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Financial results presentation4833Def consulting,inc.Information and Communications, Services and Others

Briefing Materials on Financial Results for the First Quarter of the Fiscal Year Ending March 2027

The Consulting business reported higher revenue, and its gross profit margin improved from the same period of the previous year, turning positive for the first time. However, higher corporate expenses and losses in the Digital Asset Treasury business caused the Company-wide operating loss to widen from the same period of the previous year.

Worth reading
70In 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
17
¥ million (year-on-year increase in operating loss)
Wording
Conditional
How definitive the wording is.

Contents of this document

Financial results presentationFirst quarter of the fiscal year ending March 202711 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥224.9 million+22.4%
Operating profit¥-148.1 million
Ordinary income¥-515 million
Net income¥-511.1 million
Gross Profit Margin-3.6
Operating profit margin-65.9
Results for the three months of the current quarter
Net Sales
¥224.9 million
Operating profit (loss)
¥-148.1 million
Gross Profit Margin
-3.6 %
Full-year earnings forecast
Net Sales
Downside floor
¥1,290 million
Limit
¥1,629 million
Operating profit
Downside floor
¥-200 million
Limit
¥150 million
Ordinary income
Downside floor
¥172 million
Limit
¥2,513 million
Net income for the current fiscal year
Downside floor
¥170 million
Limit
¥2,510 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 Sales
Progress against lower limit17.4 %
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
In line with plan
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Consulting business¥12.2 million
  • DAT business¥-11.3 million
  • Corporate Expenses¥-17.9 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
ETH price range
Downside floor400,000 Yen/ETH
Limit800,000 Yen/ETH
Net operating loss carryforwards36.6 Hundreds of millions of yen
New initiatives
  • Develop the public sector into a core division of the Consulting business
  • Suspend large-scale hiring from Q2 onward and focus on deploying recently hired personnel
  • Strengthen cooperation with operating partners, including major overseas platforms
  • Provide quarterly updates on the path to profitability and the status of considering M&A involving unlisted companies
Key KPIsA metric the company considers important as a management benchmark.
  • Utilization rate85.5 %
    Year-on-year (%)0.8
  • Number of consultants employed219 People
  • Q1 hires47 People
    Year-on-year (%)67.9
  • Q1 departures10 People
  • Employee turnover rate4.3 %
    Year-on-year_pt0.6
  • ETH holdings5,281 units
  • mNAV2.01 times
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Average monthly SES fee418,838 yen/month
    Comparison+2.5% vs. March
  • Average monthly consulting fee1,026,035 yen/month
    Comparison▲13.4% vs. March
Segment results
Consulting business
Net Sales
¥236.2 million
Gross profit
¥3.1 million
Gross Profit Margin
1.3 %
Segment Profit or Loss
¥-46.6 million
Revenue_yoy_pct28.5
Digital asset treasury business
Net Sales
¥-11.3 million
Segment Profit or Loss
¥-11.3 million
Medium-term management plan targets
Monthly profitabilityDuring FY2027
Returned to profit for the full yearFY2028 (fiscal year ending March 2028)
Headcount in 20301,000
Financial targets
Equity ratio
91.6 %
Orders received and order backlog
Public-sector bid projects
2 Engagements
Number of employees
Number of Employees219 People
Change during the period+37 people (+20.3%) vs. end-March
Hiring plan200–230 people by the end of FY2027
Contents of this document
ItemDetails
Document typeFinancial results presentation
Fiscal Period CoveredFirst quarter of the fiscal year ending March 2027
Net Sales¥224.9 million (YoY +22.4%)
Operating profit¥-148.1 million
Ordinary income¥-515 million
Net income¥-511.1 million
Gross Profit Margin-3.6
Operating profit margin-65.9
Results for the three months of the current quarterNet Sales ¥224.9 million / Operating profit (loss) ¥-148.1 million / Gross Profit Margin -3.6 %
Full-year earnings forecastNet Sales Downside floor ¥1,290 million / Limit ¥1,629 million / Operating profit Downside floor ¥-200 million / Limit ¥150 million / Ordinary income Downside floor ¥172 million / Limit ¥2,513 million / Net income for the current fiscal year Downside floor ¥170 million / Limit ¥2,510 million
Progress against full-year forecastNet Sales Progress against lower limit 17.4 %
Self-assessment against the planIn line with plan
Segment resultsConsulting business Net Sales ¥236.2 million / Gross profit ¥3.1 million / Gross Profit Margin 1.3 % / Segment Profit or Loss ¥-46.6 million / Revenue_yoy_pct 28.5 / Digital asset treasury business Net Sales ¥-11.3 million / Segment Profit or Loss ¥-11.3 million / Year on year against the same period last year Not disclosed
Breakdown of Factors Affecting the ChangeFactors Consulting business / Amount ¥12.2 million, Factors DAT business / Amount ¥-11.3 million, Factors Corporate Expenses / Amount ¥-17.9 million
Key KPIsIndicator name Utilization rate / Value 85.5 % / Year-on-year (%) 0.8 %, Indicator name Number of consultants employed / Value 219 People / Year on year against the same period last year Not disclosed, Indicator name Q1 hires / Value 47 People / Year-on-year (%) 67.9 People, Indicator name Q1 departures / Value 10 People / Year on year against the same period last year Not disclosed, Indicator name Employee turnover rate / Value 4.3 % / Year-on-year_pt 0.6 %, Indicator name ETH holdings / Value 5,281 units / Year on year against the same period last year Not disclosed, Indicator name mNAV / Value 2.01 times / Year on year against the same period last year Not disclosed
Unit price and quantity metricsIndicator name Average monthly SES fee / Value 418,838 yen/month / Comparison +2.5% vs. March, Indicator name Average monthly consulting fee / Value 1,026,035 yen/month / Comparison ▲13.4% vs. March
Number of employeesNumber of Employees 219 People / Change during the period +37 people (+20.3%) vs. end-March / Hiring plan 200–230 people by the end of FY2027
Assumptions Underlying the Business OutlookETH price range Downside floor 400,000 Yen/ETH / Limit 800,000 Yen/ETH / Net operating loss carryforwards 36.6 Hundreds of millions of yen
Medium-term management plan targetsMonthly profitability During FY2027 / Returned to profit for the full year FY2028 (fiscal year ending March 2028) / Headcount in 2030 1,000
Financial targetsEquity ratio 91.6 %
Orders received and order backlogPublic-sector bid projects 2 Engagements
New initiativesDevelop the public sector into a core division of the Consulting business, Suspend large-scale hiring from Q2 onward and focus on deploying recently hired personnel, Strengthen cooperation with operating partners, including major overseas platforms, Provide quarterly updates on the path to profitability and the status of considering M&A involving unlisted companies
Items this document does not state (9)
Selling, general and administrative expensesNumber of stores and locationsRisk amount incorporated into the outlookAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresMarket 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.

The wider operating loss reflects the fact that the ¥12.2 million improvement in the Consulting business was more than offset by the ¥11.3 million loss in the Digital Asset Treasury business and a ¥17.9 million increase in corporate expenses. The Company cited shareholder administration costs, initial costs for public-sector bids and legal fees associated with establishing the DAT operating structure as factors behind the increase in corporate expenses. For the DAT business, the Company cited narrower option premiums due to lower market volatility and restrictions on positions during the transition to a new operating platform.

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Briefing Materials on Financial Results for the First Quarter of the Fiscal Year Ending March 2027 | Def consulting,inc. (4833) timely disclosure | Komori