Coincheck Group (CNCK) Q2 2027 earnings summary

Executive summary

• Strategy: optimize the marketplace, 3iQ ETF suite and staking operations to generate cash for two growth engines, then replicate the integrated model in other markets; plan does not rely on a crypto-market recovery.

• Q2 FY27 revenue fell 43% YoY to ¥75.516B and net loss was ¥4.136B, driven by lower marketplace volume, Aplo impairment and higher SG&A.

• Verified accounts rose 18% YoY to 2.87M, while customer assets fell 26% to ¥876.9B, primarily reflecting lower BTC, ETH and XRP prices.

Financial highlights

• Revenue was ¥75.516B versus ¥133.105B YoY; cost of sales was ¥72.859B and SG&A rose to ¥4.186B from ¥3.370B.

• Operating loss was ¥1.529B versus operating profit of ¥516M; net loss was ¥4.136B versus net income of ¥355M YoY.

• Adjusted EBITDA was a loss of ¥4.020B versus adjusted EBITDA of ¥1.486B YoY, reflecting the Aplo impairment and increased operating loss.

• Q2 included a ¥2.962B impairment loss on non-financial assets related to Aplo.

Outlook and guidance

• 3iQ targets an H1 calendar 2027 launch for an institutional separately managed account (SMA), using transferred Aplo technology and IP.

• ~50% of Aplo’s current team is being invited to join 3iQ to develop and launch the SMA offering.

• Japanese asset-management opportunities may open from mid-2027 to early 2028, subject to regulation; further products depend on regulatory changes and institutional partners.

• Growth projects will have return targets, payback periods and regular reviews; initiatives may be changed or stopped if targets are missed.