Risk that upfront investment fails to produce results and delays profitability
First written in FY2023. 1 of 3 entries say "Restated". Latest entry: FY2025.
The whole theme swung hardest in 2025: 4 of 15 companies on the "Worse" side.
11 other companies' latest entry also says "Mitigated".
- FY2025MitigatedAnnual report
「The Group achieved profitability after a period of upfront investment, but recognizes that generating stable operating cash flow and further strengthening its financial base are important issues for sustainable growth.」
The risk of delayed profitability weakened after full-year profitability was achieved, but stable operating cash flow remains an issue. - FY2024RestatedAnnual report
「Although the Group will continue working to improve profitability, it plans to continue upfront investment while prioritizing merchant acquisition. If the investment fails to produce the expected results, the Group's business and results could be affected, including through delayed profitability.」
Continues to describe the risk that continued upfront investment and failure to meet expectations could delay profitability. - FY2023First statedAnnual report
「The Group's multi-QR-code payment service requires upfront investment, including hiring development and sales personnel, to acquire new merchants and increase total payment volume. As a result, the Company has continued to record operating losses on a consolidated basis.」
Continued operating losses are disclosed, and continued upfront investment prioritizing merchant acquisition indicates that the timing of profitability depends on investment results.