#MetaPlanet just dropped its FY2026 Q1 earnings

↳ Net Sales: ¥3.08B (+251% YoY)

↳ Operating Income: ¥2.27B (+283% YoY)

↳ Operating Margin: 73.6%

↳ BTC Yield: 2.8% (QTD)

↳ Total Assets: ¥402.96B (-12.1% QoQ)

A 73.6% operating margin at this growth rate isn't typical for a company in transition; it signals that the BTC treasury model is generating real operational leverage, not just paper gains.

The one flag: total assets dropped 12.1% quarter-on-quarter, likely tied to BTC price movement rather than business deterioration.

Full-year forecast remains unchanged.

¥16B in sales (+80% YoY) and ¥11.4B operating income (+81%).

No guidance cuts, no course correction, the $BTC thesis is still fully intact.