Newly Listed Company Introduction Report (Issued by The Stock Research Center)Green Monster (157A TSE Growth)

April 17, 2024

Main business providing experiential investment learning apps for beginner andunexperienced investors
This report is an English translation of part of the report issued on April 2, 2024.
For inquiries concerning the report, please contract info@stock-r.org【157A Green Monster Sector：Services】
Fiscal Year
Jun.2022
Jun.2023
Jun.2024f

Net sales

YoY

OperatingprofitYoY

Ordinaryprofit

YoYProfit

YoYEPSBPS

DPS(mn yen)(%)(mn yen)(%)(mn yen)(%)(mn yen)

(%)

(yen)

(yen)

(yen)

-82.8

15.9

212.3

1,397

-9.7

52

1,711

22.5

2,071

21.0

-

51

164

3.1x

323

96.0

-84.5

38

169

3.3x

121

3.1x

49.8

262.2

0.0

323

90.5

213

75.8

81.2

-

TBD

0.0

Note: Figures for the fiscal year ending June 2022 are on a non-consolidated basis.
Figures from June 2023 onwards are on a consolidated basis.
Figures for the fiscal year ending June 2024 are the company's forecasts.

Providing Experiential Investment Learning Apps for Beginner andUnexperienced Investors
Green Monster offers experiential investment learning apps for beginner investors. Mostof the revenue comes from experiential investment learning apps.
The company's experiential investment learning apps are designed to allow users tosimulate experiences of stock investment, foreign exchange trading (FX) and asset
formation through demo-tradings and simulations, all presented in a game-like manner.
The most notable feature of these apps is their accessibility to unexperienced or novice
investors, who are the main target. The company also offers OEM services by customizing
its own apps for client companies, with the aim of opening up investment learning andfinancial education.

Revenue Model of Experiential Investment Learning Apps
The apps are provided free of charge for users who are attracted through video
advertisements or searches. Then, users who wish to actually trade after simulating andlearning with the app open a securities or FX account via the app.
If an account is opened via the company's app, the company receives a commission fromthe securities company or FX company via an affiliate service provider. The commission
is paid one-time only when the account is opened. This is all that the company receives
from the experiential investment learning apps and is completely flow-type revenue.
Net sales are calculated as “the product of the number of customers who open an account
via the company’s app multiplied by the average commission per case.” However,commission per case is set differently for each client securities company and FX company.
Additionally, even for the same clients, this commission varies depending on the level ofeffort put into account openings and the timing, which is influenced by whether or notmarketing measures are implemented.

Newly Listed Company Introduction Report

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accessing and using the report or relying on the report concerning the distribution of the report. Final investment decisions shall be made by the investors themselves, and entire
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Newly Listed Company Introduction Report (Issued by The Stock Research Center)Green Monster (157A TSE Growth)

April 17, 2024

Financial Statements

Statement of income

Fiscal Year

Jun. 2022(mn yen)Six monthsto Dec.2023

Jun.2023(%)(mn yen)(%)(mn yen)(%)

Net sales

1,397

100.0

1,711

100.0

995

100.0

Cost of sales

1,118

80.1

1,226

71.7

658

66.1

Gross profit

278

19.9

485

28.3

337

33.9

Selling, general and administrative expenses

225

16.1

320

18.7

183

18.5

Operating profit

52

3.8

164

9.6

153

15.4

Non-operating income

1-

5-

5-

Non-operating expenses

3-0-0-

Ordinary profit

51

3.7

169

9.9

157

15.8

Profit before income taxes

51

3.7

169

9.9

157

15.8

Profit attributable to owners of parent

38

2.8

121

7.1

102

10.3Balance sheet

Fiscal Year

Jun. 2022(mn yen)Current assets

Jun.2023(%)(mn yen)Dec.2023(%)(mn yen)

(%)

752

92.9

955

89.7

1,369

91.4

Cash and deposits

505

62.4

737

69.2

1,109

74.0

Accounts receivable-trade

174

21.6

160

15.0

198

13.2

-

---

--

57

7.1

109

10.3

129

8.6

Property, plant and equipment

20.3

2

0.2

20.2

Intangible assets

--

35

3.3

31

2.1

Inventories
Non-current assets

55

6.8

72

6.8

95

6.4

Total assets

Investments and other assets

810

100.0

1,065100.0

1,498

100.0

Current liabilities

44.2

219

27.1

324

30.5

662

Accounts payable - trade

75

9.3

90

8.5

50

3.3

Short-term borrowings

----

350

23.3

26

3.3

17

1.7

100.7

72

9.0

101

9.5

93

6.3

Current portion of long-term borrowings
Non-current liabilities
Long-term borrowings
Net assets
Owners' equity

70

8.7

60

5.7

55

3.7

518

64.0

639

60.1

742

49.5

518

63.9

639

60.0

742

49.5

(mn yen)(mn yen)Six months
to Dec.2023(mn yen)Cash flows from operating activities

-16

255

60

Depreciation(Depreciation ofgoodwill is included)284

Cash flows from investing activities

-53

3-25

Cash flows from financing activities

-26

-27

337

---Net increase in cash and cash equivalents

-96

231

372

Cash and cash equivalents

505

737

1,109

Statement of cash flows

Fiscal Year

Dividends paid

Jun. 2022

Jun.2023

Note:Non-consolidated in June 2022,consolidated in June 2023
Source: Prepared by Stock Research Center based on the notifiable prospectus.

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accessing and using the report or relying on the report concerning the distribution of the report. Final investment decisions shall be made by the investors themselves, and entire
responsibility for investments lies with investors that accessed the report. In addition, intellectual rights concerning the report belongs to The Stock Research Center and may
not be copied, reprinted, quoted, etc. without permission.

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