Revenue is rising and losses are narrowing, but the company still has not achieved an operating profit in FY2026

Revenue for the nine months ended FY2026 September was ¥2,446 million, up 17.5% year on year. Revenue for the first quarter was ¥757 million and revenue for the first half was ¥1,542 million, indicating that the pace of revenue growth has been maintained through Q3. Revenue progress against the full-year forecast of ¥3,321 million was approximately 73.7%, close to the 75% level expected after nine months.

Operating loss was ¥63 million for the first quarter and ¥100 million for the first half, followed by an operating loss of ¥101 million for the nine months. As the full-year operating loss forecast is ¥123 million, the company needs to keep the Q4 operating loss to approximately ¥22 million or less to meet its forecast. In other words, what has been confirmed at this point is a narrowing of the loss, not a full-year operating profit.

Against the ¥101 million operating loss for the nine months, the full-year forecast is a ¥123 million loss, leaving only limited room for additional losses over the remaining 3 months. At the next results announcement, it will be necessary to confirm which businesses generated the remaining ¥874.6 million of revenue, how much Manga BANG!'s subscription and advertising revenue recovered, and the extent to which the IT Solutions business's consolidation contributed to operating profit or loss. Even if the full-year forecast is achieved, the fact that an operating loss remains is an important consideration for valuation.