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Financial Results Presentation4833Def consulting,inc.Information and Communications, Services and Others

Earnings Presentation Materials for the Fiscal Year Ending March 2026

For the fiscal year ending March 2026, revenue from the consulting business expanded, while the digital asset treasury business was established as a new core source of revenue and gross profit. However, upfront investments, including hiring, and losses on the valuation of crypto assets resulted in an operating loss and net loss.

Worth reading
50Recurring
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
854116
¥ thousand (net sales)
Wording
Avoiding a definitive answer
How definitive the wording is.

Contents of this document

Financial Results PresentationFiscal year ending March 2026, full year9 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥854,116 thousand+37.8%
Operating profit¥-419,966 thousand
Gross Profit Margin4.8 %
Operating profit margin-49.2 %
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Operating cash flow adjustment1,690 Millions of yen
    FactorsLoss on valuation of crypto assets (non-cash)
  • Operating cash flow adjustment5 Millions of yen
    FactorsDepreciation and amortization (non-cash)
  • Operating CF-51 Millions of yen
    FactorsIncrease in Trade Receivables
  • Operating CF41 Millions of yen
    FactorsIncrease in accrued expenses, consumption tax, etc.
  • Operating CF-226 Millions of yen
    FactorsETH collateral posted
  • Investing CF-3,309 Millions of yen
    FactorsETH acquisition expenditures
  • Financing CF4,238 Millions of yen
    FactorsIssuance of Shares upon Exercise of Stock Acquisition Rights
New initiatives
  • Consideration of combining consulting and AI and offering AI implementation support services to external customers
  • Consideration of digital asset and Web3 advisory services for corporates
  • Consideration of expanding into human resources, education, SaaS, data analytics and other businesses through M&A
  • Consideration of joint businesses and joint product development with グロースパートナーズ' portfolio companies
  • Consideration of more sophisticated digital asset management, including DVT, private vaults, lending, restaking and DeFi
Key KPIsA metric the company considers important as a management benchmark.
  • Utilization rate97.1 %
  • Headcount182 People
    Year on year against the same period last year+71 people
  • Annualized employee turnover rate17.2 %
  • New customers34 companies
  • Number of repeat customers58 companies
  • Repeat customer rate63 %
  • ETH holdings4,976 ETH
  • mNAV2.96 times
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Average billing rate for IT engineers¥406 thousand/month
    Year on year against the same period last year-4.1%
  • Average billing rate for non-IT engineers¥1,024 thousand/month
    Year on year against the same period last year-12.0%
  • Combined average billing rate for consultants and IT engineers405〜425
Segment results
  • Consulting business
    Net Sales¥816,771 thousand
    Gross profit¥3,531 thousand
    Operating profit¥-143,003 thousand
  • Digital asset treasury business
    Net Sales¥37,345 thousand
    Gross profit¥37,345 thousand
    Operating profit¥37,345 thousand
Financial targets
Equity ratio
93.4 %
Number of employees
Number of Employees182 People
Change during the period+71 people year on year
Hiring planHiring plan achieved for the full year
Capital expenditures
¥0 million acquisitions of property, plant and equipment
Gross profit
¥40,876 thousand
Contents of this document
ItemDetails
Document typeFinancial Results Presentation
Fiscal Period CoveredFiscal year ending March 2026, full year
Net Sales¥854,116 thousand (YoY +37.8%)
Operating profit¥-419,966 thousand
Gross profit¥40,876 thousand
Gross Profit Margin4.8 %
Operating profit margin-49.2 %
Segment resultsSegment Consulting business / Net Sales ¥816,771 thousand / Year-on-year change in revenue Not disclosed / Gross profit ¥3,531 thousand / Operating profit ¥-143,003 thousand / Year-on-year operating profit growth Not disclosed, Segment Digital asset treasury business / Net Sales ¥37,345 thousand / Year-on-year change in revenue Not disclosed / Gross profit ¥37,345 thousand / Operating profit ¥37,345 thousand / Year-on-year operating profit growth Not disclosed
Breakdown of Factors Affecting the ChangeFactors Loss on valuation of crypto assets (non-cash) / Amount 1,690 Millions of yen / Category Operating cash flow adjustment, Factors Depreciation and amortization (non-cash) / Amount 5 Millions of yen / Category Operating cash flow adjustment, Factors Increase in Trade Receivables / Amount -51 Millions of yen / Category Operating CF, Factors Increase in accrued expenses, consumption tax, etc. / Amount 41 Millions of yen / Category Operating CF, Factors ETH collateral posted / Amount -226 Millions of yen / Category Operating CF, Factors ETH acquisition expenditures / Amount -3,309 Millions of yen / Category Investing CF, Factors Issuance of Shares upon Exercise of Stock Acquisition Rights / Amount 4,238 Millions of yen / Category Financing CF
Key KPIsIndicator name Utilization rate / Value 97.1 % / Year on year against the same period last year Not disclosed, Indicator name Headcount / Value 182 People / Year on year against the same period last year +71 people, Indicator name Annualized employee turnover rate / Value 17.2 % / Year on year against the same period last year Not disclosed, Indicator name New customers / Value 34 companies / Year on year against the same period last year Not disclosed, Indicator name Number of repeat customers / Value 58 companies / Year on year against the same period last year Not disclosed, Indicator name Repeat customer rate / Value 63 % / Year on year against the same period last year Not disclosed, Indicator name ETH holdings / Value 4,976 ETH / Year on year against the same period last year Not disclosed, Indicator name mNAV / Value 2.96 times / Year on year against the same period last year Not disclosed
Unit price and quantity metricsIndicator name Average billing rate for IT engineers / Value ¥406 thousand/month / Year on year against the same period last year ¥-4.1 thousand/month, Indicator name Average billing rate for non-IT engineers / Value ¥1,024 thousand/month / Year on year against the same period last year ¥-12 thousand/month, Indicator name Combined average billing rate for consultants and IT engineers / Value 405〜425 / Year on year against the same period last year Not disclosed
Number of employeesNumber of Employees 182 People / Change during the period +71 people year on year / Hiring plan Hiring plan achieved for the full year
Financial targetsEquity ratio 93.4 % / ROE Not disclosed / ROIC Not disclosed / Debt-to-equity ratio Not disclosed
Capital expenditures¥0 million (acquisitions of property, plant and equipment)
New initiativesConsideration of combining consulting and AI and offering AI implementation support services to external customers, Consideration of digital asset and Web3 advisory services for corporates, Consideration of expanding into human resources, education, SaaS, data analytics and other businesses through M&A, Consideration of joint businesses and joint product development with グロースパートナーズ' portfolio companies, Consideration of more sophisticated digital asset management, including DVT, private vaults, lending, restaking and DeFi
Items this document does not state (17)
Ordinary incomeNet incomeSelling, general and administrative expensesResults for the three months of the current quarterFull-year earnings forecastProgress against full-year forecastSelf-assessment against the planNumber of stores and locationsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookMedium-term management plan targetsAnnual DividendPayout ratioAcquisition of treasury sharesOrders received and order backlogMarket Size / ShareKey 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 as the consulting business expanded its headcount while maintaining a high utilization rate, and as options trading and staking income contributed to the digital asset treasury business. Operating profit was weighed down by upfront investments in hiring, including IT engineers, and the advance recognition of personnel expenses. The company explained that most of the negative operating cash flow was attributable to non-cash factors, including losses on the valuation of crypto assets.

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Earnings Presentation Materials for the Fiscal Year Ending March 2026 | Def consulting,inc. (4833) timely disclosure | Komori