unbanked inc.

Business Details

国内では主に対面で1キログラムの金地金バー（キロバー）を富裕層・投資家向けに販売するほか、日本クラウド証券株式会社がインターネットを通じて1,000円からの少額売買にも対応。海外では子会社Kinka（BVI）,Ltd.がブロックチェーン技術を活用した金価格連動型暗号資産「Kinka（XNK）」を発行し、海外の金投資需要の取り込みを図っている。金地金はグループ外から調達・保管する販売モデルを採用。

Recent Overview

Cumulative Q3 FY2026 (ending March 2026) revenue rose 5.3% year on year to ¥6,921 million, but the segment fell into a loss due to a ¥1,340 million allowance for doubtful accounts

In the cumulative nine-month period of FY2026 (ending March 2026) (April to December 2025), revenue was ¥6,921 million (up 5.3% year on year), maintaining revenue growth. However, ¥1,340 million in trade receivables related to gold bullion transactions with a major shareholder-related party became uncollectible, and an allowance for doubtful accounts of the same amount was recorded, causing the segment to fall into a loss of △¥1,119 million (versus segment profit of ¥67 million in the same period of the prior year). As a subsequent event, an investigation committee comprising external attorneys was established on January 28, 2026, and has been commissioned to investigate the facts and consider measures to prevent recurrence. On a securities report basis (full-year FY2025 (ended March 2025)), the segment achieved revenue growth and profit growth, with revenue of ¥9,152 million (up 85.8% year on year) and segment profit of ¥104 million (versus ¥9 million in the prior year).

Key Products

Growth Drivers

• Robust buying demand from domestic wealthy individuals and investors amid record-high gold prices
• Continued inflow of funds into the gold market for inflation hedging and as a safeguard against emergencies
• Expansion of the customer base through Japan Crowd Securities' capture of small-lot and installment investment demand
• Diversification of revenue sources for the Web3.0 business through the expansion of the crypto asset "Kinka (XNK)" onto the Cardano blockchain
• Structural global expansion of gold demand, including continued gold ETF purchases by central banks and institutional investors

Risks

• Risk of delayed collection of trade receivables: ¥1,340 million became uncollectible in the cumulative nine months of FY2026 (ending March 2026), leading to the establishment of an external investigation committee
• Gold price volatility risk: Declines in gold prices directly affect both sales volume and unit sales price, significantly impacting segment revenue
• Risk of revenue concentration in specific customers: In full-year FY2025 (ended March 2025), sales to Individual A accounted for ¥4,253 million (44.8% of total company sales)
• Credit risk associated with deferred payment transactions: Transactions on deferred payment terms different from those for general customers may increase the risk of non-collection
• Regulatory risk in the overseas crypto asset business: Regulatory developments regarding crypto assets in various countries may affect the distribution and sale of "Kinka (XNK)"