Makuake, Inc. (4479)
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 25, 2023

Non-consolidated Financial Results
for the Nine Months Ended June 30, 2023
<under Japanese GAAP>
Company name:
Makuake, Inc.
Listing:
Tokyo Stock Exchange
Stock code:
4479
URL:
http://www.makuake.com/
Representative:
Ryotaro Nakayama, CEO
Inquiries:
Junghyun Kim, Head of Investor Relations
TEL:+81-3-6328-4038 (from overseas)
Scheduled date to file quarterly securities report:
July 26, 2023
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, 2023
(from October 1, 2022 to June 30, 2023)(1) Operating results (cumulative)(Percentages indicate year-on-year changes.)

Net sales
Nine months ended
June 30, 2023
June 30, 2022

Operating profit

Millions of yen

2,779
3,326

% Millions of yen(16.4)(0.2)

Basic earnings per
share
Nine months ended
June 30, 2023
June 30, 2022

Ordinary profit

Yen(36.75)0.56(459)(89)% Millions of yen% Millions of yen––––

Diluted earnings per
share
Yen

–
0.55

Profit

(454)
(66)

(462)
7%–(94.6)

Makuake, Inc. (4479)(2) Financial position
Total assets
As ofJune 30, 2023
September 30, 2022
Reference:

Net assets

Equity ratio

Millions of yen

Millions of yen

%

8,181
8,255

5,135
5,576

62.167.0Equity
As of June 30, 2023
As of September 30, 2022

¥5,077 million¥5,528 million

2. Cash dividends
Annual dividends
Firstquarter-end

Secondquarter-end

Yen

Thirdquarter-end

Yen

Fiscal year-end

Yen

Fiscal year ended
September 30, 2022

–

0.00

–

Fiscal year ending
September 30, 2023

–

0.00

–

Fiscal year ending
September 30, 2023 (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, 2023
(from October 1, 2022 to September 30, 2023)
Net sales
Millions ofyen
Fiscal year ending
September 30, 2023

3,840

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

Operating profit%

Millions ofyen%Millions ofyen%Millions ofyen%

Yen(8.7)(880)–(880)–(890)–(70.81)Note: Revisions to the earnings forecasts most recently announced: None

Makuake, Inc. (4479)* 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: None(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, 2023

12,626,700 shares

As of September 30, 2022

12,568,700 shares(ii) Number of treasury shares at the end of the period
As of June 30, 2023

130 shares

As of September 30, 2022

130 shares(iii) Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the Nine months ended June 30, 2023

12,585,566 shares

For the Nine months ended June 30, 2022

12,514,388 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public
accountants or 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 business andother 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 Segment 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 project 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 atMakuake; Makuake STORE, which enables continued sales on e-commerce sites even after projects
have ended; Makuake Global, which accepts “support” pre-orders from overseas; and Makuake SHOP,
which works with partner companies in a variety of formats nationwide to enable products launched on
Makuake to be displayed and sold in real-world stores.
During the first nine months of the fiscal year ending September 30, 2023, while entering a new phaseof co-existence with COVID-19, the Japanese economy is gradually moving toward recovery as
economic activities are returning to normal, thanks to the effects of various government policies.
Personal consumption, in particular, has been on a moderate recovery trend, mainly in terms of traveland dining out, backed by the government’s domestic travel subsidy program. Meanwhile, uncertainty
toward the future remained, reflecting the risk of a downturn in overseas economies putting downward
pressure on the Japanese economy amid ongoing global monetary tightening as well as continuing
rising in prices of raw materials, a continuing rise in commodity prices due to supply constraints, andthe fluctuation in the financial and capital markets.
Our business is affected by the e-commerce market for debuting new products and the e-commercemarket for pre-ordering new services. During the period from 2020 to 2021, demand in these markets
grew rapidly due to changes in lifestyles and working styles, which emerged as a result of the spread of
COVID-19, and subsequently, with the normalization of economic activities in Japan, demand has
calmed down but continues to grow in a more stable and consistent manner. Therefore, going forward,
we believe that the e-commerce market for debuting new products and services has extraordinarily highgrowth potential.
Against this backdrop, during the nine months ended June 30, 2023, as measures to realize the basic
growth policy for the current fiscal year (from October 1, 2022 to September 30, 2023) of “expanding
the foundations for stable business growth generated by repeat customers through the reinforcement ofmeasures to raise customer satisfaction while at the same time building an organization specializing in
capturing repeat customers, further expanding the customer base, and actualizing the Total Addressable
Market (TAM),” the Company went ahead and established systems for repeatable customer experiencefor owners and supporters.
For owners, we promoted operational improvement and functional development based on the owners’
needs. Also, we organized feedback from supporters to owners and provided feedback along withimprovement measures to increase the satisfaction of owners and supporters.
For supporters, the Company conducted regular user interviews to improve the quality of services
provided in cooperation with owners based on the real voices of supporters as well as offered events
where participants could trial project products offline to increase opportunities for supporters to gain anin-depth understanding of Makuake’s “support” pre-orders. Moreover, the Company launched a coupon
function to provide an opportunity for repeat “support” pre-orders by issuing various coupons alignedwith supporters’ needs.
As a result of these initiatives, for the three months ended June 30, 2023, the number of new project
publications from repeat owners increased 13.6% from the three months ended March 31, 2023 to
1,085, and the repeat “support” pre-order value increased 8.9% to ¥3,409,367 thousand. Moreover, the-2-Makuake, Inc. (4479)“support" pre-order value grew 11.2% from the three months ended March 31, 2023 to ¥4,569,329
thousand. Meanwhile, the “support" pre-order value declined by 12.9% year on year, reflecting asignificant decrease in “support” pre-orders from the three months ended September 2022, resulting
from the acceleration of offline consumption due to the impact of economic reopening, which began in
the second half of the previous fiscal year.
As a result, for the period under review, the Company recorded net sales of ¥2,779,726 thousand (down16.4% year on year), an operating loss of ¥459,644 thousand (compared to an operating loss of ¥89,152
thousand in the same period of the previous fiscal year), an ordinary loss of ¥454,328 thousand(compared to an ordinary loss of ¥66,700 thousand in the same period of the previous fiscal year) and aloss of ¥462,569 thousand (compared to a profit of ¥7,004 thousand in the same period of the previous
fiscal year).
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 decreased by ¥74,076 thousand from the previous
fiscal year-end to ¥8,181,057 thousand.
Current assets decreased by ¥488,401 thousand to ¥7,404,126 thousand. The main components
included a decrease of ¥882,895 thousand in cash and deposits.
Non-current assets increased by ¥419,816 thousand to ¥773,535 thousand. The main components
included an increase of ¥421,316 thousand in intangible assets.
Liabilities
At the end of the quarter under review, liabilities increased by ¥366,908 thousand from the previous
fiscal year-end to ¥3,045,693 thousand.
Current liabilities increased by ¥369,261 thousand to ¥2,985,701 thousand. The main components
included an increase of ¥397,748 thousand in deposits received.
Non-current liabilities decreased by ¥2,352 thousand to ¥59,992 thousand. The main components
included a decrease of ¥3,773 thousand in provision for continuous services benefits.
Net assets
At the end of the quarter under review, net assets decreased by ¥440,985 thousand from the previous
fiscal year-end to ¥5,135,363 thousand. The main components included a decrease of ¥462,569
thousand in retained earnings due to the recording of loss.
(3) Explanation of forward-looking information including earnings forecasts
There is no change to the earnings forecasts for the fiscal year ending September 30, 2023 from theforecasts announced on October 25, 2022.

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Makuake, Inc. (4479)

2. Quarterly financial statements and significant notes thereto(1) Quarterly balance sheet(Thousands of yen)
As of September 30, 2022
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
Other
Total 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, 2023

5,193,507
2,128,290
339,328
238,683(7,282)
7,892,528

4,310,612
2,527,494
428,552
144,748(7,282)
7,404,126

––

4,787
421,316

361,257(7,537)353,719
353,7198,886
8,255,134

354,969(7,537)
347,432
773,535
3,394
8,181,057

14,5652,138,393
463,4812,616,440

17,8362,536,141
431,723
2,985,701

1,658
60,68562,344
2,678,784

3,079
56,91259,992
3,045,693

3,120,279
3,120,279(711,764)(625)
5,528,170
48,1795,576,349
8,255,134

3,126,253
3,126,253(1,174,333)(625)
5,077,548
57,8155,135,363
8,181,057

Makuake, Inc. (4479)(2) Quarterly statement of income(Thousands of yen)
Nine months ended
June 30, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest income
Dividend income
Lecture's fee income
Subsidy income
Other
Total non-operating income
Non-operating expenses
Amortization of share issuance costs
Other
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on sale of investment securities
Total extraordinary income
Profit (loss) before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit (loss)-5-

Nine months ended
June 30, 2023

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

2,779,726
533,804
2,245,922
2,705,567(459,644)

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

4
31
5,912
3,656
1,382
10,987

8,632
–
8,632
(66,700)

5,491
180
5,671
(454,328)

97,50097,50030,79925,324(1,528)23,795
7,004––(454,328)
8,241
–
8,241
(462,569)

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.
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.

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