Exceed World, Inc. (EXDW)
Exceed World, Inc., along with its affiliated entities, delivers a comprehensive suite of educational services throughout Japan, catering to diverse age groups from preschoolers to adult learners. The company's core business involves an extensive portfolio of e-learning programs. These digital offerings span early childhood learning resources, supplementary materials aligned with elementary, junior high, and senior high school curricula, as well as specialized preparatory courses for university admissions, professional certifications, and English language training. Additionally, Exceed World, Inc. provides supportive services through its online platform, Force Club. Founded in 2014, the organization initially operated under the name Brilliant Acquisition, Inc. before officially changing to Exceed World, Inc. in January 2016. Headquartered in Suita, Japan, Exceed World, Inc. functions as a subsidiary of Force Internationale Limited.
Sector: Services-Educational Services
Industry: Education & Training Services
Exceed World, Inc.
OTC:EXDWConsumer Defensive · Education & Training Services
Mkt Cap-
Float2.31M
O/S-
Inst Own-
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$8.62M
Net Income-$6.88M
Total Assets$17.7M
Free Cash Flow-$8.31M
Debt & Equity
Debt 14%
Equity 86%
Total Debt$1.86M
Total Equity$10.98M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in EXDW's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$17.7M
Liabilities$6.72M
Accounts Receivable$1.66M
Accounts Payable$346K
Inventory$54K
PP&E (Net)$1.13M
Goodwill$0
Intangible Assets$122K
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | 2020-09-30 | 2019-09-30 | 2018-09-30 | 2017-09-30 |
| Revenue | $8.62M | $24.38M | $25.92M | $34.69M | $28.43M | $21.02M | $28.39M | $34.88M | $36.86M |
| YoY Growth | -64.6% | -5.9% | -25.3% | 22.0% | 35.3% | -26.0% | -18.6% | -5.4% | - |
| Cost of Revenue | $4.54M | $12.01M | $12.99M | $17.31M | $13.7M | $10.54M | $16.11M | $20.37M | $22.22M |
| Gross Profit | $4.08M | $12.37M | $12.94M | $17.38M | $14.74M | $10.48M | $12.29M | $14.5M | $14.64M |
| Gross Margin | 47.4% | 50.7% | 49.9% | 50.1% | 51.8% | 49.9% | 43.3% | 41.6% | 39.7% |
| Research and Development | $2.76M | $2.17M | $2.28M | $253K | $236K | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $10.96M | $10.7M | $13.32M | $10.98M | $10.43M | $11.35M | $12.76M | $13.11M | $10.84M |
| Other | -$2.76M | -$2.17M | $0 | $196K | $222K | -$23K | $0 | $0 | $0 |
| Total Operating Expenses | $10.96M | $10.7M | $13.32M | $10.98M | $10.43M | $11.35M | $12.76M | $13.11M | $10.68M |
| Operating Income (EBIT) | -$6.87M | $1.67M | -$385K | $6.41M | $4.3M | -$868K | -$49K | $1.4M | -$58K |
| Operating Margin | -79.7% | 6.9% | -1.5% | 18.5% | 15.1% | -4.1% | -0.2% | 4.0% | -0.2% |
| Interest Expense | $9K | $2K | $2K | $3K | $2K | $3K | $2K | $6K | $3K |
| Interest Income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | $115K | $97K | $120K | $255K | -$338K | -$86K | $789K | -$326K | $971K |
| Income Before Tax (EBT) | -$6.76M | $1.77M | -$266K | $6.66M | $3.97M | -$954K | $314K | $1.07M | $4.09M |
| Income Tax Expense | $122K | $598K | $286K | $2.52M | $892K | $9K | $446K | -$89K | $533K |
| Net Income | -$6.88M | $1.17M | -$552K | $4.14M | $3.07M | -$962K | -$132K | $1.16M | $3.55M |
| Net Income Margin | -79.8% | 4.8% | -2.1% | 11.9% | 10.8% | -4.6% | -0.5% | 3.3% | 9.6% |
| Supplementary Data | |||||||||
| EPS | -0.21 | 0.04 | -0.02 | 0.13 | 0.09 | -0.03 | -0.00 | 0.06 | 0.21 |
| Diluted EPS | -0.21 | 0.04 | -0.02 | 0.13 | 0.09 | -0.03 | -0.00 | 0.06 | 0.21 |
| Weighted Average OS | 32.70M | 32.70M | 32.70M | 32.70M | 32.70M | 32.70M | 32.70M | 20.17M | 20.00M |
| EBITDA | -$5.88M | $2.13M | $52K | $6.77M | $4.85M | -$165K | $1.8M | $3.41M | $4.89M |
| EBITDA Margin | -68.1% | 8.7% | 0.2% | 19.5% | 17.1% | -0.8% | 6.3% | 9.8% | 13.3% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | 2020-09-30 | 2019-09-30 | 2018-09-30 | 2017-09-30 |
| Assets | |||||||||
| Current Assets | |||||||||
| Cash and Cash Equivalents | $7.44M | $17.57M | $18.17M | $23.82M | $23.06M | $19.37M | $20.2M | $22.74M | $13.23M |
| Short-Term Investments | $672K | $0 | $0 | $0 | $523K | $1.12M | $1.16M | $830K | $233K |
| Cash and Short-Term Investments | $8.26M | $17.57M | $18.17M | $23.82M | $23.58M | $20.49M | $21.35M | $23.57M | $13.46M |
| Accounts Receivable | $1.66M | $336K | $638K | $49K | $67K | $209K | $95K | $822K | $1K |
| Inventory | $54K | $723K | $1.76M | $1.4M | $912K | $1.24M | $626K | $381K | $1.28M |
| Other Current Assets | $1.02M | $899K | $411K | $2K | $1K | $41K | $453K | $255K | $439K |
| Total Current Assets | $10.99M | $19.72M | $21.09M | $25.39M | $24.61M | $22.05M | $23.39M | $25.32M | $15.51M |
| Long-Term Assets | |||||||||
| Property, Plant & Equipment Net | $1.13M | $1.37M | $935K | $822K | $1.37M | $1.48M | $792K | $344K | $457K |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $122K | $3.11M | $310K | $507K | $953K | $1.44M | $1.23M | $3.23M | $3.41M |
| Long-Term Investments | $571K | $0 | $0 | $0 | $306K | $328K | $91K | $0 | $997K |
| Deferred Tax Assets | $365K | $506K | $675K | $133K | $164K | $132K | $135K | $287K | $196K |
| Other Long-Term Assets | $4.52M | $296K | $278K | $1.26M | $1.05M | $201K | $317K | $58K | -$653K |
| Total Long-Term Assets | $6.71M | $5.28M | $2.2M | $2.72M | $3.84M | $3.58M | $2.56M | $3.92M | $4.4M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $17.7M | $25M | $23.28M | $28.11M | $28.46M | $25.63M | $25.96M | $29.24M | $19.91M |
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts Payable | $346K | $769K | $642K | $2.91M | $1.93M | $823K | $1.23M | $4.57M | $1.09M |
| Short-Term Debt | $573K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $207K | $1K | $436K | $1.84M | $814K | $1K | $287K | $425K | $351K |
| Current Unearned Revenue | $593K | $499K | $1.16M | $867K | $1.52M | $3.57M | $3.27M | $4.56M | $1.85M |
| Other Current Liabilities | $3.93M | $3.58M | $817K | $5.11M | $4.57M | $1.23M | $2.99M | $2.91M | $2.86M |
| Total Current Liabilities | $5.74M | $5.92M | $6.35M | $10.12M | $8.92M | $7.96M | $8.08M | $13.05M | $5.88M |
| Long-Term Liabilities | |||||||||
| Long-Term Debt | $908K | $0 | $0 | $0 | $0 | $0 | $0 | $484K | $489K |
| Long-Term Unearned Revenue | $0 | $0 | $0 | -$82K | -$83K | $0 | $0 | $2K | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $82K | $83K | $0 | $0 | -$484K | $0 |
| Other Long-Term Liabilities | $0 | $0 | $0 | $82K | $83K | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $985K | $314K | $323K | $226K | $552K | $543K | $99K | $528K | $541K |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $6.72M | $6.24M | $6.67M | $10.34M | $9.47M | $8.51M | $8.17M | $13.58M | $6.42M |
| Stockholders' Equity | |||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $3K | $3K | $3K | $3K | $3K | $3K | $3K | $3K | $2.58M |
| Retained Earnings | $16.75M | $23.63M | $22.46M | $23.01M | $18.88M | $15.8M | $16.76M | $15.68M | $13.31M |
| Comprehensive Income & Other | -$5.88M | -$4.98M | -$5.96M | -$5.36M | $94 | $1.21M | $754K | -$123K | -$2.37M |
| Other Stockholders' Equity | -$5.78M | -$4.87M | -$5.85M | -$5.25M | $104K | $1.32M | $1.02M | -$24K | -$2.37M |
| Total Equity | $10.98M | $18.77M | $16.61M | $17.77M | $18.98M | $17.12M | $17.78M | $15.66M | $13.51M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$23K |
| Total Liabilities and Equity | $17.7M | $25M | $23.28M | $28.11M | $28.46M | $25.63M | $25.96M | $29.24M | $19.93M |
| Supplementary Data | |||||||||
| Total Debt | $1.86M | $657K | $636K | $463K | $939K | $937K | $128K | $535K | $550K |
| Net Debt | -$5.59M | -$16.92M | -$17.53M | -$23.36M | -$22.12M | -$18.43M | -$20.07M | -$22.2M | -$12.68M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | 2020-09-30 | 2019-09-30 | 2018-09-30 | 2017-09-30 |
| Operating Activities | |||||||||
| Net Income | -$6.88M | $1.17M | -$552K | $4.14M | $3.07M | -$962K | -$132K | $1.16M | $4.09M |
| Depreciation & Amortization | $874K | $355K | $315K | $359K | $548K | $787K | $1.48M | $1.12M | $1.1M |
| Deferred Income Tax | $120K | $191K | -$675K | $14K | $45K | $6K | $164K | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | |||||||||
| Accounts Receivable | -$639K | $316K | -$636K | $3K | -$3K | -$64K | -$2K | -$32 | -$1K |
| Inventory | $34 | $1.07M | -$441K | -$805K | $270K | -$588K | -$299K | $888K | -$141K |
| Accounts Payable | -$390K | $90K | -$2.34M | $1.65M | $1.2M | -$424K | -$3.51M | $5.16M | $655K |
| Other Working Capital | -$1.56M | -$791K | -$2.21M | $1.06M | -$257K | -$219K | -$1.01M | $1.69M | $678K |
| Total Working Capital Change | -$2.59M | $680K | -$5.62M | $1.92M | $1.21M | -$1.29M | -$4.82M | $7.74M | $1.19M |
| Other Non-Cash Items | $325K | $326K | $374K | $332K | $384K | $844K | -$1.64M | $593K | $221K |
| Net Cash from Operating | -$8.15M | $2.72M | -$6.16M | $6.76M | $5.26M | -$621K | -$4.95M | $10.61M | $6.6M |
| Investing Activities | |||||||||
| Capital Expenditures | -$163K | -$396K | -$92K | -$106K | -$11K | -$286K | -$250K | -$594K | -$830K |
| Acquisitions | $0 | $0 | $34K | $0 | $42K | $22K | -$80K | $26K | $38K |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 | $0 | -$443K | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $526K | $0 | $0 | $87K | $0 | $0 |
| Other Investing Activities | -$3.11M | -$2.93M | $1.02M | -$238K | -$275K | -$241K | $1.88M | $0 | $0 |
| Net Cash from Investing | -$3.28M | -$3.33M | $963K | $183K | -$244K | -$505K | $1.19M | -$568K | -$792K |
| Financing Activities | |||||||||
| Debt Repaid | -$1.17M | $11K | $43K | $23K | $65K | $71K | $12K | $9K | -$483K |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $0 | $38K | $0 | $50K | $51K | -$106K | $127K | -$6K | -$3K |
| Net Cash from Financing | $1.44M | $27K | -$43K | $27K | -$14K | -$177K | $115K | -$411K | $480K |
| Forex Effect | -$882K | $867K | -$416K | -$6.2M | -$1.31M | $474K | $1.11M | -$123K | -$592K |
| Net Change in Cash | -$10.86M | $292K | -$5.66M | $766K | $3.69M | -$828K | -$2.54M | $9.51M | $5.69M |
| Supplementary Data | |||||||||
| Operating Cash Flow | -$8.15M | $2.72M | -$6.16M | $6.76M | $5.26M | -$621K | -$4.95M | $10.61M | $6.6M |
| Capital Expenditure | -$163K | -$396K | -$92K | -$106K | -$11K | -$286K | -$250K | -$594K | -$830K |
| Free Cash Flow | -$8.31M | $2.33M | -$6.25M | $6.65M | $5.25M | -$907K | -$5.2M | $10.02M | $5.77M |
| Cash at Beginning | $18.46M | $18.17M | $23.82M | $23.06M | $19.37M | $20.2M | $22.74M | $13.23M | $7.53M |
| Cash at End | $7.59M | $18.46M | $18.17M | $23.82M | $23.06M | $19.37M | $20.2M | $22.74M | $13.23M |