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.

February 14, 2024

Consolidated Financial Results
for the Nine Months Ended December 31, 2023
(Under Japanese GAAP)
Company name: Commerce One Holdings Inc.
Listing:
Tokyo Stock Exchange
Securities code:
4496
URL:
https://www.cm-one.jp/en/
Representative:
Takaaki Okamoto, CEO
Inquiries:
Kiwamu Shimizu, Director, Administration Headquarters General Manager
Telephone:+81-3-6261-6677
Scheduled date to file quarterly securities report:
February 14, 2024
Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results briefing:
None(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the nine months ended December 31, 2023 (from April 1, 2023
to December 31, 2023)(1) Consolidated operating results (cumulative)
Net sales
Nine months ended(Percentages indicate year-on-year changes.)

Operating profitProfit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

December 31, 2023

2,628

12.5

446

2.4497

7.4

320

9.5

December 31, 2022

2,337

7.5

435

(14.9)

462(15.4)

293(19.6)

Note: Comprehensive income

For the nine months ended December 31, 2023:
For the nine months ended December 31, 2022:

Basic earnings
per share
Nine months ended¥384 million¥237 million[61.4%][(21.7)%]

Diluted earnings
per share
YenYenDecember 31, 2023

44.45-December 31, 2022

38.96-(2) Consolidated financial position
Total assets
As ofNet assets

Equity-to-asset ratio

Millions of yen

Millions of yen%

December 31, 2023

3,581

2,696

75.3

March 31, 2023

3,505

2,616

74.6

Reference:

EquityAs of December 31, 2023:
As of March 31, 2023:¥2,696 million¥2,616 million

2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Yen

Yen-0.00

-0.00

0.00

-

27.00

7.00

34.00

Fiscal year ended
March 31, 2023Fiscal year ending
March 31, 2024
Fiscal year ending
March 31, 2024
(Forecast)Fiscal year-endTotal

Note: Revisions to the forecast of cash dividends most recently announced: None
Note: Dividends at the end of the second quarter of fiscal year ending March 31, 2024
Ordinary dividend: ¥7.00, Commemorative dividend: ¥20.00

3. Consolidated financial results forecast for the fiscal year ending March 31, 2024 (from April 1, 2023 toMarch 31, 2024)(Percentages indicate year-on-year changes.)
Net sales

Full year

Operating profit

Profit attributable toowners of parent

Ordinary profit

Basic earnings
per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

3,558

11.3

488(15.9)502(17.3)

336(23.7)

45.85

Note: Revisions to the financial results forecast most recently announced: None

* Notes(1) Changes in significant subsidiaries during the period: None
(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements:
None(3) 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
(4) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2023
As of March 31, 2023

7,523,400 shares
7,523,400 shares(ii) Number of treasury shares at the end of the period
As of December 31, 2023

330,049 shares

As of March 31, 2023

179,249 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscalyear)
Nine months ended December 31, 2023

7,217,041 shares

Nine months ended December 31, 2022

7,523,351 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
Results forecasts and other forward-looking statements presented in this document are based on information
currently available to the Company and certain assumptions that are deemed reasonable. The Company does
not intend to guarantee that the said forecasts will be achieved. Actual results may vary significantly due tovarious factors. For more information on the preconditions on which the forecasts are based and the notes on itsuse, please see “1. Qualitative Information on Quarterly Financial Results (3) Explanation of Consolidated
Financial Results Forecast and Other Forward-looking Information” on page 4 of the attachments.

Commerce One Holdings Inc. (4496) Consolidated Financial Results for the Nine Months Ended December 31, 2023Table of Contents - Attachments
1. Qualitative Information on Quarterly Financial Results ................................................................................... 2(1) Explanation of Operating Results ................................................................................................................. 2(2) Explanation of Financial Position ................................................................................................................. 3(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information ............. 4
2. Quarterly Consolidated Financial Statements and Principal Notes................................................................... 5(1) Quarterly Consolidated Balance Sheets ........................................................................................................ 5(2) Quarterly Consolidated Statements of Income and Comprehensive Income ................................................ 7(3) Notes to Quarterly Consolidated Financial Statements................................................................................. 9(Notes on going concern assumption) ...................................................................................................... 9(Notes in case of significant changes in shareholders’ equity)................................................................. 9(Significant subsequent events) ............................................................................................................... 91

Commerce One Holdings Inc. (4496) Consolidated Financial Results for the Nine Months Ended December 31, 2023

1. Qualitative Information on Quarterly Financial Results(1) Explanation of Operating Results
The Group provides a variety of solutions that E-Commerce operators need in order to launch and operate business.
The Group’s goal is the development and growth of a sound E-Commerce market in which everyone, including
consumers and E-Commerce operators, can engage in transactions that are safe and secure. To achieve this, theGroup engages in business activities as a corporate group that offers E-Commerce platforms that provide business
infrastructure for E-Commerce operators.
The domestic E-Commerce market, the Group’s primary business area, has been continually growing, backed by
the diversification of products sold, a rising number of market participants, dramatic reductions in delivery times
by logistics operators, increases in the amount of information shared via social media, and other factors. In thedomestic E-Commerce market, which grew rapidly due to the impact of the COVID-19 pandemic, as economic
activity has normalized from FY2022 onward, the rate of growth has slowed down, but the market is continuing togrow steadily. For consumers, new lifestyles and workstyles appear to have taken firm hold, prompting the needfor business developments that align with current trends. To support businesses facing challenges in this rapidlychanging market, the Group aims to expand its business domains while working toward becoming “an ECommerce platform that maximizes the power of people using our technology.” This will be achieved byexpanding the range of optional and alliance services that increase store sales, entering the E-Commerce consulting
business, and providing solutions that enhance the value of customer experiences, such as web-based customer
services.
Under this business environment, during the nine months ended December 31, 2023, the Group strove to ensure
net sales in line with market growth and actively engaged in growth investment in order to adapt to the future
market environment.
Future Shop Co., Ltd.
Future Shop Co., Ltd., provider of “futureshop,” has expanded the optional and alliance services available on“futureshop,” including automatic integration with TikTok’s advertising platform “TikTok for Business,” resulting
in increased sales and profit year-on-year. In November 2023, Future Shop opened “FUTURE 20th SQUARE” on
the social VR platform “VRChat” as an event to celebrate the 20th anniversary of the “futureshop” service launch.
This initiative explores new ways of communicating with consumers of the future within a virtual space wheretechnology and creativity converge.
Softel Inc.
Softel Inc., provider of our Tsuhan-Suruzo software, has initiated API integration between Tsuhan-Suruzo and thecloud POS Smaregi, enhancing integration necessary for OMO strategies with physical stores, including productinformation, inventory information, membership information, point information, etc. While net sales remained
strong due to these efforts, costs related to upgrading engineer skills increased, resulting in increased sales anddecreased profits year-on-year.
OtherFor SAMURAI TECHNOLOGY Co., Ltd. and SOLAIRO, INC., which became part of the Group during theprevious fiscal year, we are intensifying investments to further upgrade the skills of the obtained engineer
resources. SOLAIRO, INC. is currently developing solutions that propose new ways of providing web-based
customer service.
As a result of these efforts, the operating results of the Group and the financial results of its main consolidated
subsidiaries during the nine months ended December 31, 2023 are as indicated in the table below.

2Commerce One Holdings Inc. (4496) Consolidated Financial Results for the Nine Months Ended December 31, 2023

[Consolidated financial results](Thousands of yen)
Nine months ended
December 31, 2022
(cumulative)

Nine months ended
December 31, 2023
(cumulative)

Increase/decrease

Percentage(%)

Net sales

2,337,023

2,628,607

291,584

12.5

EBITDA

523,248559,665

36,416

7.0

Operating profit

435,812446,427

10,614

2.4

Ordinary profit

462,968

497,349

34,381

7.4

Profit attributable to owners of parent

293,072

320,769

27,697

9.5*EBITDA = Operating profit + Depreciation + Amortization of goodwill[Financial results of major consolidated subsidiaries](Thousands of yen)

Nine months ended
December 31, 2022
(cumulative)
Net sales

Nine months ended
December 31, 2023
(cumulative)

Increase/decrease

Percentage(%)

1,811,165

1,912,922

101,756

5.6

Operating profit

525,406

602,947

77,541

14.8

Net sales

518,966

541,026

22,059

4.3

Operating profit

71,65025,935(45,714)(63.8)

Future Shop Co., Ltd.

Softel Inc.

(2) Explanation of Financial Position
Total assets increased by ¥75,573 thousand from the end of the previous fiscal year to ¥3,581,567 thousand.
Current assets decreased by ¥7,095 thousand from the end of the previous fiscal year to ¥2,299,682 thousand.
This was primarily due to a decrease of ¥111,170 thousand in deposits paid due to the purchase of treasury
shares.
Non-current assets increased by ¥82,669 thousand from the end of the previous fiscal year to ¥1,281,884
thousand. This was primarily due to an increase of ¥110,383 thousand in investments and other assets due tothe additional purchase of investment securities and a rise in market price.
Liabilities decreased by ¥4,450 thousand from the end of the previous fiscal year to ¥885,143 thousand.
This was primarily due to decreases of ¥11,255 thousand in advances received and ¥26,362 thousand in income
taxes payable.
Net assets increased by ¥80,024 thousand from the end of the previous fiscal year to ¥2,696,423 thousand.
This was primarily because of an increase of ¥63,272 thousand in valuation difference on available-for-salesecurities due to the rise in the market price of investment securities and an increase of ¥126,548 thousand inretained earnings due to profit attributable to owners of parent, despite an increase of ¥109,797 thousand intreasury shares.
As a result, the equity-to-asset ratio rose from 74.6% at the end of the previous fiscal year to 75.3%.
The Company operates in a single segment, the E-Commerce platform business segment. Therefore,
descriptive information about its reportable segments is not stated in this document.

3

Commerce One Holdings Inc. (4496) Consolidated Financial Results for the Nine Months Ended December 31, 2023

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
The full-year financial results forecast for the fiscal year ending March 31, 2024 is unchanged from theforecast announced in the previous earnings summary (May 15, 2023).
We forecast full-year net sales of ¥3,558 million, operating profit of ¥488 million, ordinary profit of ¥502
million, and profit attributable to owners of parent of ¥336 million.
For the financial results in the nine months ended December 31, 2023, we have been making steady progressagainst forecasts.
These forecasts are based on information currently available to the Company and certain assumptions thatare deemed reasonable. Actual results may vary in the future due to various factors.

4

Commerce One Holdings Inc. (4496) Consolidated Financial Results for the Nine Months Ended December 31, 2023

2. Quarterly Consolidated Financial Statements and Principal Notes(1) Quarterly Consolidated Balance Sheets(Thousands of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Trade receivables and contract asset
Work in process
Prepaid expenses
Deposits paid
Income taxes refund receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Goodwill
OtherTotal intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

5

As of December 31, 2023

1,608,724
290,977
5,872
91,027112,220
69,945132,013(4,002)2,306,778

1,659,922
272,675
14,48892,825
1,050
51,050210,552(2,882)
2,299,682

90,981

81,43661,031
322,239383,270

38,144
326,958
365,102563,479
164,524(3,041)
724,962
1,199,215
3,505,993

674,294
163,984(2,934)
835,345
1,281,884
3,581,567

Commerce One Holdings Inc. (4496) Consolidated Financial Results for the Nine Months Ended December 31, 2023

(Thousands of yen)
As of March 31, 2023
Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings
Advances received
Income taxes payable
Provision for bonuses
OtherTotal current liabilities
Non-current liabilities
Asset retirement obligations
Deferred tax liabilities
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

6

As of December 31, 2023

37,44647,000408,635
104,885581
209,699
808,247

32,73047,000397,379
78,522
141
219,019774,79347,445
21,667
12,23281,345
889,593

47,58352,782
9,984
110,349
885,143

210,400
160,400
2,123,373(139,224)
2,354,948

210,400
160,400
2,249,922(249,022)
2,371,699

261,450
261,450
2,616,399
3,505,993

324,723
324,723
2,696,423
3,581,567

Commerce One Holdings Inc. (4496) Consolidated Financial Results for the Nine Months Ended December 31, 2023

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Nine Months Ended December 31(Thousands of yen)

Net sales
Cost of sales
Gross profitSelling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Total extraordinary income
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent

For the nine months ended
December 31, 2022
2,337,023
1,014,034
1,322,988
887,176435,812For the nine months ended
December 31, 2023
2,628,607
1,154,533
1,474,074
1,027,647
446,427

15
25,715
1,843
27,57419
23,06815,14313,061
51,29333088418
462,968

141
229
370
497,349

10,751
10,751
473,720
166,819
13,828
180,648
293,072
293,072

24,14624,146
521,496
192,670
8,056
200,727
320,769
320,769

7

Commerce One Holdings Inc. (4496) Consolidated Financial Results for the Nine Months Ended December 31, 2023

Quarterly Consolidated Statements of Comprehensive Income
Nine Months Ended December 31(Thousands of yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent

For the nine months ended
December 31, 2022
293,072

For the nine months ended
December 31, 2023
320,769(55,197)(55,197)
237,875

63,272
63,272
384,042

237,875

384,0428

Commerce One Holdings Inc. (4496) Consolidated Financial Results for the Nine Months Ended December 31, 2023

(3) Notes to Quarterly Consolidated Financial Statements(Notes on going concern assumption)
Not applicable.

(Notes in case of significant changes in shareholders’ equity)
In accordance with a resolution of the Board of Directors on February 14, 2023, the Company has purchased
150,800 shares of treasury shares. As a result, during the nine months ended December 31, 2023, the value oftreasury shares increased by ¥109,797 thousand, and the value of treasury shares as of December 31, 2023 is¥249,022 thousand.

(Significant subsequent events)(Cancellation of treasury shares)
At the Board of Directors meeting held on February 14, 2024, the Company resolved to cancel treasury shares inaccordance with the provisions of Article 178 of the Companies Act.
1. Reasons for cancellation
To improve capital efficiency and enhance shareholder returns
2. Details of the cancellation(1) Class of shares to be cancelled(2) Total number of shares to be cancelled(3) Scheduled cancellation date(4) Total number of issued shares after cancellation

Common stock
330,000 shares (4.39% of the total number of issued shares
before cancellation)
February 29, 2024
7,193,400 shares9