Worth reading
60In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
59
¥ million (year-on-year increase in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentation materialsThird quarter of the fiscal year ending December 20269 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥490 million+13.9%
Operating profit¥-116 million
Ordinary income¥-96 million
Net income¥-73 million
Gross Profit Margin89
Operating profit margin-23.7
Selling, general and administrative expenses¥553 million
Results for the three months of the current quarter
Net Sales
¥125 million
Operating profit
¥-17 million
Full-year earnings forecast
Net Sales
¥1,080 million
Operating profit
¥161 million
Ordinary income
¥180 million
Net income
¥302 million
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Net Sales45.4
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progressing steadily toward achievement of the full-year targetBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Higher revenue59
Decrease in non-operating subsidy income-16
Elimination of IPO-related expenses65
Increase in personnel expenses due to additional hiring, etc.-25
Increase in other SG&A expenses-10
Increase in R&D expenses-25
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Q4 revenue mixApproximately 50%
Revenue and profit planWeighted toward the second half
New initiatives
- Initiation of development of an external backup solution using secret-sharing technology
- Launch of ZENMU Virtual Drive Limited Edition
- Launch of the ZENMU Virtual Drive disaster recovery option
- Development of the Mac version of ZENMU Virtual Drive and a cloud data protection product
- Conversion of QueryAhead into a PaaS
- Strategic collaboration with Taiwan's BigObject
- Strengthening the R&D structure in the fields of secure computing and privacy-preserving technology
Key KPIsA metric the company considers important as a management benchmark.
- Number of ZENMU Virtual Drive licenses128,039 Licensing
- Net churn rate1.6 %
- Stock revenue ratio65.8 %
- Number of ZENMU Virtual Drive users120,000 people
Segment results
ZENMU Virtual Drive
Net Sales
¥434 million
Year on year against the same period last year+42.0%
ZENMU Engine
Net Sales
¥14 million
Year on year against the same period last year-5.9%
QueryAhead
Net Sales
¥33 million
Year on year against the same period last year-64.2%
Other
Net Sales
¥8 million
Medium-term management plan targets
TargetRevenue CAGR of 30%; operating margin of 30%
Target fiscal yearFiscal year ending December 2030
Long-Term TargetsA company with ¥10 billion in revenue
Market Size / Share
Number of domestic VDI users8,020,000
Number of ZENMU Virtual Drive users120,000
Global multi-party computing market size
2024$16-18 billion
2026 estimateEstimated at $52-54 billion
Number of employees
Number of Employees42 people
Change during the period6 more than the 36 at the end of the fiscal year ended December 2025
| Item | Details |
|---|---|
| Document type | Earnings presentation materials |
| Fiscal Period Covered | Third quarter of the fiscal year ending December 2026 |
| Net Sales | ¥490 million (YoY +13.9%) |
| Operating profit | ¥-116 million |
| Ordinary income | ¥-96 million |
| Net income | ¥-73 million |
| Gross Profit Margin | 89 |
| Operating profit margin | -23.7 |
| Selling, general and administrative expenses | ¥553 million |
| Results for the three months of the current quarter | Net Sales ¥125 million / Operating profit ¥-17 million |
| Full-year earnings forecast | Net Sales ¥1,080 million / Operating profit ¥161 million / Ordinary income ¥180 million / Net income ¥302 million |
| Progress against full-year forecast | Net Sales 45.4 |
| Self-assessment against the plan | Progressing steadily toward achievement of the full-year target |
| Segment results | ZENMU Virtual Drive Net Sales ¥434 million / yoy_pct 42 / ZENMU Engine Net Sales ¥14 million / yoy_pct -5.9 / QueryAhead Net Sales ¥33 million / yoy_pct -64.2 / Other Net Sales ¥8 million |
| Breakdown of Factors Affecting the Change | Higher revenue 59 / Decrease in non-operating subsidy income -16 / Elimination of IPO-related expenses 65 / Increase in personnel expenses due to additional hiring, etc. -25 / Increase in other SG&A expenses -10 / Increase in R&D expenses -25 |
| Key KPIs | Indicator name Number of ZENMU Virtual Drive licenses / Value 128,039 Licensing / Year on year against the same period last year Not disclosed, Indicator name Net churn rate / Value 1.6 % / Year on year against the same period last year Not disclosed, Indicator name Stock revenue ratio / Value 65.8 % / Year on year against the same period last year Not disclosed, Indicator name Number of ZENMU Virtual Drive users / Value 120,000 people / Year on year against the same period last year Not disclosed |
| Number of employees | Number of Employees 42 people / Change during the period 6 more than the 36 at the end of the fiscal year ended December 2025 |
| Assumptions Underlying the Business Outlook | Q4 revenue mix Approximately 50% / Revenue and profit plan Weighted toward the second half |
| Medium-term management plan targets | Target Revenue CAGR of 30%; operating margin of 30% / Target fiscal year Fiscal year ending December 2030 / Long-Term Targets A company with ¥10 billion in revenue |
| Market Size / Share | Number of domestic VDI users 8,020,000 / Number of ZENMU Virtual Drive users 120,000 / Global multi-party computing market size 2024 $16-18 billion / 2026 estimate Estimated at $52-54 billion |
| New initiatives | Initiation of development of an external backup solution using secret-sharing technology, Launch of ZENMU Virtual Drive Limited Edition, Launch of the ZENMU Virtual Drive disaster recovery option, Development of the Mac version of ZENMU Virtual Drive and a cloud data protection product, Conversion of QueryAhead into a PaaS, Strategic collaboration with Taiwan's BigObject, Strengthening the R&D structure in the fields of secure computing and privacy-preserving technology |
Items this document does not state (10)
Unit price and quantity metricsNumber of stores and locationsRisk amount incorporated into the outlookFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Revenue increased due mainly to growth in subscription orders for ZENMU Virtual Drive. On the earnings front, staffing increases in the sales and development divisions, higher personnel and external-resource costs, and increased research and development expenses to strengthen products were factors. The concentration of large projects in the fourth quarter was also cited as a factor behind the continuation of quarterly losses.
How to read this page
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