Metaplanet (3350) Q4 2024 earnings summary

Executive summary

• Transitioned from a hotel-focused business to Asia's leading publicly traded Bitcoin Treasury Company in 2024, accumulating 1,762 BTC and ranking #1 globally in stock performance for the year.

• Achieved a 100x increase in market cap and a 430x increase in trading volume year-over-year, with 50,000+ shareholders and significant capital raised for Bitcoin purchases.

• Achieved consolidated net sales of ¥1,062 million, up 306.0% year-over-year, and gross profit of ¥996 million, up 370.6% year-over-year, driven by the launch of the Bitcoin Treasury business and stable hotel operations.

• Operating profit reached ¥350 million, with non-operating income of ¥5,650 million, mainly from a ¥5,457 million valuation gain on Bitcoin holdings.

• BTC Yield, a new KPI, was introduced to measure the accretive impact of Bitcoin acquisitions per fully diluted share, with a Q4 yield of 309.82%.

Financial highlights

• FY2024 revenue rose 306% year-over-year to ¥1,062 million, with operating profit turning positive at ¥350 million (first since 2017).

• Net income was corrected to ¥4,439 million after deferred tax adjustments, reversing a prior year loss of ¥683 million.

• Total assets surged 1,720% to ¥30,325 million, and net assets increased 1,543% to ¥18,923 million.

• Unrealized gains on Bitcoin holdings totaled ¥5.46 billion as of Q4 2024.

• Cash and cash equivalents at year-end: ¥294 million, down ¥258 million from prior year.

Outlook and guidance

• FY2025 revenue forecast is ¥3,400 million (+220%), with operating profit targeted at ¥2,500 million (+614%).

• Bitcoin Income business expected to contribute ¥3 billion in sales and ¥2.9 billion in operating profit; hotel business to contribute ¥400 million in sales and ¥100 million in operating profit.

• Aims to acquire 10,000 BTC by end of 2025 and 21,000 BTC by end of 2026, targeting a quarterly BTC Yield of 35%.

• No forecast for ordinary profit or net income for FY2025 due to Bitcoin price unpredictability.