Enigmo, which runs the BUYMA fashion marketplace and BUYMA Travel, disclosed in its interim earnings that its free-float market capitalization stood at ¥9.04bn as of January 31, 2026, short of the ¥10bn floor required under the Tokyo Stock Exchange's Prime Market rules. The company clears the exchange's other three tests comfortably, with more shareholders, more tradable shares and a higher tradable-share ratio than the standard demands. Only the market-value test is failing.
| Standard | Prime Market requirement | Enigmo's status |
|---|---|---|
| Number of shareholders | 800 or more | 15,519 |
| Tradable shares | 20,000 units or more | 206,314 units |
| Tradable share market value | ¥10bn or more | ¥9.04bn |
| Tradable share ratio | 35% or more | 48.3% |
Tokyo Stock Exchange has given Enigmo until January 31, 2027 to close the gap. If compliance isn't confirmed by then, the company has flagged delisting risk from August 1, 2027, though it says shifting to a different market segment remains an option if the target proves out of reach.
The deadline lands as the underlying business worsens. Revenue for the six months to July 2026 fell 4.9% to ¥2.76bn, and the consolidated operating loss widened sharply from ¥17.7mn to ¥437mn. The net loss attributable to shareholders more than doubled to ¥144.2mn.
| Metric | H1 to July 2026 | H1 to July 2025 |
|---|---|---|
| Revenue | ¥2.76bn | ¥2.90bn |
| Operating profit/loss | -¥437mn | -¥17.7mn |
| Ordinary profit/loss | -¥417mn | -¥46mn |
| Net profit/loss (parent) | -¥144.2mn | -¥49.7mn |
The core Fashion Platform business, BUYMA, remained profitable at the segment level but is clearly under pressure. Gross merchandise value fell 13.6% to ¥19.87bn as high-end demand softened under a weak yen and pricier European brands, even as membership grew 4% to 12.2 million. Segment profit fell 62.5% to ¥188.8mn. Management's response leans on mid-priced Asian brands, a "BUYMA Vintage" resale line and AI tools for the site's personal shoppers, though none of that shows up in the numbers yet.
BUYMA Travel is growing but still losing money: revenue rose 41.4% to ¥516.8mn, while the segment loss widened to ¥238.7mn from ¥173.5mn. The company acquired Hawaii limousine operator Krystal Enterprise Limousine, Inc. on May 1, with a deemed acquisition date of June 30 for consolidation purposes, though only the acquired firm's balance sheet, not its earnings, was folded into the interim results.
Despite the wider group losses, Enigmo left its full-year forecast unchanged, still projecting ¥7.27bn in revenue and ¥493mn in net profit, up 51.1% from last year. It has also locked in a ¥30-a-share year-end dividend, split between a ¥10 ordinary payout and a ¥20 one-off "commemorative" dividend, for the current and prior fiscal year regardless of results or listing status. At the July 31 share price of ¥403, that works out to a yield of roughly 7.4%.
Net assets fell to ¥9.78bn from ¥11.77bn over the half, hit by unrealized securities losses and the ¥1.19bn dividend payout itself, while cash on hand dropped to ¥6.19bn. Enigmo calls the two-year run its structural reform period and is targeting ¥2.0bn of operating profit and adjusted earnings per share of ¥40 for the year to January 2028. That target lands a year after the exchange's own January 2027 deadline for closing the free-float gap.