PDC on Nasdaq

Perpetuals.com Ltd

Perpetuals.com Ltd is a computer programming services company based in Tokyo, listed on Nasdaq (PDC).1

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Last updated Oct 20, 2026.

Overview

$1.6MRevenue, fiscal 20262
-$17.5MNet income, fiscal 20262

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  • TickerPDC on Nasdaq1
  • IndustryServices-Computer Programming Services1
  • HeadquartersM01
  • Incorporated inJapan3
  • Business address3F Mr Building, 5-7-11 Ueno, Taito-Ku, Tokyo3
  • Filer categoryNon-accelerated filer, Emerging growth company3
  • Legal formCorporation

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100% of the outstanding shares of Perpetual Markets Ltd., making it a wholly owned subsidiary of the Company (the “Acquisition”).4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

59.5%Gross margin2
-1073.4%Operating margin2
-1069.9%Net margin2
-47.0%Revenue growth, 20262
-38.3%Return on equity2
0.00×Debt to equity2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Software, In-Development, Internally Developed, and Purchased brought in 62% of the revenue Perpetuals.com Ltd broke down this way in fiscal 2026.

  1. Software, In-Development, Internally Developed, and Purchased158.9M JPY262%down 58% from 2025
  2. Consulting And Solution Services97.4M JPY238%up 50% from 2025
  3. Royalty revenues4.7K JPY20%
  4. Royalty revenue4.7K JPY20%
Products and services by year
Products and services202420252026
Software, In-Development, Internally Developed, and Purchased125.6M JPY375.3M JPY158.9M JPY
Consulting And Solution Services2.8M JPY65.0M JPY97.4M JPY
Royalty revenues0 JPY0 JPY4.7K JPY
Royalty revenue4.7K JPY

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Cost of revenue41¢$663.4K
  • Research and development9¢$150.4K
  • Other costs47¢$768.3K
  • Interest3¢$54.0K

Out of $1.6M in revenue.2 The company lost money this year.

Financial statements

Revenue5672$1.6M in 2026+378% since 2023
0$1.0M$2.0M$3.0M$4.0M2023: $342.4K$342.4K20232024: $1.1M$1.1M2024+232%2025: $3.1M$3.1M2025+171%2026: $1.6M$1.6M2026−47%
Gross profit5672$972.7K in 2026+723% since 2023
0$500.0K$1.0M$1.5M$2.0M2023: $118.1K$118.1K20232024: $899.9K$899.9K2024+662%2025: $1.6M$1.6M2025+77%2026: $972.7K$972.7K2026−39%
Operating income5672-$17.6M in 2026+515% since 2023
-$20.0M-$15.0M-$10.0M-$5.0M02023: -$2.9M-$2.9M20232024: -$2.4M-$2.4M2024−15%2025: -$1.7M-$1.7M2025−29%2026: -$17.6M-$17.6M2026+919%
Net income5672-$17.5M in 2026+3276% since 2021
-$20.0M-$15.0M-$10.0M-$5.0M02021: -$518.6K-$518.6K20212022: -$3.8M-$3.8M2022+637%2023: -$2.7M-$2.7M2023−30%2024: -$2.4M-$2.4M2024−12%2025: -$1.8M-$1.8M2025−24%2026: -$17.5M-$17.5M2026+873%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2026-04-302025-04-302024-04-30
Total operating revenues256.3M JPY440.4M JPY179.4M JPY
COST OF REVENUES-103.9M JPY-213.3M JPY-37.6M JPY
GROSS PROFIT152.4M JPY227.1M JPY141.8M JPY
Selling and marketing expenses-69.3M JPY-74.5M JPY-55.3M JPY
General and administrative expenses-2.8B JPY-355.2M JPY-390.3M JPY
Share-based compensation expenses-1.6M JPY
Research and development expenses-23.6M JPY-43.3M JPY-76.1M JPY
TOTAL OPERATING EXPENSES-2.9B JPY-473.0M JPY-523.3M JPY
LOSS FROM OPERATIONS-2.8B JPY-245.9M JPY-381.5M JPY
Fair value gain(loss) on digital assets116.7K JPY-156.2K JPY-61.9K JPY
Interest expenses, net-16.3M JPY-1.7M JPY-1.6M JPY
Foreign exchange gain (loss), net22.9M JPY-10.2M JPY46.7M JPY
Government grants1.3M JPY
Other income (expense), net2.2M JPY1.2K JPY132.3K JPY
LOSS BEFORE INCOME TAXES-2.7B JPY-256.7M JPY-336.3M JPY
Deferred188.5K JPY
Total provision for income taxes188.5K JPY
NET LOSS-2.7B JPY-256.7M JPY-336.2M JPY
Basic-156.62 JPY-17.03 JPY-22.77 JPY
Diluted-156.62 JPY-17.03 JPY-22.77 JPY
Basic17.5M shares15.1M shares14.8M shares
Diluted17.5M shares15.1M shares14.8M shares
Foreign exchange translation adjustment2.9M JPY
Comprehensive loss-2.7B JPY-256.7M JPY-336.2M JPY

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Corporate structure

Perpetuals.com Ltd sits at the top of its group. 1 entity on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Perpetuals.com Ltd

  • Jason Tk Butcher Filed SCHEDULE 13G/A on Perpetuals.com Ltd, latest Aug 14, 2026 (2 filings since Dec 12, 2025)
  • Strategic EP, LLC Filed SCHEDULE 13G/A on Perpetuals.com Ltd, latest Aug 14, 2026 (3 filings since Oct 20, 2025)
  • Christopher Connor Finn Filed SCHEDULE 13G/A on Perpetuals.com Ltd, latest May 13, 2026 (2 filings since Oct 20, 2025)
  • North York Ltd Filed SCHEDULE 13D/A on Perpetuals.com Ltd, latest Nov 18, 2025 (2 filings since Oct 27, 2025)
  • Hiroki Yamamoto Filed SC 13G on Perpetuals.com Ltd, latest Feb 13, 2024
  • Satoshi Kobayashi Filed SC 13G on Perpetuals.com Ltd, latest Feb 13, 2024
  • Perpetuals.com Ltd M0

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Perpetuals.com Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$75.3K2 Apr 30, 2026$82.7K2 Apr 30, 2025−9.0%
Property and equipment, before depreciation$1.4M2 Apr 30, 2026$28.0K7 Apr 30, 2025+5023.3%
Accumulated depreciation$700.8K2 Apr 30, 2026$21.5K7 Apr 30, 2025+3159.4%
Property and equipment, net$734.0K2 Apr 30, 2026$6.5K7 Apr 30, 2025+11183.6%
Operating-lease assets (leased space)$355.0K2 Apr 30, 2026$24.3K7 Apr 30, 2025+1358.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$847.8K2 Apr 30, 2026$731.8K7 Apr 30, 2025+15.8%
Marketable securities, current$19.8K2 Apr 30, 2026$21.7K7 Apr 30, 2025−9.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$62.4M2 Apr 30, 2026
Intangible assets, net (excluding goodwill)$52.7K2 Apr 30, 2026
Finite-lived intangibles, net$52.7K2 Apr 30, 2026$74.5K7 Apr 30, 2025−29.2%

Leadership

Who has led Perpetuals.com Ltd, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Patrick Gruhn2026
  2. Satoshi Kobayashi2026–now

Chief financial officer

  1. Satoshi Kobayashi2026–now
Board members and other officers (8)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerKohichi Goto named Nov 21, 202515
  • Executive OfficerMasaaki Aono named Nov 21, 202515
  • Executive OfficerNaoki Yokota named Nov 21, 202515
  • Executive OfficerShinpei Ogose named Nov 21, 202515
  • Executive OfficerTsubasa Nakamura named Nov 21, 202515

Former names

  • Earlyworks Co., Ltd.Sep 20, 2022 to Jan 8, 20263

Timeline

  1. Apr 1, 2026New chief executive Satoshi Kobayashi becomes CEO9
  2. Mar 18, 2026New chief executive Patrick Gruhn becomes CEO8

Filings

114 filings to the SEC since October 2021: 6 annual reports, 8 insider forms, 11 large holders, 2 private raises, 87 other. The latest 20:

  1. Oct 14, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  2. Sep 18, 202620-F/A AMENDMENT NO. 1 TO FORM 20-F EDGAR
  3. Sep 16, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  4. Sep 15, 202620-F ANNUAL REPORT EDGAR
  5. Aug 31, 2026NT 20-F NOTIFICATION OF LATE FILING EDGAR
  6. Aug 14, 2026SCHEDULE 13G/A EDGAR
  7. Aug 14, 2026SCHEDULE 13G/A EDGAR
  8. Aug 6, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  9. Jul 29, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  10. Jul 14, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  11. Jul 7, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  12. Jul 6, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  13. Jul 1, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  14. Jun 2, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  15. May 14, 2026SCHEDULE 13G/A EDGAR
  16. May 13, 2026SCHEDULE 13G/A EDGAR
  17. May 5, 20264 EDGAR
  18. May 1, 20266-K/A EDGAR
  19. Apr 27, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  20. Apr 22, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR

The 114 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

2 open-market trades by officers, directors and large owners since October 2021: 2 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 5, 2026Hilmer Michael AnthonyDirectorBuy500$8.20$4.1KForm 4
May 4, 2026Hilmer Michael AnthonyDirectorBuy3,500$8.12$28.4KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Oct 10, 2025Raised $2 million in a private offering of securities Form D: 2 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Legacy Wealth Managment, LLC/ID849,411$5.0M2.1%New
Renaissance Technologies LLC39,700$234.2K0.0%New
Jane Street Group, LLC24,435$144.2K0.0%New
SmartHarvest Portfolios, LLC16,955$100.0K0.0%−2,300
XTX Topco Ltd15,513$91.5K0.0%+5,169
Rhumbline Advisers4,593$27.1K0.0%−230
Morgan Stanley1,338$7.9K0.0%−77
UBS Group AG1,288$7.6K0.0%−1,809
Integrated Wealth Concepts LLC844$5.0K0.0%New
GAMMA Investing LLC515$3.0K0.0%+336
Caitong International Asset Management Co., Ltd26$1530.0%New
Hrt Financial LP17,908$1050.0%New
Virtu Financial LLC16,451$970.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Perpetuals.com Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPerpetuals.com Ltd1
  • CIK0001944399
  • Filer statusNon-accelerated filer<br>emerging growth company1
  • Incorporated inJapan1
  • Fiscal year endsApril 301
  • Industry code (SIC)7371 Services-Computer Programming Services1
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance1
  • Business address3F Mr Building, 5-7-11 Ueno, Taito-Ku, Tokyo, Japan1
  • Phone81 03-5614-09781
  • Shares outstanding33,872,687 as of Apr 30, 20262
  • On EDGAR sinceSep 20, 20221
  • Filings114 in all: 6-K (50), 3 (7), UPLOAD (7), CORRESP (6), F-1/A (6), 20-F (4), SCHEDULE 13G/A (4), SCHEDULE 13G (3)1
    All 27 form types

    20-F/A (2), DRS/A (2), DRSLTR (2), EFFECT (2), F-1 (2), FWP (2), NT 20-F (2), SC 13G (2), 4 (1), 424B3 (1), 424B4 (1), 6-K/A (1), 8-A12B (1), CERT (1), D (1), D/A (1), DRS (1), SCHEDULE 13D (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (20-F) Sep 15, 2026

Sources

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