Worth reading
81Important
Scored from 5 of 6 sectionsDirection
Improvement
Direction inferred from the company’s description.Scale
35.1
% (year-on-year change in Q3 revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Summary of Q&AThird quarter of the fiscal year ending November 20267 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥40.58 100 millions nine months ended the third quarter
Operating profit¥8.49 100 millions nine months ended the third quarter
Net income¥3.34 hundred million +135.9%Q3
Results for the three months of the current quarter
Net Sales
¥14.53 100 million+35.1%
Adjusted EBITDA
¥3.38 100 million+193.4%
Operating profit
¥3.1 100 million+199.5%
Net income for the current fiscal year
¥3.34 100 million+135.9%
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 Sales71.8
Adjusted EBITDA75.7
Operating profit77.2
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Results are progressing as planned, with each level of profit running ahead of the pace required to meet the full-year forecast.Key points of the Q&AKey questions raised by investors at the briefing and the company's answers
- Assessment of third-quarter results: Substantial increases in both revenue and profit, with quarterly net sales reaching a record high.
- Progress against the full-year forecast: Net sales 71.8%, adjusted EBITDA 75.7% and operating income 77.2%. The full-year forecast was left unchanged.
- Slowing GMV growth: The comparison base was high because growth in the same quarter of the previous year was substantial; GMV itself reached a record high.
- Gap between the number of content items and creators and GMV: Supply has increased ahead of demand as a result of generative AI, which the company views as indicating room for future GMV growth.
- Decline in the number of note pro contracts: Cancellations following the end of the free campaign were as expected. ARR increased 29.5% year on year.
- AI-related business: Third-quarter revenue from the GENIAC project was ¥150 million, and current fiscal-year revenue is expected to be approximately ¥400–500 million.
- Next fiscal year's outlook: The company aims for higher revenue and profit, targeting sales growth of approximately 30% and improved profitability.
- Personnel and costs: There were 151 employees at the end of the third quarter, and a net increase of approximately 10–20 people is expected next fiscal year.
- AI Context Network: Paid enterprise offerings are planned, but pricing and timing will be determined after validation.
- Transfer to the Prime Market: The company resolved to begin preparations, but the timing of the transfer has not been determined.
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- Fourth-quarter revenueAssumptionExpected to expand from the third quarter onward
- Fourth-quarter adjusted EBITDA, operating income and ordinary incomeAssumptionBroadly at the same level as the third quarter
- Current fiscal year's sales from the AI-related businessAssumptionApproximately ¥400–500 million
- Next fiscal year's sales growthAssumptionApproximately 30%
New initiatives
- Paid enterprise offerings for the AI Context Network
- Enhancement of the recommendation engine
- Expansion of the AI Context Network, which aggregates official information and review articles for each work or product
- Expansion of offerings such as corporate option plans and note contests
- Demonstration of a development platform supporting the adaptation of story IP into games
- Beginning preparations for the transfer to the Prime Market
Key KPIsA metric the company considers important as a management benchmark.
- GMV¥65.53 100 millionYear on year against the same period last year+18.3%
- Subscription revenue ratio29.4 %
- Number of paid note pro contracts1,078 DealsYear on year against the same period last year+145
- ARR¥8.39 100 millionYear on year against the same period last year+29.5%
- Number of keyword pages in the AI Context Network117 10,000 cases as of the end of September 2026
Medium-term management plan targets
Target fiscal yearAround 2028–2030
Consolidated revenue¥10 billion
EBITDA margin30〜40%
Number of employees
Number of Employees151 people
Change during the periodFlat
Hiring planA net increase of approximately 10–20 people is expected next fiscal year.
| Item | Details |
|---|---|
| Document type | Summary of Q&A |
| Fiscal Period Covered | Third quarter of the fiscal year ending November 2026 |
| Net Sales | ¥40.58 100 millions (nine months ended the third quarter) |
| Operating profit | ¥8.49 100 millions (nine months ended the third quarter) |
| Net income | ¥3.34 hundred million (Q3) (YoY +135.9%) |
| Results for the three months of the current quarter | Net Sales ¥14.53 100 million (YoY +35.1%) / Adjusted EBITDA ¥3.38 100 million (YoY +193.4%) / Operating profit ¥3.1 100 million (YoY +199.5%) / Net income for the current fiscal year ¥3.34 100 million (YoY +135.9%) |
| Progress against full-year forecast | Net Sales 71.8 / Adjusted EBITDA 75.7 / Operating profit 77.2 |
| Self-assessment against the plan | Results are progressing as planned, with each level of profit running ahead of the pace required to meet the full-year forecast. |
| Key KPIs | Indicator name GMV / Value ¥65.53 100 million / Year on year against the same period last year ¥18.3 100 million, Indicator name Subscription revenue ratio / Value 29.4 % / Year on year against the same period last year Not disclosed, Indicator name Number of paid note pro contracts / Value 1,078 Deals / Year on year against the same period last year +145 Deals, Indicator name ARR / Value ¥8.39 100 million / Year on year against the same period last year ¥29.5 100 million, Indicator name Number of keyword pages in the AI Context Network / Value 117 10,000 cases (as of the end of September 2026) / Year on year against the same period last year Not disclosed |
| Number of employees | Number of Employees 151 people / Change during the period Flat / Hiring plan A net increase of approximately 10–20 people is expected next fiscal year. |
| Assumptions Underlying the Business Outlook | Item Fourth-quarter revenue / Assumption Expected to expand from the third quarter onward, Item Fourth-quarter adjusted EBITDA, operating income and ordinary income / Assumption Broadly at the same level as the third quarter, Item Current fiscal year's sales from the AI-related business / Assumption Approximately ¥400–500 million, Item Next fiscal year's sales growth / Assumption Approximately 30% |
| Medium-term management plan targets | Target fiscal year Around 2028–2030 / Consolidated revenue ¥10 billion / EBITDA margin 30〜40% |
| Key points of the Q&A | Assessment of third-quarter results: Substantial increases in both revenue and profit, with quarterly net sales reaching a record high., Progress against the full-year forecast: Net sales 71.8%, adjusted EBITDA 75.7% and operating income 77.2%. The full-year forecast was left unchanged., Slowing GMV growth: The comparison base was high because growth in the same quarter of the previous year was substantial; GMV itself reached a record high., Gap between the number of content items and creators and GMV: Supply has increased ahead of demand as a result of generative AI, which the company views as indicating room for future GMV growth., Decline in the number of note pro contracts: Cancellations following the end of the free campaign were as expected. ARR increased 29.5% year on year., AI-related business: Third-quarter revenue from the GENIAC project was ¥150 million, and current fiscal-year revenue is expected to be approximately ¥400–500 million., Next fiscal year's outlook: The company aims for higher revenue and profit, targeting sales growth of approximately 30% and improved profitability., Personnel and costs: There were 151 employees at the end of the third quarter, and a net increase of approximately 10–20 people is expected next fiscal year., AI Context Network: Paid enterprise offerings are planned, but pricing and timing will be determined after validation., Transfer to the Prime Market: The company resolved to begin preparations, but the timing of the transfer has not been determined. |
| New initiatives | Paid enterprise offerings for the AI Context Network, Enhancement of the recommendation engine, Expansion of the AI Context Network, which aggregates official information and review articles for each work or product, Expansion of offerings such as corporate option plans and note contests, Demonstration of a development platform supporting the adaptation of story IP into games, Beginning preparations for the transfer to the Prime Market |
Items this document does not state (17)
Ordinary incomeGross Profit MarginOperating profit marginSelling, general and administrative expensesFull-year earnings forecastSegment resultsBreakdown of Factors Affecting the ChangeUnit price and quantity metricsNumber of stores and locationsRisk amount incorporated into the outlookFinancial targetsAnnual 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.The note and note pro businesses performed steadily, revenue from the AI-related business expanded, sales in the platform business with its high contribution margin increased, and company-wide use of AI improved productivity and helped contain cost increases.
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.