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

July 26, 2022

Non-consolidated Financial Results
for the Nine Months Ended June 30, 2022
<under Japanese GAAP>
Company name:
Listing:
Stock code:
URL:
Representative:
Inquiries:

Makuake, Inc.
Tokyo Stock Exchange4479
http://www.makuake.com/
Ryotaro Nakayama, CEO
Yuki Tamura, Corporate Officer and General Manager of Business ManagementDivisionTEL:+81-3-6328-4038 (from overseas)
Scheduled date to file quarterly securities report:
July 27, 2022
Scheduled date to commence dividend payments:–Preparation of supplementary materials for quarterly financial results: Yes
Holding of quarterly financial results presentation meeting:
Yes(Millions of yen with fractional amounts discarded, unless otherwise noted)

1. Performance for the nine months ended June 30, 2022
(from October 1, 2021 to June 30, 2022)(1) Operating results (cumulative)(Percentages indicate year-on-year changes.)

Net sales
Nine months ended
June 30, 2022
June 30, 2021

Operating profit

Millions of yen

3,326
3,332

% Millions of yen(0.2)
59.3

Basic earnings per
share
Nine months ended
June 30, 2022
June 30, 2021

Ordinary profit

Yen

0.56
10.86(89)201% Millions of yen–(62.1)

Diluted earnings per
share
Yen

0.55
10.37(66)200

Profit% Millions of yen–(62.2)7129%(94.6)(63.5)

(2) Financial position
Total assets
As ofJune 30, 2022
September 30, 2021
Reference:

Net assets

Equity ratio

Millions of yen

Millions of yen%

10,508
10,331

6,929
6,873

65.5
66.2

EquityAs of June 30, 2022As of September 30, 2021

¥6,882 million¥6,841 million

2. Cash dividends
Annual dividendsFirstquarter-end

Secondquarter-end

Yen

Thirdquarter-end

Yen

Fiscal year-end

Yen

Fiscal year ended
September 30, 2021

–

0.00

–

Fiscal year ending
September 30, 2022

–

0.00

–

Fiscal year ending
September 30, 2022 (Forecast)

Total

Yen

Yen

0.00

0.00

0.00

0.00

Note: Revisions to the cash dividend forecasts most recently announced: None

3. Earnings forecasts for the fiscal year ending September 30, 2022
(from October 1, 2021 to September 30, 2022)
Net sales
Millions ofyen
Fiscal year ending
September 30, 2022

4,700

(Percentages indicate year-on-year changes.)
Basic
Ordinary profit
Profitearnings pershare

Operating profit%

1.7

Millions ofyen0%(100.0)Millions ofyen

20

Note: Revisions to the earnings forecasts most recently announced: None%(93.9)

Millions ofyen

65%(73.6)

Yen

5.19* Notes(1) Application of special accounting treatments for the preparation of quarterly financial statements: None
(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(3) Number of issued shares (common shares)(i) Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2022

12,568,700 shares

As of September 30, 2021

12,404,700 shares(ii) Number of treasury shares at the end of the period
As of June 30, 2022

130 sharesAs of September 30, 2021

87 shares(iii) Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the nine months ended June 30, 2022

12,514,388 shares

For the nine months ended June 30, 2021

11,960,170 shares* Quarterly financial results reports are exempt from quarterly review conducted by an audit corporation.
* Proper use of earnings forecasts, and other special matters
The forward-looking statements, including earnings forecasts, contained in these materials are based on
information currently available to the Company and on certain assumptions deemed to be reasonable.
These statements do not purport that the Company pledges to realize such statements. Actual businessand other results may differ substantially due to various factors.

Makuake, Inc. (4479)

Attached materials
Index
1. Qualitative information on quarterly financial results .............................................................................. 2(1) Information on operating results ........................................................................................................ 2(2) Information on financial position ....................................................................................................... 3(3) Explanation of forward-looking information including earnings forecasts ........................................ 3
2. Quarterly financial statements and significant notes thereto .................................................................... 4(1) Quarterly balance sheet ...................................................................................................................... 4(2) Quarterly statement of income ........................................................................................................... 5(3) Notes to quarterly financial statements .............................................................................................. 6
Notes on premise of going concern .................................................................................................... 6
Notes on significant changes in the amount of shareholders’ equity .................................................. 6
Changes in accounting policies .......................................................................................................... 6Segment information .......................................................................................................................... 6-1-Makuake, Inc. (4479)

1. Qualitative information on quarterly financial results(1) Information on operating results
The forward-looking statements in this report were prepared based on information available as of theend of the quarter under review.
Based on its vision of “Create a world where worthy things can come to be, grow and endure,” themission of Makuake, Inc. (the Company) is to “Connect the world through the creation of the ‘new.’ ”
We operate the Makuake service, a “support” pre-order platform to connect project owners(Businesses) who are providing something new to the world with supporters (Consumers) whopurchase new items and experiences based on their knowledge of the background and the ideas of theproject owners.
As ancillary services, we also provide Makuake Incubation Studio, which supports the generation of
new businesses that leverage research and development technology owned by companies; agency
operations for the distribution of advertisements to facilitate the growth of “support” pre-order value at
Makuake; Makuake STORE, which enables continued sales on e-commerce sites even after projects
have ended; Makuake Global, which accepts “support” pre-orders from overseas; “Support” Pre-orderService for Buyers, which enables buyers in Japan to watch how new products that have just launched
are selling and to stock them on the internet; Makuake SHOP, which works with partner companies in avariety of formats nationwide to enable products launched on Makuake to be displayed and sold in realworld stores.
The first nine months of the fiscal year ending September 30, 2022 saw movements towardnormalization of economic activity and the beginnings of a recovery in business conditions in theJapanese economy. However, the increasing prices of raw materials caused by the situation in Ukraineand other factors, rising commodity prices due to supply constraints, and uncertainty in the financial
policies of each country due to fluctuations and other developments in the financial and capital markets
continued, and we are aware that the situation requires caution as it is rife with the risk of an economic
downturn.
The business environment for the Company is affected by trends such as that of the e-commerce market
for debuting new products and of the e-commerce market for pre-ordering new services, but due to the
new lifestyles and working styles we have seen emerging as a result of the spread of COVID-19,
demand in these markets is extraordinarily high and growth is continuing. Going forward, we believethat the e-commerce market for debuting new products has extraordinarily high growth potential.
Against this backdrop, the nine months ended June 30, 2022, saw a continuation of the rising trend in
the number of new projects published from project owners wanting to debut new products and services,
an increase in the number of unique users visiting Makuake in search of new products that fit theirtastes and preferences, and a continued growth in the demand for Makuake. Meanwhile, as a result ofimplementing policies to accelerate growth in the next fiscal year and beyond, rather than focusing onmeasures with a short-term perspective that merely aims to increase revenue in the current fiscal year,
and having concentrated our resources on reinforcing our internal structure, namely, working to create aplatform that owners and supporters can use with greater confidence, training the staff we hired, andfocusing on improving operations within the new organizational structure, growth in total “support”
pre-order value slowed down, decreasing by 0.6% year on year to ¥15,639,218 thousand. Furthermore,
the conversion rate (CVR), which expresses how well the needs of owners and supporters are matched,
had been on a declining trend due to the increase in the workload for curators, and issues with the userexperience in relation to finding new products and services caused by the rise in the number of newprojects, but has increased slightly as a result of strengthening the hiring and training of curators andscreening staff, and the development of new functionality. We are aiming to further improve the CVR.
As a result, for the period under review, the Company recorded net sales of ¥3,326,617 thousand (down
0.2% year on year), an operating loss of ¥89,152 thousand (compared to an operating profit of¥201,096 thousand in the same period of the previous fiscal year), an ordinary loss of ¥66,700 thousand(compared to an ordinary profit of ¥200,403 thousand in the same period of the previous fiscal year)
and profit of ¥7,004 thousand (down 94.6% year on year).

-2-Makuake, Inc. (4479)

As the Company consists of a single business segment, the Makuake service, a platform for people toplace “support” pre-orders of new things and experiences, information by segment is omitted.
(2) Information on financial position
AssetsAt the end of the quarter under review, total assets increased by ¥176,781 thousand from the previous
fiscal year-end to ¥10,508,328 thousand.
Current assets decreased by ¥151,456 thousand to ¥9,118,106 thousand. The main components
included a decrease of ¥288,331 thousand in cash and deposits.
Non-current assets increased by ¥336,870 thousand to ¥1,378,457 thousand. The main components
included an increase of ¥250,505 thousand in intangible assets.
Liabilities
At the end of the quarter under review, liabilities increased by ¥120,386 thousand from the previous
fiscal year-end to ¥3,578,600 thousand.
Current liabilities increased by ¥104,913 thousand to ¥3,520,273 thousand. The main components
included an increase of ¥253,796 thousand in deposits received.
Non-current liabilities increased by ¥15,473 thousand to ¥58,326 thousand. The main components
included an increase of ¥14,489 thousand in provision for continuous services benefits.
Net assets
At the end of the quarter under review, net assets increased by ¥56,394 thousand from the previous
fiscal year-end to ¥6,929,727 thousand. The main components included increases of ¥16,892 thousand
each in share capital and capital surplus, due to the exercise of share acquisition rights.
(3) Explanation of forward-looking information including earnings forecasts
There is no change to the earnings forecasts for the fiscal year ending September 30, 2022, from theforecasts announced in the “Notice of Revisions to Full-Year Financial Forecasts” released on April 26,2022.

-3-Makuake, Inc. (4479)

Quarterly financial statements and significant notes thereto(1) Quarterly balance sheet(Thousands of yen)
As of September 30, 2021
AssetsCurrent assets
Cash and deposits
Cash segregated as deposits
Accounts receivable - trade
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
OtherAllowance for doubtful accounts
Total investments and other assets
Total non-current assets
Deferred assets
Total assets
Liabilities
Current liabilities
Income taxes payable
Deposits received
OtherTotal current liabilities
Non-current liabilities
Provision for retirement benefits
Provision for continuous services benefits
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Share acquisition rights
Total net assets
Total liabilities and net assets-4-

As of June 30, 2022

5,949,943
2,641,311
551,330
134,259(7,282)
9,269,563

5,661,611
2,893,922
417,560
152,293(7,282)
9,118,106

43,119593,873

53,735844,379

412,131(7,537)404,594
1,041,587
20,396
10,331,547

487,880(7,537)
480,342
1,378,457
11,763
10,508,328

72,2862,652,462
690,6113,415,360

6,064
2,906,259
607,949
3,520,273

337
42,51642,853
3,458,214

1,320
57,00558,326
3,578,600

3,103,387
3,103,387
635,591(499)
6,841,867
31,464
6,873,332
10,331,547

3,120,279
3,120,279
642,596(625)
6,882,530
47,197
6,929,727
10,508,328

Makuake, Inc. (4479)(2) Quarterly statement of income(Thousands of yen)
Nine months ended
June 30, 2021
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest income
Dividend income
Lecture fees and other income
Subsidy income
Other
Total non-operating income
Non-operating expenses
Amortization of share issuance costs
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on sale of investment securities
Total extraordinary income
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit-5-

Nine months ended
June 30, 2022

3,332,990
558,716
2,774,273
2,573,177
201,096

3,326,617
651,204
2,675,412
2,764,564(89,152)

––
5,325
–
654
5,980

2
16
7,309
20,744
3,012
31,084

6,672
6,672
200,403

8,632
8,632
(66,700)––
200,403
74,115(3,629)70,485
129,918

97,50097,50030,79925,324(1,528)23,795
7,004

Makuake, Inc. (4479)(3) Notes to quarterly financial statements
Notes on premise of going concern
No applicable items.
Notes on significant changes in the amount of shareholders’ equity
No applicable items.
Changes in accounting policies
Application of Accounting Standard for Revenue Recognition, etc.
The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No.
29, March 31, 2020) and relevant ASBJ regulations from the beginning of the first quarter of thecurrent fiscal year, and it has recognized revenue at the time the control of promised goods or services
is transferred to the customer at the amount expected to be received upon exchange of said goods orservices.
The application of the Accounting Standard for Revenue Recognition and relevant ASBJ regulations issubject to the transitional treatment provided for in the proviso to paragraph 84 of the AccountingStandard for Revenue Recognition. The cumulative effect of the retrospective application, assuming thenew accounting policy had been applied to periods prior to the beginning of the first quarter of thecurrent fiscal year was added to or deducted from the opening balance of retained earnings of the firstquarter of the current fiscal year, and thus the new accounting policy was applied from such openingbalance.
There is no effect on the profit or loss for the first nine months of the current fiscal year or the opening
balance of retained earnings of the current fiscal year.
Furthermore, the information on disaggregation of revenue from contracts with customers during thefirst nine months of the previous fiscal year has not been disclosed as allowed by the transitional
treatment provided for in paragraph 28-15 of the Accounting Standard for Quarterly Financial
Reporting (ASBJ Statement No. 12, March 31, 2020).
Application of Accounting Standard for Fair Value Measurement, etc.
The Company has applied the “Accounting Standard for Fair Value Measurement” (ASBJ Statement
No. 30, July 4, 2019) and relevant ASBJ regulations from the beginning of the first quarter of thecurrent fiscal year, and it has applied the new accounting policy provided for by the AccountingStandard for Fair Value Measurement, etc. prospectively in accordance with the transitional measuresprovided for in paragraph 19 of the Accounting Standard For Fair Value Measurement, and paragraph44-2 of the “Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, July 4, 2019).
There is no effect on the quarterly financial statements.
Segment information
Segment information
As the Company consists of a single business segment, the Makuake service, a platform for people toplace “support” pre-orders of new things and experiences, this information is omitted.

-6-