“Studio Kai is currently in a state of insolvency,” a spokesperson confirmed on April 13, 2026, marking a significant downturn for the anime studio. This announcement follows a troubling trend of financial losses that have plagued the company since its establishment.
Founded in June 2019 as a subsidiary of ADK Emotions, Studio Kai has never reported a profit. The studio’s notable works, including Umamusume: Pretty Derby and Sentenced To Be A Hero, have garnered attention, yet they were not enough to secure financial stability. In fact, Studio Kai reported a staggering net loss of 565 million yen (approximately $3.5 million) for the 2025 fiscal year, contributing to a total of seven consecutive years of financial losses.
The financial struggles of Studio Kai have raised serious concerns about the future of its more than 130 employees. As the studio’s parent company, ADK Holdings, owned by Krafton, has been providing capital injections to keep it afloat, the sustainability of this support remains uncertain. “Their parent company is keeping them afloat with capital injections and they are also the ones who profit the most from the anime committee deals,” noted an industry insider.
Studio Kai’s financial woes are not isolated. The company recorded a loss of 248 million yen in the previous fiscal year and has faced losses since its first financial report, which showed a deficit of 402 million yen. The studio’s inability to turn a profit has raised questions about its operational viability and future projects.
Despite the studio’s efforts to produce popular content, the financial realities have been stark. The purchase of ADK Holdings by Krafton for 75 billion yen in 2025 was seen as a potential lifeline, but it appears that the financial health of Studio Kai was not significantly improved by this acquisition.
As of now, details remain unconfirmed regarding the impact of Studio Kai’s insolvency on its upcoming projects. No official statement has been released by either Studio Kai or ADK Holdings concerning the insolvency filing or future plans, leaving many in the industry speculating about the next steps.
The situation at Studio Kai serves as a cautionary tale within the anime industry, highlighting the challenges that can arise from prolonged financial losses. As the studio navigates this difficult period, the focus will be on how it manages its insolvency and the implications for its talented workforce and ongoing projects.