gumi’s year to April 2026 produced two different stories at once. Sales rose 2.7% to ¥9,183 million and ordinary profit increased 3.2% to ¥2,170 million, but operating profit fell 77.5% to ¥83 million and net income attributable to owners dropped 29.5% to ¥1,454 million. The tension for investors is straightforward: the group stayed in the black, but much less of that profit came from the operating business itself.
| Metric | Year to April 2026 | Prior year | Disclosed change |
|---|---|---|---|
| Sales | ¥9,183 million | ¥8,942 million | +2.7% |
| Operating profit | ¥83 million | ¥370 million | -77.5% |
| Ordinary profit | ¥2,170 million | ¥2,103 million | +3.2% |
| Net income attributable to owners | ¥1,454 million | ¥2,063 million | -29.5% |
| Cash and cash equivalents | ¥3,393 million | ¥6,078 million | — |
| Year-end dividend per share | ¥0.00 | ¥0.00 | — |
The accounting split
The biggest bridge between a thin operating result and a much healthier ordinary profit was non-operating income from crypto assets. gumi recorded ¥2,632,613 thousand in crypto valuation gains, inside total non-operating income of ¥2,914,174 thousand. That more than offset non-operating costs of ¥827,214 thousand, including a ¥454,217 thousand equity-method investment loss. Put less charitably, the crypto book worked harder than the operating business.
Where the business held up, and where it did not
In mobile online games, sales rose year on year, helped by the launch of JoJo’s Bizarre Adventure Ora Ora Overdrive, but the operating loss widened to ¥469,271 thousand from ¥118,981 thousand as promotion spending around the title increased. In the blockchain and related business, sales fell 12.5% to ¥2,177,354 thousand, yet operating profit rose 12.8% to ¥552,593 thousand as the company said it kept optimising development and operating costs.
That left the group with an operating margin of 0.9%, down from 4.1% a year earlier. So while the headline ordinary-profit figure looks sturdy enough, the underlying mix was more fragile, with one segment still losing money and the group leaning heavily on valuation gains below the operating line.
Cash fell, the dividend did not appear, and guidance did not either
The balance sheet expanded, with total assets rising to ¥28,821 million and the equity ratio improving to 71.9%, but cash and cash equivalents fell to ¥3,393 million from ¥6,078 million. Operating cash flow was negative ¥1,398 million and investing cash flow was negative ¥3,589 million. The year-end dividend was set at ¥0.00, and the payout for the year ending April 2027 was left undecided.
Management also declined to publish a full-year earnings forecast for next year, saying rapid changes in the business environment make a reasonable estimate difficult. For now, that leaves investors with a simple conclusion: gumi delivered modest sales growth and stayed profitable, but the operating engine looked far less convincing than the ordinary-profit line suggests.