VRAIN Solution (135A) Q3 2026 earnings summary

Executive summary

• Revenue for 3Q FY2026/nine months ended November 30, 2025, was ¥1,628 million, up 35.7% YoY, driven by AI and IoT-based manufacturing solutions and new product launches.

• Operating profit declined 59.9% YoY to ¥74 million, with net profit down 59.9% to ¥49 million, reflecting increased SG&A from growth investments.

• Employee count rose by 34 YoY to 118, with new office openings and continued hiring.

• Customer base expanded to 311, with new product PX-1000N launched and sales/support structure strengthened.

• Sapporo office set to open in December 2025, expanding domestic footprint.

Financial highlights

• Gross profit increased to ¥1,277 million (+38.1% YoY), with margin at 78.4% (+1.3pt YoY); operating margin dropped to 4.6% (−10.9pt YoY).

• SG&A expenses rose 62.7% YoY to ¥1,202 million, mainly from personnel, recruitment, R&D, and one-time HQ relocation costs.

• Order backlog at 3Q-end/period-end was ¥1,262 million, up 223.9% YoY.

• AI system sales unit price averaged ¥19 million, down 9.8% YoY.

• EPS for the nine months: ¥4.86, down from ¥12.21 YoY.

Outlook and guidance

• Full-year revenue forecast remains at ¥3,215–3,265 million (+50% YoY), with operating profit of ¥890–940 million and net profit of ¥590–630 million.

• 3Q cumulative revenue plus order backlog covers 89.9% of full-year revenue target.

• Management expects to achieve guidance, barring significant delivery delays.

• Mid-term plan targets 50% CAGR in revenue and 30–40% operating margin.