VisasQ Inc.

Business Details

Operates the Knowledge Platform Business as a single segment, matching the knowledge of domestic and overseas experts with practical industry experience, primarily serving consulting firms, financial institutions, and corporate clients. The company has a global structure based in Japan and the United States (Coleman Research Group, Inc.), offering a diverse range of services including interviews, surveys, and partner support. As of the end of the first quarter of FY2027 (ending February 2027), the number of registered members exceeded 800,000.

Recent Overview

Q1 FY2027 (ending February 2027) got off to a strong start with transaction volume up 11.3% and operating profit up 51.6%

In the first quarter of FY2027 (ending February 2027) (March-May 2026), transaction volume was ¥3,963 million (up 11.3% year on year), operating revenue was ¥2,755 million (up 12.6%), operating profit was ¥424 million (up 51.6%), and adjusted EBITDA was ¥374 million (up 73.4%), showing significant improvement across all metrics. By business area, the Knowledge Platform Business (domestic corporate clients) performed strongly with transaction volume up 17% and operating revenue up 24%, while the Global ENS Japan business (domestic consulting and financial clients) also performed well with both transaction volume and operating revenue up 16%. The Global ENS overseas business showed moderate growth, with transaction volume up 3% and operating revenue up 4%. An impairment loss of ¥66 million was recorded on Coleman's fixed assets (¥76 million in the same period last year). There has been no revision to the full-year earnings forecast, which remains at transaction volume of ¥15,989 million, operating revenue of ¥10,972 million, and operating profit of ¥1,400 million.

Key Products

Growth Drivers

• Knowledge Platform Business (domestic corporate clients): Uncovering demand within the existing customer base through organizational restructuring and diverse product proposals (Q1 FY2027, ending February 2027, transaction volume +17%, operating revenue +24%)
• Global ENS Japan business (domestic consulting and financial clients): Increased matching of domestic and overseas experts driven by strong demand from consulting firms and others (both transaction volume and operating revenue +16%)
• Migration to a global common platform: Strengthening compliance standards and securing competitive advantage through utilization of a global project and expert information database
• Productivity improvement through AI utilization: Improving profitability through faster and more sophisticated matching and the incorporation of generative AI into business processes
• Global ENS overseas business: Improved profitability through strong performance of the core interview product in the United States and reinforcement of survey product value

Risks

• Weak demand in overseas client (consulting/financial) business due to rising U.S. trade policy and geopolitical risks (Global ENS overseas business showed relatively low growth of +3% in transaction volume in Q1 FY2027, ending February 2027)
• Impairment risk related to Coleman assets (an impairment loss of ¥66 million was recorded in Q1 FY2027, ending February 2027; ¥76 million was recorded in the same period last year)
• Risk of accumulation of unpaid preferred dividends on preferred shares (Class A and Class B) and dilution risk from conversion of such shares
• Rising personnel acquisition costs due to a tight labor market (salaries and allowances were ¥1,083 million in Q1 FY2027, ending February 2027, a major expense item)
• Risk of breaching financial covenants (maintenance of net assets and operating profit) attached to long-term borrowings (¥2,248 million due within one year)
• Costs and security risks associated with compliance with personal information protection regulations (such as the European GDPR)