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
5000
¥10,000 (increase from the initial full-year revenue forecast)Wording
Avoiding a definitive answer
How definitive the wording is.Contents of this document
Summary of Q&ASecond quarter of the fiscal year ending November 202610 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥13.85 million+36.8%
Operating profit¥3.03 million+1,570.6%
Results for the three months of the current quarterRevenue of ¥1,385 million, adjusted EBITDA of ¥328 million and operating profit of ¥303 million. All figures are for the second quarter alone.
Full-year earnings forecast
Net Sales
¥56.5 million
Adjusted EBITDA
¥12.2 million
Operating profit
¥11 million
Net income for the current fiscal year
¥12 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。
Adjusted EBITDA48%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progressing very smoothlyKey points of the Q&AKey questions raised by investors at the briefing and the company's answers
- Assessment of the second-quarter results: Revenue and profit increased significantly, reaching quarterly record highs.
- Drivers of the sharp increase in operating profit: Structural factors including revenue growth, a high marginal profit margin and cost control through the use of AI.
- AI-related business: Revenue from the GENIAC Project was ¥85 million; no standalone profit contribution is expected.
- Full-year forecast: Revised upward to revenue of ¥5.65 billion, operating profit of ¥1.1 billion and other figures.
- Hiring plan: Productivity will be improved through the use of AI, while hiring in growth areas will be pursued in the second half.
- GMV and user metrics: GMV of ¥6.48 billion and 2.41 million unique creators, among other metrics.
- note pro: ARR of ¥773 million and 1,133 paid contracts. ARR is expected to expand after the free campaign ends.
- AI Context Network: More than 630,000 work pages have been generated, with revenue contributions targeted from the next fiscal year onward.
- Medium- to long-term financial targets: Revenue of ¥10 billion and an EBITDA margin of 30–40% around 2028–2030.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Growth in the core business, revenue contributions from the AI-related business, productivity gains from company-wide use of AI, and containment of increases in personnel and other costs. Amounts by factor: not disclosed.
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Productivity gains from the use of AI are assumed, while personnel costs are expected to increase in the second half. Numerical assumptions for foreign exchange rates, raw material prices and other factors were not disclosed.New initiatives
- Building a database of high-quality content and a generative AI search system through the GENIAC Project
- Building a revenue model that connects content holders with generative AI service providers
- Expanding the AI Context Network and considering an official partner offering for corporate customers
- Reviewing operations through the use of AI and hiring personnel for corporate business development and enterprise sales
Key KPIsA metric the company considers important as a management benchmark.
- GMV (gross merchandise value)¥64.8 millionYear on year against the same period last yearRecord high
- Unique creators241 10,000 peopleYear on year against the same period last year+38.7%
- Published content8,209 ten thousand itemsYear on year against the same period last year+39.2%
- Monthly subscribers77.5 10,000 people
- Registered members1,248 10,000 people
- MAU9,123 10,000 people
- note pro ARR¥7.73 millionYear on year against the same period last year+26.4%
- Paid contracts1,133 EngagementsQuarter-on-quarter changeUp 140 contracts from 993 in the first quarter
- AI Context Network work pages63 Over 10,000
Segment results
- AI-related business revenue¥85 millionComparison¥14 million in the first quarter
- note pro and corporate services revenue¥270 millionComparison¥224 million in the previous quarter
Medium-term management plan targets
Consolidated revenue of ¥10 billion and an EBITDA margin of 30–40% around 2028–2030. Revenue growth in the second quarter was 36.8%, and the EBITDA margin was above 20%.Financial targets
The medium- to long-term target is an EBITDA margin of 30–40%. ROE, ROIC, the debt-to-equity ratio and the equity ratio were not disclosed.Number of employees
Headcount was flat to slightly lower. An increase is expected in the second half. The specific number of employees was not disclosed.| Item | Details |
|---|---|
| Document type | Summary of Q&A |
| Fiscal Period Covered | Second quarter of the fiscal year ending November 2026 |
| Net Sales | ¥13.85 million (YoY +36.8%) |
| Operating profit | ¥3.03 million (YoY +1,570.6%) |
| Results for the three months of the current quarter | Revenue of ¥1,385 million, adjusted EBITDA of ¥328 million and operating profit of ¥303 million. All figures are for the second quarter alone. |
| Full-year earnings forecast | Net Sales ¥56.5 million / Adjusted EBITDA ¥12.2 million / Operating profit ¥11 million / Net income for the current fiscal year ¥12 million |
| Progress against full-year forecast | Adjusted EBITDA 48% |
| Self-assessment against the plan | Progressing very smoothly |
| Segment results | AI-related business revenue ¥85 million, note pro and corporate services revenue ¥270 million |
| Breakdown of Factors Affecting the Change | Growth in the core business, revenue contributions from the AI-related business, productivity gains from company-wide use of AI, and containment of increases in personnel and other costs. Amounts by factor: not disclosed. |
| Key KPIs | GMV (gross merchandise value) ¥64.8 million, Unique creators 241 10,000 people, Published content 8,209 ten thousand items, Monthly subscribers 77.5 10,000 people, Registered members 1,248 10,000 people, MAU 9,123 10,000 people, note pro ARR ¥7.73 million, Paid contracts 1,133 Engagements, AI Context Network work pages 63 Over 10,000 |
| Number of employees | Headcount was flat to slightly lower. An increase is expected in the second half. The specific number of employees was not disclosed. |
| Assumptions Underlying the Business Outlook | Productivity gains from the use of AI are assumed, while personnel costs are expected to increase in the second half. Numerical assumptions for foreign exchange rates, raw material prices and other factors were not disclosed. |
| Medium-term management plan targets | Consolidated revenue of ¥10 billion and an EBITDA margin of 30–40% around 2028–2030. Revenue growth in the second quarter was 36.8%, and the EBITDA margin was above 20%. |
| Financial targets | The medium- to long-term target is an EBITDA margin of 30–40%. ROE, ROIC, the debt-to-equity ratio and the equity ratio were not disclosed. |
| Key points of the Q&A | Assessment of the second-quarter results: Revenue and profit increased significantly, reaching quarterly record highs., Drivers of the sharp increase in operating profit: Structural factors including revenue growth, a high marginal profit margin and cost control through the use of AI., AI-related business: Revenue from the GENIAC Project was ¥85 million; no standalone profit contribution is expected., Full-year forecast: Revised upward to revenue of ¥5.65 billion, operating profit of ¥1.1 billion and other figures., Hiring plan: Productivity will be improved through the use of AI, while hiring in growth areas will be pursued in the second half., GMV and user metrics: GMV of ¥6.48 billion and 2.41 million unique creators, among other metrics., note pro: ARR of ¥773 million and 1,133 paid contracts. ARR is expected to expand after the free campaign ends., AI Context Network: More than 630,000 work pages have been generated, with revenue contributions targeted from the next fiscal year onward., Medium- to long-term financial targets: Revenue of ¥10 billion and an EBITDA margin of 30–40% around 2028–2030. |
| New initiatives | Building a database of high-quality content and a generative AI search system through the GENIAC Project, Building a revenue model that connects content holders with generative AI service providers, Expanding the AI Context Network and considering an official partner offering for corporate customers, Reviewing operations through the use of AI and hiring personnel for corporate business development and enterprise sales |
Items this document does not state (14)
Ordinary incomeNet incomeGross Profit MarginOperating profit marginSelling, general and administrative expensesUnit price and quantity metricsNumber of stores and locationsRisk amount incorporated into the outlookAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / Share
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 on growth in note, note pro and corporate services, together with revenue contributions from the AI-related business. Company-wide use of AI improved productivity and helped contain increases in personnel and other costs. The full-year forecast was revised upward based on strong progress across the businesses.
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.