Summary
FY04/2026 is an irregular 6-month fiscal year due to a change in fiscal year-end, and the full-year results will test whether the strong revenue progress demonstrated in 1Q can be sustained. 1Q revenue reached 52.4% of the midpoint of the full-year guidance range, prompting the company to revise its full-year guidance upward. Notably, concrete initiatives to accelerate spot work adoption in the sector are now underway, including a strategic partnership with Benesse Careforce in the nursing care space. Leveraging Japan's largest labor matching platform—with 13.47 million registered workers and 440,000 registered client locations—the key question for gauging the quality of the full-year outcome is how the company balances platform fee revenue growth with medium-term monetization of new businesses.
Key Points for Next Quarter
| Key Points & Focus | Implications |
|---|---|
Revenue GrowthFull-year revenue landing vs. company guidance range (JPY 20,503M–20,913M) | With 1Q progress at 52.4% (vs. midpoint), 2Q standalone needs JPY 9,647M–10,057M. Want to assess the probability of exceeding the upper end of the range |
Profitability2Q standalone OPM and shifts in SG&A composition | Against 1Q OPM of 19.4%, the full-year guidance range implies OPM of 18.3%–19.8%. If strategic investments in nursing care and logistics are front-loaded into 2Q, the degree of margin compression is the key focus |
Key SegmentP&L improvement in the "Other" segment (Sukimaworks) | 1Q posted a JPY 57M operating loss. The timeline for breakeven is in question |
Capital EfficiencyEquity ratio and short-term borrowings trajectory | Equity ratio stood at 42.6% at 1Q-end, with JPY 15,000M in short-term borrowings. Need to monitor the balance between working capital demand driven by the advance payment business model and financial soundness |
KPIsSustainability of utilization rate and core worker ratio | Whether the high 1Q utilization rate of 84.9% can be maintained in 2Q (Feb–Apr, including fiscal year-end peak season) will determine the sustainability of GMV growth |
Market EnvironmentImpact of minimum wage revision on average hourly wages and GMV | Given the structural pass-through of the minimum wage increase (+JPY 66, national average JPY 1,121) into GMV, unit price increases directly translate into revenue |
Key Issues from Previous Results (FY04/2026 1Q)
FY04/2026 1Q was the first reporting period under the irregular fiscal year, yet the company delivered revenue of JPY 10,856M and operating income of JPY 2,108M, achieving over 50% progress against full-year guidance. Key KPIs continued to expand, with GMV of JPY 36,172M, 13.47 million registered workers, and 440,000 client locations. The evaluation framework for full-year results, however, hinges on the ability to balance strategic investments in new verticals (nursing care and logistics) with margin preservation.
1. Confidence in Full-Year Guidance Achievement and Upside Potential
- Previous Quarter:1Q revenue of JPY 10,856M represented 52.4% progress against the full-year guidance midpoint of JPY 20,708M. Operating income of JPY 2,108M reached 53.5% of the midpoint of JPY 3,941M
- This Quarter Focus:2Q (Feb–Apr) encompasses the year-end staffing slack season. The key question is whether the company can reach the upper end of the range (revenue JPY 20,913M, operating income JPY 4,137M)
- Key Metric:Whether full-year revenue exceeds the upper end of the range. Guidance was already revised at the 1Q release; we want to assess the likelihood of a further revision
2. Cost Burden from Strategic Investments and Monetization Timeline
- Previous Quarter:1Q SG&A was JPY 7,894M (72.7% of revenue). Strategic investments included enhanced marketing for the nursing care sector and headcount expansion of field managers for the logistics sector
- This Quarter Focus:The magnitude of SG&A ratio expansion will determine where earnings land within the guidance range
- Key Metric:2Q standalone SG&A in absolute terms and as a percentage of revenue. Any increase from the 1Q level of 72.7% would signal a continued investment phase
3. Sukimaworks ("Other" Segment) P&L Trajectory
- Previous Quarter:The "Other" segment posted revenue of JPY 316M and a segment loss of JPY 57M. This segment was newly established following the consolidation of Sukimaworks as a subsidiary
- This Quarter Focus:In August 2026, the logistics business (field manager operations and Logi Hero) will be transferred to Sukimaworks via an absorption-type company split
- Key Metric:Whether the "Other" segment narrows its operating loss. Also monitoring expansion of inter-segment internal revenue (JPY 31M in 1Q)
4. Sustained Growth of Platform KPIs
- Previous Quarter:Registered workers exceeded 13.47 million, registered client locations exceeded 440,000, utilization rate was 84.9%, and GMV was JPY 36,172M
- This Quarter Focus:In 2Q (Feb–Apr), net additions to active accounts and an expanding share of core workers (those working 8+ shifts per month) are key to sustaining stable growth
- Key Metric:Full-year GMV trajectory. Stability of the take rate
5. Financial Position and Working Capital Management
- Previous Quarter:Short-term borrowings of JPY 15,000M (+JPY 3,890M from prior fiscal year-end), advance payments of JPY 11,640M, cash of JPY 18,107M. Equity ratio of 42.6% (vs. 43.2% at prior fiscal year-end)
- This Quarter Focus:As GMV scales, the advance wage payment program (pre-payment of wages to workers) structurally grows in size. The pace of borrowing increases and optimization of capital efficiency are medium-term considerations
- Key Metric:Equity ratio at fiscal year-end—whether it can be maintained above 40%. Full-year interest expense (JPY 39M in 1Q) will also have implications for profitability
Timely Disclosure & Industry Trends
- 2026/05/18Company split to wholly owned subsidiary (simplified absorption-type split) — Transfer of logistics-focused field manager operations and Logi Hero to Sukimaworks. An organizational restructuring to integrate management resources in the logistics and BPO domains, accelerating business development within the "Other" segment. Notice Regarding Company Split to Wholly Owned Subsidiary (Simplified Absorption-Type Split)
- 2026/05/11Official launch of new service "Timee BPO" — A new business that directly undertakes corporate business processes. Following pilot operations with 34 companies, the service is now fully launched, marking a starting point for revenue diversification beyond the platform business. Timee Officially Launches New Service "Timee BPO" on May 11
- 2026/04/20Basic agreement on strategic business alliance with Benesse Careforce — Connecting Benesse Careforce's 70,000+ client base as a nursing care and medical HR specialist with Timee's 13.4 million worker base. A concrete step forward in the nursing care sector expansion referenced in 1Q. Timee and Benesse Careforce Reach Basic Agreement on Strategic Business Alliance to Fundamentally Address the Worsening Nursing Care Staffing Shortage
- 2026/04/10Business alliance agreement with JA Mitsui Leasing — Promoting spot work utilization in agricultural settings through the nationwide JA facility and farmer network. Lateral expansion into regional and primary industry verticals. Timee Signs Business Alliance Agreement with JA Mitsui Leasing
Previous Quarter Results (FY04/2026 1Q Actuals)
Timee operates a gig-work platform that matches "times people want to work" with "times businesses need workers," functioning as a licensed employment placement business facilitating single-day direct employment. The company commands Japan's largest spot work infrastructure, with 13.47 million registered workers and 440,000 client locations, generating revenue primarily through take-rate fees on GMV. FY04/2026 is an irregular 6-month fiscal year (November 2025–April 2026) resulting from a fiscal year-end change, and 1Q achieved over 50% progress against full-year guidance. As consolidated financial statements have been prepared since the end of the prior fiscal year, YoY comparisons are not disclosed.
| Item | Amount | YoY | Vs. Company Guidance (Progress Rate Against Full-Year Midpoint) | Notes |
|---|---|---|---|---|
| Revenue | JPY 10,856M | - | 52.4% | Driven by GMV of JPY 36,172M |
| Operating Income | JPY 2,108M | - | 53.5% | OPM 19.4% |
| Recurring Profit | JPY 2,082M | - | 53.3% | After deducting JPY 39M in interest expense |
| Net Income | JPY 1,439M | - | 49.8% | Effective tax rate 30.9% |
| EPS | JPY 14.29 | - | - | Shares outstanding: 100,725 thousand |
Guidance Achievement Rate Against Full-Year Plan: Revenue 52.4%, operating income 53.5% (our estimate, based on midpoint of full-year guidance range)
Company Information
- Company Name:Timee, Inc.
- Ticker:215A
- Listed Exchange:Tokyo Stock Exchange Growth Market
- Fiscal Year-End:April (FY04/2026 is an irregular 6-month fiscal year due to fiscal year-end change; from the following fiscal year onward, October year-end)
- Core Business:Operation of the gig-work service "Timee" (licensed employment placement business). A single-day direct employment matching platform serving logistics, retail, food service, nursing care, and other industries
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