Anges. Inc.TSE: 4563

Consolidated Financial Report for the Fiscal Year 2025

· Issued by Anges. Inc.




Released on February 10, 2026 Consolidated Financial Report for the Fiscal Year 2025 (Unaudited)(Japan GAAP) AnGes, Inc.

https://www.anges.co.jp/en/

Listings: Growth of the Tokyo Stock Exchange, Code 4563

Head Office: 7-7-15, Saito-Asagi, Ibaraki, Osaka, 567-0085, Japan

(Figures are rounded down to the nearest million yen)

  1. Business Results for the Fiscal Year 2025 (From Jan. 1, 2025 to Dec. 31, 2025)

    1. Results of Operations (Percentages indicate changes from the same period of the previous fiscal year)

      Revenues

      Operating

      loss

      Ordinary loss

      Net loss

      Million yen

      %

      Million yen

      %

      Million yen

      %

      Million yen

      %

      FY2025

      874

      35.8

      (5,145)

      -

      (5,288)

      -

      (5,123)

      -

      FY2024

      643

      320.7

      (9,109)

      -

      (7,537)

      -

      (28,128)

      -

      *Comprehensive Income FY2025 : (5,105) million yen FY2024 : (28,236) million yen

      Net loss per share

      Diluted net loss

      per share

      Return on Equity

      Return on asset

      Operating profit

      ratio

      Yen

      Yen

      %

      %

      %

      FY2025

      (14.44)

      -

      (203.5)

      (105.0)

      (588.6)

      FY2024

      (119.53)

      -

      (200.5)

      (44.9)

      (1,415.3)

    2. Financial Position

      Total assets

      Total net assets

      Shareholders'

      equity ratio

      Net assets per share

      Million yen

      Million yen

      %

      Yen

      Dec. 31, 2025

      5,405

      3,076

      55.2

      7.67

      Dec. 31, 2024

      4,668

      2,156

      44.0

      7.17

      *Shareholder's equity

      Cash flows from

      operating activities

      Cash flows from

      investing activities

      Cash flows from

      financing activities

      Cash and cash

      equivalents, at end

      FY2025 FY2024

      Million yen

      (5,750)

      (6,612)

      Million yen

      18

      (130)

      Million yen

      5,902

      4,202

      Million yen

      1,796

      1,627

    3. Cash Flows

  2. Dividend

    Dec. 31, 2025 :

    2,983

    million yen

    Dec. 31, 2024 :

    2,052

    million yen

    Dividend per share

    1Q

    2Q

    3Q

    4Q

    Full-year

    Yen

    Yen

    Yen

    Yen

    Yen

    FY 2024

    -

    0.00

    -

    0.00

    0.00

    FY 2025

    -

    0.00

    -

    0.00

    0.00

    FY 2026 (Forecast)

    -

    0.00

    -

    0.00

    0.00

  3. Earnings Forecast for the Fiscal Year 2026 (From Jan. 1, 2026 to Dec. 31, 2026)

Revenues

Operating loss

Ordinary loss

Net loss

Net loss per share

Full-year

Million yen

1,330

%

52.2

Million yen

(10,230)

%

-

Million yen

(10,240)

%

-

Million yen

(10,250)

%

-

Yen

(26.35)

Notes:

  1. Change of reporting entities (change of condition of significant consolidated subsidiaries)

  2. Change of significant accounting and reporting policies for consolidated financial statements

    1. Changes caused by revision of accounting standard : None

    2. Changes in accounting policies other than 1) : None

    3. Changes in accounting estimates : None

    4. Restatement : None

  3. Number of shares issued and outstanding (common stock)

    Dec. 31, 2025

    389,026,550 shares

    Dec. 31, 2024

    286,377,550 shares

    Dec. 31, 2025

    230 shares

    Dec. 31, 2024

    230 shares

    FY2025

    354,811,031 shares

    FY2024

    235,326,190 shares

    1. Number of shares issued and outstanding (including treasury shares)

      : None

    2. Number of treasury shares

    3. Average number of shares issued and outstanding

(Reference) Summary of Nonconsolidated Financial Reports

1. Business Results for the Fiscal Year 2025 (From Jan. 1, 2025 to Dec. 31, 2025)

  1. Results of Operations (Percentages indicate changes from the previous term)

    Revenues

    Operating loss

    Ordinary loss

    Net loss

    FY2025 FY2024

    Million yen

    857

    567

    %

    51.1

    308.7

    Million yen

    (4,449)

    (4,857)

    %

    -

    -

    Million yen

    (4,509)

    (3,143)

    %

    -

    -

    Million yen

    (5,659)

    (39,305)

    %

    -

    -

    Net loss per share

    Diluted net loss

    per share

    FY2025 FY2024

    Yen

    (15.95)

    (167.03)

    Yen

    -

    -

  2. Financial Position

Total assets

Total net assets

Shareholders' equity ratio

Net assets per share

Million yen

Million yen

%

Yen

Dec. 31, 2025

4,425

2,663

58.2

6.62

Dec. 31, 2024

3,746

2,398

61.4

8.03

*Shareholder's equity Dec. 31, 2025 : 2,576 million yen Dec. 31, 2024 : 2,300 million yen

*Performance forecasts or any other future events contained in this report are based on currently available information which are believed to be reasonable at the time of forecasts. Actual results may differ from the forecasts due to various factors.

**This financial report has been translated from Japanese original which has been prepared in accordance with generally accepted accounting principles in Japan, for reference purposes only. Also some changes are added to this report in order to present in a form more familiar to the readers outside Japan.

AnGes, Inc

Consolidated Balance Sheets (In thousands of yen) (Unaudited)

December 31,

2024

December 31,

2025

Assets

Current assets

Cash and deposits

1,707,756

1,882,005

Accounts receivable - trade

85,235

121,625

Merchandise

224,803

234,065

Raw materials and supplies

1,204,382

1,512,454

Advance payments to suppliers

65,547

358,528

Prepaid expenses

69,532

111,922

Consumption taxes refund receivable

175,447

137,442

Other

9,903

28,493

Total current assets

3,542,608

4,386,537

Non-current assets

Property, plant and equipment

Buildings

220,509

226,009

Accumulated depreciation

(141,951)

(149,482)

Buildings, net

78,558

76,527

Tools, furniture and fixtures

212,358

220,704

Accumulated depreciation

(116,029)

(158,637)

Tools, furniture and fixtures, net

96,328

62,067

Total property, plant and equipment

174,887

138,594

Intangible assets

Software

9,661

7,627

Total intangible assets

9,661

7,627

Investments and other assets

Investment securities

441,804

417,898

Long-term loans receivable

-

15,000

Leasehold and guarantee deposits

97,672

97,801

Deferred tax assets

401,016

339,642

Other

948

2,880

Total investments and other assets

941,441

873,223

Total non-current assets

1,125,990

1,019,446

Total assets

4,668,599

5,405,983

AnGes, Inc

Consolidated Balance Sheets (In thousands of yen) (Unaudited)

December 31,

2024

December 31,

2025

Liabilities

Current liabilities

Accounts payable - trade

307,944

542,958

Accounts payable - other

306,991

233,986

Accrued expenses

32,809

32,979

Provision for business restructuring

166,182

140,989

Income taxes payable

681,828

583,633

Advances received

639,500

641,450

Deposits received

14,172

13,105

Lease liabilities

163,853

54,368

Total current liabilities

2,313,283

2,243,471

Non-current liabilities

Deferred tax liabilities

25,584

21,774

Asset retirement obligations

64,544

64,657

Lease liabilities

108,595

-

Total non-current liabilities

198,724

86,432

Total liabilities

2,512,007

2,329,903

Net assets

Shareholders' equity

Share capital

37,255,887

40,228,661

Capital surplus

5,502,588

8,475,978

Retained earnings

(46,514,594)

(51,637,863)

Treasury shares

(39)

(39)

Total shareholders' equity

(3,756,157)

(2,933,263)

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

47,444

37,828

Foreign currency translation adjustment

5,760,964

5,878,684

Total accumulated other comprehensive income

5,808,409

5,916,512

Share acquisition rights

104,339

92,830

Total net assets

2,156,591

3,076,080

Total liabilities and net assets

4,668,599

5,405,983

AnGes, Inc Consolidated Statements of Operations (In thousands of yen) (Unaudited) The Fiscal Year (From Jan. 1 to Dec.31)

2024

2025

Business revenues

Net sales of goods

244,237

302,845

Net sales of finished goods

11,623

-

Commission income

311,933

554,816

Research and development revenues

75,845

16,458

Total business revenues

643,638

874,120

Business expenses

Cost of sales

395,935

553,737

Research and development expenses

3,783,386

3,553,181

Selling, general and administrative expenses

5,573,762

1,912,595

Total business expenses

9,753,084

6,019,514

Operating loss

(9,109,445)

(5,145,393)

Non-operating income

Interest income

4,447

14,857

Foreign exchange gains

1,591,493

-

Subsidy income

28,507

-

Commission income

6,050

5,217

Gain on cancellation of leases

-

102,485

Miscellaneous income

-

6,823

Total non-operating income

1,630,499

129,383

Non-operating expenses

Share issuance costs

57,578

42,339

Loss on investments in investment partnerships

1,332

9,650

Foreign exchange losses

-

220,775

Total non-operating expenses

58,910

272,764

Ordinary loss

(7,537,856)

(5,288,775)

Extraordinary income

Gain on sale of non-current assets

-

47,023

Gain on reversal of share acquisition rights

6,192

5,168

Total extraordinary income

6,192

52,191

Extraordinary losses

Impairment losses

20,048,649

-

Business structural reform expenses

63,352

-

Total extraordinary losses

20,112,002

-

Loss before income taxes

(27,643,667)

(5,236,583)

Income taxes - current

510,626

118,571

Income taxes - refund

-

(11,969)

Income taxes - deferred

(25,310)

57,214

Refund of income taxes for prior periods

-

(277,130)

Total income taxes

485,316

(113,314)

Loss

(28,128,983)

(5,123,269)

Loss attributable to owners of parent

(28,128,983)

(5,123,269)