Rebase (5138) Q1 2026 earnings summary

Executive summary

• Revenue grew 20% year-over-year to ¥494 million in Q1 FY2026, driven by increased usage volume and demand in the space-sharing sector.

• Operating profit declined 34% year-over-year to ¥61 million due to higher development and relocation costs.

• Net income fell 31% year-over-year to ¥42 million.

• The company operates a single segment focused on a matching platform for space sharing.

Financial highlights

• Revenue: ¥494 million (+20% YoY); Operating profit: ¥61 million (−34% YoY); Net income: ¥42 million (−31% YoY).

• Gross profit for Q1 FY2026 was ¥477 million, with a gross margin of 96.5%.

• Operating margin dropped to 12% from 23% a year ago.

• SG&A expenses rose 37% YoY, with notable increases in personnel, outsourcing, and advertising costs.

• EPS for Q1 FY2026 was ¥8.70, down from ¥13.38 in the prior year.

Outlook and guidance

• Q1 revenue achieved 21% of full-year guidance; usage and space listing progress rates are 22–25%.

• Full-year FY2026 guidance: revenue ¥2,313 million (+20.0% YoY), operating income ¥490 million (+0.6% YoY), net income ¥339 million (−6.5% YoY), EPS ¥69.10.

• The company continues to invest in product development and marketing to drive future growth.