The first-half forecast was revised upward, but the full-year plan remains unchanged, putting the focus on the sustainability of second-half performance

FY2027-Q1 consolidated revenue was ¥12.132 billion, operating profit was ¥487 million, ordinary profit was ¥614 million, and quarterly net income attributable to owners of the parent was ¥384 million. Year on year, revenue increased 8.6%, operating profit 75.8%, ordinary profit 58.0%, and net income 66.7%, with operating profit growth substantially exceeding revenue growth. Progress against the full-year forecasts was approximately 23.7% for revenue and 23.5% for operating profit, broadly in line with the 25% elapsed-quarter ratio.

In the first-half forecast revision announced on 15 October, first-half revenue was raised from ¥23.0 billion to ¥24.990 billion, and first-half ordinary profit from ¥810 million to ¥1.310 billion. On a simple calculation, achieving the first-half revenue target requires approximately ¥12.858 billion in Q2 alone, while achieving the first-half ordinary profit target requires approximately ¥696 million. The revision reflects first-half demand and expense progress, but the revised forecast figures for first-half operating profit and net income, as well as a segment-level breakdown of the revision, cannot be confirmed.

The full-year forecasts are revenue of ¥51.1 billion, operating profit of ¥2.070 billion, ordinary profit of ¥2.565 billion, and net income of ¥1.736 billion. These full-year figures were unchanged even after the first-half forecasts were revised upward. It is therefore necessary to determine whether the first-half outperformance is simply a pull-forward that offsets an assumed shortfall in the second half, or whether the probability of achieving the full-year plan has increased. In particular, the full-year ordinary profit forecast of ¥2.565 billion against the revised first-half forecast of ¥1.310 billion implies approximately ¥1.255 billion in the second half, a structure that cannot be assessed from first-quarter results alone.

At the next results announcement, we would like to compare actual first-half revenue, operating profit, ordinary profit, and net income with the revised forecasts and confirm the company’s assessment of the full-year forecasts. It will also be important to determine, with disclosure by amount or segment, whether the upward revision was driven by higher sales volumes of semiconductor- and AI-related products, lower selling, general and administrative expenses or new core-system costs, or changes in the regional mix, including overseas operations.