Lib Work Co.,Ltd.
1431・Growth Market・Construction
Detached housing business
Construction contracting and real estate sales business for detached houses centered on digital marketing-driven customer acquisition
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (nine months ended Q3 cumulative) | ¥9,506 million | ¥11,390 million (nine months ended Q3 prior year) | ↓ |
| Operating profit (nine months ended Q3 cumulative) | -¥115 million (operating loss) | ¥430 million (nine months ended Q3 prior year) | ↓ |
| Ordinary profit (nine months ended Q3 cumulative) | -¥304 million (ordinary loss) | ¥447 million (nine months ended Q3 prior year) | ↓ |
| Quarterly net income attributable to owners of parent (nine months ended Q3 cumulative) | -¥267 million (net loss) | ¥278 million (nine months ended Q3 prior year) | ↓ |
| Gross profit (nine months ended Q3 cumulative) | ¥2,749 million | ¥3,019 million (nine months ended Q3 prior year) | ↓ |
| Selling, general and administrative expenses (nine months ended Q3 cumulative) | ¥2,864 million | ¥2,589 million (nine months ended Q3 prior year) | ↑ |
| Equity ratio | 32.0% | 40.9% (end of prior fiscal year) | ↓ |
| Total assets | ¥13,563 million | ¥11,523 million (end of prior fiscal year) | ↑ |
| Net assets | ¥4,347 million | ¥4,715 million (end of prior fiscal year) | ↓ |
| Full-year revenue forecast | ¥15,000 million (-6.3% year on year) | ¥16,007 million (prior fiscal year actual) | ↓ |
| Full-year operating profit forecast | ¥500 million (-40.0% year on year) | ¥833 million (prior fiscal year actual) | ↓ |
| Quarterly net income per share (nine months ended Q3 cumulative) | -¥11.48 | ¥11.89 (nine months ended Q3 prior year) | ↓ |
Business Details
The company reduces customer acquisition costs through digital marketing utilizing portal sites such as "e-tochi net" and YouTube channels, offering cost-competitive housing. Centered on the construction contracting business and real estate sales business, it also operates the platform business (My Home Robo, IP licensing) and 3D-printed housing business as house-building-related operations. The consolidated group, forming a single reportable segment, includes subsidiaries Takue Home (Kanagawa; built-for-sale housing), Konokuni Mokuzai Kogyo (Kumamoto; lumber processing), and Lib Service (IP licensing).
Recent Overview
The nine-month cumulative period fell into an operating loss due to delivery delays from compliance with the revised Building Standards Act and a cryptocurrency valuation loss
For the nine months ended Q3 of FY2026 (ending March 2026), revenue was ¥9,506 million (down 16.5% year on year), and operating loss was ¥115 million (compared to operating profit of ¥430 million in the same period of the prior year). Compliance with the revised Building Standards Act, enforced in April 2025, increased the workload for confirmation applications and design work, pushing back construction commencement and delivery for some projects and affecting the timing of revenue recognition. In addition, a cryptocurrency valuation loss of ¥188 million was recorded as a non-operating expense, becoming the main cause of the ordinary loss of ¥304 million. On the other hand, the gross profit margin on custom-built houses remained at 30% or higher. Inquiries regarding the 3D-printed house "Lib Earth House" expanded to exceed 1,500 cumulatively. The company resolved to absorb Takue Home by merger (effective June 1, 2026), advancing consolidation of its Kanto-region operations. The full-year earnings forecast (revenue of ¥15,000 million, operating profit of ¥500 million) remains unchanged, with a recovery expected in the fourth quarter.
Key Products
Growth Drivers
- Acquisition of high-quality prospective customers through digital marketing initiatives (lowering per-visit acquisition cost and improving visit-to-contract conversion rate)
- Improved cost management precision and maintenance of a gross profit margin of 30% or higher on custom-built houses through the vertically integrated model under the housing SPA strategy (lumber procurement and processing collaboration with Konokuni Mokuzai Kogyo, in-house handling of key construction trades)
- Foundation for global expansion through the start of reservation acceptance for the 3D-printed house "Lib Earth House" (January 2026) and cumulative inquiries exceeding 1,500
- Consolidation of management resources and expanded market share in the Kanto region through the absorption merger of Takue Home (effective June 1, 2026)
- Accumulation of high-margin recurring revenue from My Home Robo and IP licensing
- Improved efficiency of sales and design operations through use of DX and AI
Risks
- Risk of construction delays, fewer housing deliveries, and delayed revenue recognition due to increased workload in confirmation applications and design work associated with compliance with the revised Building Standards Act (effective April 2025); impact already materialized in the nine months ended Q3
- Continued cost pressure from persistently high building material prices and labor costs
- Price volatility risk of digital assets (cryptocurrency); a valuation loss of ¥188 million was recorded in the nine months ended Q3, becoming the main cause of the ordinary loss
- Deterioration in housing purchase sentiment due to expectations of rising mortgage rates and prolonged inflation (new housing starts in fiscal 2025 fell 12.9% year on year to 711,171 units)
- Rising financial leverage and declining equity ratio (from 40.9% to 32.0%) due to a substantial increase in short-term borrowings (from ¥2,034 million at the end of the prior fiscal year to ¥4,179 million at the end of the current quarter)
- Short-term profit pressure from upfront investment in the 3D-printed housing and platform businesses
- Risk of revenue and profit becoming concentrated in the fourth quarter (a single quarter) to achieve the full-year forecast (against cumulative nine-month revenue of ¥9,506 million versus a full-year forecast of ¥15,000 million, approximately ¥5,494 million must still be recognized)
Last updated: September 24, 2025