First-half revenue was ¥3,065 million, representing 47.1% of the ¥6,507 million full-year plan and below the simple 50% half-year benchmark. Maintaining the full-year plan requires ¥3,442 million in second-half revenue, making Q3 the period to assess whether delivery delays have been resolved and orders are converting into sales.
All recorded disclosures and news since the latest annual or semiannual filing. Switching watchpoints keeps the full history. Select an item to inspect its source.2026-07-10 〜 2026-10-25 · 7 of 7 items
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Assess how far progress against the full-year revenue plan improves from 47.1%.
Assess whether cumulative Q3 revenue reaches approximately ¥4,880 million, the benchmark for simple even progress through the year.
Assess whether the company is on track to secure the ¥3,442 million in second-half revenue required to meet the full-year plan.
Assess whether Q3 earnings materials disclose order intake, order backlog and the remaining value of projects subject to delivery delays.
Revenue in the first quarter of the fiscal year ending November 2026 was ¥1,404 million, down 16.2% year on year. Cumulative second-quarter revenue was ¥3,065 million, narrowing the decline to 8.1% year on year. However, this merely means that second-quarter revenue calculated from the cumulative difference was ¥1,661 million and does not directly indicate a recovery in demand from a year earlier. The company cited restrained customer capital spending and delayed deliveries to major customers as factors behind the revenue decline, making it important to determine in Q3 whether these issues have been resolved.
The full-year revenue forecast newly disclosed in the second quarter is ¥6,507 million, a plan for a 3.9% year-on-year decline. First-half revenue of ¥3,065 million represents 47.1% progress against the plan, requiring ¥3,442 million, or 52.9% of the full-year target, in the remaining second half. If revenue progresses evenly by quarter, the benchmark for cumulative Q3 revenue would be ¥4,880 million. However, the company has not presented this as an official quarterly target, so it must be assessed in light of seasonality and delivery timing.
The company did not disclose a full-year earnings forecast as of the first quarter and provided its first full-year revenue and earnings outlook in the second quarter. Accordingly, the ¥6,507 million plan is the company’s latest plan based on the continued restraint in capital spending and delivery delays at major customers. Even if revenue increases in Q3, it will be difficult to determine whether this reflects one-off deliveries of delayed projects or an increase in new orders unless order intake, order backlog or project-level delivery information is disclosed.
In Q3, assess whether cumulative revenue advances to around ¥4,880 million and whether achieving ¥3,442 million in second-half revenue appears realistic. Also assess whether the ¥6,507 million full-year revenue plan is maintained, revised downward or revised upward, as well as the revenue recognized from major projects that had been subject to delivery delays and whether order backlog is disclosed. Whether the recovery in revenue is accompanied by a recovery in revenue by region will also help determine the sustainability of the plan.
Partially addressed
Third-quarter cumulative revenue was ¥4,843 million, representing 74.4% of the full-year plan of ¥6,507 million and nearly matching the 75% of the fiscal year that has elapsed, confirming that progress toward the plan is real in numerical terms. However, the earnings discussion stated that delivery delays involving large overseas customers are still occurring, while order intake and order backlog also remain undisclosed. It cannot be said that the delivery delays have been resolved or that orders have translated into actual results, so the response remains partial.
Revenue (¥ million)
First-half results represented only 47.1% of the full-year plan, requiring 52.9% to be achieved in the second half.
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2026-10-02
The prior-year comparison for this event
2025-10-01 disclosed · In ¥ millions; each quarter is cumulative from the start of the fiscal year. EPS is in yen.
Latest available: FY2026 Q3
Net salesBusiness scale
4,882JPY m
YoY unavailableOperating profitCore earnings
-158JPY m
YoY unavailableNewest first. The highlighted column is this event’s comparison. YoY uses the same period and accounting basis.
| Metric | FY2026 Q3 | FY2026 Q2 | FY2026 Q1 | FY2025 full year | FY2025 Q3Comparison | FY2025 Q2 | FY2025 Q1 | FY2024 full year |
|---|---|---|---|---|---|---|---|---|
| Net sales | 4,843↘ -0.8% YoY | 3,065↘ -8.1% YoY | 1,404↘ -16.2% YoY | 6,772↗ +6.8% YoY | 4,882YoY unavailable | 3,335YoY unavailable | 1,675YoY unavailable | 6,342YoY unavailable |
| Operating profit | -128YoY unavailable | -164YoY unavailable | -156YoY unavailable | -254YoY unavailable | -158YoY unavailable | -88YoY unavailable | -97YoY unavailable | -532YoY unavailable |
| Ordinary profit | -212YoY unavailable | -264YoY unavailable | -261YoY unavailable | -421YoY unavailable | -285YoY unavailable | -18YoY unavailable | -53YoY unavailable | -614YoY unavailable |
| Net income | -259YoY unavailable | -287YoY unavailable | -262YoY unavailable | -226YoY unavailable | -98YoY unavailable | -46YoY unavailable | -72YoY unavailable | -672YoY unavailable |
| Earnings per share | -18.78YoY unavailable | -21.73YoY unavailable | -23.08YoY unavailable | -36.59YoY unavailable | -15.94YoY unavailable | -7.56YoY unavailable | -11.71YoY unavailable | -108.78YoY unavailable |