BMI Group Launches Abitibi Connex to Advance Northern Ontario's Growing Logistics Infrastructure
Advantageously located along major northern shipping routes and offering direct rail access, Abitibi Connex will serve as a logistics base for organizations in the natural resources, agriculture, and food sectors. The team has already secured an anchor tenant who will use the site to support large-scale construction projects in northern Ontario.
Abitibi Connex builds on the site's substantial existing infrastructure, which includes 144,000 square feet of warehouse space, eight loading docks, storage silos, two rail bays with direct access, and more than 838 hectares of land primed for industrial, agricultural, and forestry development.
"We've had people ask us, 'why now?'" said John Veldman, Chief Operating Officer of BMI Group. "For a long time, the market lacked the drive to invest in idled assets. That's changed. Today, industrial sites with multimodal capabilities are key to strengthening Canada's supply chain resilience."
Since acquiring the site in 2016, BMI has been ready-stating the property, which includes restoring power and upgrading buildings. In September 2024, the project was catalyzed by a $20 million investment from the Northland Participation Fund, a partnership between BMI and Dutch investment group Business EQ.
Ontario Northland will upgrade the 11.5 km rail line from Porquis Junction to Iroquois Falls.
"We are delighted to support this initiative with track upgrades and look forward to providing BMI's Abitibi Connex with rail services," says Chad Evans, Chief Executive Officer of Ontario Northland. "This investment will enhance connectivity and support economic development for Iroquois Falls and businesses throughout the region."
The site is being developed in close collaboration with the Town of Iroquois Falls and J.L. Richards & Associates, who lead the master planning process for the former mill and surrounding lands.
"Iroquois Falls is proud to partner with BMI. This innovative use of the mill as a logistics base will attract investment, businesses, and jobs to our community," said Tory Delaurier, Mayor of Iroquois Falls.
With its strategic location and robust infrastructure, Abitibi Connex is poised to become a critical component of northern Ontario's growing logistics infrastructure.
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Fiscal 2026 First Quarter Strategic and Operational Highlights: The Company launched "Coincheck Staking" on January 13, 2025, allowing users to automatically earn Ethereum (ETH) simply by depositing ETH with Coincheck for staking rewards. The staking revenue, of which Coincheck (together with the third-party staking platform, or node operator, used) retain approximately 30% (the remainder is delivered to the customer ), increased to ¥381 million ($2.6 million) in the first quarter of fiscal 2026, compared to ¥61 million ($0.4 million) in the fourth quarter of fiscal 2025. The Company acquired Next Finance Tech. Co., Ltd., a staking platform service company in March 2025, and is working to also use Next Finance's staking platform to reduce the share of the staking rewards shared with the third-party provider. The Company is also in the early stages of exploring separate revenue-generating business relationships for Next Finance with third parties. The Company recently announced a strategic business relationship with Mercoin, a subsidiary of Mercari, Inc., one of the biggest C2C marketplaces in Japan, to expand Coincheck's customer base by allowing Mercari's customer base to open and use Coincheck accounts from within Mercari's customer app. _____________________________ 1 References in this announcement to '¥' are to Japanese Yen and references to 'U.S. Dollars' and '$' are to United States Dollars. Unless otherwise stated, Coincheck Group has translated U.S. Dollar amounts from Japanese Yen at the exchange rate of ¥144.17 per $1.00, which was the ¥/$ exchange rate reported by the Federal Reserve Bank of New York as of June 30, 2025. 2 Gross margin is defined as total revenue less cost of sales. 3 Verified Accounts are all accounts that have been opened after the account owner completes all application procedures (including 'know your customer' or 'KYC'), after subtracting therefrom the total number of closed accounts. 4 Cryptocurrencies held for customers + fiat currency deposited by customers, on a J-GAAP basis. This does not include NFTs. 5 Marketplace Trading Volume for a specific period is the total value, based on the underlying asset, of all transactions completed through Coincheck's marketplace platform. 6 Adjusted EBITDA is a non-IFRS financial measure; see 'Non-IFRS financial measures' for definition and corresponding reconciliation below. Adjusted EBITDA is being calculated differently for the first quarter of fiscal 2026 than it was calculated for the fourth quarter of fiscal 2025, as further explained under 'Non-IFRS financial measures' and 'Reconciliation of Adjusted EBITDA.' Webcast and Conference Call Coincheck Group will host a live webcast to discuss its results today at 5:00 pm ET. The call will be hosted by the following members of Coincheck Group's management: Gary Simanson, CEO, and Jason Sandberg, CFO. The conference call can be accessed live via webcast from the Company's investor relations website at A replay will be available on the investor relations website following the call. The conference call can also be accessed over the phone by dialing (800) 245-3047 or (203) 518-9765; the Conference ID is CNCKQ1. About Coincheck Group N.V. Headquartered in the Netherlands, Coincheck Group N.V. (NASDAQ: CNCK) is a public limited liability company and the holding company for Coincheck, Inc. Coincheck operates one of the largest multi-cryptocurrency marketplaces and crypto asset exchanges in Japan and is regulated by the Japan Financial Services Agency. Coincheck provides Marketplace and Exchange platforms on which diverse cryptocurrencies, including Bitcoin and Ethereum, are held and exchanged as well as other retail-focused crypto services. Coincheck also leverages its ownership of Next Finance Tech Co., Ltd. to offer staking services to retail customers and corporate clients. Forward Looking Statements This press release contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about trading, future financial and operating results, plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as 'will likely result,' 'are expected to,' 'will continue,' 'is anticipated,' 'estimated,' 'believe,' 'intend,' 'plan,' 'projection,' 'outlook' or words of similar meaning or the negative thereof. Such forward-looking statements are based upon the current beliefs and expectations of the Company's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the Company's control, which could cause actual results or events to differ materially from those presently anticipated; such risks, uncertainties, and assumptions, include, among others: (i) changes in the cryptocurrency and digital asset markets in which the Company competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) changes in global political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effects of inflation, trade policies and government regulation; (iii) changes in economic conditions and consumer sentiment in Japan; (iv) the price of crypto assets and volume of transactions on the Company's platform; (v) the development, utility and usage of crypto assets; (vi) demand for any particular crypto asset; (vii) cyberattacks and security breaches on the Company platform; (viii) the Company's ability to introduce new products and services, (ix) the Company's ability to execute its growth strategies, including identifying and executing acquisitions, (x) the success, continued success, or lack thereof, regarding the Company's staking award program, Next Finance's staking platform and other potential commercial relationships, and the strategic relationship with Mercoin/Mercari, and (xi) other risks and uncertainties discussed in the Company's filings with the U.S. Securities and Exchange Commission (the 'SEC'), including its Annual Report on Form 20-F for the fiscal year ended March 31, 2025, as such factors may be updated from time to time, which are or will be accessible on the SEC's website at The forward-looking statements included in this press release are made only as of the date of this press release and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law. Non-IFRS financial measures EBITDA and Adjusted EBITDA In addition to the Company's results determined in accordance with IFRS Accounting Standards, the Company presents EBITDA and Adjusted EBITDA, non-IFRS measures, because the Company believes they are useful in evaluating its operating performance. EBITDA represents net profit (loss) for the period before the impact of taxes, interest, depreciation, and amortization of intangible assets, and Adjusted EBITDA represents EBITDA, further adjusted mainly for transaction expenses that are directly attributable to the business combination with Thunder Bridge Capital Partners IV, Inc., accounted for as a reverse recapitalization, and including Nasdaq listing expenses incurred in connection with that business combination, and the other items explained in this paragraph. Adjusted EBITDA is being calculated differently for the first quarter of fiscal 2026 than it was previously calculated for the fourth quarter of fiscal 2025. When the Company announced its financial results on May 13, 2025 for the fourth quarter of fiscal 2025, the further adjustment to calculate Adjusted EBITDA consisted only of transaction expenses. For the first quarter of fiscal 2026, (a) further adjustments were made for the non-cash expenses of share-based compensation and change in fair value of warrant liability, and (b) in the quarter-over-quarter comparison published today, change in fair value of warrant liability was also included in Adjusted EBITDA for the fourth quarter of fiscal 2025 (it was not included as an adjustment for Adjusted EBITDA for the fourth quarter of fiscal 2025 in the Company's financial results published May 13, 2025). There was no share-based compensation in the fourth quarter or first quarter of fiscal 2025, and no change in fair value of warrant liability in the first quarter of fiscal 2025. See, also, the notes under 'Reconciliation of Adjusted EBITDA.' The Company uses EBITDA and Adjusted EBITDA to evaluate its ongoing operations and for internal planning and forecasting purposes and believes that EBITDA and Adjusted EBITDA may be helpful to investors because they provide consistency and comparability with past financial performance. However, EBITDA and Adjusted EBITDA are presented for supplemental informational purposes only, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. A reconciliation is provided below for each non-IFRS financial measure to the most directly comparable financial measure stated in accordance with IFRS. Investors are encouraged to review the related IFRS financial measures and the reconciliation of these non-IFRS financial measures to their most directly comparable IFRS financial measures, and not to rely on any single financial measure to evaluate Coincheck Group's business. Please see tables on the following pages for reconciliations of non-IFRS financial measures. For the convenience of the reader, where applicable, Coincheck Group has translated U.S. Dollar amounts from Japanese Yen at the exchange rate of ¥144.17 per $1.00, which was the ¥/$ exchange rate reported by the Federal Reserve Bank of New York as of June 30, 2025. This information is intended to be reviewed in conjunction with the Company's filings with the SEC. Japanese Yen For the three months ended June 30, June 30, March 31, (in millions) 2025 2024 2025 Revenue: Revenue ¥ 83,553 ¥ 75,294 ¥ 114,489 Other revenue 436 6 90 Total revenue 83,989 75,300 114,579 Expenses: Cost of sales 81,288 72,182 111,034 Selling, general and administrative expenses 3,571 2,474 3,556 Total expenses 84,859 74,656 114,590 Operating profit (loss) (870 ) 644 (11 ) Other income and expenses: Financial income 1 23 972 Financial expenses (251 ) (23 ) (11 ) Other income 1 8 5 Other expenses (132 ) (7 ) (72 ) Profit (loss) before income taxes (1,251 ) 645 883 Income tax expense 126 209 241 Net profit (loss) for the period attributable to owners of the Company ¥ (1,377 ) ¥ 436 ¥ 642 Japanese Yen United States Dollar* For the three months ended For the three months ended June 30, June 30, (in millions) 2025 2025 Revenue: Revenue ¥ 83,553 $ 579.5 Other revenue 436 3.0 Total revenue 83,989 582.6 Expenses: Cost of sales 81,288 563.8 Selling, general and administrative expenses 3,571 24.8 Total expenses 84,859 588.6 Operating profit (loss) (870 ) (6.0 ) Other income and expenses: Financial income 1 0.0 Financial expenses (251 ) (1.7 ) Other income 1 0.0 Other expenses (132 ) (0.9 ) Profit (loss) before income taxes (1,251 ) (8.7 ) Income tax expense 126 0.9 Net profit (loss) for the period attributable to owners of the Company ¥ (1,377 ) $ (9.5 ) _____________________________ * Convenience Translation into U.S. Dollars Japanese Yen As of June 30, As of March 31, (in millions) 2025 2025 Assets Current assets: Cash and cash equivalents ¥ 10,636 ¥ 8,584 Cash segregated as deposits 49,843 51,655 Crypto assets held 53,613 44,680 Customer accounts receivable 1,114 1,086 Other financial assets 109 62 Other current assets 653 1,035 Total current assets 115,968 107,102 Non-current assets: Property and equipment 1,795 1,909 Intangible assets 2,546 2,401 Crypto assets held 115 43 Other financial assets 531 433 Deferred tax assets 264 386 Total non-current assets 5,251 5,172 Total assets ¥ 121,219 ¥ 112,274 Liabilities and equity Liabilities: Current liabilities: Deposits received ¥ 50,993 ¥ 50,911 Crypto asset borrowings 53,307 44,479 Other financial liabilities 4,420 2,826 Income taxes payable 58 799 Excise tax payable 291 303 Other current liabilities 483 536 Total current liabilities 109,552 99,854 Non-current liabilities: Other financial liabilities 806 901 Warrant liability 615 410 Provisions 341 340 Total non-current liabilities 1,762 1,651 Total liabilities 111,314 101,505 Equity: Ordinary shares 213 213 Capital surplus 13,317 13,317 Share-based payment reserve 306 — Treasury shares (4 ) (4 ) Foreign currency translation adjustment 220 13 Retained earnings (accumulated deficit) (4,147 ) (2,770 ) Total equity 9,905 10,769 Total liabilities and equity ¥ 121,219 ¥ 112,274 Japanese Yen United States Dollar* As of June 30, As of June 30, (in millions) 2025 2025 Assets Current assets: Cash and cash equivalents ¥ 10,636 $ 73.8 Cash segregated as deposits 49,843 345.7 Crypto assets held 53,613 371.9 Customer accounts receivable 1,114 7.7 Other financial assets 109 0.8 Other current assets 653 4.5 Total current assets 115,968 804.4 Non-current assets: Property and equipment 1,795 12.5 Intangible assets 2,546 17.7 Crypto assets held 115 0.8 Other financial assets 531 3.7 Deferred tax assets 264 1.8 Total non-current assets 5,251 36.4 Total assets ¥ 121,219 $ 840.8 Liabilities and equity Liabilities: Current liabilities: Deposits received ¥ 50,993 $ 353.7 Crypto asset borrowings 53,307 369.8 Other financial liabilities 4,420 30.7 Income taxes payable 58 0.4 Excise tax payable 291 2.0 Other current liabilities 483 3.4 Total current liabilities 109,552 759.9 Non-current liabilities: Other financial liabilities 806 5.6 Warrant liability 615 4.3 Provisions 341 2.4 Total non-current liabilities 1,762 12.2 Total liabilities 111,314 772.1 Equity: Ordinary shares 213 1.5 Capital surplus 13,317 92.4 Share-based payment reserve 306 2.1 Treasury shares (4 ) (0.0 ) Foreign currency translation adjustment 220 1.5 Retained earnings (accumulated deficit) (4,147 ) (28.8 ) Total equity 9,905 68.7 Total liabilities and equity ¥ 121,219 $ 840.8 _____________________________ * Convenience Translation into U.S. Dollars Japanese Yen June 30, June 30, March 31, 2025 2024 2025 Reconciliation of EBITDA: Net profit (loss) for the period ¥ (1,377 ) ¥ 436 ¥ 642 Add: Income tax expenses 126 209 241 Profit before income taxes (1,251 ) 645 883 Add: Interest expense 24 7 16 Add: Depreciation and amortization 164 183 253 EBITDA ¥ (1,063 ) ¥ 835 ¥ 1,152 RECONCILIATION OF ADJUSTED EBITDA Japanese Yen For the three months ended June 30, June 30, March 31, 2025 2024 2025 Reconciliation of Adjusted EBITDA: Net profit (loss) for the period ¥ (1,377 ) ¥ 436 ¥ 642 Add: Income tax expenses 126 209 241 Profit before income taxes (1,251 ) 645 883 Add: Interest expense 24 7 16 Add: Transaction expenses excluding listing expense 1 143 179 540 Add: Change in fair value of warrant liability 2 223 — (973 ) Add: Share-based compensation 3 298 — — Add: Depreciation and amortization 164 183 253 Adjusted EBITDA ¥ (399 ) ¥ 1,014 ¥ 719 Prior to the first quarter of fiscal 2026, the Company had no share-based compensation expense. In evaluating how Adjusted EBITDA should be calculated for the first quarter of fiscal 2026 (and the foreseeable future), the Company considered, in addition to transaction expenses, the non-cash expenses of (i) share-based compensation, the majority of which consisted of Coincheck Group restricted share unit awards granted to two of Coincheck, Inc.'s co-founders, and other restricted share unit awards related to the business combination with Thunder Bridge Capital Partners IV, and (ii) change in fair value of warrant liability, which fluctuates quarter to quarter based on the Company's share price. The Company believes that showing its EBITDA results, further adjusted to exclude share-based compensation and change in fair value of warrant liability, can present a clearer view of the Company's operational performance, and is helpful to view together with EBITDA and net profit or loss. Japanese Yen United States Dollar* June 30, June 30, 2025 2025 Reconciliation of EBITDA: Net profit (loss) for the period ¥ (1,377 ) $ (9.5 ) Add: Income tax expenses 126 0.9 Profit before income taxes (1,251 ) (8.7 ) Add: Interest expense 24 0.2 Add: Depreciation and amortization 164 1.1 EBITDA ¥ (1,063 ) $ (7.4 ) RECONCILIATION OF ADJUSTED EBITDA Japanese Yen United States Dollar* For the three months ended For the three months ended June 30, June 30, 2025 2025 Reconciliation of Adjusted EBITDA: Net profit (loss) for the period ¥ (1,377 ) $ (9.5 ) Add: Income tax expenses 126 0.9 Profit before income taxes (1,251 ) (8.7 ) Add: Interest expense 24 0.2 Add: Transaction expenses excluding listing expense 143 1.0 Add: Change in fair value of warrant liability 223 1.5 Add: Share-based compensation 298 2.1 Add: Depreciation and amortization 164 1.1 Adjusted EBITDA ¥ (399 ) $ (2.8 ) _____________________________ * Convenience Translation into U.S. Dollars
