The first-quarter loss has increased the full-year plan’s dependence on a recovery in the second half.

Revenue in April-June 2026 was ¥340 million, down 14.0% from approximately ¥395 million in the same period a year earlier. Operating results also deteriorated from a loss of approximately ¥26 million in the prior-year quarter to a loss of approximately ¥40.7 million, while the operating margin fell by more than 5 percentage points, from approximately negative 6.8% to approximately negative 11.9%. Revenue declined while the loss widened at the same time, making it difficult to characterize the result as merely a temporary deterioration in margins.

The company left unchanged its full-year forecasts of ¥2,700 million in revenue, ¥400 million in operating profit, ¥420 million in ordinary profit and ¥300 million in net profit attributable to owners of the parent. First-quarter revenue progress was limited to approximately 12.6%, about ¥335 million below the ¥675 million implied by simple even progress after 25% of the fiscal year had elapsed. Since operating profit was negative ¥40 million, achieving first-half operating profit of ¥100 million on an even-progress basis would require approximately ¥141 million in standalone Q2 operating profit. This even-progress calculation is a benchmark for comparison, not the company’s plan, but it indicates the scale of the recovery required to meet the forecasts.

The shortfall against the full-year forecasts amounts to ¥2,360 million in revenue and ¥440 million in operating profit. The company attributed the results to a low opening order backlog, sluggish orders and sales, and the shift to Q2 or later in the acceptance timing of certain healthcare equipment-related contract-development projects. However, the impact of each factor on the ¥340 million decline in revenue and the ¥40 million operating loss has not been disclosed.

At the next results announcement, it will be necessary to assess how close cumulative Q2 revenue comes to the ¥675 million even-progress benchmark and whether operating profit returns to positive territory. Key points for verification will include the amount of healthcare-project revenue and profit actually recognized following the shift in acceptance timing, the basis for maintaining the full-year forecasts of ¥2,700 million and ¥400 million, and the pace at which the order backlog is converted into revenue from Q2 onward.