Perpetuals.com Ltd
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsEarlyworks Co., Ltd. is a Tokyo-based computer programming services company listed on Nasdaq via ADSs (ticker ELWS, five ordinary shares per ADS) that files as a foreign private issuer on Form 20-F.
What they do
The company provides computer programming services and operates from its principal office at 5-7-11 Ueno, Taito-ku, Tokyo, Japan. It is incorporated in Japan and reports in Japanese yen, with U.S. dollar convenience translations made at JPY 142.63 = $1.00, the April 30, 2025 Federal Reserve rate. Its ADSs trade on the Nasdaq Stock Market LLC.
Revenue drivers
- Computer programming services — The company's reported business is computer programming services (SIC 4499 classification), and its revenue grew from $342,441 in fiscal 2023 to $1.1M in fiscal 2024 and $3.1M in fiscal 2025, but the filing excerpts provided do not break out individual service lines or their relative sizes.
Recent performance
Revenue rose to $3.1M in fiscal 2025 from $1.1M in fiscal 2024 and $342,441 in fiscal 2023. Net loss narrowed to $1.8M in fiscal 2025 from $2.4M in fiscal 2024, $2.7M in fiscal 2023, $3.8M in fiscal 2022 and $518,551 in fiscal 2021. Diluted EPS improved to $(0.12) in fiscal 2025 from $(0.14) in fiscal 2024 and $(0.20) in fiscal 2023. Operating cash flow was negative $1.3M in fiscal 2025, an improvement from negative $2.5M in fiscal 2024 and negative $2.9M in fiscal 2023. At April 30, 2025, total assets were $1.3M, total liabilities $816,607, shareholder equity $519,020 and cash and equivalents $731,819.
Strategy
The 20-F excerpts provided do not describe specific strategy initiatives, investments or priorities. The company reports as a foreign private issuer incorporated in Japan and maintains its Nasdaq listing through ADSs. No forward-looking strategy details beyond general forward-looking statement language were included in the excerpts.
Risks
- Recurring losses — The company reported net losses in each year from fiscal 2021 through fiscal 2025, totaling $1.8M in the most recent year.
- Negative operating cash flow — Operating cash flow was negative $1.3M in fiscal 2025 and has been negative in each of fiscal 2023, 2024 and 2025.
- Thin balance sheet — At April 30, 2025, total assets were $1.3M against total liabilities of $816,607, with shareholder equity of only $519,020 and cash of $731,819.
- Foreign private issuer and currency exposure — The company is incorporated in Japan, reports in Japanese yen, and its ADSs trade on Nasdaq, exposing results and shareholders to yen/dollar translation effects.
Outlook
The excerpts provided contain only general forward-looking statement language and do not include specific management guidance or outlook for future periods. No projections, targets or planned initiatives were disclosed in the source material provided.