AI data centers account for most revenue, making execution in the second half the key to the FY2027 plan

First-quarter consolidated revenue was ¥6,174 million, comprising ¥5,225 million from the AI data center business, ¥868 million from the AI UI business and ¥80 million from the on-chain finance business. The AI data center business alone accounted for 84.6% of company-wide revenue, rapidly shifting the revenue base away from its traditional focus on internet media toward GPU server sales and AI computing infrastructure-related revenue. The AI data center business achieved 116% of its 1Q budget in the first quarter, and segment profit was ¥253 million.

The full-year AI data center revenue target is ¥19,980 million, representing approximately 78% of the consolidated revenue target of ¥25,552 million. Assuming an even quarterly distribution, ¥9,990 million would be a reference point for cumulative interim progress. However, revenue recognition can vary significantly depending on GPU server delivery and acceptance timing and the start of data center operations. It is therefore necessary to confirm whether the first quarter’s high level of revenue represents actual full-year demand.

The company is targeting a PUE of 1.2 or below, and 1.1 or below for collaborative solutions, and aims to operate an AI data center business covering storage and operations after GPU server sales. In its first-quarter disclosure, however, it provided revenue and segment profit but did not disclose order intake, order backlog, operating GPU count, contract terms or the timing of the transition to data center operating revenue. At the next results announcement, we will assess using contract and operating metrics whether the ¥5,225 million of revenue was one-off server sales or will lead to recurring computing capacity and operating revenue.