Earlyworks Co., Ltd (ELWS) 10-Year Financial Performance & Capital Metrics

ELWS • • Industrial / General

TechnologyApplication SoftwareBlockchain & CryptocurrencyBlockchain Platforms

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 Margin 51.57% -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/Equity 0.70 +29.2%
Interest Coverage -143.20 +40.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 94 (top 6%)
✓Share count reduced 100.0% through buybacks
✓Trading at only 1.2x book value
✓Efficient asset utilization: 2.3x turnover

✗Weaknesses

✗Negative free cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-1.71%

TTM-

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-

EPS CAGR

10Y-

5Y-

3Y-

TTM-

ROCE

10Y Avg-87.19%

5Y Avg-87.19%

3Y Avg-100.2%

Latest-100.26%

Peer Comparison

Blockchain Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SLAISOLAI Limited	21.29M	1.14	0.01	-23.62%	36.67%	26.27%		0.04
XTKGX3 Holdings Co Ltd.	2.53M	0.16	-0.03	-30.99%	-5.83%	-311.47%		0.23
FTFTFuture FinTech Group Inc.	13.5M	0.67	-0.04	-90.05%	-15.27%	-63.79%		0.09
ALTSALT5 Sigma Corporation	228.42M	1.81	-3.23		-74.89%	-56.98%	0.78%	0.53
ELWSEarlyworks Co., Ltd	18.55M	6.08		145.52%	-370.81%	-263.56%		0.70

Profit & Loss

	Apr 2021	Apr 2022	Apr 2023	Apr 2024	Apr 2025
Sales/Revenue+	216.21M	463.72M	46.57M	179.36M	440.36M
Revenue Growth %	-	1.14%	-0.9%	2.85%	1.46%
Cost of Goods Sold+	33.54M	108.38M	30.5M	37.58M	213.26M
COGS % of Revenue	0.16%	0.23%	0.65%	0.21%	0.48%
Gross Profit+	182.67M	355.34M	16.07M	141.77M	227.1M
Gross Margin %	0.84%	0.77%	0.35%	0.79%	0.52%
Gross Profit Growth %	-	0.95%	-0.95%	7.82%	0.6%
Operating Expenses+	267.02M	927.46M	404.49M	523.26M	472.96M
OpEx % of Revenue	1.23%	2%	8.69%	2.92%	1.07%
Selling, General & Admin	248.9M	901.7M	295.67M	440.09M	428.21M
SG&A % of Revenue	1.15%	1.94%	6.35%	2.45%	0.97%
Research & Development	22.89M	25.75M	108.82M	76.08M	43.25M
R&D % of Revenue	0.11%	0.06%	2.34%	0.42%	0.1%
Other Operating Expenses	99.84K	-155.43K	228.94K	7.08M	1.49M
Operating Income+	-89.13M	-572.12M	-388.43M	-381.49M	-245.85M
Operating Margin %	-0.41%	-1.23%	-8.34%	-2.13%	-0.56%
Operating Income Growth %	-	-5.42%	0.32%	0.02%	0.36%
EBITDA+	-89.06M	-571.81M	-387.65M	-380.4M	-243.85M
EBITDA Margin %	-0.41%	-1.23%	-8.32%	-2.12%	-0.55%
EBITDA Growth %	-	-5.42%	0.32%	0.02%	0.36%
D&A (Non-Cash Add-back)	67.93K	309.51K	778.61K	1.08M	2.01M
EBIT	-84.69M	-572.27M	-388.83M	-334.75M	-254.98M
Net Interest Income+	-1.45M	-1.26M	-2.7M	-1.59M	-1.72M
Interest Income	0	0	0	0	0
Interest Expense	1.45M	1.26M	2.7M	1.59M	1.72M
Other Income/Expense	2.99M	-1.41M	-3.1M	45.15M	-10.84M
Pretax Income+	-86.14M	-573.53M	-391.53M	-336.34M	-256.7M
Pretax Margin %	-0.4%	-1.24%	-8.41%	-1.88%	-0.58%
Income Tax+	-15.62M	28.94M	-9.22M	-188.5K	0
Effective Tax Rate %	0.82%	1.05%	0.98%	1%	1%
Net Income+	-70.52M	-602.47M	-382.31M	-336.15M	-256.7M
Net Margin %	-0.33%	-1.3%	-8.21%	-1.87%	-0.58%
Net Income Growth %	-	-7.54%	0.37%	0.12%	0.24%
Net Income (Continuing)	-70.52M	-602.47M	-382.31M	-336.15M	-256.7M
Discontinued Operations	0	0	0	0	0
Minority Interest	0	0	0	0	0
EPS (Diluted)+	-23.17	-197.93	-125.60	-113.84	0.00
EPS Growth %	-	-7.54%	0.37%	0.09%	1%
EPS (Basic)	-23.17	-197.93	-125.60	-113.84	0.00
Diluted Shares Outstanding	3.04M	3.04M	3.04M	2.95M	0
Basic Shares Outstanding	3.04M	3.04M	3.04M	2.95M	0
Dividend Payout Ratio	-	-	-	-	-

Balance Sheet

	Apr 2021	Apr 2022	Apr 2023	Apr 2024	Apr 2025
Total Current Assets+	409.57M	738.54M	234.68M	530.39M	143.34M
Cash & Short-Term Investments	364.26M	657.42M	177.89M	437.91M	104.38M
Cash Only	364.26M	657.42M	177.89M	337.91M	104.38M
Short-Term Investments	0	0	0	100M	0
Accounts Receivable	40.69M	72.26M	50.08M	81.07M	26.36M
Days Sales Outstanding	68.69	56.88	392.55	164.99	21.85
Inventory	4.36M	8.54M	5.69M	0	0
Days Inventory Outstanding	47.41	28.75	68.06	-	-
Other Current Assets	272.62K	329.95K	1.03M	84.26K	153.76K
Total Non-Current Assets+	27.66M	13.51M	218.35M	45.17M	47.16M
Property, Plant & Equipment	6.35M	12.86M	5.53M	13.03M	4.4M
Fixed Asset Turnover	34.04x	36.06x	8.41x	13.76x	100.09x
Goodwill	0	0	0	0	0
Intangible Assets	0	0	0	0	10.62M
Long-Term Investments	4.56M	0	0	0	0
Other Non-Current Assets	834.74K	647.74K	212.82M	32.14M	32.14M
Total Assets+	437.23M	752.05M	453.04M	575.57M	190.5M
Asset Turnover	0.49x	0.62x	0.10x	0.31x	2.31x
Asset Growth %	-	0.72%	-0.4%	0.27%	-0.67%
Total Current Liabilities+	55.98M	111.38M	176.08M	193M	82.61M
Accounts Payable	0	0	0	0	12.17M
Days Payables Outstanding	-	-	-	-	20.83
Short-Term Debt	10.77M	11.77M	123.82M	119.19M	15.2M
Deferred Revenue (Current)	108.54K	0	1000K	0	0
Other Current Liabilities	0	-23.58M	0	0	0
Current Ratio	7.32x	6.63x	1.33x	2.75x	1.74x
Quick Ratio	7.24x	6.55x	1.30x	2.75x	1.74x
Cash Conversion Cycle	-	-	-	-	-
Total Non-Current Liabilities+	58.09M	49.86M	68.44M	51.84M	33.86M
Long-Term Debt	58.09M	46.32M	68.25M	49.06M	33.86M
Capital Lease Obligations	0	3.47M	0	2.78M	0
Deferred Tax Liabilities	0	66.23K	188.5K	0	0
Other Non-Current Liabilities	0	0	0	0	0
Total Liabilities	114.07M	161.23M	244.52M	244.84M	116.47M
Total Debt+	74.73M	69.79M	195.54M	179.27M	51.84M
Net Debt	-289.53M	-587.63M	17.65M	-158.64M	-52.54M
Debt / Equity	0.23x	0.12x	0.94x	0.54x	0.70x
Debt / EBITDA	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-
Interest Coverage	-61.55x	-454.52x	-143.91x	-240.02x	-143.20x
Total Equity+	323.16M	590.82M	208.51M	330.72M	74.03M
Equity Growth %	-	0.83%	-0.65%	0.59%	-0.78%
Book Value per Share	106.17	194.10	68.50	112.00	4.91
Total Shareholders' Equity	323.16M	590.82M	208.51M	330.72M	74.03M
Common Stock	234.51M	334.58M	100M	50M	50M
Retained Earnings	-665.86M	-1.27B	-1.59B	-1.93B	-2.19B
Treasury Stock	0	0	0	0	0
Accumulated OCI	0	0	0	0	0
Minority Interest	0	0	0	0	0

Cash Flow

	Apr 2021	Apr 2022	Apr 2023	Apr 2024	Apr 2025
Cash from Operations+	34.52M	100.27M	-399.74M	-393.86M	-191.73M
Operating CF Margin %	0.16%	0.22%	-8.58%	-2.2%	-0.44%
Operating CF Growth %	-	1.9%	-4.99%	0.01%	0.51%
Net Income	-70.52M	-602.47M	-382.31M	-336.15M	-256.7M
Depreciation & Amortization	67.93K	309.51K	778.61K	1.08M	2.01M
Stock-Based Compensation	56M	670M	0	1.62M	0
Deferred Taxes	-15.91M	15.98M	122.26K	-188.5K	0
Other Non-Cash Items	684.66K	244.23K	231K	-40.48M	10.53M
Working Capital Changes	64.2M	16.21M	-18.95M	-19.74M	52.42M
Change in Receivables	54.37M	-31.57M	41.32M	-9.78M	54.72M
Change in Inventory	0	0	0	0	0
Change in Payables	0	0	0	0	-6.26M
Cash from Investing+	-611.15K	3.76M	-1.63M	-100.34M	87.76M
Capital Expenditures	-611.15K	-984.37K	-1.63M	-336.19K	-435.09K
CapEx % of Revenue	0%	0%	0.03%	0%	0%
Acquisitions	-	-	-	-	-
Investments	-	-	-	-	-
Other Investing	0	187K	0	0	-11.8M
Cash from Financing+	91.52M	189.13M	-78.41M	644.85M	-119.31M
Debt Issued (Net)	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-
Dividends Paid	0	0	0	0	0
Share Repurchases	-	-	-	-	-
Other Financing	0	0	-212.16M	-112.3M	0
Net Change in Cash	-	-	-	-	-
Free Cash Flow+	33.91M	99.28M	-401.36M	-394.2M	-223.97M
FCF Margin %	0.16%	0.21%	-8.62%	-2.2%	-0.51%
FCF Growth %	-	1.93%	-5.04%	0.02%	0.43%
FCF per Share	11.14	32.62	-131.86	-133.49	-14.86
FCF Conversion (FCF/Net Income)	-0.49x	-0.17x	1.05x	1.17x	0.75x
Interest Paid	1.22M	1.03M	2.48M	0	1.48M
Taxes Paid	173.9K	290K	22.62M	0	7.95K

Key Ratios

Metric	2021	2022	2023	2024	2025
Return on Equity (ROE)	-21.82%	-131.84%	-95.66%	-124.68%	-126.84%
Return on Invested Capital (ROIC)	-198.74%	-2330.53%	-254.04%	-143.69%	-190.52%
Gross Margin	84.49%	76.63%	34.5%	79.05%	51.57%
Net Margin	-32.62%	-129.92%	-820.95%	-187.42%	-58.29%
Debt / Equity	0.23x	0.12x	0.94x	0.54x	0.70x
Interest Coverage	-61.55x	-454.52x	-143.91x	-240.02x	-143.20x
FCF Conversion	-0.49x	-0.17x	1.05x	1.17x	0.75x
Revenue Growth	-	114.47%	-89.96%	285.14%	145.52%

Revenue by Segment

	2024	2025
Software and Software Development Costs	125.62M	375.35M
Software and Software Development Costs Growth	-	198.80%

Frequently Asked Questions

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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