TNL Mediagene by the numbers, 300 million yen of trading volume and a delisting process under way

The short version

• A project on the Gizmart platform reached more than 300 million yen of trading volume in five days. The figure is correct.
• Three days earlier, on 22 June 2026, the exchange determined that the shares are subject to removal from trading.
• Market value at the end of July 2026 was around 1.1 million dollars, against 2025 revenue of 35.8 million dollars.

What the 300 million yen refers to

On 29 June 2026 the company announced that a project run through its Gizmart platform had reached more than 300 million yen of trading volume within five days. It was a crowdfunding campaign for a device developed jointly with a peripherals maker. An earlier project on the same platform had reached 100 million yen within twelve hours, and a later one passed 500 million yen.

The unit is what matters. Trading volume describes the total value of all goods sold through a platform. The operator's own revenue is only a fraction of that, namely its commission or margin. In a joint product development, several parties also share the proceeds. 300 million yen is about two million dollars. How much of it reaches the company was not disclosed.

For comparison, 2025 revenue was 35.8 million dollars. Even if the company kept the whole amount, it would be a few percent of the annual figure.

The situation on the exchange

On 22 June 2026 the exchange determined that the company's securities are subject to removal from trading. Two breaches were named. The minimum share price of one dollar is not met, and shareholders equity falls below the minimum of 2.5 million dollars.

A request for a hearing suspends implementation for the time being, so the stock keeps trading until the panel decides. One rule makes matters worse. A company that has already carried out a reverse split within the preceding year gets no new cure period for the minimum price.

That is exactly the case here. The company had done a one for twenty reverse split to meet the price requirement. Before that, in January 2026, a hearings panel had granted continued listing with a deadline of 7 January 2026 and a one year monitoring period. A step meant to buy time became an obstacle.

Market value at the end of July 2026 was around 1.1 million dollars at a price of about 36 cents. That makes the company the smallest on the entire list.

The business figures

For 2024 the company reported revenue of 48.49 million dollars after 35.84 million dollars the year before, a gain of 35.31 percent. The loss that year was 85.00 million dollars. A loss larger than revenue usually comes from write-downs on assets, where no money actually leaves the company. For this particular case the cause was not broken down in the sources checked.

For 2025 revenue was 35.8 million dollars with a net loss of 1.2 million dollars. The loss shrank sharply, but revenue also fell by about a quarter.

Cash outflow from operations was 1.4 million dollars. The current ratio stood at 0.54. That means for every dollar due within twelve months, only 54 cents are available at short notice. According to analyses the 2025 annual report carries a going concern note.

What has improved

At the end of July 2026 the company repaid convertible notes and terminated a structured financing agreement. An analyst house then pointed to improved financial flexibility and a smaller overhang of potential new shares. That is real relief, but it changes nothing about the operating position.

The company has also set up a special committee to review strategic options. On the operating side it reports a partnership with a large American retail group, admission to a support programme for artificial intelligence in media companies, and growth at individual media brands.

One analyst house raised its price target from 3.50 to 14 dollars and kept its rating of speculative buy.

Frequently asked questions

Is the 300 million yen the company's revenue

No. It is trading volume, meaning the total value of goods sold through the platform. The operator keeps only its commission or margin, and in a joint product development several parties share the proceeds. The company's share was not disclosed.

Will the stock be removed from trading now

Not yet. The determination of 22 June 2026 starts a process, and a request for a hearing suspends implementation for the time being. Trading continues until the panel decides. An outcome in the company's favour is possible but not assured.

Why would another reverse split not help

Because a one for twenty reverse split has already been carried out. Under the relevant listing rule, a company that has done a reverse split within the preceding year gets no new cure period for the minimum price. Its main instrument is used up.

What does a current ratio of 0.54 mean

It sets assets available at short notice against liabilities due within a year. At 0.54, each dollar due is matched by 54 cents on hand. That is not an automatic payment problem, but it makes the company dependent on new inflows or new financing.

What should be watched at this company

Not the platform figures, but the outcome of the hearing and whether shareholders equity can be brought back above 2.5 million dollars. The special committee suggests that management itself is looking for a fundamental solution.

This text is not investment advice. It reports verifiable figures and puts them in context.

This analysis is for information only and is not investment advice.