Worth reading
60In 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
5
¥100 million (FY30 operating profit target)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Annual updateNet Sales-96.5%
基準 850Target30Hundreds of millions of yen
Operating profit+19.0%
基準 420Target500Hundreds of millions of yen
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous planKey KPIs in the plan announced the previous year → FY26 actual: revenue of ¥854 million, gross margin of +5.2% in 4Q, operating loss of ¥420 million, headcount of 182 people, period-end utilization rate of 97.1%, and ETH holdings of 4,976 ETH（Revenue +37.8%; headcount +86%）
Key initiatives
01Position public-sector projects as a priority area
02Further diversify and develop multiple layers of partnerships with major firms and major systems integrators
03Proactively expand into AI implementation projects and support for the introduction of agentic AI
04Strengthen the company’s position in the last-mile segment
05Continue large-scale annual hiring
06Differentiate through strong retention
07Gradually expand to a workforce of 1,000 in 2030
08Strategically hire specialists serving the public sector
09Improve yields
10Diversification of Revenue Sources
11Governance Enhancement
12Operating revenue through private-company M&A
13Gradually reduce the ETH allocation ratio
Plan assumptionsHeadcount plan: from 182 people at the end of FY26 to a workforce of 1,000 in 2030, Maintain an average two-month cycle from hiring to deployment, Maintain a stable utilization rate above 90%, while allowing for monthly fluctuations caused by seasonal factors from April to June, The FY27 earnings forecast assumes an ETH price of ¥400,000–¥800,000 per ETH, a consulting gross margin of 6%–13%, headcount of 200–230 people, and a utilization rate of 89%–92%, Long-term holdings centered on 4,976 ETH at the end of FY26, The FY27 earnings forecast does not include any contribution from the private-company M&A business, Review assumptions quarterly in response to changes in the business environment and disclose revisions when necessary
Segment targetSegment Core business (consulting + company-wide adjustments) / Sales target Not disclosed / Profit Target FY27 operating profit: -¥200 million to +¥150 million, Segment DAT business / Sales target Not disclosed / Profit Target FY27 segment profit: +¥80 million to +¥200 million, Segment Private-company M&A business / Sales target Not disclosed / Profit Target No contribution to FY27 results included
Non-financial targetsIndicator Number of consultants employed / Target value 1,000 people / Timing 2030, Indicator Utilization rate / Target value Maintain a stable rate above 90% / Timing Plan period, Indicator Annual staking yield / Target value 3.5%→4.5% / Timing FY27〜
Size of the Target MarketMarket Size Not disclosed / Growth rate Consulting industry average: 11%; domestic IT services average: 8% / Related indicators Approximately 12% of small and medium-sized enterprises have experience using consulting services / Source Yano Research Institute / IDC (industry estimates); Small and Medium Enterprise Agency, White Paper on Small and Medium Enterprises / IPA, DX White Paper 2023
Risks identified by the company
Market-linked movements and sharp fluctuations in the ETH price
Dependence on ETH as a single asset
Slashing risk associated with staking
Seasonal declines in utilization, mainly from April to June, due to client project changes and contract renewals
Changes in AI technology, regulatory trends, the ETH market, and the labor market
Additions and removals from the risk items since the previous plan: not disclosed
| Item | Details |
|---|---|
| Plan name | FY26→FY30 Medium-Term Plan |
| Plan period | FY26→FY30 |
| Progress against the plan | Annual update |
| Sales Target | ¥850 million (FY26 actual) → At least ¥5 billion (FY30 medium-term target)（CAGR of approximately 56%） |
| Operating profit target | -¥420 million (FY26 actual) → At least ¥500 million (FY30 medium-term target) |
| Segment target | Segment Core business (consulting + company-wide adjustments) / Sales target Not disclosed / Profit Target FY27 operating profit: -¥200 million to +¥150 million, Segment DAT business / Sales target Not disclosed / Profit Target FY27 segment profit: +¥80 million to +¥200 million, Segment Private-company M&A business / Sales target Not disclosed / Profit Target No contribution to FY27 results included |
| Non-financial targets | Indicator Number of consultants employed / Target value 1,000 people / Timing 2030, Indicator Utilization rate / Target value Maintain a stable rate above 90% / Timing Plan period, Indicator Annual staking yield / Target value 3.5%→4.5% / Timing FY27〜 |
| Plan assumptions | Headcount plan: from 182 people at the end of FY26 to a workforce of 1,000 in 2030, Maintain an average two-month cycle from hiring to deployment, Maintain a stable utilization rate above 90%, while allowing for monthly fluctuations caused by seasonal factors from April to June, The FY27 earnings forecast assumes an ETH price of ¥400,000–¥800,000 per ETH, a consulting gross margin of 6%–13%, headcount of 200–230 people, and a utilization rate of 89%–92%, Long-term holdings centered on 4,976 ETH at the end of FY26, The FY27 earnings forecast does not include any contribution from the private-company M&A business, Review assumptions quarterly in response to changes in the business environment and disclose revisions when necessary |
| Key initiatives | Position public-sector projects as a priority area, Further diversify and develop multiple layers of partnerships with major firms and major systems integrators, Proactively expand into AI implementation projects and support for the introduction of agentic AI, Strengthen the company’s position in the last-mile segment, Continue large-scale annual hiring, Differentiate through strong retention, Gradually expand to a workforce of 1,000 in 2030, Strategically hire specialists serving the public sector, Improve yields, Diversification of Revenue Sources, Governance Enhancement, Operating revenue through private-company M&A, Gradually reduce the ETH allocation ratio |
| Results under the previous plan | Key KPIs in the plan announced the previous year → FY26 actual: revenue of ¥854 million, gross margin of +5.2% in 4Q, operating loss of ¥420 million, headcount of 182 people, period-end utilization rate of 97.1%, and ETH holdings of 4,976 ETH（Revenue +37.8%; headcount +86%） |
| Size of the Target Market | Market Size Not disclosed / Growth rate Consulting industry average: 11%; domestic IT services average: 8% / Related indicators Approximately 12% of small and medium-sized enterprises have experience using consulting services / Source Yano Research Institute / IDC (industry estimates); Small and Medium Enterprise Agency, White Paper on Small and Medium Enterprises / IPA, DX White Paper 2023 |
| Risks identified | Market-linked movements and sharp fluctuations in the ETH price, Dependence on ETH as a single asset, Slashing risk associated with staking, Seasonal declines in utilization, mainly from April to June, due to client project changes and contract renewals, Changes in AI technology, regulatory trends, the ETH market, and the labor market, Additions and removals from the risk items since the previous plan: not disclosed |
| Publication date | 30 June 2026 |
Items this document does not state (12)
Operating profit margin targetNet income targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planInvestment amount by sectorReason for revision or withdrawalDate of board resolution
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 company aims to achieve early profitability in its core business by recovering upfront idle costs incurred from advance hiring investments through an average two-month cycle from hiring and training to deployment. It also plans to enhance operations and build up operating revenue through private-company M&A in order to reduce its dependence on ETH as a single asset.
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.