Kushim,Inc. (2345) AI Stock Analysis

Kushim,Inc.

(TSE/TYO:2345)

Select Model

Rating:44Neutral

Price Target:JPY 109.00▼(-2.68% Downside)

Action:upgraded

Date:11/03/26

The overall weak score is heavily influenced by critical financial distress, characterized by massive revenue contraction, negative earnings, and severe cash burn. Valuation risks further weigh on the rating, offsetting recent short-term technical improvements.

Positive Factors

Debt reductionReported zero debt reduces direct interest and refinancing pressure compared with the meaningful debt carried in 2023–2024. If maintained, this can preserve more operating flexibility and lessen balance-sheet sensitivity while the company works to stabilize its business.

Negative Factors

Revenue collapseThe extreme year-over-year revenue contraction signals a severe deterioration in commercial scale and makes the current earnings base highly fragile. Rebuilding sales would be necessary to restore operating leverage, fund overhead, and support a durable recovery.

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

Market Cap: JPY 1.52B
Dividend Yield: ―
Average Volume (3M): 261.60K
Price to Earnings (P/E): -3.1
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

Severe revenue collapse and persistent negative earnings coupled with deep cash burn result in an extremely weak financial profile, despite a zero-debt position.

Income Statement

10Very Negative

Balance Sheet

32Negative

Cash Flow

5Very Negative

Financial statement breakdown
Breakdown	TTM	Oct 2025	Oct 2024	Oct 2023	Oct 2022	Oct 2021
Income Statement
Total Revenue	66.45M	26.55M	1.61B	962.80M	1.62B	1.62B
Gross Profit	31.92M	24.68M	438.84M	-890.26M	565.66M	311.32M
EBITDA	-419.49M	-489.42M	-927.88M	-931.31M	441.96M	-39.63M
Net Income	-659.79M	-1.37B	-1.96B	-2.74B	619.02M	-362.70M
Balance Sheet
Total Assets	274.40M	533.64M	86.54B	60.56B	6.44B	3.79B
Cash, Cash Equivalents and Short-Term Investments	94.10M	222.84M	78.43B	51.80B	2.25B	1.69B
Total Debt	0	0	1.37B	1.04B	308.83M	369.44M
Total Liabilities	76.06M	105.01M	85.11B	57.63B	596.04M	728.12M
Stockholders Equity	198.34M	428.63M	1.43B	2.93B	5.85B	3.07B
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	-301.27M	549.46M	66.96M	-380.09M
Financing Cash Flow	199.95M	199.95M	942.78M	-52.76M	354.37M	1.57B

Kushim,Inc. Technical Analysis

Technical Analysis SentimentNegative

Last Price112.00

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 112.00 is above the 20-day moving average (MA) of 84.40, above 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
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JP:4477	73Outperform	JPY 39.16B	16.73	―	1.57%	34.68%	552.65%
JP:4448	72Outperform	JPY 14.50B	19.33	―	―	14.06%	―
JP:5033	66Neutral	JPY 7.96B	47.67	―	―	7.04%	-67.36%
Sector *	61Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
JP:4397	61Neutral	JPY 6.01B	15.80	―	―	23.50%	2.72%
JP:5027	59Neutral	JPY 46.10B	34.69	―	0.28%	28.94%	-29.21%
JP:2345	44Neutral	JPY 1.52B	-3.08	―	―	―	―

* Technology Sector Average

Performance Comparison

JP:2345 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
JP:2345	Kushim,Inc.	112.00	-131.00	-53.91%
JP:4397	TeamSpirit, Inc.	357.00	-150.00	-29.59%
JP:4448	Chatwork Co.Ltd.	331.00	-62.00	-15.78%
JP:4477	BASE, Inc.	319.00	0.90	0.28%
JP:5027	AnyMind Group Inc.	726.00	64.10	9.68%
JP:5033	Nulab Inc.	1220.00	457.00	59.90%

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: Nov 03, 2026

Kushim,Inc. AI Stock Analysis