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PATH, Ordinary Profit Forecast for the Fiscal Year Revised Downward to a Loss

Thu Nov 13, 2025 4:10 pm JST Earnings

3840 PATH corporation 【J-GAAP】

Earnings Report

PATH corporation <3840> [TSE Std] announced its financial results after the market closed on November 13th (16:10). The consolidated ordinary loss for the cumulative second quarter of the fiscal year ending March 2026 (April to September) expanded to a loss of 323 million yen (compared to a loss of 77 million yen in the same period last year).

In addition, the full-year forecast for consolidated ordinary profit/loss has been revised downward from an expected profit of 13 million yen to a loss of 495 million yen (compared to a loss of 228 million yen in the previous period), turning to a loss outlook.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary loss for the October to March period (second half) is expected to expand to a loss of 172 million yen (compared to a loss of 151 million yen in the same period last year).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary loss expanded to a loss of 166 million yen (compared to a loss of 32 million yen in the same period last year). The operating profit/loss margin drastically worsened from -5.2% in the same period last year to -25.2%.

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Actual Results

Accumulated Results 2nd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Apr - Sep, 2023 1,105 -115 -113 -104 -2.0 ー Nov 14, 2023 J-GAAP
Apr - Sep, 2024 1,123 -84 -77 -81 -1.4 ー Nov 14, 2024 J-GAAP
Apr - Sep, 2025 1,265 -322 -323 -320 -4.3 ー Nov 13, 2025 J-GAAP
YoY +12.6% -283.3% -319.5% -295.1% -208.0%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Apr - Sep, 2025 Guidance ー ー ー ー － 0 May 13, 2025 J-GAAP
Apr - Sep, 2025 Results 1,265 -322 -323 -320 -4.3 0 Nov 13, 2025 J-GAAP
Revision Rate － － － － －

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 4,419 24 13 11 0.1 0 May 13, 2025 J-GAAP
Mar, 2026 New 2,840 -483 -495 -499 -6.5 0 Nov 13, 2025 J-GAAP
Revision Rate -35.7% － － － －

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2024 1,130 -124 -151 -195 -3.1 0 May 13, 2025 J-GAAP
Oct - Mar, 2025 Guidance 1,575 -161 -172 -179 -2.3 0 Nov 13, 2025 J-GAAP
YoY +39.4% -29.8% -13.9% +8.2% +24.7%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 2,320 -172 -168 -175 -3.3 0 May 15, 2024 J-GAAP
Mar, 2025 2,253 -208 -228 -276 -4.4 0 May 13, 2025 J-GAAP
Mar, 2026 Guidance 2,840 -483 -495 -499 -6.5 0 Nov 13, 2025 J-GAAP
YoY +26.1% -132.2% -117.1% -80.8% -48.2%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 633 -33 -32 -34 -0.6 -5.2 Nov 14, 2024 J-GAAP
Oct - Dec, 2024 553 -68 -96 -113 -1.9 -12.3 Feb 14, 2025 J-GAAP
Jan - Mar, 2025 577 -56 -55 -82 -1.3 -9.7 May 13, 2025 J-GAAP
Apr - Jun, 2025 599 -154 -157 -152 -2.1 -25.7 Aug 13, 2025 J-GAAP
Jul - Sep, 2025 666 -168 -166 -168 -2.2 -25.2 Nov 13, 2025 J-GAAP
YoY +5.2% -409.1% -418.8% -394.1% -284.5%

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