Note: This document has been translated from a part of the Japanese original for reference purposes only. In the eventof any discrepancy between this translated document and the Japanese original, the original shall prevail.

Consolidated Financial Results
for the First Quarter of the Fiscal Year Ending March 31, 2025 (FY2024)(Under Japanese GAAP)
August 14, 2024
Company Name: BlueMeme Inc.
Listed Exchange: Tokyo Stock Exchange Growth
Code number: 4069
URL: https://www.bluememe.jp(Amounts are rounded down to the nearest million yen)
1.

Consolidated Financial Results for FY2024 (April 1, 2024 - June 30, 2024)(1) Consolidated operating results(Percentages indicate year-on-year changes)
Net profit attributable
Net sales
Operating profit
Ordinary profit
to owners of parent
Million yen%
Million yen%
Million yen%
Million yen%
Q1 FY2024
516 (15.8)
(41)
(47)
(49)
Q1 FY2023
613
18.6
77
27.3
78
39.7
45
23.9

Earnings per share

Diluted earnings
per share

YenYenQ1 FY2024(14.50)Q1 FY2023
12.90
12.54
*NoteAlthough there were shares with dilutive effects, diluted net income per share is not presented for FY 2024/3 Q1
because a net loss was recorded.
(2) Consolidated financial position
Shareholders’ equityratio
Million yen
Million yen%
Q1 FY2024
3,296
2,56277.7
FY2023
3,733
2,60969.9(Reference) Shareholders’ equity FY2024: 2,562 million yen FY2023: 2,609 million yen
Total assets

Net assets

2. Cash Dividends
Annual dividend
Firstquarter
Yen

Secondquarter
Yen

FY2023-0.00

FY2024-

Third
Full year
quarter
Yen
Yen-0.00

FY20240.00
0.00(Forecast)* NoteRevision from the most recently published forecast: none

Total
Yen
0.00

0.00

3. Forecast of Consolidated Financial Results for the FY2024 (April 1, 2024 - March 31, 2025)(Percentages indicate year-on-year changes)
Profit attributable toNet sales
Operating profit Ordinary profit
Earnings per shareowners of parent
MillionMillionMillionyen%
yen%
yen% Million yen%
Yen
Full Year
3,100
23.7
250 (1.2)
250 (1.9)
200
14.4
58.34
*Note
Revision from the most recently published forecast: None

*Notes1.

Review of attached consolidated quarterly financial statements by certified public accountants or an audit
firm:Yes(mandatory)

2.

Cautionary statement with respect to forward-looking statements.
Forecasts of future performance in these materials are based on assumptions judged by information available
to the Group’s management at the time the materials were prepared but does not guarantee the Group’s
future performance. Actual results may materially differ from the forecasts.

Table of Contents
1.

2.

Summary of Business Results ............................................................................................................... 2(1)

Summary of business results in the cumulative period through the quarter under review .......... 2(2)Summary of financial standing in the cumulative period through the quarter under review ....... 3(3)About consolidated performance forecasts and other forward-looking statements ..................... 3

Consolidated Financial Statements and Key Notes ............................................................................... 4(1)Balance Sheet .............................................................................................................................. 4(2)Profit and Loss Statement and Comprehensive Income .............................................................. 5
Profit and Loss Statement ........................................................................................................... 5Comprehensive Income ............................................................................................................... 6(3)Notes to Consolidated Financial Statements ............................................................................... 7(Notes on Going Concern Assumption) ..................................................................................... 7(Notes on Significant Change in Equity） .................................................................................. 7(Changes in accounting Policies) ............................................................................................... 7(Segment Information) ............................................................................................................... 7(Notes on the Consolidated Statement of Cash Flows) ............................................................... 7

1. Summary of Business Results(1) Summary of business results in the cumulative period through the quarter under review
A look at Japan's economy during the consolidated fiscal year under review shows continued uncertainty
regarding the economic outlook due to such factors as the dramatic exchange-rate fluctuations and soaring
resource prices, geopolitical uncertainty associated with disputes in Eastern Europe and the Middle East, and therapid tightening of monetary policies amid continued high inflation, centered on the developed Western countries.
Despite these circumstances, in the information service industry to which the Group belongs, demand for digitaltransformation (“DX”) remains strong, not only to improve management efficiency and productivity in response
to a declining labor force, but also to promote digital business that generates new value and profits using
technology. In particular, demand for IT investments is expected to remain strong due to the predicted future
shortage of engineers and active efforts to modernize information systems in preparation for technologicalinnovation. On the other hand, there are concerns that there may be a growing tendency to postpone investment
decisions due to changes in the global situation and the tightening of monetary policy.
Under such conditions, the Group engages in the digital transformation (DX) business in line with its mission toimprove the international competitive strength of Japanese firms by providing services to promote bringing
information system development in house using low-code automation technologies and the Group's proprietary
agile development methodology, all based on its corporate philosophy of "Promoting cultural evolution througha paradigm shift to create new value.”
The Group's business consists of “Professional Services”, which includes entrusted development services andtraining for engineers using “AGILE-DX”, the Group's unique development methodology that makes maximum
use of low-code technology and agile methods, and “Software License Sales”, which includes the sale of low-code
development tools and other software. In “Professional Services”, while consulting and development undercontract using low-code platforms centered on OutSystems® continued to grow steadily, the company also
focused on research and development to promote efficiency in service delivery, in addition to hiring and thedevelopment of Group employees/engineers and securing service partners to be prepared for future growth indemand. In “Software License Sales”, the Group strives to promote the continued customer use of the products
handled by the Group, primarily “OutSystems®”, which are sold in combination with “Professional Services”, andto expand sales of such products.
As a result of the above, In the cumulative period through the quarter under review, net income totaled 516,774
thousand yen (down 15.8% YoY), operating loss was 41,629 thousand yen (vs. operating income of 77,322
thousand yen in the same quarter of the previous fiscal year), ordinary loss was 47,328 thousand yen (vs. ordinary
income of 78,619 thousand yen in the same quarter of the previous fiscal year), and net loss attributable to ownersof the parent was 49,662 thousand yen (vs. net income attributable to owners of the parent of 45,354 thousand
yen in the same quarter of the previous fiscal year).
Segment information is omitted because the group operates within a single business segment, focusing exclusively
on the DX (Digital Transformation) business.

(2) Summary of financial standing in the cumulative period through the quarter under review(Assets)
At the end of the consolidated fiscal year under review, current assets stood at 2,955,008 thousand yen, decreaseof 434,064 thousand yen from the end of the previous consolidated fiscal year. This was due mainly to decreaseof accounts receivable-trade and contract assets. Noncurrent assets decrease of 3,033 thousand yen from theend of the previous consolidated fiscal year to 341,885 thousand yen. This was due mainly to an increase inaccumulated depreciation.
As a result, total assets were 3,296,894 thousand yen, decrease of 437,097 thousand yen from the end of theprevious consolidated fiscal year.
(Liabilities)
Current liabilities at the end of the consolidated fiscal year under review were 679,992 thousand yen, decreaseof 391,226 thousand yen from the end of the previous consolidated fiscal year. This was due mainly to decreaseof accounts payable-trade. Noncurrent labilities increase of 770 thousand yen from the end of the previous
consolidated fiscal year to 54,181 thousand yen due mainly to an increase of Others, Deferred tax liabilities .
As a result, total liabilities stood at 734,173 thousand yen, decrease of 390,456 thousand yen from the end of theprevious consolidated fiscal year.
(Net assets)
Net assets at the end of the consolidated fiscal year under review decrease of 46,641 thousand yen from the endof the previous consolidated fiscal year, to 2,562,720 thousand yen. This was due mainly to the recording of49,662 thousand yen in net loss attributable to owners of the parent.
As a result, the equity ratio was 77.7% (vs. 69.9% at the end of the previous consolidated fiscal year).

（3） About consolidated performance forecasts and other forward-looking statements
Performance forecasts for the fiscal year ending March 2025 remain unchanged from the forecasts announced
May 29, 2024.

3. Consolidated Financial Statements and Key Notes(1)Balance Sheet
As of end of previous fiscal
Year(March 31, 2024)(Thousands of Yen)
As of end of Q1(June 30, 2024)

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade, and contract assets

2,228,759
1,071,884

2,047,043
773,499

Merchandise and finished goods
Work in process

1,278

1,142
374

Prepaid expenses
Other62,386
24,764

109,768
23,179Total current asset

3,389,073

2,955,008

Non-current assets
Property, plant and equipment

153,327

148,636

Intangible assets, net
Investments and other assets

4,533
187,058

4,272
188,976

Total non-current assets

344,918

341,885

3,733,992

3,296,894

Current liabilities
Accounts payable - trade820,871488,971

Income taxes payable
Contract liabilities

88,07844,134

5,762
87,257

Other

118,135

98,001

Total Current liabilities

1,071,219

679,992

Non-current liabilities
Asset retirement obligations

47,792

47,847

5,618

6,334

Total assets
Liabilities

Other
Total non-current liabilities

53,41054,181

1,124,630

734,173

Share capital
Capital surplus

971,945962,945

972,519
963,519

Retained earnings
Treasury shares

917,000(245,040)

867,338(245,040)

Total shareholders' equity

2,606,850

2,558,337

2,476

4,372

2,476

4,372

Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Total accumulated other comprehensive income
Share acquisition rights
Total net assets
Total liabilities and net assets

34

10

2,609,361

2,562,720

3,733,992

3,296,894

(2) Profit and loss statement and Comprehensive Income
Profit and loss statement(Thousands of Yen)
Q1 FY2023

Q1 FY2024（Apr. 1, 2023 - June. 30, 2023）（Apr. 1, 2024 - June. 30, 2024）

Net sales
Cost of sales

613,842
297,469

516,774
266,627

Gross profit

316,373

250,147

Selling, general and administrative expenses

239,051

291,777

Operating profit

77,322(41,629)

-398

2,938
-

3,583

58

116

2,997

4,098

3856
-

Non-operating income
Foreign exchange gains
Reversal of allowance for doubtful accounts
Miscellaneous income
OtherTotal non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses

683

Commission expenses
Miscellaneous loss

887
-

9,681

Other9060

1,699

9,797

Ordinary profit

Total non-operating expenses

78,619(47,328)

Profit before income taxes

78,619(47,328)

Income taxes-current

30,081

1,385

Income taxes-deferred

3,183

948

Total income taxes

33,2652,333

Net profit

45,354(49,662)

Net profit attributable to owners of parent

45,354(49,662)

Comprehensive Income(Thousands of Yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Total other comprehensive income

Q1 FY2023

Q1 FY2024（Apr. 1, 2023 - June. 30, 2023）（Apr. 1, 2024 - June. 30, 2024）

45,354(49,662)

1,192

1,895

1,192

1,895

Comprehensive income

46,546(47,766)

Comprehensive income attributable to:Comprehensive income attributable to owners of parent

46,546(47,766)(5) Notes to Consolidated Financial Statements(Notes on going concern assumption)
Not applicable.

(Notes on any marked changes in amounts of shareholders' equity)
Not applicable.

(Changes in Accounting Policies)(Application of “Accounting Standard for Current Income Taxes,” Etc.)
The Company has applied the “Accounting Standard for Current Income Taxes” (Accounting Standards Boardof Japan (ASBJ) Statement No. 27, October 28, 2022; the “Revised Accounting Standard of 2022”) and otherrelevant ASBJ regulations from the beginning of the first quarter of the fiscal year ending April 30, 2025.
Revisions to categories for recording current income taxes (taxation on other comprehensive income) conformto the transitional treatment in the proviso of paragraph 20-3 of the Revised Accounting Standard of 2022 andto the transitional treatment in the proviso of paragraph 65-3(2) of the “Guidance on Accounting Standard forTax Effect Accounting” (ASBJ Guidance No. 28, October 28, 2022; the “Revised Guidance of 2022”). This has
no impact on the quarterly consolidated financial statements.
In addition, regarding the revisions related to revised treatment in the consolidated financial statements of thedeferral for tax purposes of gains or losses arising from the sale of shares of subsidiaries, etc. between
consolidated companies, the Company has applied the Revised Guidance of 2022 from the beginning of the firstquarter of the fiscal year ending April 30, 2025. This change in accounting policy has been applied
retrospectively, and the new accounting policy is reflected in the quarterly consolidated financial statements forthe same period of the previous fiscal year and in the consolidated financial statements for the previous fiscalyear. There is no impact from such application on the quarterly consolidated financial statements for the same
period of the previous fiscal year and on the consolidated financial statements for the previous fiscal year.

(Segment information)
The Group's business segment is a single segment of the DX business, hence the description of the segment is
not provided.

(Notes on the consolidated statement of cash flows)
No Quarterly Consolidated Statement of Cash Flows is prepared for the cumulative period through the firstquarter of the consolidated fiscal year under review. Depreciation (including amortization of intangible assets)
for the cumulative period through the first quarter of the consolidated fiscal year is shown below.
Q1 FY2023（Apr. 1, 2023 - June. 30, 2023）
Depreciation

3,384 thousand yen

Q1 FY2024（Apr. 1, 2024 - June. 30, 2024）
5,360 thousand yen