Worth reading
61In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
15
% (year-on-year change in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationSecond quarter 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¥2,642 million +12.0%cumulative
Operating profit¥89 million cumulative
Ordinary income¥89 million cumulative
Net income¥41 million cumulative
Selling, general and administrative expenses¥1,845 million cumulative
Operating profit margin3.4%, up 4.6 percentage points year on year
Results for the three months of the current quarterRevenue of ¥1,374 million, gross profit of ¥994 million, operating profit of ¥84 million, ordinary profit of ¥83 million, profit before income taxes of ¥44 million, net income of ¥39 million, and EBITDA of ¥133 million
Full-year earnings forecastRevenue of ¥5,900 million and operating profit of ¥50 million. Forecasts for other line items are Not disclosed
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。Revenue: 45%. Cumulative operating profit was ¥89 million, exceeding the full-year forecast of ¥50 million, but the progress rate is Not disclosed
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Performance for the cumulative Q2 period was in line with the plan, with a gross profit margin of at least 73%. Cumulative operating profit exceeded the full-year forecastBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Change in ARR: existing customers +¥165 million, new customers +¥62 million, and churned customers -¥56 million. Q2 ARR increased from ¥5,033 million to ¥5,205 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The company stated that it would assess expenses associated with product platform investments and order trends in the second half. Numerical assumptions are Not disclosedNew initiatives
Development of workflow functions for S+Collabo; joint development with 鴻池組 of an AI voice-input function for completion inspections; a capital and business alliance with インフォマート and service provision in order and procurement management; concentrated investment in new functions and applications for SPIDER+ Workspace; and suspension of the Vietnamese subsidiary's operationsKey KPIsA metric the company considers important as a management benchmark.
ARR of ¥5,205 million, up 8% year on year; 2,297 contracted companies, up 6% year on year; ARPA of ¥188 thousand, up 2% year on year; ARPU of ¥5,530; 78,438 IDs; and a churn rate of 1.1%Unit price and quantity metricsThese figures show sales broken down by price and volume.
2,297 contracted companies, ARPA of ¥188 thousand, ARPU of ¥5,530, and 78,438 IDs. Large enterprises: ARPA of ¥744 thousand and 369 contracted companies; small and medium-sized enterprises: ARPA of ¥82 thousand and 1,928 contracted companiesMedium-term management plan targets
CAGR of at least 20% through FY2028, solution segment revenue of ¥2 billion, and a consolidated operating margin of at least 10%Financial targets
Equity ratio of 66.5% (FY2026 Q2). ROE, ROIC, D/E ratio and other financial targets are Not disclosedMarket Size / Share
Construction investment: ¥68 trillion in FY2025 and ¥84 trillion in FY2035. Required workforce in 2035: 3.93 million; projected workforce in 2035: 2.64 million; shortfall: 1.29 million. The company's market share is Not disclosedNumber of employees
261 employees (at the end of FY2026 Q2). ARR per employee was ¥19.9 million. The hiring plan was reviewed, while recruitment for priority positions remains ongoingGross profit
¥1,934 million, gross profit margin 73.2%, up 0.2 percentage points year on year| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Second quarter of the fiscal year ending December 2026 |
| Net Sales | ¥2,642 million (cumulative) (YoY +12.0%) |
| Operating profit | ¥89 million (cumulative) |
| Ordinary income | ¥89 million (cumulative) |
| Net income | ¥41 million (cumulative) |
| Gross profit | ¥1,934 million, gross profit margin 73.2%, up 0.2 percentage points year on year |
| Operating profit margin | 3.4%, up 4.6 percentage points year on year |
| Selling, general and administrative expenses | ¥1,845 million (cumulative) |
| Results for the three months of the current quarter | Revenue of ¥1,374 million, gross profit of ¥994 million, operating profit of ¥84 million, ordinary profit of ¥83 million, profit before income taxes of ¥44 million, net income of ¥39 million, and EBITDA of ¥133 million |
| Full-year earnings forecast | Revenue of ¥5,900 million and operating profit of ¥50 million. Forecasts for other line items are Not disclosed |
| Progress against full-year forecast | Revenue: 45%. Cumulative operating profit was ¥89 million, exceeding the full-year forecast of ¥50 million, but the progress rate is Not disclosed |
| Self-assessment against the plan | Performance for the cumulative Q2 period was in line with the plan, with a gross profit margin of at least 73%. Cumulative operating profit exceeded the full-year forecast |
| Breakdown of Factors Affecting the Change | Change in ARR: existing customers +¥165 million, new customers +¥62 million, and churned customers -¥56 million. Q2 ARR increased from ¥5,033 million to ¥5,205 million |
| Key KPIs | ARR of ¥5,205 million, up 8% year on year; 2,297 contracted companies, up 6% year on year; ARPA of ¥188 thousand, up 2% year on year; ARPU of ¥5,530; 78,438 IDs; and a churn rate of 1.1% |
| Unit price and quantity metrics | 2,297 contracted companies, ARPA of ¥188 thousand, ARPU of ¥5,530, and 78,438 IDs. Large enterprises: ARPA of ¥744 thousand and 369 contracted companies; small and medium-sized enterprises: ARPA of ¥82 thousand and 1,928 contracted companies |
| Number of employees | 261 employees (at the end of FY2026 Q2). ARR per employee was ¥19.9 million. The hiring plan was reviewed, while recruitment for priority positions remains ongoing |
| Assumptions Underlying the Business Outlook | The company stated that it would assess expenses associated with product platform investments and order trends in the second half. Numerical assumptions are Not disclosed |
| Medium-term management plan targets | CAGR of at least 20% through FY2028, solution segment revenue of ¥2 billion, and a consolidated operating margin of at least 10% |
| Financial targets | Equity ratio of 66.5% (FY2026 Q2). ROE, ROIC, D/E ratio and other financial targets are Not disclosed |
| Market Size / Share | Construction investment: ¥68 trillion in FY2025 and ¥84 trillion in FY2035. Required workforce in 2035: 3.93 million; projected workforce in 2035: 2.64 million; shortfall: 1.29 million. The company's market share is Not disclosed |
| New initiatives | Development of workflow functions for S+Collabo; joint development with 鴻池組 of an AI voice-input function for completion inspections; a capital and business alliance with インフォマート and service provision in order and procurement management; concentrated investment in new functions and applications for SPIDER+ Workspace; and suspension of the Vietnamese subsidiary's operations |
Items this document does not state (9)
Segment resultsNumber of stores and locationsRisk amount incorporated into the outlookAnnual 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.The main reasons cited were growth in recurring revenue driven by ARR growth, progress in joint development through professional services, investment controls, and the use of AI. Meanwhile, the gross profit margin declined because revenue was recognized on certain contract development projects with low profit margins, and an impairment loss was recorded as an extraordinary loss.
How to read this page
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