Kushim announced its consolidated financial results for the second quarter of the fiscal year ending October 2024 on June 14. The company reported sales of 711 million yen, reflecting a 49.3% increase from the same period last year. However, it also recorded an operating loss of 1.639 billion yen, an ordinary loss of 1.768 billion yen, and a net loss of 1.760 billion yen. These losses represent significant increases compared to the previous year’s operating loss of 395 million yen, ordinary loss of 388 million yen, and net loss of 24 million yen.
The company attributed its financial performance to a cryptocurrency valuation loss of 865 million yen in its incubation business, as well as substantial advance investments in its blockchain service business.
Performance by Segment:
- Blockchain Service Business:
- Sales: 211 million yen (up 274.7% year-on-year)
- Operating loss: 561 million yen (loss of 189 million yen in the same period last year)
- System Engineering Business:
- Sales: 255 million yen (down 15.2% year-on-year)
- Operating loss: 15 million yen (profit of 16 million yen year-on-year)
- Incubation Business:
- Sales: 264 million yen (up 87.0% year-on-year)
- Operating loss: 920 million yen (a loss of 121 million yen year-on-year)
Blockchain Games and Cryptocurrency Developments:
Kushim highlighted notable developments in its blockchain games sector. In a joint venture with Thuringia, leveraging the IP of “Wizardry,” the game’s cryptocurrency was listed on an overseas exchange, and the game itself was launched. Additionally, Skeb Coin, supported by Kushim, is set to list on Zaif, a cryptocurrency exchange within the group.
Despite the significant financial losses, Kushim’s investments in blockchain services and new ventures indicate a strategic push towards expanding its footprint in emerging technologies and the digital currency market.
