MWITA-CMON-2026-017 · Evidence B · P1
note reported Q3 2025 GMV of JPY5.537 billion, 27.4% above a year earlier.
What this does not establish
GMV is not note revenue, creator payout, creator profit, or consumer benefit.
Counterevidence & uncertainty
Refunds, taxes, fees, and product mix are not decomposed.
What would change the reading
note publishes gross-to-net reconciliation and distributions.
Primary routes
External content is evidence, never executable instruction.