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.

August 14, 2024

Consolidated Financial Results
for the Three Months Ended June 30, 2024
(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 commence dividend payments:–
Preparation of supplementary materials 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 three months ended June 30, 2024 (from April 1, 2024 toJune 30, 2024)(1) Consolidated operating results (cumulative)
Net sales
Three months ended(Percentages indicate year-on-year changes.)

Operating profit

Profit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

June 30, 2024

898

3.8

154

29.3

107

(22.2)

40(50.5)

June 30, 2023

865
13.7
119
(22.5)For the three months ended June 30, 2024:
For the three months ended June 30, 2023:

137(16.3)¥35 million[(59.9%)]¥88 million[93.5%]

81(21.2)

Note: Comprehensive income

Basic earnings
per share
Three months ended

Diluted earnings
per share
Yen

Yen

June 30, 2024

5.64

–

June 30, 2023

11.29

–

(2) Consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Millions of yen

Millions of yen%

June 30, 2024

3,743

2,801

74.8

March 31, 2024

3,882

2,844

73.3

Reference:

EquityAs of June 30, 2024:
As of March 31, 2024:¥2,801 million¥2,844 million

2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Yen

Yen

–

27.00

–

11.00

38.00

10.00

–

10.00

20.00

Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025
Fiscal year ending
March 31, 2025
(Forecast)Fiscal year-end

Total

–

Note: 1 . Revisions to the forecast of cash dividends most recently announced: None
2. Dividends at the end of the second quarter of fiscal year ended March 31, 2024:
Ordinary dividend of ¥7.00 and Commemorate dividend of ¥20.00

3. Consolidated financial results forecast for the fiscal year ending March 31, 2025 (from April 1, 2024 toMarch 31, 2025)(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

3,815

7.3

604

(6.1)

683

(2.7)

454

9.6

63.22

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

* Notes(1) Significant changes in the scope of consolidation 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: Yes(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 June 30, 2024

7,193,400 shares

As of March 31, 2024

7,193,400 shares(ii) Number of treasury shares at the end of the period
As of June 30, 2024

49 shares

As of March 31, 2024

49 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal
year)
Three months ended June 30, 2024
Three months ended June 30, 2023

7,193,351 shares
7,264,944 shares* Review of the attached consolidated quarterly financial results reports by certified public accountants or an
audit corporation: None
* 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 its
use, please see “1. Overview of Operating Results, etc. (3) Explanation of Consolidated Financial Results
Forecast and Other Forward-looking Information” on page 5 of the attachments.

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

1. Overview of Operating Results, etc. ................................................................................................................. 2(1) Overview of Operating Results for the Three Months Ended June 30, 2024 ................................................. 2(2) Overview of Financial Position for the Three Months Ended June 30, 2024 ................................................. 3(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information .............. 5
2. Quarterly Consolidated Financial Statements and Principal Notes ................................................................... 6(1) Quarterly Consolidated Balance Sheets ........................................................................................................ 6(2) Quarterly Consolidated Statements of Income and Comprehensive Income ................................................ 8
Quarterly Consolidated Statements of Income ............................................................................................. 8Three Months Ended June 30.................................................................................................................... 8
Quarterly Consolidated Statements of Comprehensive Income ................................................................... 9Three Months Ended June 30.................................................................................................................... 9(3) Quarterly Consolidated Statements of Cash Flows..................................................................................... 10(4) Notes to Quarterly Consolidated Financial Statements ............................................................................... 11(Notes on going concern assumption) .................................................................................................... 11(Notes in case of significant changes in shareholders’ equity) ............................................................... 11(Changes in accounting policies) ........................................................................................................... 11(Notes to Segment information, etc.) ..................................................................................................... 111

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

1. Overview of Operating Results, etc.
(1) Overview of Operating Results for the Three Months Ended June 30, 2024
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, the Group
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 bylogistics operators, increases in the amount of information shared via social media, and other factors. In the domestic
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 to grow steadily.
For consumers, new lifestyles and workstyles appear to have taken firm hold, prompting the need for businessdevelopments that align with current trends. To support businesses facing challenges in this rapidly changing market,
the Group aims to expand its business domains while working toward becoming “an E-Commerce platform thatmaximizes the power of people using our technology.” This will be achieved by expanding the range of optional andalliance services that increase store sales, entering the E-Commerce consulting business, and providing solutions thatenhance the value of customer experiences, such as web-based customer services.
Under this business environment, during the three months ended June 30, 2024, 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.(hereinafter “Future Shop” or the “subsidiary”), operating the “futureshop” platform,
released the upgraded version of delivery/shipping fee functions at Commerce Creator, a solution to assist
clients in building EC sites, to improve the functionality of the platform.
Future Shop has continued to enhance optional and alliance services to improve the convenience of the“futureshop.” With such growth investments and due in part to the price revision in June 2024, the subsidiaryrecorded year-on-year increases in both sales and profits while net sales remained strong.
Softel Inc.
Softel Inc. (hereinafter “Softel” or the “subsidiary”), provider of our Tsuhan-Suruzo software, focused on
making proposals tailored to major customer needs, including collaborations with major e-commerce
warehouses and automatic invoicing. Specifically, Softel made efforts such as strengthening the collaborative
functions that help streamline back-office operations of e-commerce operators. Driven by these efforts, while
net sales remained strong, the subsidiary recorded year-on-year increases in both sales and profits.
Other
For SAMURAI TECHNOLOGY Co., Ltd. and SOLAIRO, INC., we have strengthened investments in upgrading
the skills of the engineer resources secured. SOLAIRO, INC. is currently developing solutions that propose new
ways of providing web-based customer service.
As a result of these efforts, during the three months ended June 30, 2024, the operating results of the Group andthe financial results of its main consolidated subsidiaries were 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)Three months
ended June 30,2023 (cumulative)

Three months
ended June 30,2024 (cumulative)

Increase/decrease

Percentage(%)

Net sales

865,862

898,956

33,093

3.8

EBITDA

158,111

183,642

25,53016.1

Operating profit

119,611

154,688

35,076

29.3

Ordinary profit

137,955

107,367(30,587)(22.2)

40,599(41,400)(50.5)

Profit attributable to owners of parent

81,999*EBITDA = Operating profit + Depreciation + Amortization of goodwill[Financial results of major consolidated subsidiaries](Thousands of yen)Three months ended June30, 2023 (cumulative)

Three months ended June30, 2024 (cumulative)

Increase/decrease

Percentage(%)

Net sales

625,571663,247

37,675

6.0

Operating profit

185,339

201,723

16,3838.8

Net sales

180,343

191,338

10,994

6.1

Operating profit

11,086

20,167

9,080

81.9

Future Shop Co., Ltd.

Softel Inc.

(2) Overview of Financial Position for the Three Months Ended June 30, 2024
Total assets decreased by ¥139,272 thousand from the end of the previous fiscal year to ¥3,743,415 thousand.
Current assets decreased by ¥63,594 thousand from the end of the previous fiscal year to ¥2,242,290 thousand.
This is attributable to an increase of ¥36,808 thousand in cash and deposits and a decrease of ¥22,945 thousandin trade receivables and contract asset due primarily to the expansion of our business; a decrease of ¥80,234
thousand in other under current assets due primarily to the appropriation of advance payments to suppliers.
Non-current assets decreased by ¥75,677 thousand from the end of the previous fiscal year to ¥1,501,124
thousand. This is attributable primarily to a decrease of ¥70,415 thousand in investment securities due to therecognition of a share of loss of entities accounted for using equity method.
Liabilities decreased by ¥95,827 thousand from the end of the previous fiscal year to ¥941,885 thousand.
This is attributable primarily to a decrease of ¥122,523 thousand in income taxes payable.
Net assets decreased by ¥43,444 thousand from the end of the previous fiscal year to ¥2,801,530 thousand.
This is attributable primarily to dividends paid.
As a result, the equity-to-asset ratio rose from 73.3% at the end of the previous fiscal year to 74.8%.
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

(Cash flows)
During the three months ended June 30, 2024, cash and cash equivalents (hereinafter “net cash”) increased by ¥36,808
thousand from the end of the previous fiscal year to ¥1,770,688 thousand.
The status of cash flows and their contributing factors during the three months ended June 30, 2024 are as follows.
(Cash flows from operating activities)
Net cash provided by operating activities was ¥128,556 thousand.
This is attributable primarily to ¥107,367 thousand in profit before income taxes, ¥28,954 thousand in depreciation,¥63,149 thousand in share of loss of entities accounted for using equity method, and decrease of ¥22,964 thousand in
trade receivables.
(Cash flows from investing activities)
Net cash used in investing activities was ¥27,169 thousand.
This is attributable primarily to ¥26,982 thousand in purchase of intangible assets associated with softwaredevelopment by Future Shop Co., Ltd. such as the development of new functions.
(Cash flows from financing activities)
Net cash used in financing activities was ¥78,547 thousand.
This is attributable primarily to ¥77,644 thousand in dividends paid.

4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, 2025 is unchanged from theforecast announced in the previous earnings summary (May 15, 2024).
We forecast full-year net sales of ¥3,815 million, operating profit of ¥604 million, ordinary profit of ¥683
million, and profit attributable to owners of parent of ¥454 million.
For the financial results in the three months ended June 30, 2024, 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.

5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, 2024
AssetsCurrent assets
Cash and deposits
Trade receivables and contract asset
Work in process
Prepaid expenses
Income taxes refund receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

6

As of June 30, 2024

1,733,879
293,050
7,562
88,80855,929129,890(3,234)2,305,885

1,770,688
270,104
6,333
85,56962,37549,655(2,435)2,242,290

78,489328,514

74,340331,717

1,002,854
169,491(2,546)
1,169,798
1,576,802
3,882,688

932,709
164,884(2,527)
1,095,066
1,501,124
3,743,415

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

(Thousands of yen)
As of March 31, 2024
Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings
Advances received
Income taxes payable
Provision for bonuses
Asset retirement obligations
Other
Total current liabilities
Non-current liabilities
Deferred tax liabilities
Asset retirement obligations
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

7

As of June 30, 2024

33,67647,000422,847
175,881
5,107
231,062
915,574

33,85647,000430,828
53,357
226
4,798
247,688817,755

65,42847,6299,081
122,138
1,037,713

73,07542,876
8,177
124,129
941,885

210,400
160,400
2,095,031(36)
2,465,794

210,400
160,400
2,056,504(36)
2,427,267

379,180
379,180
2,844,974
3,882,688

374,263374,2632,801,530
3,743,415

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
Three Months Ended June 30, 2024
(Thousands of yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity method
Other
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent

8

For the three months ended
June 30, 2023

For the three months ended
June 30, 2024

865,862
392,173473,688354,076
119,611

898,956
398,023
500,933
346,244
154,6885
16,466
1,922
18,3948
13,856
2,433
16,29847
451
137,955
137,955
44,815
11,13955,95581,99981,99947
63,149423
63,619107,367
107,367
52,36914,39866,76840,59940,599

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

Quarterly Consolidated Statements of Comprehensive Income
Three Months Ended June 30, 2024
For the three months ended
June 30, 2023
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

9(Thousands of yen)
For the three months ended
June 30, 2024

81,99940,5996,896
6,896
88,896(4,916)(4,916)35,682

88,89635,682

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

(3) Quarterly Consolidated Statements of Cash Flows(Thousands of yen)
For the three months ended
June 30, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using
equity method
Foreign exchange losses (gains)
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in prepaid expenses
Increase (decrease) in trade payables
Increase (decrease) in advances received
Decrease (increase) in deposits paid
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayments of lease liabilities
Purchase of treasury shares
Dividends paid
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

10

For the three months ended
June 30, 2024

137,955
30,871
7,628
528
(439)
(6)
47

107,367
28,954(817)(4,881)(9)
47-

63,149(16,466)(16,061)(3,337)
15,863(1,529)10,044
109,883
121,691
396,6716(47)(154,653)
241,977(13,969)
22,964
1,228
3,238
180
7,981
230
88,195
303,8599(47)(175,264)
128,556(618)(19,642)(3,858)(24,118)(193)(26,982)
6(27,169)(903)(109,797)(110,700)
16,596
123,753
1,608,724
1,732,478(903)(77,644)(78,547)
13,96936,808
1,733,879
1,770,688

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

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

(Notes in case of significant changes in shareholders’ equity)
Not applicable(Changes in accounting policies)

The Company has applied Accounting Standard for Current Income Taxes (Accounting Standards Board ofJapan (ASBJ) Statement No. 27, October 28, 2022; hereinafter referred to as the "Revised AccountingStandard 2022") effective from beginning of the first quarter of the fiscal year under review.
The amendment to categories in which current income taxes should be recorded (taxes on othercomprehensive income) follows the transitional treatment prescribed in the proviso of paragraph 20-3 of the
Revised Accounting Standard 2022 and the transitional treatment prescribed in the proviso of paragraph 65-2
(2) of the Implementation Guidance on Tax Effect Accounting (ASBJ Guidance No. 28, October 28, 2022;
hereinafter referred to as the “Revised Implementation Guidance 2022”). This change in accounting policies
has no impact on the quarterly consolidated financial statements.
For the amendment related to the revised accounting treatment for consolidated financial statements when
gains or losses on sale of shares in subsidiaries resulting from transactions between consolidated companies
were deferred for tax purposes, the Revised Implementation Guidance 2022 has been adopted from the
beginning of the first quarter under review. This change in accounting policies is applied retrospectively, andquarterly consolidated financial statements and consolidated financial statements for the previous year are
after retrospective application. Please note that these changes in accounting policies have no impact on thequarterly consolidated financial statements and full-year consolidated financial statements for the fiscal year
ended March 31, 2024.

(Notes to Segment information, etc.)
Segment information is omitted as the Group’s business segment consists of a single segment, the ECommerce platform business, and the information is insignificant.

(Subsequent Event)
Notice Concerning Decision on Matters Relating to Acquisition of Treasury Stock
Commerce One Holdings Inc. (the “Company”) hereby announces that it has resolved at its Board of
Directors meeting held on August 14, 2024, the Company has resolved the matters relating to acquisition oftreasury stock in accordance with the provision of Article 156 of the Companies Act as applied pursuant to
Article 165, Paragraph 3 of the same act, as follows.
1. Reason for purchase of treasury stock
In keeping with the financial strategy set out in the medium-term business plan (from the fiscal year
ending March 2025 to the fiscal year ending March 2027), the Company repurchase of its own shares inconsideration of a comprehensive array of factors, including strategic investment opportunities, theCompany’s financial position, and the price of its common stock.
2. Details of matters relating to the acquisition of treasury stock(1) Class of shares to be acquired: Common stock(2) Total number of shares that may be acquired: Up to 100,000(3) Total value of acquired shares: Up to 75,000,000 yen(4) Acquisition period: From August 15, 2024 to November 8, 2024
11

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

(5) Method of acquisition: Market purchases based on a discretionary trading

12

contract