Earlyworks Co., Ltd(ELWS)Earnings, Financials & Key Ratios
ELWS•NASDAQ
$5.29
Price updated Jun 20, 2026
SectorTechnologyIndustryApplication SoftwareSub-IndustryEmerging tech platforms (AI, blockchain, identity)
AboutEarlyworks Co., Ltd operates as a blockchain-based technology company in Japan. The company builds products, deliver services, and develop solutions based on its proprietary Grid Ledger System to leverage blockchain technology in various business settings, including advertisement tracking, online visitor management, and sales of non-fungible tokens. It also provides software and system development services; consulting and solution services; blockchain system solution planning; and proposal, design, and development planning services. The company serves the information technology, shipping, real estate, entertainment, cosmetics, and chemical products sectors. Earlyworks Co., Ltd was incorporated in 2018 and is based in Tokyo, Japan.Show more
- Revenue$440M+145.5%
- EBITDA-$244M+35.9%
- Net Income-$257M+23.6%
- EPS (Diluted)0.00+100.0%
- Gross Margin51.57%-34.8%
- EBITDA Margin-55.37%+73.9%
- Operating Margin-55.83%+73.8%
- Net Margin-58.29%+68.9%
- ROE-126.84%-1.7%
ELWS Price & Volume
Earlyworks Co., Ltd (ELWS) stock price & volume — 10-year historical chart
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Project Based Revenue Volatility Masks Structural Losses
Investment Thesis • Updated 2024Q4
VerdictNegative
Growth:Mixed
Profitability:Negative
Financial:Adequate
Cash Flow:Burning
Primary Risk:Persistent Operating Cash Burn
Key Thesis Takeaways
- Earlyworks Co., Ltd.
- faces significant structural challenges as its project-based business model drives extreme revenue volatility, evidenced by quarterly fluctuations between $14.5M and $128.9M.
- Despite maintaining a $337.9M cash buffer, the company's inability to achieve operating leverage—highlighted by a $334.2M operating loss in 2024Q4—suggests that current growth is not yet self-sustaining.
- Investors should monitor the company's ability to stabilize gross margins, which have swung from 28.5% to 93.9%, before considering the long-term viability of its current software application strategy.
Verdict Logic
the company's inability to convert revenue into positive free cash flow, evidenced by a -181.1% FCF margin, suggests that the current business model is fundamentally unsustainable.
ELWS Growth Metrics
Earlyworks Co., Ltd (ELWS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years-1.71%
TTM-
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-
Return on Capital
10 Years-87.19%
5 Years-87.19%
3 Years-100.2%
Last Year-100.26%
Peers Comparison
Key metrics vs top competitors for Earlyworks Co., Ltd (ELWS)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $5.30 | $79.83M | — | 145.52% | -58.29% | -126.84% | — | |
| $1.65 | $537.3M | -5.32 | -30.65% | -146.01% | -0.11% | — | |
| $20.47 | $8.31B | -9.52 | 48.04% | -512.96% | -115.53% | — | |
| $20.24 | $8.26B | -12.19 | 20.28% | -611.46% | -848.41% | — | |
| $96.74 | $10.89B | -45.21 | -90.71% | — | -17.66% | — | |
| $39.82 | $14.21B | 102.09 | 167.65% | 31.71% | 9.12% | — |
Compare ELWS vs Peers
Earlyworks Co., Ltd (ELWS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
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ELWS Frequently Asked Questions
Earlyworks Co., Ltd (ELWS) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Earlyworks Co., Ltd's revenue?
Earlyworks Co., Ltd (ELWS) reported $235.1M in revenue for fiscal year 2025. This represents a 9% increase from $216.2M in 2021.
How fast is Earlyworks Co., Ltd growing?
Earlyworks Co., Ltd (ELWS) grew revenue by 145.5% over the past year. This is strong growth.
Is ELWS profitable?
Earlyworks Co., Ltd (ELWS) reported a net loss of $871.7M for fiscal year 2025.
Dividend & Returns
What is ELWS's return on equity?
Earlyworks Co., Ltd (ELWS) has a return on equity (ROE) of -126.8%. Negative ROE indicates the company is unprofitable.
What is Earlyworks Co., Ltd's free cash flow?
Earlyworks Co., Ltd (ELWS) had negative free cash flow of $827.5M in fiscal year 2025, likely due to heavy capital investments.