Revenue is on plan, but an operating loss is still expected for FY2026 as a whole.

Cumulative FY2026 second-quarter revenue was ¥8,164 million, down 0.8% year on year, while the operating loss was ¥420 million, the ordinary loss was ¥472 million, and the interim net loss attributable to owners of the parent was ¥622 million. In the cumulative third quarter, revenue reached ¥12,580 million, the operating loss was ¥640 million, the ordinary loss was ¥674 million, and the quarterly net loss attributable to owners of the parent reached ¥899 million. Revenue has not deteriorated significantly, but losses have continued, providing the starting point for the full-year results.

In the third-quarter earnings presentation, the full-year revenue forecast of ¥17,000 million was maintained, while the operating loss forecast was improved from ¥1,704 million to ¥1,193 million, the ordinary loss forecast from ¥1,698 million to ¥1,188 million, and the forecast net loss attributable to owners of the parent from ¥2,079 million to ¥1,455 million. The company cited financial DX and legacy-industry DX operating profit exceeding plan, as well as improvements in personnel and recruitment costs and the advertising expense ratio. However, this represents a reduction in the loss, not a revision that would return the operating margin to positive territory.

Based on the simple difference between cumulative third-quarter results and the revised forecasts, the company would need fourth-quarter revenue of ¥4,420 million, an operating loss of ¥553 million, an ordinary loss of ¥514 million, and a net loss of ¥556 million. Standalone third-quarter revenue was ¥4,416 million and the operating loss was ¥219 million, so in terms of revenue alone, full-year revenue would be achieved at roughly the third-quarter level. However, achieving the full-year operating loss forecast assumes that the company will still record a loss in the fourth quarter, making it necessary to distinguish whether the improvement reflects temporary cost controls or an improvement in business profitability.

At the next earnings release, the key issue will be not only results against the revised plan of ¥17,000 million in revenue and a ¥1,193 million operating loss, but also the factor-by-factor breakdown of the ¥511 million reduction in the loss. It will be important to determine whether the company can disclose advertising expenses, personnel costs, recruitment costs and outsourcing expenses separately by segment, including customer-acquisition efficiency in legacy-industry DX, personnel and AI investment in DX consulting, and development investment in financial DX.