Full-year profit guidance maintained, but the focus is now on confirming the profit ramp-up in FY2027-H1

Revenue in the first quarter of the fiscal year ending March 2027 was ¥750.790 million, up 75.5% year on year. Progress against the full-year revenue forecast of ¥2,862 million was 26.2%, 1.2 percentage points above the 25.0% of the fiscal year elapsed after three months. However, the main driver of the increase was the addition of the mobility business, including the V Limousine Group, which became a consolidated subsidiary in March 2026. It therefore cannot be concluded that the company is ahead of its full-year plan based solely on volume growth in the existing businesses.

Using 50% of the full-year revenue forecast as a simple first-half benchmark, revenue of ¥1,431.0 million would be required in the first half of the fiscal year ending March 2027. The additional amount required from the first-quarter result is ¥680.210 million, making second-quarter revenue and the continuation of the mobility business's consolidation effect key points to monitor. This is a mechanical benchmark that does not take seasonality into account and is not a figure presented by the company as its first-half forecast. The first-half results should therefore explain seasonality and the contribution of each business.

On the earnings front, first-quarter operating loss was ¥3.705 million, ordinary loss was ¥0.582 million, and net loss attributable to owners of the parent was ¥20.142 million. To achieve the full-year operating profit forecast of ¥46 million, the company must first cover the first-quarter loss and then generate ¥49.705 million of operating profit during the remaining period. A gain on sale of non-current assets of ¥2.778 million and a loss on disposal of non-current assets of ¥0.012 million were recorded in the first quarter, but these are not included in operating profit. In the first-half results, the factors responsible for the differences between operating profit, ordinary profit and net profit should be assessed separately from profit progress excluding extraordinary gains and losses.

By segment, the mobility business recorded revenue of ¥389.694 million and operating profit of ¥31.121 million, while the crypto management business recorded negative revenue of ¥19.177 million and an operating loss of ¥19.187 million. The company has not revised its full-year earnings forecast, but it has not disclosed the segment-level full-year plans or the amounts bridging the company-wide forecast by factor. In the first half of the fiscal year ending March 2027, it will be important to monitor whether the company discloses not only revenue but also each business's contribution to the full-year operating profit forecast of ¥46 million and its policy for revising the forecast if it is not achieved.