Perpetuals.com (NASDAQ: PDC) filed its Annual Report on Form 20-F for the fiscal year ended April 30, 2026, reporting total assets of ¥10.2 billion ($65.2 million), up more than 50-fold from ¥190.5 million ($1.2 million) at the end of fiscal 2025. The dramatic increase follows the company's acquisition-led transformation into a fintech company, marking a pivotal shift in its business model and financial structure.
Fiscal 2026 revenue totaled ¥256.3 million ($1.6 million), primarily from software and system development services in the legacy business. However, operating expenses were ¥2.9 billion ($18.5 million), resulting in a net loss of ¥2.8 billion ($17.6 million). The substantial loss reflects the costs associated with the company's strategic pivot and the development of its fintech infrastructure.
Perpetuals said its fintech strategy combines its patent-pending BayesShield AI machine learning system, UpsideOnly(TM) paper trading platform and Kronos X(R) Multi-Asset Exchange. UpsideOnly(TM), launched in May 2026, has attracted more than 500,000 users across approximately 170 countries, while Kronos X(R) provides regulated trading infrastructure for banks, brokers and fintechs. The rapid user adoption of UpsideOnly(TM) demonstrates significant market demand for accessible trading tools, while Kronos X(R)'s regulated infrastructure positions the company to serve institutional clients.
The company said its growth strategy includes expanding UpsideOnly(TM), advancing BayesShield AI, pursuing partnerships and acquisitions, introducing new products on its regulated infrastructure and providing trading and related infrastructure services to brokers. These initiatives aim to leverage the company's technology and regulatory compliance to capture a larger share of the global trading market.
Perpetuals.com Ltd is a fintech company developing AI-powered trading products and prediction markets, with a global footprint across the United States, Europe, and Asia. Its mission is to reduce risk by empowering retail users with intuitive, secure, and efficient trading experiences across multiple asset classes. The company's proprietary trading platform, Kronos X, combines advanced AI and data analysis. The technology is trained on billions of trades, monitors market activity in real time, identifies patterns for trading and risk decisions, and provides multi-asset coverage with self-clearing blockchain-based settlement. The company's licensed European Multilateral Trading Facility (MTF) infrastructure and Kronos X multi-asset exchange platform operate with full MiFID II, MiCA, DORA, and EMIR compliance.
The latest news and updates relating to PDC are available in the company's newsroom at https://ibn.fm/PDC. To view the full press release, visit https://ibn.fm/v4Jrb.
The implications of this announcement are significant for investors and the fintech industry. The 50-fold increase in assets signals a successful transition, but the net loss highlights the challenges of scaling a fintech business. The rapid growth of UpsideOnly(TM) to over 500,000 users in approximately 170 countries within a short period suggests strong product-market fit and potential for revenue generation through premium features or transaction fees. Kronos X(R)'s regulated infrastructure, compliant with MiFID II, MiCA, DORA, and EMIR, positions Perpetuals to compete for institutional clients who require robust regulatory adherence. As the company continues to invest in AI and expand its offerings, its ability to convert user growth into sustainable revenue will be critical. The filing provides transparency into the company's financial health and strategic direction, offering investors a clear picture of both the opportunities and risks ahead.
