Worth reading
54Recurring
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
294
¥ million (year-on-year increase in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationInterim period of the fiscal year ending December 202611 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥1,096 million+36.5%
Operating profit¥261 million+16.3%
Ordinary income¥253 million+13.1%
Net income¥143 million-1.9%
Selling, general and administrative expenses¥502 million
Gross Profit MarginNot disclosed (cost of sales ratio: 30.3%, up 0.2 percentage points year on year)
Operating profit margin23.8%, down 4.2 percentage points year on year
Full-year earnings forecast
Net Sales
¥2,330 million
Operating profit
¥550 million
Ordinary income
¥540 million
Net income
¥318 million
Adjusted EBITA
¥770 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 Sales47.1%
rakumo services revenue48.2%
Other services revenue44.2%
Cost of sales49.2%
Selling, general and administrative expenses45.4%
Adjusted EBITA48.6%
Operating profit47.4%
Ordinary income47.1%
Net income for the current fiscal year44.7%
MRR increase from price revisions62% of the annual plan
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progressing as planned / progressing smoothly / progressing at a pace above planKey points of the Q&AKey questions raised by investors at the briefing and the company's answers
- Reason for the increase in SG&A expenses: DEGINA's sales personnel expenses and amortization of goodwill and other intangible assets related to DEGINA and Agent Share were the main factors.
- Reason for the weak growth in net income: the effective tax burden increased due to higher amortization of goodwill and other intangible assets.
- Reason for disclosing adjusted net income and EPS: to show recurring profit after adjusting for the impact of goodwill and other intangible asset amortization and other effects resulting from M&A.
- Impact of price revisions in the second half: the company explained the impact based on higher sales per license and growth in the number of licenses.
- Churn rate and price revisions: the churn rate was 0.71%, and price revisions are progressing smoothly.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Cost of sales
Production costs+¥57 million (including +¥38 million in server costs for Google)
Personnel Expenses+¥24 million
Labor Costs+¥27 million
Software depreciation+¥14 million
Transfers to other accounts+¥19 million (a factor reducing cost of sales)
Selling, general and administrative expenses
Personnel Expenses+¥79 million
Amortization of goodwill and other intangible assets+¥66 million
Shareholder Benefit Costs+¥13 million
Price revisionFirst-half MRR: +¥15 million; +¥3 million versus plan (+25.0%)
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The outlook assumes that revenue and profit will accumulate toward the second half because of the company's cumulative business model.New initiatives
- Development began on the rakumo Agent for rakumo Workflow, with launch scheduled during FY2026.
- The discussion feature for rakumo Workflow was released on 27 July 2026.
- System integration with OLGA, GVA TECH's legal automation SaaS, began on 12 August 2026.
- Full-scale adoption of generative AI in development
- Price revisions for certain rakumo products
- Stronger sales promotion for rakumo for Microsoft 365
- Launch of a shareholder benefit program with a record date of 30 June 2026
Key KPIsA metric the company considers important as a management benchmark.
- ARR¥20.1 hundred million+26.2%
- ARPU¥778 thousand+22.1%
- Number of paid licenses126 10,000 IDs+4.1%
- License revenue¥10.8 hundred million+37.7%
- Churn rate0.71 %
- Number of clients2,583 companies
- Developer productivity38 % increase year on year
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Number of paid licenses1,265 thousand IDs, QoQ +20 thousand IDs
Number of clients2,583 companies, QoQ +25 companies
Sales per license¥1,339, up 15.3% year on year
Sales per client¥655,500, up 16.1% year on year
Segment results
rakumo services
Net Sales
¥799 million+15.7%
Other Services
Net Sales
¥297 million+165.6%
Medium-term management plan targets
Price target¥2,000
Development Productivity2x the FY2025 level by FY2027
Market Size / Share
Japan groupware market¥636.5 billion in FY2025 and ¥740.1 billion in FY2028
Google and Microsoft market shares93%
Number of employees
Approximately 130 employees (as of the end of December 2025, consolidated)| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Interim period of the fiscal year ending December 2026 |
| Net Sales | ¥1,096 million (YoY +36.5%) |
| Operating profit | ¥261 million (YoY +16.3%) |
| Ordinary income | ¥253 million (YoY +13.1%) |
| Net income | ¥143 million (YoY -1.9%) |
| Gross Profit Margin | Not disclosed (cost of sales ratio: 30.3%, up 0.2 percentage points year on year) |
| Operating profit margin | 23.8%, down 4.2 percentage points year on year |
| Selling, general and administrative expenses | ¥502 million |
| Full-year earnings forecast | Net Sales ¥2,330 million / Operating profit ¥550 million / Ordinary income ¥540 million / Net income ¥318 million / Adjusted EBITA ¥770 million |
| Progress against full-year forecast | Net Sales 47.1% / rakumo services revenue 48.2% / Other services revenue 44.2% / Cost of sales 49.2% / Selling, general and administrative expenses 45.4% / Adjusted EBITA 48.6% / Operating profit 47.4% / Ordinary income 47.1% / Net income for the current fiscal year 44.7% / MRR increase from price revisions 62% of the annual plan |
| Self-assessment against the plan | Progressing as planned / progressing smoothly / progressing at a pace above plan |
| Segment results | rakumo services Net Sales ¥799 million (YoY +15.7%) / Other Services Net Sales ¥297 million (YoY +165.6%) |
| Breakdown of Factors Affecting the Change | Cost of sales Production costs +¥57 million (including +¥38 million in server costs for Google) / Personnel Expenses +¥24 million / Labor Costs +¥27 million / Software depreciation +¥14 million / Transfers to other accounts +¥19 million (a factor reducing cost of sales) / Selling, general and administrative expenses Personnel Expenses +¥79 million / Amortization of goodwill and other intangible assets +¥66 million / Shareholder Benefit Costs +¥13 million / Price revision First-half MRR: +¥15 million; +¥3 million versus plan (+25.0%) |
| Key KPIs | ARR ¥20.1 hundred million (YoY +26.2%), ARPU ¥778 thousand (YoY +22.1%), Number of paid licenses 126 10,000 IDs (YoY +4.1%), License revenue ¥10.8 hundred million (YoY +37.7%), Churn rate 0.71 %, Number of clients 2,583 companies, Developer productivity 38 % increase (year on year) |
| Unit price and quantity metrics | Number of paid licenses 1,265 thousand IDs, QoQ +20 thousand IDs / Number of clients 2,583 companies, QoQ +25 companies / Sales per license ¥1,339, up 15.3% year on year / Sales per client ¥655,500, up 16.1% year on year |
| Number of employees | Approximately 130 employees (as of the end of December 2025, consolidated) |
| Assumptions Underlying the Business Outlook | The outlook assumes that revenue and profit will accumulate toward the second half because of the company's cumulative business model. |
| Medium-term management plan targets | Price target ¥2,000 / Development Productivity 2x the FY2025 level by FY2027 |
| Market Size / Share | Japan groupware market ¥636.5 billion in FY2025 and ¥740.1 billion in FY2028 / Google and Microsoft market shares 93% |
| Key points of the Q&A | Reason for the increase in SG&A expenses: DEGINA's sales personnel expenses and amortization of goodwill and other intangible assets related to DEGINA and Agent Share were the main factors., Reason for the weak growth in net income: the effective tax burden increased due to higher amortization of goodwill and other intangible assets., Reason for disclosing adjusted net income and EPS: to show recurring profit after adjusting for the impact of goodwill and other intangible asset amortization and other effects resulting from M&A., Impact of price revisions in the second half: the company explained the impact based on higher sales per license and growth in the number of licenses., Churn rate and price revisions: the churn rate was 0.71%, and price revisions are progressing smoothly. |
| New initiatives | Development began on the rakumo Agent for rakumo Workflow, with launch scheduled during FY2026., The discussion feature for rakumo Workflow was released on 27 July 2026., System integration with OLGA, GVA TECH's legal automation SaaS, began on 12 August 2026., Full-scale adoption of generative AI in development, Price revisions for certain rakumo products, Stronger sales promotion for rakumo for Microsoft 365, Launch of a shareholder benefit program with a record date of 30 June 2026 |
Items this document does not state (9)
Results for the three months of the current quarterNumber of stores and locationsRisk amount incorporated into the outlookFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlog
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 as price revisions progressed and subsidiaries consolidated in the previous fiscal year contributed to results. Profit was supported by higher revenue and a high contribution margin, while production costs, server costs, personnel expenses and other costs increased in cost of sales, and personnel expenses, amortization of goodwill and other intangible assets, shareholder benefit expenses and other costs increased in selling, general and administrative expenses. The company explained that the main reason for the decline in net income was a higher effective tax burden resulting from increased amortization of goodwill and other intangible assets at 2 subsidiaries.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.