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Kushim,Inc. (2345) AI Stock Analysis

JP:2345

Kushim,Inc.

(TSE/TYO:2345)

Select Model
Rating:38Underperform
Price Target:JPY 84.00â–²(2.44% Upside)
Action:downgraded
Date:10/29/26

The company faces a severe financial crisis with collapsed revenue, massive losses, and rapid cash burn, which are the primary drivers of the low score. The stock's persistent downtrend across all major moving averages reinforces the negative outlook. A negative P/E ratio confirms the lack of earnings power. The overall score reflects extreme fundamental and market weakness.

Positive Factors
Debt ReductionA zero-debt position in 2025 reduces direct interest and refinancing pressure compared with the meaningful debt reported in 2023–2024. Positive equity also provides some balance-sheet support, although continued losses could weaken this cushion over time.
Negative Factors
Revenue CollapseThe extreme revenue contraction indicates a severe deterioration in business scale and reduces the operating base available to support employees, investment, and fixed costs. Unless revenue stabilizes and recovers, the company’s ability to rebuild sustainable earnings over the next several quarters remains impaired.

Kushim,Inc. (2345) vs. iShares MSCI Japan ETF (EWJ)

-80%-60%-40%-20%0%20%40%JP:2345-66.26%EWJ+15.87%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
Market Cap
JPY 1.52B
Dividend Yield
―
Average Volume (3M)
202.29K
Price to Earnings (P/E)
-2.3
Beta (1Y)
1.39
Revenue Growth
―
EPS Growth
―
Country
Japan
Employees
7
Sector
Technology
Sector Strength
61
Industry
Software - Application

Kushim,Inc. Business Overview & Revenue Model

Company Description

Based in Tokyo, Japan, Kushim, Inc., established in 1997, is a multifaceted technology company engaged in blockchain solutions, comprehensive system engineering, and business incubation. Its blockchain segment focuses on developing innovative IT syst...

Kushim,Inc. Financial Statement Overview

Summary

Financial health is critically weak. Revenue has collapsed to ¥26.6M from ¥1.6B, net losses exceed revenue by over 50x, and operating cash flow is deeply negative at -¥639M. Equity has eroded from ¥5.8B to ¥429M in two years, raising solvency concerns despite a debt-free balance sheet.

Income Statement

5Very Negative

Balance Sheet

15Very Negative

Cash Flow

10Very Negative
Financial statement breakdown
BreakdownTTMOct 2025Oct 2024Oct 2023Oct 2022Oct 2021
Income Statement
Total Revenue66.45M26.55M1.61B962.80M1.62B1.62B
Gross Profit31.92M24.68M438.84M-890.26M565.66M311.32M
EBITDA-419.49M-489.42M-927.88M-931.31M441.96M-39.63M
Net Income-659.79M-1.37B-1.96B-2.74B619.02M-362.70M
Balance Sheet
Total Assets274.40M533.64M86.54B60.56B6.44B3.79B
Cash, Cash Equivalents and Short-Term Investments94.10M222.84M78.43B51.80B2.25B1.69B
Total Debt001.37B1.04B308.83M369.44M
Total Liabilities76.06M105.01M85.11B57.63B596.04M728.12M
Stockholders Equity198.34M428.63M1.43B2.93B5.85B3.07B
Cash Flow
Free Cash Flow-640.14M-646.46M-610.56M-702.35M-298.37M-78.75M
Operating Cash Flow-639.09M-645.41M-607.47M-702.35M-293.93M-49.07M
Investing Cash Flow-258.15M-251.84M-301.27M549.46M66.96M-380.09M
Financing Cash Flow199.95M199.95M942.78M-52.76M354.37M1.57B

Kushim,Inc. Technical Analysis

Technical Analysis SentimentNegative
Last Price82.00

Price Trends

50DMA96.08Negative
100DMA109.79Negative
200DMA171.22Negative

Market Momentum

MACD-3.11Negative
RSI45.48Neutral
STOCH34.31Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2345, the sentiment is Negative. The current price of 82.00 is below the 20-day moving average (MA) of 84.40, below the 50-day MA of 96.08, and below the 200-day MA of 171.22, indicating a bearish trend. The MACD of -3.11 indicates Negative momentum. The RSI at 45.48 is Neutral, neither overbought nor oversold. The STOCH value of 34.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:2345.

Kushim,Inc. Peers Comparison

Overall Rating

UnderperformOutperform
Sector (61)

Financial Indicators

JP:2345 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
JP:4477JP:447786OutperformJPY 39.16B17.41―1.51%34.68%552.65%
JP:4448JP:444872OutperformJPY 14.50B19.86――14.06%―
JP:5033JP:503366NeutralJPY 7.96B47.99――7.04%-67.36%
Sector *61Neutral$37.18B12.37-10.20%1.83%8.50%-7.62%
JP:4397JP:439761NeutralJPY 6.01B16.11――23.50%2.72%
JP:5027JP:502759NeutralJPY 46.10B35.78―0.27%28.94%-29.21%
JP:2345JP:234538UnderperformJPY 1.52B-2.26――――

* Technology Sector Average

Performance Comparison

-50%0%50%JP:2345JP:4397JP:4448JP:4477JP:5027JP:5033Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
JP:2345 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
JP:2345Kushim,Inc.82.00-161.00-66.26%
JP:4397TeamSpirit, Inc.364.00-143.00-28.21%
JP:4448Chatwork Co.Ltd.340.00-53.00-13.49%
JP:4477BASE, Inc.332.0013.904.37%
JP:5027AnyMind Group Inc.749.0087.1013.16%
JP:5033Nulab Inc.1228.00465.0060.94%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 29, 2026