The thresholds that changed
Tameny says the material uncertainty behind its going-concern note has fallen away, after the company ended March 2026 with net assets of ¥1.134bn and cash and deposits of ¥3.115bn, against ¥2.406bn of borrowings due within one year. A year earlier, net assets were negative ¥694mn, a position that had left the group in excess liabilities and out of compliance with the Tokyo Stock Exchange Growth Market's net-assets listing criterion.
| Item | Figure |
|---|---|
| Net assets at March 31, 2025 | -¥694mn |
| Funds raised via third-party share allotments | ¥2.049bn |
| Net assets at March 31, 2026 | ¥1.134bn |
| Cash and deposits at March 31, 2026 | ¥3.115bn |
| Borrowings due within one year after March 31, 2026 | ¥2.406bn |
What fixed it
The company’s explanation is narrow but concrete. It says the note had become necessary after pandemic-related disruption drove three straight years of operating losses starting in the year to March 2021. Although the operating loss had disappeared in the year to March 2024, Tameny posted another operating loss in the year to March 2025 and booked impairment losses on goodwill and some store assets, leaving it with negative net assets and comparatively high borrowings due within a year relative to cash.
What changed, Tameny says, was capital. The company points to third-party share allotments disclosed on Aug. 25, 2025, and Mar. 27, 2026. In a separate disclosure, it says those transactions raised a combined ¥2.049bn and helped lift net assets back above zero by March 31, 2026. The same filing says the exchange confirmed that Tameny met the Growth Market's net-assets listing criterion at end-March 2026.
What this does, and does not, settle
For investors, the significance is straightforward: the company is saying the specific balance-sheet and liquidity conditions that required the going-concern note last year no longer apply on the disclosed year-end numbers. That is a meaningful improvement in filing risk language, and it aligns with the separate confirmation on the listing criterion.
But it is not a blanket all-clear. Tameny's June 23 notice is limited to the removal of the note on the basis of restored net assets and improved liquidity at March 31, 2026. It does not claim that every part of the turnaround is complete, only that the triggers behind the note, negative net assets and a heavy near-term debt burden relative to cash, had improved enough for the disclosure to be removed.