Coincheck, Reports

Fiscal 2025 Third Quarter Total Revenue increased 75% quarter-over-quarter to ?

13.02.2025 - 07:06:06

Coincheck Reports Fiscal 2025 Third Quarter Financial Results

Business Wire India

Coincheck Group N.V. (Nasdaq: CNCK) (“Coincheck Group,” the “Company” or “Group”), a Dutch public limited liability company and a holding company of Coincheck, Inc. (“Coincheck”), a leading Japanese crypto exchange company, today reported financial results for its fiscal 2025 third quarter ended December 31, 2024.

 

“We are pleased to report our fiscal 2025 third quarter results, which included strong quarter-over-quarter growth in Total Revenue of 75% from ¥70.3 billion to ¥ 123.1 billion,” said Gary Simanson, CEO of Coincheck Group. “These results reflect the successful closing of our business combination with Thunder Bridge Capital Partners, IV, Inc. (“Thunder Bridge IV”) on December 10, 2024, and our ability to build one of the preeminent global crypto and Web3 companies in the world, and well positions us for future growth in a large and rapidly growing market.”

 

“We are thrilled to have successfully completed our previously announced business combination with Thunder Bridge IV and become a publicly listed company on NASDAQ as of December 11, 2024, which we believe supports our plans to make strategic acquisitions across the globe and expand Coincheck within Japan,” said Oki Matsumoto, Executive Chairperson of Coincheck Group.

  1

 
  • Marketplace Trading Volume increased 113% to ¥ 117.4 billion ($749 million) in the third quarter of 2025, compared to ¥55.1 billion ($351 million) in the second quarter of 2025
  • Total revenue increased 75% to ¥ 123.1 billion ($785 million) in the third quarter of 2025, compared to ¥70.3 billion ($448 million) in the second quarter of 2025
  • Gross margin2 increased 135% to ¥4.8 billion ($30 million) in the third quarter of 2025, compared to ¥ 2.0 billion ($13 million) in the second quarter of 2025
  • Selling, general and administrative expenses increased 222% to ¥ 6,430 million ($41 million) in the third quarter of 2025, compared to ¥1,999 million ($13 million) in the second quarter of 2025
  • Transaction Costs increased to ¥17,518 million ($111 million) for the third quarter of 2025, including the transaction expenses related to our business combination, which we refer to as our Listing Expense, of ¥13,174 ($87 million), compared to ¥84 million ($537 thousand) in the second quarter of 2025
  • Net Loss was ¥15,445 billion ($98 million) in the third quarter of 2025, compared to a Net Loss of ¥ 15 million ($0 million) in the second quarter of 2025
  • Adjusted EBITDA3 increased 1,005% to ¥2,762 million ($18 million) in the third quarter of 2025, compared to ¥250 million ($1.6 million) in the second quarter of 2025
  • Customer Assets increased 72% to ¥1,095 billion ($6.9 billion) in the third quarter of 2025, compared to ¥639 billion ($4.0 billion) in the second quarter of 2025
  • The number of Verified Accounts increased 4.6% to 2,197,619 in the third quarter of 2025, compared to 2,100,374 in the second quarter of 2025
 

1. References in this announcement to “¥” are to Japanese Yen and references to “U.S. Dollars” and “$” are to United States Dollars. Unless otherwise stated, Coincheck Group has translated U.S. Dollar amounts from Japanese Yen at the exchange rate of ¥157.37 per $1.00, which was the ¥/$ exchange rate reported by the Federal Reserve Bank of New York as of December 31, 2024.

 

2. Gross margin is defined as total revenue less cost of sales.

 

3. Adjusted EBITDA is a non-IFRS financial measure; see “Non-IFRS financial measures” for definition and corresponding reconciliation below.

 

Fiscal 2025 Third Quarter Strategic and Operational Highlights:

 
  • Successfully completed the business combination with Thunder Bridge IV on December 10, 2024 and commenced trading on the Nasdaq on Dec 11, 2024
  • Announced the launch of Coincheck Staking on January 13, 2025, allowing users to automatically earn Ethereum simply by depositing ETH with Coincheck
  • Announced the acquisition of Next Finance Tech Co, Ltd. on February 10, 2025, to provide comprehensive staking services for a range of cryptocurrencies on a global basis
 

Webcast and Conference Call

 

Coincheck Group will host a live webcast to discuss the results today at 5:00 pm ET. The call will be hosted by the following members of Coincheck Group’s management: Gary Simanson, CEO, Oki Matusumoto, Executive Chairperson and Jason Sandberg, CFO. The conference call can be accessed live via webcast from the Company’s investor relations website at https://www.coincheckgroup.com/news-events/ir-calendar. A replay will be available on the investor relations website following the call. The conference call can also be accessed over the phone by dialing (877) 407-4018 or (201) 689-8471; the Conference ID is 13751285.

 

About Coincheck Group N.V.

 

Headquartered in the Netherlands, Coincheck Group N.V. (NASDAQ: CNCK) is a public limited liability company and the holding company for Coincheck, Inc. Coincheck operates one of the largest multi-cryptocurrency marketplaces and crypto asset exchanges in Japan and is regulated by the Japan Financial Services Agency. Coincheck provides Marketplace and Exchange platforms on which diverse cryptocurrencies, including Bitcoin and Ethereum, are held and exchanged as well as other retail-focused crypto services.

 

Forward Looking Statements

 

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about trading, future financial and operating results, plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning or the negative thereof. Such forward-looking statements are based upon the current beliefs and expectations of the Company’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the Company’s control, which could cause actual results or events to differ materially from those presently anticipated; such risks, uncertainties, and assumptions, include, among others: (i) a delay or failure to realize the expected benefits from the business combination with Thunder Bridge IV, (ii) changes in the cryptocurrency and digital asset markets in which the Company competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (iii) changes in domestic and global general economic conditions, (iv)changes in economic conditions and consumer sentiment in Japan; (v) the price of crypto assets and volume of transactions on the Company’s platform; (vi) the development, utility and usage of crypto assets; (vii) demand for any particular crypto asset; (viii) cyberattacks and security breaches on the Company platform; (ix) the Company’s ability to introduce new products and services, (x) the Company’s ability to execute its growth strategies, including identifying and executing acquisitions, and (xi) other risks and uncertainties discussed in the Company’s filings with the U.S. Securities and Exchange Commission as such factors may be updated from time to time, which are or will be accessible on the SEC’s website at www.sec.gov. The forward-looking statements included in this press release are made only as of the date of this press release and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

 

Non-IFRS financial measures

 

EBITDA and Adjusted EBITDA

 

In addition to our results determined in accordance with IFRS, we present EBITDA and Adjusted EBITDA, non-IFRS measures, because we believe they are useful in evaluating our operating performance.

 

EBITDA as represents net profit (loss) for the period before the impact of taxes, interest, depreciation, and amortization of intangible assets, and Adjusted EBITDA represents EBITDA, further adjusted for transaction expenses that are directly attributable to the business combination with Thunder Bridge IV. (denoted as “Reverse recapitalization”), as well as Nasdaq listing expenses.

 

We use EBITDA and Adjusted EBITDA to evaluate our ongoing operations and for internal planning and forecasting purposes and we believe that EBITDA may be helpful to investors because it provides consistency and comparability with past financial performance. However, EBITDA and Adjusted EBITDA are presented for supplemental informational purposes only, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for our financial information presented in accordance with IFRS.

 

A reconciliation is provided below for each non-IFRS financial measure to the most directly comparable financial measure stated in accordance with IFRS. Investors are encouraged to review the related IFRS financial measures and the reconciliation of these non-IFRS financial measures to their most directly comparable IFRS financial measures, and not to rely on any single financial measure to evaluate our business.

 

Please see tables below for reconciliations of our non-IFRS financial measures.

 

U.S. Dollar financial information

 

For the convenience of the reader, where applicable, Coincheck Group has translated U.S. Dollar amounts from Japanese Yen at the exchange rate of ¥157.37 per $1.00, which was the ¥/$ exchange rate reported by the Federal Reserve Bank of New York as of December 31, 2024.

 

This information is intended to be reviewed in conjunction with the Company’s filings with the U.S. Securities and Exchange Commission.

 
 

COINCHECK GROUP N.V. and its subsidiaries

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME (UNAUDITED)
                 
 

Japanese Yen

United States Dollar*
 

For the three months ended

For the three months ended

 

 

 

 

 

(in millions)

2025 2Q

2025 3Q

2025 2Q

2025 3Q

Revenue:

 

 

 

 

 

 

 

 

Revenue

¥

70,339

 

¥

123,084

 

$

447.0

 

$

782.1

 

Other revenue

 

9

 

 

20

 

 

0.1

 

 

0.1

 

Total revenue

  

70,348

 

  

123,104

 

  

447.0

 

  

782.3

 

 

 

-

 

 

 

 

 

 

 

Expenses:

  

-

 

            

Cost of sales

 

68,325

 

 

118,311

 

 

434.2

 

 

751.8

 

Selling, general and administrative expenses

  

1,999

 

  

6,430

 

  

12.7

 

  

40.9

 

Total expenses

 

70,324

 

 

124,741

 

 

446.9

 

 

792.7

 

Operating profit (loss)

  

24

 

  

(1,637

)

  

0.2

 

  

(10.4

)

 

 

-

 

 

 

 

-

 

 

-

 

Other income and expenses:

  

-

 

      

-

 

  

-

 

Other income

 

10

 

 

-

 

 

0.1

 

 

-

 

Other expenses

  

2

 

  

(34

)

  

0.0

 

  

(0.2

)

Financial income

 

(14

)

 

480

 

 

(0.1

)

 

3.1

 

Listing expense

 

-

 

 

(13,714

)

 

-

 

 

(87.1

)

Financial expenses

 

(1

)

 

(4

)

 

(0.0

)

 

(0.0

)

Profit (loss) before income taxes

  

21

 

  

(14,909

)

  

0.1

 

  

(94.7

)

Income tax expense

 

(6

)

 

(536

)

 

(0.0

)

 

(3.4

)

Net profit (loss) for the period attributable to owners of the Group

¥

15

 

¥

(15,445

)

$

0.1

 

$

(98.1

)
                         

COINCHECK GROUP N.V. and its subsidiaries

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME (UNAUDITED)
             
 

Japanese Yen

United States Dollar*
 

For the three months ended

For the three months
ended

December 31,

December 31,

(in millions)

2023

 

2024

2024

Revenue:

 

 

 

 

 

 

Revenue

¥

59,007

 

¥

123,084

 

$

782.1

 

Other revenue

 

109

 

 

20

 

 

0.1

 

Total revenue

  

59,116

 

  

123,104

 

  

782.3

 

 

 

 

 

 

 

 

Expenses:

            

Cost of sales

 

56,880

 

 

118,311

 

 

751.8

 

Selling, general and administrative expenses

  

1,638

 

  

6,429

 

  

40.9

 

Total expenses

 

58,518

 

 

124,740

 

 

792.7

 

Operating profit (loss)

  

598

 

  

(1,636

)

  

(10.4

)

 

 

 

 

 

 

-

 
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