Metaplanet (3350) Q2 2024 earnings summary

Executive summary

• Net sales rose 40.4% year-over-year to ¥168 million for the six months ended June 30, 2024, driven by improved hotel occupancy and new customer strategies.

• Despite higher sales, operating expenses exceeded revenue, resulting in an operating loss of ¥115 million, though this was an improvement from a ¥264 million loss a year earlier.

• Ordinary loss widened to ¥176 million from ¥140 million, and net loss attributable to owners was ¥176 million, reversing a net profit of ¥80 million in the prior year.

• The company began holding Bitcoin as part of its financial management, recording both gains from investment securities and impairment losses on Bitcoin.

Financial highlights

• Net sales: ¥168 million (+40.4% YoY); operating loss: ¥115 million (improved from ¥264 million loss YoY); ordinary loss: ¥176 million (worse than ¥140 million loss YoY); net loss: ¥176 million (vs. ¥80 million profit YoY).

• Gross profit increased to ¥133.9 million from ¥97.9 million YoY.

• Earnings per share: -¥12.75 (vs. ¥7.89 YoY).

• Comprehensive income: -¥176 million (vs. ¥59 million YoY).

Outlook and guidance

• Full-year consolidated earnings forecast for 2024 is under review and will be disclosed once finalized.