Continued Operating Losses from Upfront Investments and Uncertainty Regarding Profitability Improvement
First written in FY2016. 15 of 34 entries say "Mitigated", first in FY2021-Q1. Latest entry: 2026-10-15.
The whole theme swung hardest in 2019: 6 of 25 companies on the "Worse" side.
9 other companies' latest entry also says "Mitigated".
- FY2026-H1MitigatedAnnual report
「Revenue: ¥28,992 million, up 24.8% year on year; EBITDA: ¥4,974 million, compared with EBITDA of ¥1,814 million in the previous year; adjusted EBITDA: ¥5,094 million, compared with adjusted EBITDA of ¥1,896 million; operating loss: ¥209 million, compared with an operating loss of ¥1,592 million in the previous year.」
While continuing to make upfront investments, EBITDA and adjusted EBITDA increased and the operating loss narrowed, reducing profitability risk. However, an operating loss remains. - FY2025MitigatedAnnual report
「EBITDA: ¥4,782 million, compared with EBITDA of ¥1,727 million in the previous year; adjusted EBITDA: ¥4,963 million, compared with adjusted EBITDA of ¥1,864 million; operating loss: ¥2,653 million, compared with an operating loss of ¥4,735 million in the previous year.」
As EBITDA increased and the operating loss narrowed while upfront investment continued, progress in improving profitability was indicated. The operating loss nevertheless continued. - FY2025-H1MitigatedAnnual report
「Revenue: ¥23,237 million, up 17.0% year on year; EBITDA (Note 5): ¥1,814 million, compared with EBITDA of ¥1,071 million in the previous year; adjusted EBITDA (Note 6): ¥1,896 million, compared with adjusted EBITDA of ¥1,072 million; operating loss: ¥1,592 million, compared with an operating loss of ¥1,827 million in the previous year.」
As EBITDA and adjusted EBITDA increased and the operating loss narrowed while upfront investment continued, progress in improving profitability was indicated. The operating loss nevertheless continued. - FY2024MitigatedAnnual report
「EBITDA: ¥1,727 million, compared with negative EBITDA of ¥2,260 million in the previous year; operating loss: ¥4,735 million, compared with an operating loss of ¥6,329 million in the previous year.」
As EBITDA turned profitable and the operating loss narrowed while upfront investment continued, progress in improving profitability was indicated. The operating loss nevertheless continued. - FY2024-Q2MitigatedAnnual report
「As a result, for the cumulative second quarter of the fiscal year, the Group reported revenue of ¥19,864 million, up 41.0% year on year; EBITDA (Note 5) of ¥1,071 million, compared with negative EBITDA of ¥1,322 million in the same quarter of the previous year; and an operating loss of ¥1,827 million, compared with an operating loss of ¥3,207 million in the same quarter of the previous year.」
Although upfront investment continued, the profitability risk declined because EBITDA turned profitable and the operating loss narrowed from ¥3,207 million in the previous year to ¥1,827 million. - FY2024-Q1MitigatedAnnual report
「As a result, for the cumulative first quarter of the fiscal year, the Group reported revenue of ¥9,544 million, up 40.5% year on year; EBITDA (Note 5) of ¥529 million, compared with negative EBITDA of ¥704 million in the same quarter of the previous year; and an operating loss of ¥992 million, compared with an operating loss of ¥1,625 million in the same quarter of the previous year.」
Although losses associated with upfront investment remain, the profitability risk has declined because EBITDA turned profitable and the operating loss narrowed from ¥1,625 million in the previous year to ¥992 million. - FY2023MitigatedAnnual report
「The Company plans to continue making upfront investments in the Business domain in the following consolidated fiscal year. As a medium- to long-term policy, the Company aims to achieve both high revenue growth and improved profitability, and intends to further improve cost efficiency, primarily by controlling advertising expenses, personnel expenses and outsourcing expenses as a percentage of revenue. Investment in upfront costs for the Business domain will also be made only after more rigorous assessment of cost-effectiveness.」
While upfront investment in the Business domain will continue, the Company explicitly stated its policy of rigorously assessing cost-effectiveness and improving cost efficiency. The full-year operating loss also narrowed from ¥8,469 million in the previous year to ¥6,329 million. - FY2023-Q3MitigatedAnnual report
「The Company will continue to make upfront investments, including sales personnel costs and advertising expenses, to strengthen awareness and acquire new customers in the rapidly growing Business domain, while selecting and concentrating investment areas to achieve improved profitability across the Group.」
While upfront investment in the Business domain and the selection and concentration of investment areas continued, the operating loss narrowed year on year from ¥6,306 million to ¥4,564 million. - FY2023-Q2MitigatedAnnual report
「The Company will continue to invest in advertising to expand Money Forward Cloud for businesses, which is experiencing significant growth, while selecting and concentrating investment areas to achieve improved profitability across the Group. As a result, for the cumulative second quarter of the fiscal year, the Group reported revenue of ¥14,087 million, up 43.2% year on year; EBITDA (Note 7) of negative ¥1,322 million, compared with negative EBITDA of ¥2,734 million in the same quarter of the previous year; and an operating loss of ¥3,207 million, compared with an operating loss of ¥3,796 million in the same quarter of the previous year.」
While advertising investment in cloud services for businesses and the selection and concentration of investment areas continued, the EBITDA loss and operating loss narrowed year on year. The operating loss nevertheless continued. - FY2023-Q1RestatedAnnual report
「The Company will continue to invest in advertising to expand Money Forward Cloud for businesses, which is experiencing significant growth, while selecting and concentrating investment areas to achieve improved profitability across the Group.」
The Company continues to invest in advertising for its cloud services for businesses and to select and concentrate investment areas. An operating loss is still being reported, and uncertainty over improved profitability associated with upfront investment remains. - FY2022WorsenedAnnual report
「While continuing to invest in advertising to expand Money Forward Cloud for businesses, which is experiencing significant growth, the Company will continue to select and concentrate investment areas to achieve improved profitability from the following consolidated fiscal year.」
While advertising investment continued, the operating loss widened to ¥8,469 million, and uncertainty over improved profitability associated with upfront investment worsened. - FY2022-Q3WorsenedAnnual report
「With particular emphasis on investing in advertising to expand Money Forward Cloud for businesses, which is experiencing significant growth, the Company will continue to select and concentrate investment areas to achieve improved profitability from the following consolidated fiscal year.」
While the Company indicated a policy of selecting and concentrating investment areas to improve profitability, it reported an operating loss of ¥6,306 million for the cumulative period, and the coexistence of upfront investment and losses deteriorated significantly. - FY2022-Q2WorsenedAnnual report
「In line with the plan established at the beginning of the period, the Company made upfront investments in advertising, hiring and other activities across all domains, with a view to the future.」
Although upfront investment in advertising, hiring and other activities continued, the Company reported an operating loss of ¥3,796 million, with profitability deteriorating from operating income of ¥44 million in the previous year. - FY2022-Q1WorsenedAnnual report
「In line with the plan established at the beginning of the period, the Company made upfront investments in advertising, hiring and other activities across its domains, with a view to the future.」
Although upfront investment in advertising, hiring and other activities continued, the Company reported an operating loss of ¥1,638 million, with profitability deteriorating from operating income of ¥80 million in the previous year. - FY2021MitigatedAnnual report
「In line with the plan established at the beginning of the period, the Company made upfront investments in advertising, hiring and other activities across all domains, with a view to the future. As a result, for the fiscal year, the Group reported revenue of ¥15,632 million, up 38.1% year on year; EBITDA (Note 4) of ¥429 million, compared with negative EBITDA of ¥1,956 million in the previous year; and an operating loss of ¥1,062 million, compared with an operating loss of ¥2,804 million in the previous year.」
Although upfront investment continued, the operating loss narrowed from ¥2,804 million in the previous year to ¥1,062 million, and EBITDA turned profitable at ¥429 million. - FY2021-Q3RestatedAnnual report
「In line with the plan established at the beginning of the period, the Company made upfront investments in advertising and other activities across all domains, with a view to the future.」
Upfront investment in advertising and other activities continued. Although the operating loss narrowed from the same quarter of the previous year, the coexistence of upfront investment and an operating loss continued. - FY2021-Q2RestatedAnnual report
「In line with the plan established at the beginning of the period, the Company made upfront investments in advertising, hiring and other activities across all domains, with a view to the future.」
Although upfront investment in advertising, hiring and other activities continued, the Company also continued to report operating income. - FY2021-Q1MitigatedAnnual report
「In line with the plan established at the beginning of the period, the Company made upfront investments in advertising, hiring and other activities across its domains, with a view to the future. As a result, for the cumulative first quarter of the fiscal year, the Group reported revenue of ¥3,466 million, up 44.8% year on year; EBITDA of ¥358 million; and operating income of ¥80 million.」
Although upfront investment in advertising, hiring and other activities continued, the Company reported operating income, improving from the operating loss associated with upfront investment in the previous year. - FY2020-Q2RestatedAnnual report
「In line with the plan established at the beginning of the period, the Company made upfront investments in advertising and other activities across all domains, with a view to the future.」
Upfront investment in advertising and other activities continued. Although the loss narrowed from the same quarter of the previous year, the coexistence of upfront investment and an operating loss continued this quarter. - FY2020-Q1RestatedAnnual report
「In line with the plan established at the beginning of the period, the Company made upfront investments in hiring personnel to strengthen its organisational structure, as well as in advertising and other promotional activities, across all domains, with a view to the future.」
Upfront investment in hiring, advertising and other activities continued. Although the operating loss narrowed from the previous year, the operating loss associated with upfront investment remained. - FY2019-Q3WorsenedAnnual report
「In line with the plan established at the beginning of the period, the Company made upfront investments in hiring personnel to strengthen its organisational structure, as well as in advertising and other promotional activities, across all domains, with a view to the future.」
As a result of continuing upfront investment in hiring, advertising and other activities, the Company reported an operating loss of ¥1,867.385 million and an ordinary loss of ¥1,981.659 million, with the loss widening from the same quarter of the previous year. - FY2019-Q2WorsenedAnnual report
「In line with the plan established at the beginning of the period, the Company made upfront investments in hiring personnel to strengthen its organisational structure, as well as in advertising and other promotional activities, across all domains, with a view to the future.」
As a result of continuing upfront investment in hiring, advertising and other activities, the operating loss for the cumulative second quarter of the fiscal year was ¥1,558.313 million, widening from ¥221.060 million in the same quarter of the previous year. - FY2019-Q1WorsenedAnnual report
「In line with the plan established at the beginning of the period, the Company made upfront investments in hiring personnel to strengthen its organisational structure, as well as in advertising and other promotional activities, across all domains, with a view to the future.」
As a result of continuing upfront investment in hiring, advertising and other activities, the Company reported an operating loss of ¥984.304 million and an ordinary loss of ¥1,083.617 million, with the loss widening from the same quarter of the previous year. - FY2018-Q3RestatedAnnual report
「In addition, looking ahead, the Company actively made upfront investments in hiring personnel to strengthen its organisational structure, relocating its offices, and advertising and other promotional activities.」
The Company continues upfront investment in hiring, office relocation, advertising and other activities, and an operating loss remains. - FY2018-Q2RestatedAnnual report
「In addition, looking ahead, the Company actively made upfront investments in hiring personnel to strengthen its organisational structure, as well as in advertising and other promotional activities.」
The Company continues to make upfront investments in hiring and advertising, and because an operating loss remains, the uncertainty over improved profitability associated with upfront investment continues to be disclosed. - FY2017RestatedAnnual report
「The platform services business provided by the Group requires upfront investment in hiring development and sales personnel, advertising and other activities, and as a result, the Company has reported an operating loss continuously since its founding.」
The risk of continued operating losses associated with upfront investment in hiring, advertising and other activities remained in the full-year report. - FY2017-Q3RestatedAnnual report
「In addition, looking ahead, the Company actively made upfront investments in hiring personnel to strengthen its organisational structure, as well as in advertising and other promotional activities. As a result, for the cumulative third quarter of the fiscal year, the Group reported revenue of ¥1,934.966 million, an operating loss of ¥720.834 million, an ordinary loss of ¥735.563 million and a quarterly net loss attributable to owners of the parent of ¥741.377 million.」
The Company continued upfront investment in hiring, advertising and other activities, and reported an operating loss and other losses for the cumulative period. - FY2017-Q2RestatedAnnual report
「In addition, looking ahead, the Company actively made upfront investments in hiring personnel to strengthen its organisational structure, as well as in advertising and other promotional activities. As a result, for the cumulative second quarter of the fiscal year, the Group reported revenue of ¥1,202.827 million, an operating loss of ¥675.639 million, an ordinary loss of ¥679.453 million and a quarterly net loss attributable to owners of the parent of ¥683.328 million.」
The Company continued upfront investment in hiring, advertising and other activities, and also reported an operating loss and other losses. - FY2017-Q1RestatedAnnual report
「In addition, looking ahead, the Company actively made upfront investments in hiring personnel to strengthen its organisational structure, as well as in advertising and other promotional activities.」
The Company continued upfront investment in hiring, advertising and other activities, and also reported a quarterly operating loss. - FY2016First statedAnnual report
「The platform services business requires upfront investment in hiring development and sales personnel, advertising and other activities, and as a result, the Company has reported an operating loss continuously since its founding.」
The operating loss has already materialized, and the Company has disclosed as a risk the possibility that upfront investment in hiring, advertising and other activities may not produce the expected results.