TORICO Co.,Ltd.

Business Details

Under the vision of "Captivating the World," the company operates an EC Service centered on "Manga Zenkan Dot Com," an online bookstore specializing in complete comic set sales, an Event Service through stores and EC channels both domestically and overseas, and a Crypto Asset Business (Ethereum Acquisition & Management) launched in November 2025. The company is pursuing business structure reform through "selection and concentration," prioritizing profitability above all. TORICO Ethereum Inc. was added as a new consolidated subsidiary.

Recent Overview

Operating loss narrowed significantly, but a ¥254 million crypto asset valuation loss widened the ordinary loss

In FY2026 (ending March 2026), net sales continued to decline to ¥3,187 million (down 13.3% year on year), while the company compressed SG&A expenses to ¥1,326 million (a reduction of ¥267 million year on year), resulting in a significant improvement in operating loss to ¥67 million (from ¥260 million in the prior period). However, due to the recording of a ¥254 million valuation loss under non-operating expenses from mark-to-market valuation of the Crypto Asset Business launched in November 2025, ordinary loss widened to ¥340 million (from ¥264 million in the prior period). Capital stock and capital surplus each increased by ¥590 million through third-party allotment capital increases and exercise of stock acquisition rights, improving the equity ratio to 72.3%. The forecast for FY2027 (ending March 2027) is net sales of ¥2,910 million (down 8.7% year on year) and operating income of ¥0 (targeting a return to profitability).

Key Products

Growth Drivers

• Continued expansion of inbound demand (a record 42.68 million foreign visitors to Japan in 2025) boosting Event Service sales
• Overseas business expansion: promoting local collaboration across Asia, including events in Thailand and Malaysia, a pop-up store in Shanghai, China, and a fan meeting in Taipei, Taiwan
• Improvement in the profit structure and achievement of operating profitability in the second half through strategic reduction of SG&A expenses (significant reduction in online shop operating costs and packing/shipping costs)
• Building a new revenue base through the Crypto Asset Business (Ethereum Acquisition & Management): establishing an "earning treasury (PER-type financial model)" utilizing staking, lending, DeFi, and other strategies
• Establishing a robust capital base through the 11th series stock acquisition rights allotted to EVO FUND (expected proceeds of approximately ¥4.07 billion) and convertible bond-type bonds with stock acquisition rights (¥300,000 thousand)
• Strong market share position in complete comic set sales and a robust network with publishers

Risks

• Continued contraction of the comic market: the 2025 comic market (print and digital combined) declined 1.7% year on year, ending seven consecutive years of positive growth, with print comics declining sharply by 14.4% year on year
• High dependence on sales through major EC malls (Rakuten, Amazon, Yahoo), creating risk from changes in mall policies
• Material doubt regarding going concern assumption: operating loss, ordinary loss, and net loss are expected to be recorded for three consecutive periods since FY2024 (ended March 2024) (although the notes to the financial statements state that "no material uncertainty is recognized")
• Price volatility risk of crypto assets (Ethereum): against a period-end holding balance of ¥826 million (market value), the company recorded a valuation loss of ¥254 million in the current period, with price fluctuations directly impacting ordinary income/loss
• Risk of significant dilution to existing shareholders from large-scale issuance of stock acquisition rights (11th series: expected proceeds of approximately ¥4.07 billion)
• Difficulty in acquiring new readers due to slowing growth in the digital comic market (a sharp slowdown to 2.9% year-on-year growth in 2025) and intensifying competition from other entertainment such as short-form video