Earlyworks Co., Ltd. (ELWS) - Dilution Analysis

Visualizing historical and potential share dilution over time

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Dilution Analysis

Medium Risk

Moderate dilution risk

Last updated: November 25, 2025

Risk Assessment Details

Potential Dilution: 250.87% of current shares

Recent Dilution: 0.2% (2 years)

Historical Dilution Factor: minimal recent dilution

Outstanding Shares

14M

Potential Supply

35M

Additional shares possible

Splits

None

Past 2 years

Summary

ELWS currently has 13.8M outstanding shares. with significant dilution risk as 34.7M authorized shares could dilute existing holders by 250.9%. The company has minimally diluted shareholders by 0.2% over the past 2 years.

Share Structure Timeline

Outstanding Shares

Total Supply

Historical Data Points

Date	Event	Outstanding	Supply
Nov 25, 2025	F-1 filing: This F-1 filing covers the resale of up to 34,719,240 Ordinary Shares represented by up to 6,943,848 ADSs by Selling Shareholders upon the exercise of Exercisable Securities issued pursuant to the 2025 Private Placements.	14M	35M
Aug 27, 2025	20-F filing \| 13.8M shares outstanding	14M	0
Aug 26, 2024	20-F filing \| 13.8M shares outstanding	14M	0
Sep 15, 2023	20-F filing \| 15.0M shares outstanding	15M	0

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