# HODL1, Inc.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第30期(2024/11/01－2025/10/31) (S100YOOP)
> Page: https://vizora.meequs.com/en/company/hodl1
> Retrieved: 2026-09-30T21:34:12.334Z

## Company

Hodl1, founded in 1997, is a company in Crypto & Blockchain listed on TSE Standard. It has 7 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kushim, Inc. |
| Ticker | 2345 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2345.T) |
| Listing | TSE Standard |
| Head office | 東京都港区南青山二丁目12番1号 |
| Representative (per filing) | 代表取締役 田原弘貴 |
| Founded | Jun 1997 |
| Share capital | ¥110M |
| Employees (consolidated) | 7 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | October |
| Website | kushim.co.jp (https://kushim.co.jp/) |
| Corporate number | 9010001041967 |
| EDINET | E05320 |
| Industries (Vizora) | Crypto & Blockchain |

> Profile source: annual securities report (S100YOOP, filed 2026-07-03). As of filing

## Key points (generated from figures)

- Hodl1 brought in ¥26.6M in revenue.
- It lost about ¥1844 for every ¥100 of sales at the operating level.
- Revenue changed -98.4% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥26.6M |  |
| Operating income | -¥489.7M | Margin -1844.3% |
| Net income | -¥1.37B | Margin -5147.0% |
| Free cash flow | -¥646.5M |  |
| Employees (consolidated) | 7 |  |
| EPS | ¥-101.94 |  |
| Book value per share | ¥14.53 |  |
| Equity ratio | 78.7% |  |
| Shares outstanding | 18,608,733 |  |
| Treasury shares | 28,817 |  |
| Shareholders | 11,254 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 41.8% | Cash ÷ revenue 839.3% |
| ROA | -3.1% | Derived from disclosed figures |

## Notable figures

- FY2025, operating loss is 1844 per ¥100 of revenue
- FY2025, revenue is 0.0× its level five years ago
- FY2025, parent-company salary changed +34% over five years

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1859614000 | ¥26550000 | -98.6% |
| Operating income | ¥34872000 | ¥-489665000 | -1504.2% |
| Operating margin | 1.9% | -1844.3% | -1,846.2 pp |
| Employees | 73 people | 7 people | -90.4% |
| Cash and equivalents | ¥552191000 | ¥222836000 | -59.6% |

### Change in segment revenue mix

Span: FY ending Oct 2020 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| Eラーニング事業 → 事業再編・廃止 | 50.5% |
| アカデミー事業 → 事業再編・廃止 | 36.6% |
| インキュベーション事業 → 事業再編・廃止 | 12.9% |

Segment revenue source references: 3 (derived)

## Income statement（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 27 | 100.0% | S100YOOP |
| Cost of revenue | 2 | 7.0% | S100YOOP |
| Gross profit | 25 | 93.0% | S100YOOP |
| SG&A | 514 | 1937.3% | S100YOOP |
| Operating income | -490 | -1844.3% | S100YOOP |
| Ordinary income | -454 | -1709.9% | S100YOOP |
| Pretax income | -1,365 | -5139.6% | S100YOOP |
| Income tax | 2 | 7.4% | S100YOOP |
| Net income | -1,367 | -5147.0% | S100YOOP |
| Net income attributable to owners | -1,367 | -5147.0% | S100YOOP |

## Per ¥100 of revenue（FY ending Oct 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 7 |
| SG&A | 1937 |
| Operating income | -1844 |
| (Ref.) Net income | -5147 |

### Margin funnel

Gross margin 93.0% → Operating margin -1844.3% → Net margin -5147.0%
Derived from reported figures (DERIVED).

## Year over year（FY ending Oct 2024 → FY ending Oct 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,613 | 27 | -1,587 | -98.4% |
| Gross profit | 638 | 25 | -614 | -96.1% |
| Operating income | -1,134 | -490 | 644 | — |
| Net income attributable to owners | -1,960 | -1,367 | 594 | — |
| Operating cash flow | -628 | -645 | -17 | — |
| Free cash flow | -700 | -646 | 54 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 754 | -5 | -0.6% | -19 | -50 | -85 | S100KL4D |
| FY ending Oct 2020 | 1,860 | 35 | 1.9% | 155 | 109 | 51 | S100NA4Y |
| FY ending Oct 2021 | 1,622 | -135 | -8.3% | -363 | -49 | -79 | S100QPB5 |
| FY ending Oct 2022 | 1,617 | 200 | 12.3% | 619 | -1,000 | -1,004 | S100SOG0 |
| FY ending Oct 2023 | 963 | -1,266 | -131.4% | -2,743 | -201 | -268 | S100VOKW |
| FY ending Oct 2024 | 1,613 | -1,134 | -70.3% | -1,960 | -628 | -700 | S100YOOP |
| FY ending Oct 2025 | 27 | -490 | -1844.3% | -1,367 | -645 | -646 | S100YOOP |

## People and productivity（FY ending Oct 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥3.8M |
| Operating income per employee (consolidated) | -¥70M |
| Net income per employee (consolidated) | -¥195.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 65 | 58 | 79 | 80 | 7 |
| Average salary (parent company) | ¥4.5M | ¥4M | ¥4M | ¥5.3M | ¥6M |
| Average age (parent company) | 37.7 years | 38.0 years | 39.0 years | 40.4 years | 34.0 years |
| Average tenure (parent company) | 5.1 years | 3.0 years | 4.0 years | 3.4 years | 1.0 years |

Year over year: Employees (consolidated) -91.3% · Revenue (consolidated) -98.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -645 | -2430.9% | S100YOOP |
| Capital expenditure | 1 | 4.0% | S100YOOP |
| Free cash flow | -646 | -2434.9% | 算出 |
| Investing cash flow | -252 | -948.5% | S100YOOP |
| Financing cash flow | 200 | 753.1% | S100YOOP |
| Share buyback | 0 | 0.1% | S100YOOP |
| Change in cash | -697 | -2626.4% | S100YOOP |
| Cash and equivalents | 223 | 839.3% | S100YOOP |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,692 | 1,169 | 1,528 | 1,542 | 223 | S100SOG0, S100VOKW, S100YOOP |
| Total assets | 3,794 | 6,444 | 60,564 | 86,538 | 533 | S100QPB5, S100SOG0, S100VOKW, S100YOOP |
| Net assets | 3,066 | 5,835 | 2,933 | 1,432 | 428 | S100SOG0, S100VOKW, S100YOOP |
| Share capital | 1,545 | 50 | 50 | 10 | 110 | S100QPB5, S100SOG0, S100VOKW, S100YOOP |
| Property, plant and equipment | 13 | — | 65 | 62 | 0 | S100QPB5, S100VOKW, S100YOOP |
| Intangible assets excluding goodwill | 286 | — | 854 | 7 | 0 | S100QPB5, S100VOKW, S100YOOP |
| Goodwill | 188 | — | 846 | — | — | S100QPB5, S100VOKW |
| Investment securities | 1,173 | — | 902 | 895 | 133 | S100QPB5, S100VOKW, S100YOOP |
| Current assets | 1,962 | — | 58,609 | 85,471 | 237 | S100QPB5, S100VOKW, S100YOOP |
| Current liabilities | 284 | — | 56,398 | 83,448 | 103 | S100QPB5, S100VOKW, S100YOOP |
| Short-term borrowings | 30 | — | 30 | 30 | — | S100QPB5, S100VOKW, S100YOOP |
| Long-term borrowings | 275 | — | 403 | 1,303 | — | S100QPB5, S100VOKW, S100YOOP |
| Bonds | — | — | 452 | — | — | S100VOKW |
| Interest-bearing debt | — | — | 885 | — | — | 算出 |
| Total liabilities | 728 | — | 57,631 | 85,106 | 106 | S100QPB5, S100VOKW, S100YOOP |
| Equity attributable to owners of parent | 2,776 | — | 2,868 | 1,586 | 420 | S100QPB5, S100VOKW, S100YOOP |
| Retained earnings | -263 | — | -2,025 | -3,985 | -5,351 | S100QPB5, S100VOKW, S100YOOP |
| Treasury stock | -13 | — | -13 | -13 | -13 | S100QPB5, S100VOKW, S100YOOP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100YOOP |
| Investment securities | 25% | S100YOOP |
| Other assets | 33% | S100YOOP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100YOOP |
| Equity | 80% | S100YOOP |
| Other liabilities | 0% | S100YOOP |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,794 | 6,444 | 60,564 | 86,538 | 533 |
| Equity | 3,066 | 5,835 | 2,933 | 1,432 | 428 |
| Interest-bearing debt | — | — | 885 | — | — |
| Cash | 1,692 | 1,169 | 1,528 | 1,542 | 223 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 0.0% | S100YOOP |
| Fixed assets ÷ total assets | 0.0% | S100YOOP |
| Goodwill ÷ parent equity | — | —, S100YOOP |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 41.8% |
| Cash ÷ revenue | 839.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 721 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | — |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -9.6% | —× | — | S100QPB5 |
| 2022 | 38.3% | 0.32× | 12.1% | 1.15× | 13.9% | S100SOG0, S100VOKW |
| 2023 | — | —× | -8.2% | —× | — | S100VOKW |
| 2024 | — | —× | -2.7% | —× | — | S100YOOP |
| 2025 | — | —× | -3.1% | —× | — | S100YOOP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山中 夕典 | Major shareholder | 4.8% | 2025-10-31 |
| 株式会社a'gil | Major shareholder | 4.6% | 2025-10-31 |
| 坂元政弘 | Major shareholder | 3.9% | 2025-10-31 |
| 楽天証券株式会社 | Major shareholder | 3.8% | 2025-10-31 |
| DEUTSCHE BANK (SCHWEIZ) AG | Major shareholder | 2.2% | 2025-10-31 |
| 吉田昌勇 | Major shareholder | 2.1% | 2025-10-31 |
| 田原弘貴 | Major shareholder | 1.7% | 2025-10-31 |
| 冨田加奈子 | Major shareholder | 1.4% | 2025-10-31 |
| 山下博 | Major shareholder | 1.2% | 2025-10-31 |
| NOMURA INTERNATIONAL PLC A/C JAPAN | Major shareholder | 1.2% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第30期(2024/11/01－2025/10/31) | S100YOOP | 2026-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YOOP,, |
| 有価証券報告書－第29期(2023/11/01－2024/10/31) | S100VOKW | 2025-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VOKW,, |
| 有価証券報告書－第28期(2022/11/01－2023/10/31) | S100SOG0 | 2024-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOG0,, |
| 訂正有価証券報告書－第27期(2021/11/01－2022/10/31) | S100QPB5 | 2023-05-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QPB5,, |
| 有価証券報告書－第26期(令和2年11月1日－令和3年10月31日) | S100NA4Y | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NA4Y,, |
| 有価証券報告書－第25期(令和1年11月1日－令和2年10月31日) | S100KL4D | 2021-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KL4D,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).