The Game

Consolidated Financial Results Briefing Materials: FY3/26 Q1

Akatsuki Inc. experienced a challenging start to the fiscal year ending March 2026, reporting a 44% year-over-year decline in consolidated sales to ¥2,313 million and an operating loss of ¥1,698 million for the first quarter.

• Akatsuki Inc. reported a 44% year-over-year decline in consolidated sales to ¥2,313 million and an operating loss of ¥1,698 million for Q1 FY3/26.
• The core Games business revenue contracted by 52% due to title withdrawals, a reactionary decline from the previous quarter, and high development costs for the upcoming 'Kaiju No. 8 The Game'.
• IP Solutions revenue grew 168% to ¥298 million, driven by the consolidation of CRAYON, Inc. and the expansion of the Slash Gift online lottery service.

FY03/2026 1Q Consolidated Financial Results: Japan

Drecom Co., Ltd. reported its consolidated financial results for the first quarter of the fiscal year ending March 2026, covering the period from April 1, 2025, to June 30, 2025.

• Drecom reported a net loss of 1,799 million yen for the first quarter of FY03/2026, driven primarily by a 1,563 million yen impairment loss on an underperforming mobile title released in the previous fiscal year.
• Total revenue for the quarter reached 4,466 million yen, a 110.4% increase year-over-year, largely fueled by the performance of the mobile game 'Wizardry Variants Daphne'.
• Despite the revenue surge, the company recorded an operating loss of 81 million yen and an ordinary loss of 107 million yen.

The Game Scout’s Secrets: July 2025

The July 2025 industry analysis examines the evolving landscape of indie game publishing, specifically focusing on the scouting strategies employed by publishers to identify and sign successful titles.

• The Steam marketplace is highly saturated, with approximately 10,500 games released in the first eight months of 2025.
• Public investment is a critical industry driver, as 74% of UK Games Fund recipients report their projects would not have been realized without this financial support.
• Successful publishers are increasingly adopting a niche-focused model, such as Fellow Traveller’s specialization in narrative-driven and diverse storytelling, to build brand equity.

How a Nearly Six-Hour Phone Call with the Russo Brothers Changed Fortnite

The Game Business Live event provided a comprehensive overview of current trends and strategic shifts within the global video game industry.

• Circana forecasts US video game spending will reach $56.5 billion in 2025, representing a 4.7% decline from 2024 due to mobile market struggles and consumer caution.
• Twitch CEO Dan Clancy reports that GTA 5 is the platform's most-watched game with 1.4 billion hours viewed in 2024, driven primarily by improvisational role-play content rather than traditional gameplay.
• A five-and-a-half-hour phone call between the Russo brothers and former Epic CCO Donald Mustard was the catalyst for integrating external film characters, such as Thanos, into Fortnite.

GREE Consolidated Financial Results for the Nine Months Ended March 31, 2025

GREE Holdings, Inc. reported consolidated financial results for the nine-month period ending March 31, 2025, reflecting a challenging fiscal environment.

FY2025 Third Quarter Financial Results

The third quarter of fiscal year 2025 reflects a strategic pivot toward diversified growth and operational efficiency, characterized by consolidated net sales of ¥14.6 billion and an operating profit of ¥1.6 billion.

• The company is targeting a 41% profit compound annual growth rate through fiscal year 2027 by establishing a new IP Business segment to consolidate anime, licensing, and manga operations.
• The organization maintains a full-year operating profit target of ¥5.1 billion for FY2025 by streamlining its workforce and reducing fixed expenses.
• The Investment Business holds a portfolio valued at ¥36.1 billion with a 17% internal rate of return, consistently outperforming market benchmarks.

GREE Holdings FY2025 Q3 Financial Results Briefing (Transcript)

GREE Holdings’ third-quarter financial results for fiscal year 2025 highlight a strategic reorganization and strong performance across its core segments.

• GREE has established a new standalone IP Business segment to consolidate anime and manga activities, reflecting a strategic pivot toward global content monetization.
• Operating profit targets for FY2025 remain on track despite projected sales shortfalls caused by game release delays, supported by disciplined cost management and improved segment profitability.
• The Game Business continues to anchor performance through its 'engine strategy,' bolstered by the recent launch of 'Puella Magi Madoka Magica Magia Exedra' and the established success of 'Heaven Burns Red.'

Consolidated Financial Results Briefing Materials: FY3/25

Akatsuki Inc. demonstrated significant financial resilience in FY3/25, characterized by a 46% year-over-year surge in consolidated operating profit to ¥3,915 million.

• Akatsuki Inc. achieved a 46% year-over-year increase in consolidated operating profit to ¥3,915 million for FY3/25, despite a 1% decline in total sales.
• The company maintains ¥33.3 billion in cash reserves to fund a ¥35 billion growth investment plan over the next three years, targeting M&A and next-generation game development.
• Shareholder returns are increasing as the target Dividend on Equity (DOE) has been raised from 3% to 4% due to strong liquidity and a positive outlook.

Consolidated Results Supplementary Information for Fiscal Year Ended in March of 2025

Akatsuki Inc. reported its consolidated financial results for the fiscal year ended March 2025, highlighting a period of strategic "selection and concentration" that led to a significant increase in profitability.

• Akatsuki Inc. achieved a 46% increase in consolidated operating profit to ¥3.91 billion for the fiscal year ended March 2025, despite a 1% decline in total sales to ¥23.65 billion.
• The Games segment generated ¥21.24 billion in revenue, anchored by the 10th anniversary of Dragon Ball Z Dokkan Battle, which reached record-high overseas sales and operating profit.
• The Comics segment reached full-year profitability with a 50% surge in annual sales to ¥1.14 billion, driven by media dramatizations and a partnership with NTT Docomo for the MANGA MIRAI service.

Partial Correction to FY2021 Consolidated Financial Results (Japanese GAAP)

CyberAgent, Inc. achieved exceptional financial growth during the 2021 fiscal year, characterized by a 39.2% increase in consolidated net sales to ¥666,149 million and a 207.5% surge in operating income to ¥104,070 million.

• CyberAgent achieved significant FY2021 growth with consolidated net sales rising 39.2% to ¥666,149 million and operating income surging 207.5% to ¥104,070 million.
• The Game Business was the primary driver of financial performance, delivering a 68.6% revenue increase to ¥262,751 million and a 217.9% rise in segment income to ¥96,445 million, largely due to a major new title launch.
• Profit attributable to shareholders increased significantly to ¥41,242 million, up from ¥6,567 million in the previous fiscal year.

Partial Correction to FY2024 First Quarter Consolidated Financial Results [Japanese GAAP]

CyberAgent, Inc. issued this corrective filing on May 15, 2025, to amend its consolidated financial results for the first quarter of fiscal year 2024, originally disclosed in January 2024.

• CyberAgent reported Q1 FY2024 net sales of ¥192,655 million, a 15.1% year-on-year increase, with operating income recovering to ¥5,864 million from a ¥1,738 million loss in the prior year.
• Despite operational improvements, the company recorded a net loss attributable to owners of the parent of ¥892 million, heavily impacted by an extraordinary goodwill amortization loss of ¥3,376 million.
• The Internet Advertisement Business remains the primary revenue driver, contributing ¥104,900 million in sales and ¥5,246 million in operating income.

Partial Correction to FY2024 Consolidated Financial Results (Japanese GAAP)

CyberAgent’s fiscal year 2024 consolidated financial results reveal a period of robust recovery and operational efficiency, characterized by an 11.4% increase in net sales to ¥801,236 million.

• CyberAgent reported a strong fiscal 2024 with net sales rising 11.4% to ¥801,236 million and operating income surging 79.3% to ¥40,083 million.
• The Game Business remains a primary profit engine, contributing ¥195,985 million in net sales and achieving a 34.6% increase in operating income to ¥30,569 million.
• The Media Business significantly narrowed its operating loss from ¥12,873 million in the previous year to ¥1,927 million, with a strategic goal to reach profitability in fiscal 2025.