FY2026-Q3's key issue is monetisation of Anycloud and X-log and segment disclosure in the first year of consolidation

FY2026-H1 was the first interim period following the acquisition of all 200 shares of Anycloud, representing 100% of voting rights, and its inclusion as a consolidated subsidiary. However, because the deemed acquisition date was 31 May 2026, Anycloud's revenue and profit or loss were not included in the interim consolidated income statement, and the consolidation primarily affected the balance sheet. Accordingly, FY2026-H1 revenue of ¥455.960 million and operating loss of ¥92.816 million do not yet reflect Anycloud's full contribution to earnings.

At the same time, the acquisition resulted in ¥171.140 million of goodwill being recognised on the consolidated balance sheet, and impairment risk if the business plan does not progress as expected was newly disclosed. In FY2026-Q3, it will be necessary to determine how much revenue, cost of sales, research and development expenses, selling, general and administrative expenses, and operating profit or loss have been generated by Anycloud's AI software development business. If goodwill amortisation has begun, its impact on quarterly profit or loss will also be important.

The X-log business acquired on 1 April 2026 is part of a strategy to provide an integrated offering spanning ad fraud prevention, account takeover prevention, fraudulent-order prevention and payment protection. Revenue under “Other” was ¥13.153 million in FY2026-H1, but the extent to which this includes X-log-related revenue has not been disclosed, nor have X-log's standalone revenue, gross profit or customer count. The company is entering a phase in which the amount actually converted into revenue, as well as progress in service integration, must be verified.

In FY2026-Q3, it will be desirable to confirm the AI software development business's revenue and profit, Anycloud's standalone profit or loss, X-log's revenue contribution, acquisition-related expenses and goodwill amortisation, at a level that at least makes their impact on consolidated results clear. Whether new development projects, such as AI security assessment services, remain at the proof-of-concept stage or progress to paid contracts and revenue recognition will also affect the assessment of the acquisitions.