Nine-month revenue was ¥28,290 million, or 72.2% of the revised full-year forecast of ¥39,200 million, while the operating loss was ¥6,370 million, or 80.6% of the full-year forecast loss of ¥7,900 million. To meet the full-year forecast, fourth-quarter revenue must reach ¥10,910 million while the operating loss must be kept to ¥1,530 million or less.
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Confirm whether nine-month revenue reaches 72.2% of the full-year forecast, 2.8 percentage points below the 75.0% implied by nine months elapsed.
Confirm whether fourth-quarter revenue reaches at least ¥10,910 million, representing growth of at least 5.8% from third-quarter standalone revenue of ¥10,311 million.
Confirm whether the fourth-quarter operating loss is kept to ¥1,530 million or less.
Confirm whether full-year revenue of ¥39,200 million comes in 1.3% below the previous year's actual ¥39,721 million.
Confirm whether the revised forecast of full-year revenue of ¥39,200 million and an operating loss of ¥7,900 million is revised again or left unchanged when results are announced.
Nine-month revenue from September 2025 through May 2026 was ¥28,290 million. The full-year revenue forecast revised in July is ¥39,200 million, putting progress at only 72.2%. Simple time-based progress after nine months is 75.0%, so revenue is 2.8 percentage points behind plan. Meeting the full-year forecast will require revenue of ¥10,910 million over the remaining three months.
Third-quarter standalone revenue, calculated as the difference from nine-month revenue of ¥17,979 million at the end of the second quarter, was ¥10,311 million. Accordingly, the ¥10,910 million required in the fourth quarter is ¥599 million, or approximately 5.8%, above third-quarter standalone revenue. In its third-quarter results, the company revised its full-year forecast because order volumes and GMV were expected to fall below the assumptions made at the beginning of the fiscal year. The key issue will therefore be whether demand is genuinely recovering, rather than simply the impact of seasonality.
On the earnings side, the nine-month operating loss reached ¥6,370 million, representing 80.6% of the revised full-year operating loss forecast of ¥7,900 million. Meeting the full-year forecast requires the fourth-quarter operating loss to be kept to ¥1,530 million or less. The third-quarter standalone operating loss was ¥3,170 million, implying that the quarterly loss must be reduced to less than half in the fourth quarter. This will require not only higher revenue but also improvements in the cost structure, including promotional and fixed costs.
The current full-year forecast was revised downward from the initial forecast of revenue of ¥44,100 million and an operating loss of ¥4,000 million to revenue of ¥39,200 million and an operating loss of ¥7,900 million. At the next results announcement, revenue of at least ¥10,910 million and an operating loss of ¥1,530 million or less should be assessed separately. Even if the revenue target is met, a wider loss would leave profitability concerns unresolved; conversely, if the loss is contained but revenue falls short, concerns about weak demand recovery would remain.
Confirmed
FY2026 full-year results were revenue of ¥39.057 billion and an operating loss of ¥8.288 billion. Fourth-quarter results were revenue of ¥10.767 billion, ¥10.910 billion below the required level, and an operating loss of ¥1.918 billion, ¥1.530 billion above the permitted level. Following the downward revision, the full-year forecast was not achieved for either revenue or operating loss. The fourth-quarter performance hurdles and risks indicated in the pre-results narrative were confirmed.
Revenue (¥ million, cumulative / FY forecast)
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2026-10-15
· Awaiting publication
The prior-year comparison for this event
2025-10-15 disclosed · In ¥ millions; each quarter is cumulative from the start of the fiscal year. EPS is in yen.
Latest available: FY2026 full year
Net salesBusiness scale
39,721JPY m
YoY unavailableOperating profitCore earnings
-4,923JPY m
YoY unavailableNewest first. The highlighted column is this event’s comparison. YoY uses the same period and accounting basis.
| Metric | FY2026 full year | FY2026 Q3 | FY2026 Q2 | FY2026 Q1 | FY2025 full yearComparison | FY2025 Q3 | FY2025 Q2 | FY2025 Q1 |
|---|---|---|---|---|---|---|---|---|
| Net sales | 39,057↘ -1.7% YoY | 28,290↘ -6.2% YoY | 17,979↘ -13.9% YoY | 8,989↘ -18.6% YoY | 39,721YoY unavailable | 30,170YoY unavailable | 20,873YoY unavailable | 11,048YoY unavailable |
| Operating profit | -8,288YoY unavailable | -6,370YoY unavailable | -3,200YoY unavailable | -1,681YoY unavailable | -4,923YoY unavailable | -3,075YoY unavailable | -1,286YoY unavailable | -400YoY unavailable |
| Ordinary profit | -8,235YoY unavailable | -6,331YoY unavailable | -3,174YoY unavailable | -1,668YoY unavailable | -4,968YoY unavailable | -3,105YoY unavailable | -1,338YoY unavailable | -462YoY unavailable |
| Net income | -8,246YoY unavailable | -6,339YoY unavailable | -3,179YoY unavailable | -1,670YoY unavailable | -4,971YoY unavailable | -3,113YoY unavailable | -1,344YoY unavailable | -465YoY unavailable |
| Earnings per share | -74.02YoY unavailable | -56.89YoY unavailable | -28.52YoY unavailable | -14.98YoY unavailable | -43.62YoY unavailable | -27.13YoY unavailable | -11.56YoY unavailable | -3.88YoY unavailable |