After the upward revision, delivery against the operating profit forecast, rather than revenue, is the focus for FY2026.

For the cumulative third quarter of FY2026 ending September, revenue was ¥6,117 million, up 18.2% year on year; operating profit was ¥482 million, up 149.3%; ordinary profit was ¥464 million, up 137.3%; and net income attributable to owners of the parent was ¥319 million, up 202.8%. As of the third quarter, the full-year forecasts were revenue of ¥8,200 million and operating profit of ¥520 million. Revenue progress had reached approximately 74.6% and operating profit progress approximately 92.7%, meaning that profit was running well ahead of revenue.

Subsequently, on 9 October, the full-year forecasts were revised upward to revenue of ¥8,600 million, operating profit of ¥668 million, ordinary profit of ¥647 million and net income attributable to owners of the parent of ¥520 million. The reasons given for the upward revision were additional orders secured in the SMM business and live-streaming platform business and delivered toward the fiscal year-end, as well as efficiency gains from using AI and ongoing cost management. Accordingly, at the next results announcement it will be necessary to distinguish whether the upside resulted from a temporary concentration of deliveries in the fourth quarter or from an accumulation of orders.

Against the upwardly revised full-year forecasts, the amounts still required from the cumulative third quarter were ¥2,483 million in revenue and ¥186 million in operating profit. Based on the initial forecasts, only ¥38 million of operating profit had been required in the fourth quarter, so the profit hurdle has risen substantially following the revision. Meanwhile, media reports have also indicated a forecast of adjusted operating profit of ¥792 million. The next results announcement should clarify what the ¥124 million difference from ordinary operating profit of ¥668 million represents, including the treatment of strategic investments and the adjustments for one-off expenses.

The third-quarter results did not disclose the operating margin, cash flow from operating activities, order intake, order backlog or company-specific volume and pricing KPIs. In the full-year results, it will be necessary to review not only achievement of revenue of ¥8,600 million and operating profit of ¥668 million, but also the breakdown of revenue and operating profit for the SMM business and live-streaming platform business, gross margin, the financial impact of AI and operational efficiency initiatives, and strategic investment spending. Without these disclosures, it will be difficult to quantify the portion of the upward revision attributable to sustainable improvement in earnings power.