Third-quarter progress against full-year plan: revenue 81%, business profit 94%

Revenue for the cumulative third quarter of the fiscal year ending September 2026 was ¥28.337 billion, up 84.1% year on year. Progress against the ¥35 billion full-year forecast was approximately 81.0%, around 6 percentage points above the simple 75% share of the fiscal year elapsed. Business profit was ¥4.714 billion, up 46.3% year on year, representing approximately 94.3% progress against the ¥5 billion full-year forecast.

Accordingly, the revenue required in the fourth quarter to achieve the full-year plan is only ¥6.663 billion, and the required business profit is ¥286 million. For revenue, the key question is whether the high growth rate through the third quarter can be maintained. For business profit, however, the hurdle to achieving the plan is relatively low unless a significant slowdown occurs in the fourth quarter. Conversely, if revenue falls short of plan while profit exceeds plan, changes in project composition or segment mix may be offsetting the revenue shortfall at the profit level.

The company cites the acquisition of solution projects in its AI Research & Solution business, expanded product sales in its AI SaaS business, and the contribution from consolidating Circulation as factors behind the revenue growth. However, because no specific figures have been provided for operating KPIs such as the number of projects, number of customer companies, or annual recurring revenue, it is difficult to determine from the figures alone whether the increase in revenue reflects the temporary recognition of new projects or the ongoing expansion of the customer base.

At the next full-year results announcement, we will look for the achievement status of ¥35 billion in revenue and ¥5 billion in business profit, as well as standalone fourth-quarter revenue and profit, the number of projects won, the number of customer companies, and specific annual recurring revenue figures. The third-quarter summary results do not disclose the revenue operating margin, so whether a margin or business profit margin will be disclosed for the full year will also be an important additional disclosure in assessing the quality of growth.