YUKE'S Co.,Ltd.
4334・Standard Market・Information & Communication
Digital Content Business (Single Segment)
A single-segment company centered on contract development for games, XR, and gaming machines, accelerating its shift toward expanding in-house IP
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (cumulative Q1, FY2027 ending January 2027) | ¥1,119 million | ¥921 million (same period of prior year) | ↑ |
| Operating profit (cumulative Q1, FY2027 ending January 2027) | ¥67 million | ¥39 million (same period of prior year) | ↑ |
| Ordinary profit (cumulative Q1, FY2027 ending January 2027) | ¥70 million | ¥41 million (same period of prior year) | ↑ |
| Quarterly net profit attributable to owners of parent (cumulative Q1, FY2027 ending January 2027) | ¥43 million | ¥30 million (same period of prior year) | ↑ |
| Operating margin (cumulative Q1, FY2027 ending January 2027) | 6.0% | 4.3% (same period of prior year) | ↑ |
| Total assets (end of Q1, FY2027 ending January 2027) | ¥3,924 million | ¥4,044 million (end of FY2026 ending January 2026) | ↓ |
| Net assets (end of Q1, FY2027 ending January 2027) | ¥2,588 million | ¥2,627 million (end of FY2026 ending January 2026) | ↓ |
| Equity ratio (end of Q1, FY2027 ending January 2027) | 64.0% | 63.0% (end of FY2026 ending January 2026) | ↑ |
| Quarterly net profit per share (cumulative Q1, FY2027 ending January 2027) | ¥5.15 | ¥3.60 (same period of prior year) | ↑ |
| Full-year net sales forecast (FY2027 ending January 2027) | ¥5,300 million | ¥4,288 million (FY2026 ending January 2026 actual) | ↑ |
| Full-year operating profit forecast (FY2027 ending January 2027) | ¥275 million | ¥181 million (FY2026 ending January 2026 actual) | ↑ |
Business Details
U-Next Corporation (Yukes Co., Ltd.) focuses primarily on contract development of content for home video game consoles, mobile, pachinko, and pachislot, and in the XR field also develops live productions utilizing proprietary real-time CG technology. In August 2025, the company made Aquaplus Co., Ltd. a wholly owned subsidiary, aiming to expand its in-house development (publishing) capabilities and IP holdings. The company is advancing an evolution toward a hybrid revenue structure that builds up IP-related revenue on top of the stable earnings base from its contract development business.
Recent Overview
Continued recovery in contract development orders drove Q1 net sales up 21.5% and operating profit up 68.7%, resulting in a significant profit increase
In Q1 of FY2027 (ending January 2027) (February to April 2026), the recovery trend in orders continued in the contract development business, with steady performance across all fields. The company achieved net sales of ¥1,119 million (up 21.5% year on year), operating profit of ¥67 million (up 68.7% year on year), and ordinary profit of ¥70 million (up 71.4% year on year). At subsidiary Aquaplus, "Utawarerumono: Lost Flag" ended service on April 23, 2026, while "Utawarerumono: Michishirube to Shiro" was released on May 28, 2026. There has been no change to the full-year performance forecast (net sales of ¥5,300 million, operating profit of ¥275 million), with Q1 progress rates of 21.1% for net sales and 24.4% for operating profit.
Key Products
Growth Drivers
- Expansion of consolidated net sales and acquisition of in-house IP and publishing capabilities through the full consolidation of Aquaplus Co., Ltd. as a wholly owned subsidiary
- Continuation of the order recovery trend in the contract development business, with steady progress across each field (games, XR, gaming machines)
- Improvement in the IP revenue ratio driven by increased contracted projects in the gaming machine field as well as the generation of royalty income
- Continued acquisition of live production projects utilizing proprietary real-time CG technology in the XR field
- Revenue contribution from new in-house IP titles such as "Utawarerumono: Michishirube to Shiro" (released May 28, 2026)
- Creation of new content and business opportunities through an internal open call system for new business ideas
Risks
- Decline in revenue in the in-house development business due to the end of service of "Utawarerumono: Lost Flag" at subsidiary Aquaplus (April 23, 2026)
- Risk of contract cancellations or contract revisions due to client circumstances in contract development
- Risk of increased outsourcing costs in the gaming machine field (due to increased development projects and troubleshooting response)
- Continued presence of interest-bearing debt, including short-term borrowings of ¥400 million (down ¥100 million from the end of the prior fiscal year but still at an elevated level)
- Increase in work in process (up ¥68 million from the end of the prior fiscal year) and development risk associated with expanded in-house development investment aimed at improving the IP revenue ratio
- A back-loaded structure requiring securing ¥4,181 million in net sales over the remaining three quarters to achieve the full-year performance forecast (net sales of ¥5,300 million)
Last updated: April 27, 2026