Studio Kai: in financial trouble despite popular anime

Studio Kai, the animation studio behind the popular anime Umamusume: Pretty Derby , has recently been in serious financial trouble. Despite releasing several hit series, the company has reported losses for seven consecutive years, raising concerns about its financial future.

Studio Kai's financial situation

In April 2026, Studio Kai reported a net loss of around 248 million yen (about $1.5 million) for the previous fiscal year. That brings the company's total net loss to 565 million yen, or roughly $3.5 million. The ongoing losses have fueled speculation about possible insolvency, with some suggesting Studio Kai may be on the brink of bankruptcy.

Causes of the losses

The reasons behind the continued losses are not entirely clear. Despite the success of Umamusume: Pretty Derby , which was even considered one of the best-selling anime Blu-rays of 2021, the studio has reportedly never turned a profit since its founding in 2019. The studio had already disclosed a net loss of 165 million yen for its first anime, the second season of Umamusume , in January 2021.

The role of ADK Holdings

Fans have speculated that ADK Holdings, Studio Kai's parent company and owned by South Korean gaming company Krafton, may step in to support the studio. There are signs that ADK Holdings is providing capital injections and indirectly benefiting from anime commission deals. This has led some to believe Studio Kai's financial troubles may be part of a strategy to gain tax advantages.

Future projects

Despite its financial problems, Studio Kai recently announced that it is working on several new projects, including a second season of Sentenced to Be a Hero and the fourth season of Umamusume , both planned for late 2026 or early 2027. These announcements suggest there is still confidence within the studio about future productions.

Conclusion

Studio Kai's financial situation raises questions about the company's long-term sustainability, especially given its success with popular titles. While fans are hopeful for a possible rescue by ADK Holdings, the coming years will be crucial for the studio's survival. Continued production of popular anime may eventually help pull it out of financial trouble.