Revenue is growing, but the company remains some distance from turning an operating profit and achieving its full-year plan

Revenue increased from ¥455 million in FY2024 to ¥546 million in FY2025, and the FY2026 full-year forecast has been raised to ¥703 million. The year-on-year growth rate in FY2025 was 19.9%, and the FY2026 forecast calls for a further 28.7% increase in revenue. FY2026 H1 revenue was ¥352.741 million, representing 50.2% progress against the full-year forecast, but H1 actual results and the full-year forecast cover different periods, so achievement of the plan cannot be assessed based on the simple progress rate alone.

On the earnings front, the H1 operating loss narrowed from ¥143.341 million in the same period of the previous year to ¥134.450 million, a reduction of ¥8.891 million, and the operating loss margin improved from approximately 70.9% to approximately 38.1%. In contrast, the ordinary loss widened from ¥151.181 million to ¥160.648 million, an increase of ¥9.467 million, while the interim net loss attributable to owners of the parent widened from ¥93.590 million to ¥160.692 million, an increase of ¥67.102 million. The key point is that higher gross profit has not translated into an improvement in final earnings, which includes non-operating and extraordinary gains and losses.

For FY2026, the company has forecast an operating loss of ¥221 million, a net loss attributable to owners of the parent of ¥268 million, negative EPS of ¥4.82 and no dividend. As of H1, the operating loss had reached approximately 60.8% of the full-year forecast and the net loss approximately 60.0%, so the next results should be reviewed for the cumulative Q3 loss, the breakdown of non-operating expenses, crypto-asset-related gains and losses, and stock issuance costs. The materials provided do not include FY2026 Q3 actual results or any revision to the full-year forecast as of that quarter, so whether the company maintains or revises its plan will itself be an important disclosure item.