DEMAE-CAN CO.,LTD
2484・Standard Market・Information & Communication
Demae-can Business
A single business segment operating one of Japan's largest food delivery platforms
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (cumulative Q3) | ¥28,290 million | ¥30,170 million (same period prior year) | ↓ |
| Operating loss (cumulative Q3) | -¥6,370 million | -¥3,075 million (same period prior year) | ↓ |
| Ordinary loss (cumulative Q3) | -¥6,331 million | -¥3,105 million (same period prior year) | ↓ |
| Quarterly net loss attributable to owners of parent (cumulative Q3) | -¥6,339 million | -¥3,113 million (same period prior year) | ↓ |
| Gross profit (cumulative Q3) | ¥140 million | ¥4,402 million (same period prior year) | ↓ |
| Net loss per share (cumulative Q3) | -¥56.89 | -¥27.13 (same period prior year) | ↓ |
| Total assets | ¥32,855 million | ¥38,848 million (end of FY2025 (ended August 2025)) | ↓ |
| Net assets | ¥22,309 million | ¥28,625 million (end of FY2025 (ended August 2025)) | ↓ |
| Equity ratio | 67.8% | 73.7% (end of FY2025 (ended August 2025)) | ↓ |
| Cash and deposits | ¥21,468 million | ¥28,536 million (end of FY2025 (ended August 2025)) | ↓ |
| Full-year revenue forecast (revised) | ¥39,200 million | - | — |
| Full-year operating loss forecast (revised) | -¥7,900 million | - | ↓ |
Business Details
The company's core business is operating the delivery-specialized site and app "Demae-can". Its main revenue sources are service usage fees and delivery agency commissions from member merchants, as well as delivery fees and various fees from users. It also operates a sharing delivery (delivery agency) service for restaurants that lack their own delivery capabilities. In addition to expanding its merchant lineup in the food category, the company is also expanding into non-food categories, aiming for the "routinization of delivery." It aims to achieve its mission of "enhancing the value of time through technology" and its vision of being a "lifestyle infrastructure that connects the happiness of local people."
Recent Overview
Both revenue and losses worsened year on year, leading to a downward revision of the full-year earnings forecast
For the cumulative nine months of FY2026 (ending August 2026) (September 2025 to May 2026), revenue was ¥28,290 million (down 6.2% year on year), and operating loss was ¥6,370 million (an increase in loss of ¥2,295 million year on year). Cost of revenue of ¥28,150 million nearly exceeded revenue, leaving gross profit at just ¥140 million. As order volume and GMV are now expected to fall short of initial full-year assumptions, the full-year forecast was revised to revenue of ¥39,200 million and an operating loss of -¥7,900 million. Cash and deposits decreased by ¥7,067 million from the start of the fiscal year to ¥21,468 million. The company continues to forgo dividend payments.
Key Products
Growth Drivers
- GMV expansion through broadening the merchant lineup in both food and non-food categories
- Improved user satisfaction and retention through more accurate delivery time estimates and enhanced customer service quality
- Improved unit economics through introduction of dynamic pricing for delivery fees
- Medium- to long-term increase in delivery demand driven by the declining birthrate and aging population, greater participation of women in the workforce, and diversifying lifestyles
- Improved profit structure through fixed-cost optimization and marketing investment focused on return on investment
Risks
- Risk of declining market share and GMV due to intense competition with rivals (order volume and GMV fell short of initial full-year assumptions, leading to a downward revision of the full-year forecast)
- Structural downward pressure on revenue from continued deduction of issued coupons from revenue
- Continued decline in active users (from 8.73 million in FY2022 (ended August 2022) to 4.55 million in FY2025 (ended August 2025))
- Continuation of a reverse-margin structure in which cost of revenue (mainly delivery fees paid to outsourced delivery drivers) nearly exceeds revenue (cumulative Q3: revenue of ¥28,290 million versus cost of revenue of ¥28,150 million)
- Rapid decline in cash and deposits (down ¥7,067 million from the start of the fiscal year to ¥21,468 million), reducing financial flexibility
- Negative impact on food delivery demand from rising consumer prices and declining household consumption spending
- Risks related to personal information and system security
Last updated: November 26, 2025