119.31M | -161.93K |
| Equity Issued (Net) | 1000K | 1000K | 0 | 1000K | 0 | 840.88K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -212.16M | -112.3M | 0 | -227.85M |
| Net Change in Cash | 125.43M▲ 0% | 293.16M▲ 133.7% | -479.53M▼ 263.6% | 191.51M▲ 139.9% | -233.53M▼ 221.9% | -333.02M▲ 0% |
| Free Cash Flow | 33.91M▲ 0% | 99.28M▲ 192.8% | -401.36M▼ 504.3% | -394.2M▲ 1.8% | -223.97M▲ 43.2% | -827.52M▲ 0% |
| FCF Margin % | 15.68% | 21.41% | -861.88% | -219.79% | -50.86% | -352.04% |
| FCF Growth % | - | 192.78% | -504.27% | 1.79% | 43.18% | - |
| FCF per Share | 11.14 | 32.62 | -131.86 | -133.49 | -14.86 | -14.86 |
| FCF Conversion (FCF/Net Income) | -0.49x | -0.17x | 1.05x | 1.17x | 0.75x | 0.95x |
| Interest Paid | 1.22M | 1.03M | 2.48M | 0 | 1.48M | 0 |
| Taxes Paid | 173.9K | 290K | 22.62M | 0 | 7.95K | 0 |
ELWS Key Ratios
Earlyworks Co., Ltd (ELWS) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| Return on Equity (ROE) | -131.84% | -95.66% | -124.68% | -126.84% | -263.56% |
| Return on Invested Capital (ROIC) | -2330.53% | -254.04% | -143.69% | -190.52% | -190.52% |
| Gross Margin | 76.63% | 34.5% | 79.05% | 51.57% | 64.8% |
| Net Margin | -129.92% | -820.95% | -187.42% | -58.29% | -370.81% |
| Debt / Equity | 0.12x | 0.94x | 0.54x | 0.70x | 0.70x |
| Interest Coverage | -454.52x | -143.91x | -240.02x | -143.20x | -1.11x |
| FCF Conversion | -0.17x | 1.05x | 1.17x | 0.75x | 0.95x |
| Revenue Growth | 114.47% | -89.96% | 285.14% | 145.52% | - |
ELWS Frequently Asked Questions
Earlyworks Co., Ltd (ELWS) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Earlyworks Co., Ltd (ELWS) reported $235.1M in revenue for fiscal year 2025. This represents a 9% increase from $216.2M in 2021.
Earlyworks Co., Ltd (ELWS) grew revenue by 145.5% over the past year. This is strong growth.
Earlyworks Co., Ltd (ELWS) reported a net loss of $871.7M for fiscal year 2025.
Dividend & Returns
Earlyworks Co., Ltd (ELWS) has a return on equity (ROE) of -126.8%. Negative ROE indicates the company is unprofitable.
Earlyworks Co., Ltd (ELWS) had negative free cash flow of $827.5M in fiscal year 2025, likely due to heavy capital investments.
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Earlyworks Co., Ltd (ELWS) financial analysis — history, returns, DCA and operating performance tools
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Long-term charts & historical price data
Revenue History
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30 years of market, efficiency and balance-sheet ratios
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