BeeX Inc.
4270・Growth Market・Information & Communication
Cloud Solutions Business (Single Segment)
End-to-end support for cloud migration of SAP core systems centered on DX and multi-cloud strategy
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (Q1 cumulative, FY2027 ending February 2027) | ¥3,002 million | ¥2,538 million (Q1, FY2026 ending February 2026) | ↑ |
| Operating profit (Q1 cumulative, FY2027 ending February 2027) | ¥122 million | ¥150 million (Q1, FY2026 ending February 2026) | ↓ |
| Operating margin (Q1 cumulative, FY2027 ending February 2027) | 4.1% | 5.9% (Q1, FY2026 ending February 2026) | ↓ |
| Quarterly net income attributable to owners of the parent (Q1 cumulative, FY2027 ending February 2027) | ¥82 million | ¥106 million (Q1, FY2026 ending February 2026) | ↓ |
| Cloud License Resale net sales (Q1 cumulative, FY2027 ending February 2027) | ¥2,053 million | Up 31.9% year on year | ↑ |
| Cloud Integration net sales (Q1 cumulative, FY2027 ending February 2027) | ¥626 million | Down 3.3% year on year | ↓ |
| MSP net sales (Q1 cumulative, FY2027 ending February 2027) | ¥324 million | Down 3.4% year on year | ↓ |
| Equity ratio | 53.1% | 52.8% (end of FY2026 ending February 2026) | ↑ |
| Full-year net sales forecast (FY2027 ending February 2027) | ¥12,516 million | ¥10,626 million (FY2026 ending February 2026 actual) | ↑ |
| Full-year operating profit forecast (FY2027 ending February 2027) | ¥605 million | ¥592 million (FY2026 ending February 2026 actual) | ↑ |
Business Details
The company operates three services: Cloud Integration, which migrates corporate core systems (mainly SAP systems) from on-premises to AWS, Azure, and Google Cloud; MSP, which handles operations and monitoring after migration; and Cloud License Resale, which resells cloud licenses. It has built a revenue model combining flow-type revenue (Cloud Integration) with stock-type revenue (MSP and Cloud License Resale). In the first quarter of FY2027 (ending February 2027) (March to May 2026), the company recorded net sales of ¥3,002 million (up 18.3% year on year), while operating profit declined to ¥122 million (down 18.7% year on year) due to increased expenses.
Recent Overview
Net sales rose 18% but operating profit fell 19% due to increased expenses, a first quarter marked by higher revenue but lower profit
In the first quarter of FY2027 (ending February 2027) (March to May 2026), Cloud License Resale led growth with a 31.9% year-on-year increase driven by rising new contracts and increased usage fees from existing large-scale contracts, enabling net sales to reach ¥3,002 million (up 18.3% year on year). Meanwhile, Cloud Integration declined 3.3% year on year due to project start dates shifting to the second half, and MSP declined 3.4% year on year due to contract revisions stemming from clients bringing operations in-house. Cost of sales increased 19.7% year on year due to higher outsourcing costs and license procurement costs, while selling, general and administrative expenses increased 27.5% year on year due to active investment in human capital (personnel and recruitment costs), resulting in operating profit of only ¥122 million (down 18.7% year on year). The full-year earnings forecast (net sales of ¥12,516 million, operating profit of ¥605 million) remains unchanged.
Key Products
Growth Drivers
- Continued expansion of demand for cloud migration and upgrades of SAP systems driven by the end of standard support for SAP ERP6.0 (2027) and the end of extended support (2030)
- Continued high growth in Cloud License Resale driven by expanded handling of AWS, Azure, and Google Cloud amid growth in the public cloud market
- Accumulation of stock-type revenue in Cloud License Resale driven by steady growth in new contracts and increased usage fees from existing large-scale contracts
- Steady IT investment demand driven by corporate DX promotion, AI utilization, strengthened cybersecurity measures, and improved labor productivity
- Diversification of Cloud Integration revenue through winning projects in growth areas such as AI and data analytics
- Strengthened sales structure and mid-to-long-term order expansion through active investment in human capital
Risks
- Increased selling, general and administrative expenses and impact on profitability due to the worsening shortage of IT personnel and rising personnel and recruitment costs
- Risk of quarterly earnings volatility due to project start date shifts and second-half concentration in Cloud Integration
- Risk of MSP contract revisions and cancellations due to clients' promotion of in-house operations
- Intensifying technological and price competition due to major system integrators' entry into the cloud market
- Risk of unprofitable projects arising in Cloud Integration (cost overruns relative to estimated total costs)
- Risk of revenue concentration in a specific client (AGC Corporation: approximately 14% of net sales)
- Foreign exchange risk (impact on foreign currency-denominated procurement costs in Cloud License Resale)
- Risk of suppressed corporate IT investment due to US trade and economic policy developments and prolonged geopolitical risks
Last updated: May 25, 2026