Can BtoB GTV growth lead to higher usage-based recurring revenue and payment segment profitability?

In the fiscal year ended March 2026, BtoB GTV reached ¥44,730 million, up 105.0% year on year, while the number of payment platform customer companies rose to 106,808. Accordingly, segment sales increased 44.5% year on year to ¥5,289 million, while the segment loss narrowed to ¥181 million. In FY2027/3 Q1, BtoB GTV was ¥11,280 million, 2.3 times the year-earlier level, and the number of customer companies was 116,498, up 50.0% year on year. Payment platform sales rose 58.9% year on year to ¥1,536 million.

The factors behind the increase in Q1 sales were increases of ¥109 million in flow revenue, ¥140 million in other recurring revenue and ¥305 million in usage-based recurring revenue, while consulting revenue declined by ¥128 million. Recurring gross profit was particularly strong, rising 84.0% year on year to ¥469 million. It will be important to determine whether the increase in transaction volume is contributing not only to sales growth but also to the accumulation of profits. The payment platform's segment loss narrowed to ¥13 million in Q1, from a loss of ¥178 million in the year-earlier quarter.

At present, however, the company has not disclosed product-level GTV for Xard and Winvoice, transaction volume per customer company, the average fee rate or the product-level breakdown of recurring gross profit. In FY2027-H1, it will be necessary to assess whether GTV growth depends simply on large projects or one-off implementations, and whether growth in customer companies is being converted into recurring revenue. For the payment segment, whether the cumulative loss through Q2 reaches ¥0 million or more, or at least narrows further from the ¥13 million Q1 loss, will provide a specific benchmark for measuring progress toward profitability.