Core Insights - The main question regarding Strategy (MSTR) is whether it will list a perpetual preferred equity or "digital credit" in Japan, to which executive chairman Michael Saylor responded that it will not happen in the next twelve months [1] Group 1: Metaplanet's Digital Credit Instruments - Metaplanet is planning to introduce its own digital credit instruments, "Mercury" and "Mars," into Japan's perpetual preferred market, which currently has only five listed equities [2] - Mercury, described as Metaplanet's version of Strategy's STRK, offers a yield of 4.9% in yen and includes convertibility, significantly higher than Japanese bank deposits and money market funds [2] - Mars is designed to mirror Strategy's STRC, a short duration high yield credit product, and comes as Strategy has expanded its own perpetual preferred program [3] Group 2: Market Mechanisms and Strategies - Japan does not permit at-the-market share sales (ATM) like those used by Strategy, leading Metaplanet to utilize a moving strike warrant (MSW) for its perpetual preferred offerings [4] - Saylor advocates for broad participation in issuing digital credit, expecting around a dozen issuers, while Gerovich emphasizes the importance of balance sheet strength and plans to focus on issuing credit primarily in Japan and Asia [5]

Space Exploration & Distance - Mars is currently 225 million miles (approximately 362 million kilometers) away from Earth [1] Visual Data - A picture of Mars was taken today [1]

Financial Data and Key Metrics Changes - Company reported a revenue growth of 50% in 2024, increasing from approximately $6.1 million compared to 2023 [10][23] - Net loss decreased from $3.7 million in 2022 to $2.7 million in 2023, and further to $1.2 million in 2024, representing a decrease of over 54% compared to 2023 [24] - Cash and cash equivalents as of December were approximately $2.3 million, sufficient to support growth and operations for the next twelve months [24] Business Line Data and Key Metrics Changes - The main focus is on the defense market, with significant revenue generation expected in 2024 due to increased demand for defense technology [8][9] - Company has developed unique solutions for various applications, including drones and armored vehicles, with over 1,000 tanks equipped with their technology [15][16] Market Data and Key Metrics Changes - The worldwide edge computing market is growing rapidly, with increasing deployment of drones and robots in modern warfare [9] - Company is expanding its presence in Western Europe, North America, Eastern Europe, and India, where there is a clear demand for their technology [11] Company Strategy and Development Direction - Company aims to provide final products and leverage strategic partnerships to enhance market opportunities [9][16] - Focus on miniature low power solutions for drones, with significant market potential highlighted, especially in regions like Ukraine [18][19] Management's Comments on Operating Environment and Future Outlook - Management emphasized the strong revenue generation potential from the defense market in 2024, driven by global demand for advanced defense solutions [8][10] - The company is positioned as a leader in edge computing solutions, particularly in miniature low power applications [10] Other Important Information - Company has established partnerships with key players in the industry, including HALO for AI capabilities and various defense contractors [6][7] - Recent announcements include significant orders for intelligence gathering and situational awareness platforms, indicating strong market interest [12][13] Q&A Session Summary Question: What is the status of the agreement with the Indian distributor? - Management stated that the agreement with the Indian distributor is expected to open new opportunities in the defense market, and there is no direct relation to the recent drop in stock price [27] Question: Why were revenues lower in the second half of 2023 compared to the first half of 2024? - CFO explained that revenues are not linear throughout the year due to the nature of project-based orders, leading to fluctuations [29] Question: What are the future expectations for revenue? - Management indicated that future forecasts are not public information at this stage [29]