SUMMARY OF CONSOLIDATED FINANCIAL RESULTS for the Third Quarter of Fiscal Period Ending December 31, 2021 Japanese GAAP

Disclaimer: This document is a partial English translation of the Japanese original which is filed with the Tokyo Stock Exchange and is only for reference purposes. In case of any discrepancy between this translation and the Japanese original, the latter shall prevail.

SUMMARY OF CONSOLIDATED FINANCIAL RESULTS

for the Third Quarter of Fiscal Period Ending December 31, 2021

November 12, 2021

Company name: Kaizen Platform, Inc.	Stock exchange listings:
Tokyo Stock Exchange
Securities code: 4170	URL: https://kaizenplatform.com/ir/

Representative:	Kenji Sudo
Chief Executive Officer
Contact:	Hidenao Asai
Manager, Finance Division

Scheduled date to file quarterly report: Scheduled date to commence dividend payments: Supplementary materials for financial results: Holding of financial results briefing session:

Tel: [phone]

November 12, 2021

-

Yes

Yes

(Amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Third Quarter of Fiscal Period Ending December 31, 2021 (January 1, 2021 - September 30, 2021)

(1) Consolidated operating results						(Percentages indicate period-on-period changes)
	Sales			Operating profit		Ordinary profit		Net income attributable to
					parent company shareholders
Nine months ended	Million yen		%	Million yen	%	Million yen	%	Million yen	%
September 30, 2021	1,569		31.6	(10)		-	(71)		-	(88)	-
September 30, 2020	1,192			-	0		-	21		-	12	-
(Note) Comprehensive	profit:
Nine months ended September 30, 2021: (16) million yen (-%)
Nine months ended September 30, 2020: (21) million yen (-%)
	Net income per share	Diluted net income
					per share
Period ended	Yen			Yen
September 30, 2021	(5.62)		-
September 30, 2020	2.05			-

(Notes) 1. The figures and the period-on-period changes for the third quarter of the fiscal period ended December 31, 2020 are not shown because quarterly financial statements were not prepared for the third quarter of the fiscal period ended December 31, 2019.

1. 1. Diluted net income per share for the third quarter of the fiscal period ending December 31, 2021 is not stated because there was a net loss per share.
   2. Diluted net income per share for the third quarter of the fiscal period ended December 31, 2020 is not shown because the average share price during the period cannot be determined as the Company's stock was unlisted as of September 30, 2020.
2. Consolidated financial position

Total assets

Net assets

Equity ratio

As of

Million yen

Million yen

%

September 30, 2021

4,308

3,305

75.3

December 31, 2020

3,388

2,854

84.2

(Reference) Shareholders' equity:

As of September 30, 2021:

3,244 million yen

As of December 31, 2020:

2,854 million yen

2. Dividends

Annual dividend per share

1Q-end

2Q-end

3Q-end

Year-end

Total

Yen

Yen

Yen

Yen

Yen

Fiscal period ended

-

0.00

-

0.00

0.00

December 31, 2020

Fiscal period ending

-

0.00

-

December 31, 2021

Fiscal period ending

December 31, 2021

0.00

0.00

(forecast)

(Note) Revisions from most recently published dividend forecast: None

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3. Consolidated Earnings Forecast for the Fiscal Period Ending December 31, 2021 (January 1, 2021 - December 31, 2021) (Percentages indicate period-on-period changes)

	Sales			Operating profit		Ordinary profit		Net income			Net income per		EBITDA
					attributable to parent
						share
												company shareholders
Full year	Million yen	%		Million yen	%		Million yen	%		Million yen	%		Yen		Million yen	%
	2,240		32.8		0		-		(80)		-		(140)		-		(8.85)		170		(42.6)
(Notes) 1.	Revisions from most recently published earnings forecast: Yes
2.	EBITDA = Operating profit + Depreciation + Amortization of goodwill

*Notes

1. Changes in significant subsidiaries during the three months under review (changes in specified subsidiaries resulting in changes in scope of consolidation): None

Newly consolidated companies (--) Newly excluded companies (--)

(Note) While there were no changes in specified subsidiaries, D-ZERO CO., LTD. was included in the scope of consolidation during the third quarter of the fiscal period ending December 31, 2021 due to the acquisition of that company's shares.

1. Adoption of special accounting methods for preparation of quarterly consolidated financial statements: None
2. Changes in accounting policies, changes in accounting estimates and retroactive restatements

1) Changes in accounting policies due to revisions to accounting standards and other regulations:	None
2)	Changes in accounting policies due to other reasons:	None
3) Changes in accounting estimates:	None
4)	Retroactive restatements:	None

1. Total number of issued and outstanding shares (common stock)
2. 1. Total number of issued shares at the end of the period (including treasury shares)

As of September 30, 2021	15,921,766 shares
As of December 31, 2020	15,424,473 shares

1. Total number of treasury shares at the end of the period

As of September 30, 2021	- shares
As of December 31, 2020	- shares

1. Average number of shares during the period

Nine months ended September 30, 2021	15,825,748 shares
Nine months ended September 30, 2020	6,076,000 shares

*This earnings report is not subject to audit by certified public accountants and accounting firms.

*Cautionary statement regarding forecasts of operating results and special notes

Forward-looking statements and earnings forecasts presented in this material are based on information currently available to the Company as of the date hereof along with certain assumptions that are deemed to be reasonable. Furthermore, actual business results may differ materially due to various factors. Furthermore, such statements and forecasts do not guarantee the Company's operating performance. For assumptions regarding the forward-looking statements and a disclaimer concerning the use of earnings forecasts, please refer to "1. Qualitative Information on the Financial Results for the Quarter (3) Explanation of Forward-looking Statements Such as Consolidated Earnings Forecasts" on page 3 of the appendix in the Japanese original.

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