Earlyworks Co., Ltd. Releases Letter to Shareholders
As a company that just successfully closed our initial public offering in
While we are actively planning for the future of Earlyworks, we must acknowledge that there was a decrease in our revenue for the fiscal year of 2023, compared to the fiscal year of 2022. Such decrease was mainly because in the fiscal year of 2022, we entered into a number of contracts to the extent that we were unable to devote substantial resources to research and development activities; most of such contracts were for terms of one year or less and expired during 2023. During the fiscal year of 2023, we were more selective in entering into contracts and conducting projects in which we devoted our resources, and we were engaged in research and development projects that are expected to generate revenue in the future. In our previous business model, we were commissioned by our clients to work on specific projects, and our revenue from software and system development contracts was generally recognized over time as we created or enhanced the projects controlled by our clients. While we collected development fees from these one-off projects, we had to spend enormous resources to develop the products for each client from scratch.
To optimize our business model and stabilize future performance, we have been investing resources in the development of our System Development Kit (“SDK”). We are excited to launch the Phase 1 of the SDK package by the end of
We are actively engaged in discussions with several major companies to introduce the SDK package.
We remain confident in our business model and our capability to tap into the growth opportunities in the blockchain industry with our talented and dedicated team. We will continue our efforts in research and development projects, strengthen and expand our relationships with clients and solidify our position in the market. Most importantly, we believe that a key measure of our success will be the shareholder value we generate over the long term, in line with which we map out our strategies and make our decisions. Again, we would like to extend our heartfelt thanks to our valued shareholders for your continued support and encouragement. We look forward to seeing a growing future for Earlyworks together.
Chief Executive Officer and Representative Director
About Earlyworks Co., Ltd.
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may,” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the
For more information, please contact:
Earlyworks Co., Ltd.
Investor Relations Department
Ascent Investor Relations LLC
Phone: +1 917-609-0333
Source: Earlyworks Co., Ltd.