Mirairo Inc.

Business Details

Under its corporate philosophy of "Barrier Value," the company operates the digital disability certificate "Mirairo ID (digital disability certificate)" infrastructure and provides Barrier Value Solutions (Universal Manners training/certification), Communication Support, and other services to companies, organizations, and government bodies. In the interim period of FY2026 (ending September 2026), net sales were ¥391 million and operating profit was ¥31 million. The company operates on a non-consolidated, single-segment basis with all revenue generated domestically.

Recent Overview

Interim period saw a significant decline in profit due to project timing shifts and the absence of Expo-related projects, but the full-year forecast remains unchanged

In the interim period of FY2026 (ending September 2026) (October 2025 to March 2026), net sales were ¥391 million (down 7.6% year on year) and operating profit was ¥31 million (down 61.5% year on year), representing a substantial decline in both revenue and profit. The main causes were the timing shift of large-scale Universal Manners training/certification projects, the year-on-year decline resulting from the absence of Osaka-Kansai Expo-related projects recorded in the same period of the prior year, and increased expenses from higher commission payments related to strengthened recruitment activities to acquire specialized personnel as well as software investment. On the other hand, the Communication Support business performed well due to the effect of the Tokyo 2025 Deaflympics. The number of Mirairo ID users steadily expanded to 617,000 (up 65,000 from the end of the prior fiscal year). The full-year earnings forecast (net sales of ¥940 million, operating profit of ¥200 million) remains unchanged.

Key Products

Growth Drivers

• The number of Mirairo ID users continued to expand, reaching 617,000 (up 65,000 from the end of the prior fiscal year), with monthly active users at 229,000, enhancing the platform's value
• System integration for Mirairo ID progressed, including the expansion of disability discount-eligible parking and bicycle parking locations to over 230, broadening usage scenarios
• Demand for industry-specific training and certification is increasing, as demonstrated by the cumulative number of participants in industry-specific Universal Manners certification (railway, etc.) exceeding 5,000
• There continues to be demand from companies seeking to comply with reasonable accommodation obligations under the revised Act on the Elimination of Discrimination against Persons with Disabilities, which took effect in April 2024
• Demand for training and consulting related to employment of people with disabilities is increasing ahead of the statutory employment rate increase in July 2026
• The Communication Support business is expanding its recognition and demand through large-scale events such as the Tokyo 2025 Deaflympics

Risks

• Universal Manners training and certification performance is highly susceptible to the timing of large-scale project orders, and shifts in project timing significantly affect quarterly and interim financial results
• As demonstrated by the year-on-year decline in the current interim period resulting from the absence of large-scale Osaka-Kansai Expo-related projects recorded in the prior year, sales dependent on specific events carry the risk of a subsequent decline in the following period
• Expenses have increased and are pressuring profit due to higher commission payments associated with strengthened recruitment activities to acquire specialized personnel, as well as software investment
• Since Mirairo ID is provided free of charge, there is a time lag before growth in the number of users translates directly into revenue
• Revenue is concentrated solely in the domestic market, making the company directly susceptible to geopolitical risks and domestic economic downturns
• Risk of future dilution from stock acquisition rights (11,021,300 shares issued and outstanding as of the end of the current interim period)