Worth reading
61In 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
23.6
Year-on-year revenue growth (%)Wording
Conditional
How definitive the wording is.Contents of this document
Presentation materials for financial resultsFirst quarter of the fiscal year ending December 20268 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥1,017 million+23.6%
Operating profit¥93 million-2.5%
Ordinary income¥92 million
Net income¥93 million-8.1%
Selling, general and administrative expenses¥636 million
Results for the three months of the current quarterRevenue of ¥1,017 million, gross profit of ¥728 million, adjusted EBITDA of ¥193 million, operating profit of ¥93 million, and net income attributable to owners of the parent of ¥93 million. All figures represent standalone results for the three-month first quarter from January to March 2026.
Full-year earnings forecast
Net Sales
¥4,062 million
Adjusted EBITDA
¥720 million
Operating profit
¥240 million
Ordinary income
¥240 million
Profit attributable to owners of the parent
¥295 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 Sales25.0%
Adjusted EBITDA26.9%
Operating profit38.8%
Ordinary income38.6%
Profit attributable to owners of the parent31.8%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress is strong against guidance, progress is on track, progress is ahead of planAssumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The assumptions include cross-selling, packaging of solutions and a stock-based business weighted toward the second half, while numerical assumptions for foreign exchange rates, raw material prices and other factors are not disclosed.New initiatives
- Entering into sales partner agreements and starting collaboration with companies in the 光通信 Group
- Establishing and operating the Photosynth Physical AI Lab, a physical AI research and development center
- Selection for AWS Japan's Physical AI Development Support Program
Key KPIsA metric the company considers important as a management benchmark.
- ARR345 Hundreds of millions of yen+14.6%
- ARPU¥50,448+14.0%
- Average churn rate0.92 %
- Recurring revenue ratio83 %
- Adjusted EBITDA margin19.05 %
Unit price and quantity metricsThese figures show sales broken down by price and volume.
ARPU of ¥50,448 (up 14.0% year on year) and 5,707 contracted companies. The increase in ARPU was driven by growth in the number of Akerun installations per company and an increase in large customers.Medium-term management plan targets
Revenue of ¥5.8–7.5 billion and adjusted EBITDA of ¥1.16–1.5 billion in FY2028. Average annual revenue growth of 20–30% from FY2026 to FY2028. The minimum target for FY2028 is a Rule of 40, with a Rule of 50 also in sight.Market Size / Share
The company remains No. 1 in the access control systems market in 2026. It claims the No. 1 position in the number of companies adopting smart locks, the number of smart lock users, the number of companies adopting cloud-based access control systems, and the number of users of those systems. Quantitative figures for market size and market share are not disclosed.Number of employees
Consolidated headcount of 161 (full-time employees, excluding officers, as of 31 March 2026). The company plans not to disclose future changes in headcount.| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | First quarter of the fiscal year ending December 2026 |
| Net Sales | ¥1,017 million (YoY +23.6%) |
| Operating profit | ¥93 million (YoY -2.5%) |
| Ordinary income | ¥92 million |
| Net income | ¥93 million (YoY -8.1%) |
| Selling, general and administrative expenses | ¥636 million |
| Results for the three months of the current quarter | Revenue of ¥1,017 million, gross profit of ¥728 million, adjusted EBITDA of ¥193 million, operating profit of ¥93 million, and net income attributable to owners of the parent of ¥93 million. All figures represent standalone results for the three-month first quarter from January to March 2026. |
| Full-year earnings forecast | Net Sales ¥4,062 million / Adjusted EBITDA ¥720 million / Operating profit ¥240 million / Ordinary income ¥240 million / Profit attributable to owners of the parent ¥295 million |
| Progress against full-year forecast | Net Sales 25.0% / Adjusted EBITDA 26.9% / Operating profit 38.8% / Ordinary income 38.6% / Profit attributable to owners of the parent 31.8% |
| Self-assessment against the plan | Progress is strong against guidance, progress is on track, progress is ahead of plan |
| Key KPIs | 345 Hundreds of millions of yen (YoY +14.6%), ¥50,448 (YoY +14.0%), 0.92 %, 83 %, 19.05 % |
| Unit price and quantity metrics | ARPU of ¥50,448 (up 14.0% year on year) and 5,707 contracted companies. The increase in ARPU was driven by growth in the number of Akerun installations per company and an increase in large customers. |
| Number of employees | Consolidated headcount of 161 (full-time employees, excluding officers, as of 31 March 2026). The company plans not to disclose future changes in headcount. |
| Assumptions Underlying the Business Outlook | The assumptions include cross-selling, packaging of solutions and a stock-based business weighted toward the second half, while numerical assumptions for foreign exchange rates, raw material prices and other factors are not disclosed. |
| Medium-term management plan targets | Revenue of ¥5.8–7.5 billion and adjusted EBITDA of ¥1.16–1.5 billion in FY2028. Average annual revenue growth of 20–30% from FY2026 to FY2028. The minimum target for FY2028 is a Rule of 40, with a Rule of 50 also in sight. |
| Market Size / Share | The company remains No. 1 in the access control systems market in 2026. It claims the No. 1 position in the number of companies adopting smart locks, the number of smart lock users, the number of companies adopting cloud-based access control systems, and the number of users of those systems. Quantitative figures for market size and market share are not disclosed. |
| New initiatives | Entering into sales partner agreements and starting collaboration with companies in the 光通信 Group, Establishing and operating the Photosynth Physical AI Lab, a physical AI research and development center, Selection for AWS Japan's Physical AI Development Support Program |
Items this document does not state (13)
Gross Profit MarginOperating profit marginSegment resultsBreakdown of Factors Affecting the ChangeNumber 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.The increase in revenue was attributable to growth in the number of Akerun installations, the acquisition of large customers, expanded revenue at MIWA Akerun Technologies and growth in Migakun. The decline in operating profit was due to progress in hiring, growth investments including marketing expenses, and non-cash expenses such as goodwill amortization and share-based compensation.
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