FUNDINNO Q3 Strategic Pivot & Scenario Simulator

Projected GMV Platform Volume

8,900 M JPY

+14.1% vs Q3 Baseline

Projected Net Sales Q3 Baseline: 1,208M

1,420 M JPY

+212M JPY (+17.5%)

Projected Operating Result Q3 Baseline: -684M

-320 M JPY

+364M JPY (+53.2% Recovery)

Strategic Trajectory Status Operational Assessment

Current Scenario

Recovery in Progress - Custom Issuer Pivot Mitigating Headwinds

Strategic Levers & Headwinds

Deal Sourcing Headwind 45%

Pipeline friction from startup valuation uncertainty

Custom Issuer Adoption (FUNDOOR) 60%

Governance, equity administration, and bespoke issuer portal software

Primary Capital Raising Volume 40%

FUNDINNO & FUNDINNO PLUS+ equity crowdfunding & institutional deals

Secondary Market Liquidity 50%

FUNDINNO MARKET unlisted private share transactions

Key Insight

Shifting towards Custom Issuer Solutions (FUNDOOR) stabilizes revenue with recurring software fees, buffering unpredictable primary deal sourcing cycles.

Comparative Financial Trajectory (Quarterly Progression)

Net Sales (M JPY)

Operating Loss / Profit (M JPY)

Projected Trajectory

GMV Index

Period	Net Sales	Op Profit / (Loss)	Primary Driver
FY2025 Q3 Actual	1,832M JPY	+159M JPY	Bullish primary deal environment
FY2026 Q3 Reported	1,208M JPY	-684M JPY	Deal sourcing headwinds
Simulated Target Run-rate	1,420M JPY	-320M JPY	Custom Issuer Pivot

Pillar Revenue Contribution

1. FUNDOOR / Issuer SaaS

Equity administration, shareholder registries, stock option management, and bespoke issuer portal services.

2. Primary Funding

FUNDINNO retail equity crowdfunding and FUNDINNO PLUS+ targeted institutional syndicates.

3. Secondary Market

FUNDINNO MARKET matching platform for unlisted startup shares liquidity.

PLATFORM GMV VELOCITY

* Financial simulation based on TSE Growth (462A) Q3 FY2026 cumulative filings: 1,208 million yen net sales, -684 million yen operating loss compared to prior-year period's 1,832 million yen net sales and 159 million yen operating profit. Model projections calculate operational loss curtailment and platform GMV leverage driven by the strategic shift into custom issuer solutions and recurring governance revenue.