First-quarter revenue progress is slow, making a recovery in the first half the key focus

The first quarter, covering 1 March to 31 May 2026, generated revenue of ¥514.968 million, up 3.8% from ¥496.048 million in the same period of the previous year. The full-year revenue forecast for the fiscal year ending February 2027 is ¥2,757 million, putting first-quarter progress at 18.7%. Assuming an even quarterly progression, the 25% benchmark would be ¥689.25 million, approximately ¥174 million above the actual result. This gap is a mechanical benchmark that does not account for seasonality, but it provides a starting point for assessing first-half progress.

On the earnings side, the first-quarter operating loss was ¥31.065 million, while the loss for the quarter attributable to owners of the parent was ¥20.300 million. To achieve the full-year operating profit forecast of ¥355 million, the remaining 3 quarters must generate operating profit of ¥386.065 million, or an average of ¥128.7 million per quarter on a simple basis. For revenue, the gap to the full-year forecast is ¥2,242.032 million, implying a simple average of ¥747.3 million over the remaining 3 quarters. In the second quarter, it will be necessary to assess progress toward cumulative first-half revenue of ¥1,378.5 million and whether operating profit turns positive from the first-quarter loss of ¥31.065 million.

The company has not revised its full-year forecasts as of the first quarter and maintains revenue of ¥2,757 million, operating profit of ¥355 million and profit attributable to owners of the parent of ¥220 million. However, it has not disclosed standalone first-half revenue or earnings targets or its own assessment of progress against the plan. In addition, the earnings summary does not routinely present revenue or profit by segment, so the product areas driving first-half progress should be confirmed in the next supplementary materials.