pluszero Inc. Q3 FY2026 Earnings Report: Significant Profit Growth Driven by High-Value AEI Services and Increased Monthly Unit Rates

pluszero Inc. achieved record-high quarterly revenue and profit across all stages in the third quarter of the fiscal year ending October 2026, marking a substantial year-on-year increase. This growth was driven by the full-scale deployment of the company's proprietary "4th Generation AI (Dual Process Model)" technology, AEI (Artificial Elastic Intelligence) , alongside productivity gains from the integration of AI coding into internal development processes and a sharp rise in monthly unit rates, which have collectively bolstered exceptionally high profit margins.

This report provides a detailed analysis of the company's performance highlights, drivers of structural profitability, progress in AEI product development, customer trends, and mid-term growth strategies.

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1. Q3 FY2026 Performance Highlights

The consolidated financial results for the third quarter (cumulative) of the fiscal year ending October 2026 demonstrate strong momentum:

• Revenue : ¥1,361 million (+17.0% YoY)
• Gross Profit : ¥836 million (+24.1% YoY)
• Operating Profit : ¥509 million (+29.4% YoY)
• Ordinary Profit : ¥509 million (+29.3% YoY)
• Quarterly Net Profit : ¥324 million (+29.3% YoY)

The progress against full-year forecasts (Revenue: ¥2,010 million, Operating Profit: ¥743 million, Net Profit: ¥475 million) stands at 67.7% for revenue , 68.5% for operating profit , and 68.2% for net profit , indicating steady and consistent progress across all metrics.

Looking at quarterly performance, the acceleration of growth in the third quarter (3Q) is particularly notable.

As shown in the quarterly performance chart above, 3Q revenue reached ¥509 million (+39.2% YoY), and operating profit reached ¥196 million , both setting new quarterly records. Regarding profitability, the cumulative gross profit margin is 61.5% (exceeding the full-year target of 60.3%), and the cumulative operating profit margin is 37.4% (exceeding the full-year target of 37.0%). The operating profit margin for 3Q alone reached 39.0% , confirming the strong profit leverage resulting from revenue growth.

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2. Mechanisms for Profitability Improvement: Surge in Unit Rates and AI Coding

The company's profitability is improving faster than planned, driven by larger, higher-value projects and internal technological innovation.

The slide above illustrates the trends in the number of full-time employees, direct man-months, and monthly unit rates.

• Surge in Monthly Unit Rates : Having risen gradually from the ¥1.40–1.52 million range in FY2024, the rate increased significantly to ¥2.3 million (+12.8% QoQ) in the third quarter.
• Company-wide AI Coding Deployment : The full-scale introduction of AI-powered coding automation and support tools has dramatically boosted development productivity. This allows the company to handle larger, higher-value projects with the same level of man-months (3Q actual: 74 man-months), directly contributing to the 61.5% gross profit margin.
• Foundation of High-Value Talent : The company’s technical foundation is supported by an elite workforce: 33.1% of employees are current or former University of Tokyo students, 48.4% hold graduate degrees, and 79.8% are engineers (a talent pool of approximately 140, including interns).

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3. AEI Business Expansion and Accelerated Commercialization

Revenue from AEI (a highly reliable 4th-generation AI technology using a dual-process model) , the company's core growth engine, surged by 82.3% YoY . AEI-related revenue now accounts for 31% of total company revenue (up from 15% in the same period last year, with a full-year target of 33%).

As shown in the sales status overview, the number of implementation cases and the pipeline, primarily among major corporations, have expanded significantly.

① AI Operator "miraio"

• Implementations : 4 companies , including Tokai Tokyo Securities , Horii Food Service, and two Prime-listed companies.
• In Preparation : 7 companies (2 Prime-listed, 1 Standard-listed, 3 private, and 1 government agency).
• Features and Results : At Tokai Tokyo Securities' call center, the system has reduced wait times and standardized response quality. It has gained recognition as a highly reliable conversational AI capable of handling mission-critical financial operations by suppressing the "hallucinations" common in traditional LLMs.

② AI Sales Simulator "Brain Plus for Sales"

• Implementations : 7 companies (including publicly disclosed cases like Direct Link Co., Ltd.).
• Results : At Direct Link, the number of orders after new hire placement doubled, role-playing frequency increased 6.9x, and management training time was reduced by 18.5 hours per month, demonstrating significant improvements in sales organization productivity.

③ Other AEI Solutions

• Collaboration Platform "AEIDesk" : Development and utilization are underway as an operations and maintenance portal in partnership with Marubeni I-DIGIO Holdings.
• AEI for Manufacturing : In collaboration with Abist and MISUMI Group, the company is advancing solutions for automated CAD data testing and design automation combined with generative AI.
• Asset Management & Finance : The company is expanding into large-scale markets, including the development of AI funds and the application of conversational technology to the entertainment sector.

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4. Structural Changes in Revenue: Eliminating Seasonality and Enhancing Recurring Revenue

The company's revenue structure shows critical qualitative changes that support stable growth.

1. Overcoming Seasonality : Previously, revenue tended to slow in April–May due to the reaction to year-end demand (February–March) from clients with March fiscal year-ends. This year, growth remained strong after April, with 3Q revenue reaching ¥509 million , surpassing 2Q and eliminating the quarterly dip.
2. High Customer Retention and Unit Price Growth : As revenue from existing customers forms a stable foundation, the average revenue per client over the last twelve months (LTM) has steadily increased to ¥15.3 million (up significantly from ¥12.0 million in the same period last year).

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5. Financial Foundation and Growth Roadmap Toward Mid-Term Goals

Solid Financial Foundation

As of the end of Q3 FY2026, the company’s financial position remains robust with total assets of ¥1,950 million , net assets of ¥1,655 million , and an equity ratio of 84.9% . The company holds ¥1,260 million in cash and deposits and continues to operate with zero debt . These ample funds are planned to be deployed dynamically toward hiring high-level AI talent, AEI R&D, and upcoming sales and marketing investments (advertising, IR/PR).

Growth Story Toward Mid-Term Goals

While ensuring the achievement of current fiscal year forecasts (Revenue: ¥2,010 million, Operating Profit: ¥743 million, Operating Margin: 37%), the company has set a mid-term management goal of "¥2.7 billion in revenue and ¥1.3 billion in operating profit (50% operating margin)."

The key to achieving this 50% margin is the successful commercialization of the "AEI full-scale application project in the sales sector," currently in the final stages of PoC, and the resulting rapid expansion of the service-based (licensing) revenue ratio. The roadmap to transition from project-based (contract) work to high-margin product and SaaS models is progressing steadily.