Nine-month revenue was ¥1,859 million and operating income was ¥39 million, representing progress of 23.2% and 5.1%, respectively, against the full-year forecasts. Although the forecasts remain unchanged, achieving them requires fourth-quarter revenue of ¥6,155 million and operating income of ¥721 million. The key issue is whether the planned projects can be recognized as revenue.
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Whether the full-year forecasts of ¥8,014 million in revenue and ¥760 million in operating income will be revised
Whether fourth-quarter revenue will reach ¥6,155 million
Whether fourth-quarter operating income will reach ¥721 million
Whether fourth-quarter revenue will exceed the previous fiscal year's fourth-quarter result of ¥5,242 million
Whether the amount and timing of revenue recognition for large domestic projects will be disclosed
Nine-month revenue for the fiscal year ending August 2026 was ¥1,859 million, down 53.9% year on year, while operating income was ¥39 million, down 94.1%. As the full-year forecasts remain unchanged at ¥8,014 million in revenue and ¥760 million in operating income, progress based on a simple calculation is just 23.2% for revenue and 5.1% for operating income. Revenue is below one-quarter of the full-year forecast, while operating income is only around one-twentieth of the forecast.
To achieve the full-year forecasts, the company must record fourth-quarter revenue of ¥6,155 million and operating income of ¥721 million. This means generating 76.8% of full-year revenue and 94.9% of full-year operating income in the fourth quarter alone. The required fourth-quarter operating margin is 11.7%, well above the 2.1% operating margin for the first 3 quarters.
The comparable fourth quarter of the fiscal year ended August 2025 generated revenue of ¥5,242 million, calculated by subtracting nine-month revenue of ¥4,030 million from full-year revenue of ¥9,272 million. Fourth-quarter operating income was ¥1,255 million, calculated by subtracting nine-month operating income of ¥665 million from the full-year result of ¥1,920 million. The revenue required for FY2026 is 17.4% above the previous fiscal year's fourth-quarter result, while the required operating income is 42.5% below the previous result. The concentration of revenue recognition and the associated margin profile therefore differ from the previous fiscal year.
The company has explained that it expects to recognize revenue from large domestic projects and other projects in the fourth quarter, but it has not disclosed the expected revenue, recognition month, gross margin, or alternative projects in the event of delays for each project. At the next earnings release, it will be necessary to check not only whether ¥6,155 million in revenue was actually recognized, but also which projects and margins generated the ¥721 million in operating income and whether the full-year forecast was revised or the reasons for any shortfall were disclosed.
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2026-10-07
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The prior-year comparison for this event
2025-10-09 disclosed · In ¥ millions; each quarter is cumulative from the start of the fiscal year. EPS is in yen.
Latest available: FY2026 full year
Net salesBusiness scale
9,272JPY m
YoY unavailableOperating profitCore earnings
1,920JPY m
YoY unavailableNewest first. The highlighted column is this event’s comparison. YoY uses the same period and accounting basis.
| Metric | FY2026 full year | FY2026 Q3 | FY2026 Q2 | FY2026 Q1 | FY2025 full yearComparison | FY2025 Q3 | FY2025 Q2 | FY2025 Q1 |
|---|---|---|---|---|---|---|---|---|
| Net sales | 5,811↘ -37.3% YoY | 1,859↘ -53.9% YoY | 1,124↘ -64.0% YoY | 368↘ -76.8% YoY | 9,272YoY unavailable | 4,030YoY unavailable | 3,121YoY unavailable | 1,588YoY unavailable |
| Operating profit | 846↘ -55.9% YoY | 39↘ -94.1% YoY | 6↘ -99.1% YoY | -88↘ -123.6% YoY | 1,920YoY unavailable | 665YoY unavailable | 656YoY unavailable | 373YoY unavailable |
| Ordinary profit | 880↘ -54.2% YoY | 55↘ -92.0% YoY | 14↘ -97.8% YoY | -94↘ -126.5% YoY | 1,922YoY unavailable | 687YoY unavailable | 646YoY unavailable | 355YoY unavailable |
| Net income | 481↘ -63.7% YoY | -5↘ -100.9% YoY | -49↘ -110.2% YoY | -140↘ -155.1% YoY | 1,325YoY unavailable | 532YoY unavailable | 479YoY unavailable | 254YoY unavailable |
| Earnings per share | 22.84↘ -62.8% YoY | -0.28↘ -101.1% YoY | -2.33↘ -110.5% YoY | -6.52↘ -155.3% YoY | 61.36YoY unavailable | 24.64YoY unavailable | 22.22YoY unavailable | 11.78YoY unavailable |