Makuake, Inc.

Business Details

Under the mission of "Connecting the world, creating the new," the company operates Makuake, a platform for pre-launch sales of new products and services ahead of mass production. Its business model involves receiving support fees from project operators (businesses) and Anshin System Program usage fees from project supporters (consumers). As ancillary services, the company offers Ad Delivery Agency Service, Makuake STORE, Makuake STORE for EC Mall, Makuake Insight, and Makuake SHOP, providing end-to-end support for businesses from new product debut through to promotion of general distribution.

Recent Overview

Interim revenue up 37% and operating income up 117% year-on-year, driving a significant increase in both sales and profit; full-year forecast revised upward

In the interim period of FY2026 (ending September 2026) (October 2025 to March 2026), steady growth in the acquisition of promising new projects, combined with strengthened curator support systems that helped raise unit prices, led to expanded usage of the Ad Delivery Agency Service. Gross merchandise value across all services rose 33.5% year-on-year to ¥10,797 million, with revenue reaching ¥2,812 million (up 37.2% year-on-year) and operating income reaching ¥568 million (up 117.2% year-on-year). In response, the company revised its full-year earnings forecast upward, raising the revenue forecast to ¥5,400 million (up 13.4% from the previous forecast) and the operating income forecast to a range of ¥670 million to ¥800 million (up 67.5% to 100.0% from the previous forecast). Note that an impairment loss of ¥20 million was recorded as an extraordinary loss in the current interim period.

Key Products

Growth Drivers

• Increase in per-project unit price driven by expanded usage of the Ad Delivery Agency Service (interim gross merchandise value up 33.5% year-on-year)
• Strengthening and improved reproducibility of the unit-price improvement support system through curator support
• Projects in the home appliances and gadgets category driving gross merchandise value growth
• Steady increase in the number of active projects due to continued success in acquiring new high-quality project operators
• Growth in "other" category revenue through the expansion of ancillary services such as Makuake STORE for EC Mall
• Significant improvement in profit margin through thorough and strict cost management (operating margin improved from 12.8% to 20.2%)
• Support purchase demand underpinned by the progressing bifurcation of consumption toward carefully selected products with unique stories
• Solid trend in demand for pre-mass-production test marketing against the backdrop of supply chain restructuring needs driven by changes in the international situation

Risks

• Continued frugality among consumers due to rising prices and its impact on personal consumption
• Downside risk to supply chains and corporate activity from uncertainty in the international situation stemming from shifts in U.S. trade policy and changes in Middle East affairs
• Potential fluctuation in profit levels depending on the allocation of investment in the second half, due to the execution of strategic upfront investments aimed at early achievement of the medium-term management plan (full-year operating income forecast presented as a range: ¥670 million to ¥800 million)
• Risk of trouble arising from inappropriate projects (continuous strengthening of screening and monitoring systems is required)
• Declining trend in the number of new listings (5,423 in full-year FY2025 (ended September 2025), down continuously from 8,314 in full-year FY2022 (ended September 2022))
• Declining trend in access unique users (UU) (10,028,376 at the end of FY2025 (ended September 2025), a significant decline compared to FY2022 (ended September 2022))
• Risk of system failure or information leakage (the company holds personal information and confidential information of client businesses)
• Risk of impairment in value of system and software investments, as seen in the impairment loss recorded in the current interim period (¥20 million)