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Earlyworks Co., Ltd. Sponsored ADR
(NASDAQ:ELWS)
Earlyworks Co., Ltd. Sponsored ADR (ELWS) vs. SPDR S&P 500 ETF (SPY)
Earlyworks Co., Ltd. Sponsored ADR Business Overview & Revenue Model
Earlyworks Co., Ltd. Sponsored ADR Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 186.30M | 440.36M | 46.57M | 179.36M | 463.72M | 216.21M |
| Gross Profit | 135.46M | 227.10M | 16.07M | 141.77M | 355.34M | 182.67M |
| EBITDA | -347.11M | -252.97M | -388.05M | -333.67M | -571.96M | -84.62M |
| Net Income | -474.19M | -256.70M | -382.31M | -336.15M | -602.47M | -70.52M |
Balance Sheet | ||||||
| Total Assets | 575.57M | 190.50M | 453.04M | 575.57M | 752.05M | 437.23M |
| Cash, Cash Equivalents and Short-Term Investments | 437.91M | 104.38M | 177.89M | 437.91M | 657.42M | 364.26M |
| Total Debt | 179.27M | 51.84M | 195.54M | 179.27M | 69.79M | 74.73M |
| Total Liabilities | 244.84M | 116.47M | 244.52M | 244.84M | 161.23M | 114.07M |
| Stockholders Equity | 330.72M | 74.03M | 208.51M | 330.72M | 590.82M | 323.16M |
Cash Flow | ||||||
| Free Cash Flow | -404.32M | -223.97M | -401.36M | -394.20M | 99.28M | 33.91M |
| Operating Cash Flow | -403.98M | -191.73M | -399.74M | -393.86M | 100.27M | 34.52M |
| Investing Cash Flow | -103.70M | 87.76M | -1.63M | -100.34M | 3.76M | -611.15K |
| Financing Cash Flow | 651.82M | -119.31M | -78.41M | 644.85M | 189.13M | 91.52M |
Earlyworks Co., Ltd. Sponsored ADR Technical Analysis
Earlyworks Co., Ltd. Sponsored ADR Risk Analysis
Earlyworks Co., Ltd. Sponsored ADR Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
52 Neutral | $18.27M | -10.87 | -127.37% | ― | 136.36% | 28.66% | |
45 Neutral | $13.08M | -0.09 | ― | ― | 150.20% | 96.41% | |
43 Neutral | $28.60M | -0.80 | ― | ― | ― | ― | |
41 Neutral | $4.62M | -0.14 | ― | ― | 19.01% | 44.24% |
Earlyworks Co., Ltd. Sponsored ADR Corporate Events
On January 1, 2026, Earlyworks Co., Ltd. entered into a digital marketing management agreement with New York-based Oncore Network LLC under which Oncore will provide digital marketing and digital investor relations support for the company through December 31, 2026, unless terminated earlier. The arrangement covers the creation and placement of digital advertising campaigns, production and distribution of investor relations and corporate messaging content, management of third-party newsletter publishers and media outlets, and oversight of marketing analytics, audience development and regulatory compliance, with Oncore receiving a $15,000 monthly management fee plus a 10% administration fee on third-party vendor costs; either party may terminate the engagement on 30 days’ notice, underscoring the company’s bid to strengthen its market profile and investor communications while retaining flexibility over its promotional strategy.
The most recent analyst rating on (ELWS) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on Earlyworks Co., Ltd. Sponsored ADR stock, see the ELWS Stock Forecast page.
On December 28, 2025, Earlyworks Co., Ltd. signed a Share Exchange Agreement to acquire 100% of Cyprus-based Perpetual Markets Ltd., with Perpetual expected to become a wholly owned subsidiary upon closing. The consideration consists of newly issued equity—ADSs equal to 19.99% of Earlyworks’ outstanding ADSs at closing and 53,051,000 Series P preferred shares—as well as US$15 million in cash, of which US$3.5 million is payable at closing and US$11.5 million is deferred, to be funded from warrant exercise proceeds and a future capital raise; completion remains subject to customary conditions, including shareholder approval. The deal also embeds a reciprocal put and call option for the future transfer of a European MiFID II-licensed multilateral trading facility (MTF Company) at a nominal price, contingent on regulatory approvals, effectively treating that option as part of the overall consideration and signaling Earlyworks’ ambition to build regulated trading infrastructure in Europe. In connection with the transaction, Earlyworks will issue three-year warrants to Sigma9 Capital Ltd. for 2.5 million ADSs at US$5.00 per ADS, contingent on the share exchange closing, and will enter into a shareholders’ agreement that reshapes its governance, including appointing Perpetual’s CEO as co-CEO and director (subject to ownership thresholds), granting board nomination rights to certain former Perpetual shareholders, and creating a profit-based management incentive pool equal to 10% of consolidated net profits after closing, all of which deepen Perpetual’s influence in the combined company and may alter the balance of control and incentives for existing shareholders.
The most recent analyst rating on (ELWS) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on Earlyworks Co., Ltd. Sponsored ADR stock, see the ELWS Stock Forecast page.
On December 29, 2025, Earlyworks Co., Ltd. announced it has convened an extraordinary general meeting of shareholders to be held in Tokyo on January 16, 2026, where investors will vote on a series of capital measures including the issuance of ordinary shares, the creation and issuance of a new Series P share class, share options, amendments to the articles of incorporation, and changes to the board and its remuneration. The proposed issuances of 3,049,000 ordinary shares and 53,051,000 Series P shares at a nominal subscription price are designed to facilitate a planned transaction to acquire 100% of Cyprus-based Perpetual Markets Ltd., a blockchain-based financial infrastructure platform provider, with the new shares to be allotted mainly to Perpetual Markets’ shareholders subject to satisfactory due diligence and approval of the necessary corporate changes. Although the shareholder agenda does not approve the acquisition itself, Earlyworks positions the potential deal as strategically important, expecting synergies from combining its proprietary blockchain technology with Perpetual Markets’ platform business, expansion into global markets and, over the medium to long term, a positive impact on growth prospects and the trading price of its Nasdaq-listed ADSs.
The most recent analyst rating on (ELWS) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on Earlyworks Co., Ltd. Sponsored ADR stock, see the ELWS Stock Forecast page.
On November 14, 2025, Earlyworks Co., Ltd. held an Extraordinary General Meeting in Tokyo, where shareholders voted on several key proposals. Notably, the proposals to issue shares for acquiring PrimeDelta Corp. were rejected, while five other resolutions, including the appointment of two new directors, Jason D. Sawyer and Michael Hilmer, were approved. Additionally, the company completed a second closing of its October Offering on November 18, 2025, raising over $2 million through the sale of warrants, which could influence its financial strategy and market positioning.
The most recent analyst rating on (ELWS) stock is a Hold with a $6.00 price target. To see the full list of analyst forecasts on Earlyworks Co., Ltd. Sponsored ADR stock, see the ELWS Stock Forecast page.
Earlyworks Co., Ltd., a company listed on The Nasdaq Capital Market, announced on November 11, 2025, that it has regained compliance with the Nasdaq Listing Rule 5550(b)(1), which mandates a minimum stockholders’ equity of $2.5 million. This compliance ensures the company’s continued listing on the Nasdaq. However, the company will be under a Mandatory Panel Monitor until November 11, 2026. If it falls out of compliance again within this period, it will not be allowed to submit a compliance plan or receive additional time to rectify the situation, potentially leading to a delisting determination.
The most recent analyst rating on (ELWS) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on Earlyworks Co., Ltd. Sponsored ADR stock, see the ELWS Stock Forecast page.
Earlyworks Co., Ltd. announced that Mr. Kiyomitsu Takayama resigned from his position as an independent director on November 1, 2025, citing personal reasons. The company clarified that his departure was not due to any disagreements with the company’s operations, policies, or practices, suggesting a stable internal environment despite the leadership change.
The most recent analyst rating on (ELWS) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on Earlyworks Co., Ltd. Sponsored ADR stock, see the ELWS Stock Forecast page.
Earlyworks Co., Ltd. has announced an Extraordinary General Meeting of Shareholders scheduled for November 14, 2025, in Tokyo, Japan. The meeting will address several agenda items, including the issuance of shares and share options for subscription, and the election of two directors. Notably, the agenda includes potential share issuances related to a future acquisition of PrimeDelta Corp., contingent upon due diligence and a definitive agreement. This strategic move aims to acquire PrimeDelta, a company specializing in blockchain-based financial infrastructure, which could enhance Earlyworks’ market position and growth strategy by integrating blockchain technology and expanding into international markets.
The most recent analyst rating on (ELWS) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on Earlyworks Co., Ltd. Sponsored ADR stock, see the ELWS Stock Forecast page.
On October 15, 2025, Earlyworks Co., Ltd. completed a private placement offering, raising approximately $4.33 million after expenses. The proceeds are intended for acquiring Prime Delta Corp. The offering involved the sale of pre-funded warrants and ordinary warrants to investors, with specific exercise price conditions and beneficial ownership limitations. The company also entered into agreements to ensure investor participation in future placements and committed to holding a shareholder meeting by November 14, 2025, to approve key proposals, including the acquisition of Prime Delta Corp. This strategic move could enhance Earlyworks’ market position and operational capabilities.
The most recent analyst rating on (ELWS) stock is a Hold with a $4.00 price target. To see the full list of analyst forecasts on Earlyworks Co., Ltd. Sponsored ADR stock, see the ELWS Stock Forecast page.