PDC

MKT CAP:$21M

Perpetuals.com Ltd

Market Cap

$21M

Technology·Software - Application·🇯🇵 Japan·NASDAQ

Technology·Software App·🇯🇵·NASDAQ

Stock Price

$7.32+$0.80 (+12.27%)

Apr 21, 2026

Company Details

Perpetuals.com Ltd. engages in providing blockchain-based technology solutions. It operates its proprietary private blockchain technology, Grid Ledger System (GLS), a hybrid blockchain that combines the technical advantages of blockchain te...

CEO

Satoshi Kobayashi

IPO Date

Jul 25, 2023

Website

e-arly.works

Key Metrics TTM

Revenue

$4M

— YoY

Net Income

-$4M

EPS (Diluted)

-$1.34

Free Cash Flow

-$4M

Revenue / Share

$1.36

Gross Margin

59.8%

Operating Margin

-103.1%

Net Margin

-97.2%

FCF Margin

-95.5%

P/S

5.2x

P/E

—

Earnings Reports

FY 2025

Apr 29, 2025

$3M+137.3%EPS -$0.56

Q4 2025

Apr 29, 2025

$1M+69.1%EPS -$0.32

Q2 2025

Oct 30, 2024

$1M+283.8%EPS -$0.24

FY 2024

Apr 29, 2024

$1M+255.2%EPS -$0.77

Q4 2024

Apr 29, 2024

$837.7K+682.2%EPS -$0.34

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 23	$233.0K	$86.6K	-$2M
Q4 23	$107.1K	$30.5K	-$1M
Q2 24	$382.0K	$358.8K	-$2M
Q4 24	$837.7K	$607.1K	-$1M
Q2 25	$1M	$865.5K	-$674.9K
Q4 25	$1M	$620.2K	-$935.9K

Valuation

Quarter	P/S	P/E
Q2 23	—	—
Q4 23	—	—
Q2 24	—	—
Q4 24	11.6x	—
Q2 25	6.5x	—
Q4 25	4.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 23	-$2M	-$2M
Q4 23	-$1M	-$1M
Q2 24	-$1M	-$1M
Q4 24	-$2M	-$2M
Q2 25	-$622.1K	-$830.8K
Q4 25	-$639.0K	-$433.1K

Capital Expenditures

Quarter	CapEx
Q2 23	$4.6K
Q4 23	$7.5K
Q2 24	$1.6K
Q4 24	$651
Q2 25	$208.7K
Q4 25	$205.9K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 25	+529.4%	+21.1%
Q4 25	+1222.7%	+65.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 23	$0	0.0%
Q4 23	$0	0.0%
Q2 24	$0	0.0%
Q4 24	$0	0.0%
Q2 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q2 23	$363.4K	$1M
Q4 23	$436.9K	$907.5K
Q2 24	$311.6K	$2M
Q4 24	$210.5K	$1M
Q2 25	$140.7K	$1M
Q4 25	$142.5K	$1M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q2 23	—	-658.6%	—
Q4 23	—	-1225.0%	—
Q2 24	—	-332.7%	—
Q4 24	—	-121.1%	—
Q2 25	529.4%	-48.2%	481.2
Q4 25	1222.7%	-67.1%	1155.6

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 23	$3M	$0	$3M
Q4 23	$1M	$0	$1M
Q2 24	$5M	$0	$5M
Q4 24	$2M	$641.3K	$3M
Q2 25	$1M	$768	$1M
Q4 25	$733.9K	$1.1K	$735.0K

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 23	3M	—	—
Q4 23	3M	0.0%	—
Q2 24	3M	-4.9%	—
Q4 24	3M	+4.1%	—
Q2 25	3M	0.0%	-0.9%
Q4 25	3M	0.0%	-0.9%

Shares Outstanding