The plan for the fiscal year ending June 2027 assumes that the operating loss will continue despite higher revenue.

Consolidated revenue in the fiscal year ended June 2026 fell 4.3% to ¥1,921.420 million from ¥2,006.859 million in the previous fiscal year, while operating income of ¥123.675 million turned into an operating loss of ¥276.459 million. Net income attributable to owners of the parent also deteriorated from ¥32.652 million to a loss of ¥375.351 million, indicating that profitability will not recover through a return to previous revenue levels alone.

The company's plan for the fiscal year ending June 2027 calls for revenue of ¥2,386 million, gross profit of ¥972 million, EBITDA of negative ¥271 million, an operating loss of ¥343 million, an ordinary loss of ¥348 million and a net loss attributable to owners of the parent of ¥413 million. Revenue is expected to increase approximately 24.2% from the fiscal year ended June 2026, while the operating loss is planned to widen by approximately ¥66.5 million. This is therefore not a plan to pursue higher revenue and improved earnings at the same time, but a plan to prioritize growth investment while accepting losses.

For FY2027-Q1, quarterly revenue of ¥596.5 million, calculated by simply dividing the full-year plan by four, provides one mechanical benchmark. However, quarterly seasonality and the timing of project recognition have not been disclosed, so falling short of this level cannot by itself be taken to mean that the plan is off track. More importantly, it will be necessary to determine which of the experiential investment-learning business and the asset-building support business drove revenue, and where growth investment appeared, whether in advertising expenses, outsourcing costs, personnel expenses or M&A-related costs.

In terms of profitability, standalone fourth-quarter revenue in the fiscal year ended June 2026 was ¥470 million, against gross profit of ¥139 million, a gross margin of 29.7% and an operating loss of ¥162 million. The gross margin implied by the plan for the fiscal year ending June 2027 is approximately 40.7%, calculated as ¥972 million divided by ¥2,386 million. It will therefore be important to see whether Q1 approaches this level or remains low because of low-margin revenue or upfront investment costs. The focus in Q1 will be whether the company can disclose not only revenue but also gross profit, gross margin, operating loss and EBITDA together.