Aidma Holdings, Inc.

Business Details

Under the basic policy of 'Turning population decline into a growth opportunity,' the company captures outsourcing demand arising from the lack of sales resources at small and medium-sized enterprises (SMEs). Its core Sales Support Business provides test marketing support utilizing the proprietary sales support system 'Sales Crowd.' Its Workforce Support Business operates 'Mama Works,' a job listing site specializing in home-based work, connecting companies with latent labor supply. Customers are primarily SMEs and mid-tier companies engaged in B2B business.

Recent Overview

Net sales grew by double digits, but profits declined significantly due to increased expenses. Full-year forecast revised downward

For the cumulative nine months of Q3 FY2026 (ending August 2026), net sales increased to ¥10,852 million (+12.6% YoY), securing revenue growth. However, due to an increase in provision for allowance for doubtful accounts (balance rising from ¥327 million to ¥987 million), an increase in goodwill amortization associated with the For JAPAN Business acquisition (from ¥160 million in the prior year to ¥312 million in the current period), and a substantial increase in selling, general and administrative expenses (from ¥4,361 million to ¥5,742 million), operating profit declined sharply to ¥1,850 million (△19.8%). Investment loss under the equity method also widened (from ¥11 million to ¥39 million). In response, the company revised its full-year earnings forecast downward, lowering operating profit to ¥2,200 million (△29.1% vs. prior year) and net income to ¥1,200 million (△38.6% vs. prior year). As a subsequent event, on July 10, 2026, the company resolved to acquire treasury shares up to 450,000 shares and ¥900 million.

Key Products

Growth Drivers

• Expanding outsourcing demand driven by the deepening shortage of sales resources at SMEs amid a declining working-age population (a record 427 bankruptcies due to labor shortages and 124 due to employee turnover in 2025)
• Addressing online sales support needs through the sophistication of solutions combining digital marketing and inside sales
• Enhancing service value-added through efficiency improvements in the sales process using generative AI and other technologies
• Business expansion into the management support domain and customer base expansion through the For JAPAN Business acquisition
• Establishment of a recurring revenue model through external sales expansion of Sales Crowd

Risks

• Emerging accounts receivable collection risk, as evidenced by the substantial increase in allowance for doubtful accounts (from ¥327 million at the end of the prior fiscal year to ¥987 million at the end of the current Q3)
• Structural risk of margin deterioration due to the sharp increase in selling, general and administrative expenses (+31.7% YoY, from ¥4,361 million to ¥5,742 million)
• Future impairment risk associated with the increase in goodwill balance (¥1,342 million) and the growing amortization burden (+95% YoY, from ¥160 million to ¥312 million)
• Widening investment loss under the equity method (from ¥11 million in the prior year to ¥39 million in the current period)
• Profitability deterioration risk, as evidenced by the downward revision of the full-year earnings forecast (operating profit △29.1%, net income △38.6%)
• Risk of economic fluctuations and customer bankruptcies due to business concentration on SME customers
• Operational risk related to securing and managing the quality of crowd workers (approximately 3,500)
• Accounting uncertainty associated with the incomplete purchase price allocation for the goodwill (¥420 million, provisional) related to the For JAPAN Business