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Coincheck Reports Financial Results for Fourth Quarter and Year Ended March 31, 2025

Fourth Quarter Total Revenue Increased 13% Year-over-Year and Decreased 7% Quarter-over-Quarter

Full-Year Total Revenue Increased by 71%

AMSTERDAM--(BUSINESS WIRE)-- Coincheck Group N.V. (Nasdaq: CNCK) (鈥淐oincheck Group鈥�, the 鈥淐ompany鈥� or 鈥淕roup鈥�), a Dutch public limited liability company and the holding company of Coincheck, Inc. (鈥淐oincheck鈥�), a leading Japanese crypto exchange company, today reported financial results for the fourth quarter and year ended March 31, 2025 (鈥渇iscal 2025鈥�).

Financial Highlights:¹

Certain Year-Over-Year Highlights

• Total revenue increased 13% to 楼114.6 billion ($764 million) in the fourth quarter of fiscal 2025 from 楼101.4 billion ($676 million) in the fourth quarter of fiscal 2024, and increased 71%, to 楼383.3 billion ($2,557 million) in the fiscal 2025 full year from 楼224.0 billion ($1,495 million) in the fiscal 2024 full year.
• Gross margin² decreased 20% to 楼3.5 billion ($24 million) in the fourth quarter of fiscal 2025, compared to 楼4.4 billion ($30 million) in the fourth quarter of fiscal 2024, and increased 46% to 楼13.5 billion ($90 million) in the fiscal 2025 full year, compared to 楼9.3 billion ($62 million) in the fiscal 2024 full year.
• Verified Accounts³ increased 16%, to 2,291,103 as of the end of fiscal 2025 from 1,981,152 as of the end of fiscal 2024.
• Customer Assets⁴ increased 15%, to 楼859.2 billion ($5,732 million) as of the end of fiscal 2025, from 楼744.2 billion ($4,965 million) as of the end of fiscal 2024.
• Marketplace Trading Volume⁵ increased 44%, to 楼337.5 billion ($2,252 million) for the fiscal 2025 full year from 楼234.6 billion ($1,565 million) for the fiscal 2024 full year. Fluctuations in Marketplace Trading Volume are usually driven by crypto-asset industry market volumes and conditions generally, and the size and level of trading activity at Coincheck specifically, as well as market-price fluctuations in the crypto assets most frequently traded.
• Net profit was 楼642 million ($4.3 million) in the fourth quarter of fiscal 2025 compared to 楼1,953 million ($13.0 million) in the fourth quarter of fiscal 2024, and Net loss was 楼14,350 million ($95.7 million) in the fiscal 2025 full year, compared to Net profit of 楼1,967 million ($13.1 million) in the fiscal 2024 full year. A large component of the Net loss results for the fiscal 2025 full year was total transaction expenses⁶ of 楼18,321 million ($122.2 million), partially offset by gain from the change in fair value of warrant liability of 楼1,435 million ($9.6 million) in the third and fourth fiscal quarters.
• Adjusted EBITDA⁷ decreased 46%, to 楼1,692 million ($11.3 million) in the fourth quarter of fiscal 2025 from 楼3,111 million ($20.8 million) in the fourth quarter of fiscal 2024, and increased 52%, to 楼5,718 million ($38.1 million) in the fiscal 2025 full year from 楼3,773 million ($25.2 million) in the fiscal 2024 full year.

Certain Quarter-Over-Quarter Highlights

• Total revenue decreased 7% to 楼114.6 billion ($764 million) in the fourth quarter of fiscal 2025, compared to 楼123.1 billion ($821 million) in the third quarter of fiscal 2025.
• Gross margin decreased 26% to 楼3.5 billion ($24 million) in the fourth quarter of fiscal 2025, compared to 楼4.8 billion ($32 million) in the third quarter of fiscal 2025.
• Verified Accounts increased 4.3% to 2,291,103 as of the end of the fourth quarter of fiscal 2025, compared to 2,197,619 as of the end of the third quarter of fiscal 2025.
• Customer Assets decreased 25% to 楼859.2 billion ($5,732 million) in the fourth quarter of fiscal 2025, compared to 楼1,142.2 billion ($7,620 million) in the third quarter of fiscal 2025.
• Marketplace Trading Volume decreased 22% to 楼92.0 billion ($614 million) in the fourth quarter of fiscal 2025, compared to 楼117.4 billion ($783 million) in the third quarter of fiscal 2025.
• Selling, general and administrative expenses decreased 45% to 楼3,556 million ($23.7 million) in the fourth quarter of fiscal 2025, compared to 楼6,429 million ($42.9 million) in the third quarter of fiscal 2025.
• Transaction expenses included in Selling, general and administrative expenses were 楼540 million ($3.6 million) and 楼3,804 million ($25.4 million), respectively for the fourth quarter and third quarter of fiscal 2025. Excluding transaction expenses, Selling, general and administrative expenses increased 15% to 楼3,016 million ($20.1 million) in the fourth quarter of fiscal 2025, compared to 楼2,625 million ($17.5 million) in the third quarter of fiscal 2025.
• Total transaction expenses were 楼540 million ($3.6 million) for the fourth quarter of fiscal 2025, compared to 楼17,518 million ($116.9 million) for the third quarter of fiscal 2025, which included the transaction expenses related to the Company鈥檚 recent de-SPAC business combination (鈥淟isting Expense鈥�) of 楼13,714 million ($91.5 million).
• Net profit was 楼642 million ($4.3 million) in the fourth quarter of fiscal 2025, compared to Net loss of 楼15,445 million ($103.0 million) in the third quarter of fiscal 2025. Net profit in the fourth quarter of fiscal 2025 included transaction expenses of 楼540 million ($3.6 million), compared to transaction expenses of 楼17,518 million ($116.9 million) in the third quarter of fiscal 2025's Net loss, and change in fair value of warrant liability was 楼973 million ($6.5 million) in the fourth quarter of fiscal 2025, compared to 楼462 million ($3.1 million) in the third quarter of fiscal 2025.
• Adjusted EBITDA decreased 39% to 楼1,692 million ($11.3 million) in the fourth quarter of fiscal 2025, compared to 楼2,767 million ($18.5 million) in the third quarter of fiscal 2025.

Fiscal 2025 Fourth Quarter Strategic and Operational Highlights:

• Launched Coincheck Staking on January 13, 2025, allowing users to automatically earn Ethereum (ETH) simply by depositing ETH with Coincheck.
• Completed the acquisition of Next Finance Tech Co., Ltd., a staking platform service company, on March 14, 2025, to enhance Coincheck Staking and offer staking platform services to other cryptocurrency marketplace providers both in and outside of Japan.

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.

Forward Looking Statements

This press release contains 鈥渇orward-looking statements鈥� 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 鈥渨ill likely result,鈥� 鈥渁re expected to,鈥� 鈥渨ill continue,鈥� 鈥渋s anticipated,鈥� 鈥渆stimated,鈥� 鈥渂elieve,鈥� 鈥渋ntend,鈥� 鈥減lan,鈥� 鈥減rojection,鈥� 鈥渙utlook鈥� or words of similar meaning or the negative thereof. Such forward-looking statements are based upon the current beliefs and expectations of the Company鈥檚 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鈥檚 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鈥檚 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鈥檚 ability to introduce new products and services, (ix) the Company鈥檚 ability to execute its growth strategies, including identifying and executing acquisitions, and (x) other risks and uncertainties discussed in the Company鈥檚 filings with the U.S. Securities and Exchange Commission (the 鈥淪EC鈥�) as such factors may be updated from time to time, which are or will be accessible on the SEC鈥檚 website at . 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鈥檚 results determined in accordance with IFRS, 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 for transaction expenses that are directly attributable to the business combination with Thunder Bridge IV. (denoted as 鈥淩everse recapitalization鈥�), as well as Nasdaq listing expenses.

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.

A reconciliation is provided below for each non-IFRS financial measure to the most directly comparable financial measure stated in accordance with IFRS. Investors are encouraged to review the related IFRS financial measures and the reconciliation of these non-IFRS financial measures to their most directly comparable IFRS financial measures, and not to rely on any single financial measure to evaluate Coincheck Group鈥檚 business.

Please see tables on the following pages for reconciliations of non-IFRS 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 楼149.9 per $1.00, which was the 楼/$ exchange rate reported by the Federal Reserve Bank of New York as of March 31, 2025.

This information is intended to be reviewed in conjunction with the Company鈥檚 filings with the SEC.

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Source: Coincheck Group N.V.