Revenue is tracking the full-year plan, but most of the full-year loss remains weighted toward the fourth quarter

Revenue for the cumulative FY2026 third quarter was ¥1,387 million, the operating loss was ¥120 million, the ordinary loss was ¥129 million, and the net loss attributable to owners of the parent was ¥140 million. Based on revenue alone, progress against the full-year forecast of ¥1,850 million was approximately 75%, in line with the elapsed period. However, the cumulative operating loss had already reached ¥120 million, leaving less headroom on earnings than on revenue progress.

The full-year forecast remains unchanged at revenue of ¥1,850 million, an operating loss of ¥194 million, an ordinary loss of ¥185 million, and a net loss attributable to owners of the parent of ¥135 million. On a simple calculation, the full-year forecast would be reached if fourth-quarter revenue increased by approximately ¥463 million and the operating loss expanded by approximately ¥74 million. However, the cumulative net loss had already reached approximately ¥140 million in the third quarter, around ¥5 million above the full-year forecast of ¥135 million. To achieve the full-year forecast, the company therefore needs to record net profit in the fourth quarter after including non-operating gains and losses and taxes.

On a cumulative quarterly basis, revenue increased from ¥438 million in the first quarter to ¥923 million at the interim period and ¥1,387 million in the third quarter, while operating losses were approximately ¥43 million, ¥81 million, and ¥120 million, respectively. The company began preparing consolidated financial statements from the first quarter of the current fiscal year, so comparisons with the same period of the previous year and the end of the previous consolidated fiscal year are unavailable. Accordingly, the assessment should focus on quarterly trends following consolidation and the remaining burden relative to the full-year forecast, rather than year-on-year improvement.

At the next full-year results announcement, it will be important to present standalone fourth-quarter revenue and operating income or loss by segment. In particular, it will be necessary to confirm whether the company can explain in monetary terms why the loss widened even as revenue tracked the plan, including recruitment costs, personnel expenses, investment in new businesses, and expenses of consolidated subsidiaries. If the full-year forecast is revised, the focus will be on the extent of revisions to the operating and net losses rather than revenue, and on whether those changes are temporary or ongoing.