FY2026 is at the point of testing a back-half-weighted plan that calls for ¥1,701 million in revenue and ¥434 million in operating profit in Q4

Revenue for the first 3 quarters of the fiscal year ending September 2026 was ¥2,882 million, and operating profit was ¥309 million. The full-year forecasts are ¥4,583 million for revenue and ¥743 million for operating profit, representing progress of approximately 63% and 42%, respectively. Revenue is below the simple time-apportioned benchmark of 75% after 9 months, while operating profit is even further behind. However, the company says that its plan has been weighted toward the second half from the start of the fiscal year and that Q4 is normally the peak demand period.

To achieve the full-year forecasts, the company needs to record ¥1,701 million in revenue and ¥434 million in operating profit in Q4. This is approximately 31% above standalone Q3 revenue of ¥1,298 million and approximately 2.6 times standalone Q3 operating profit of ¥170 million. The operating margin required in Q4 is approximately 25.5%, calculated as ¥434 million ÷ ¥1,701 million, compared with approximately 13% in standalone Q3. This requires more than simply adding recurring revenue, including the delivery of large projects and revenue recognition from highly profitable projects.

The Q3 materials identify the full consolidation of インターゾーン, large projects concentrated in the second half, the AI Mobility OS project and Q4 seasonality as assumptions underlying the full-year plan. However, the company has not disclosed order value, order backlog, scheduled delivery month or the value of lost-order and postponement risks incorporated into the full-year forecast for each project. At the next results announcement, it will be necessary to assess not only whether the company achieved ¥1,701 million in revenue and ¥434 million in operating profit, but also each project’s contribution, the one-off nature of revenue recognition and the factors behind any variance from the full-year forecast.