Interim-period revenue reached less than half the full-year forecast, with a return to operating profitability concentrated in the second half

Interim-period revenue for the fiscal year ending November 2026 was ¥3,484 million, a marginal 0.2% increase from ¥3,478 million in the same period of the previous year. Operating results, however, deteriorated from a ¥32 million profit in the same period of the previous year to a ¥21 million loss, indicating deterioration at the operating level despite stable revenue. The interim-period operating margin declined from approximately 0.9% to approximately negative 0.6%.

The full-year forecasts are revenue of ¥7,450 million and operating profit of ¥70 million. Interim-period revenue progress was 46.8%, calculated as ¥3,484 million ÷ ¥7,450 million, 3.2 percentage points below the 50% mark expected after six months. Since operating results were a ¥21 million loss at the interim stage, operating profit of ¥91 million is required in the second half to achieve the full-year operating profit forecast of ¥70 million. This plan assumes not only an increase in second-half revenue but also a clear improvement in the profit margin.

The first-quarter operating loss was ¥110 million, but the cumulative loss had narrowed to ¥21 million by the interim period. Based on a simple subtraction of cumulative figures, standalone second-quarter operating profit was approximately ¥89 million and standalone second-quarter revenue was approximately ¥2,011 million. However, a single improvement in quarterly profit is not enough to conclude that the company can generate ¥91 million in the second half. It is necessary to confirm whether the improvement continues in the next quarter.

For FY2026-Q3, the key question is whether operating results will turn from the interim-period loss of ¥21 million to more than ¥0 million, using cumulative nine-month revenue of ¥5,587.5 million as a simple progress benchmark. The company has not disclosed quarterly seasonality or the quarterly allocation of profit against the full-year forecast, so ¥5,587.5 million is a mechanical benchmark for comparison, not a company target. Since order intake and order backlog have also not been disclosed, Q3 should establish whether revenue growth is supported by accumulated orders and whether any additional explanation is provided.