Gurunavi, Inc. (TSE: 2440) reported consolidated first-quarter results for the three months to June 30, 2026 under Japanese GAAP. Revenue rose 9.6% to ¥3,378 million, but the company posted an operating loss of ¥12 million against a ¥25 million profit a year earlier and a recurring loss of ¥23 million against a ¥23 million profit. Profit attributable to owners of the parent stayed positive at ¥24 million, down 51.6%, rescued by a ¥47 million gain on the sale of investment securities booked as extraordinary income. Earnings per share were ¥0.44 against ¥0.90, and comprehensive income turned to a ¥23 million loss from a ¥69 million gain. Costs rose on software depreciation as the asset base built up, cost of sales tracking revenue growth, and higher personnel-related spending.
The loss is the plan, not the accident
In May, Gurunavi published Mid-Term Plan 2028, covering FY3/2027 through FY3/2029. It commits the company to move away from a structure dependent on growth in its media business and toward a B2B model built around supporting restaurants directly, under the vision of becoming "the true supporter of restaurants." The plan names five strategies: strengthening media and membership services, establishing an agency business, expanding the value of membership, strengthening the sales organisation and improving its processes, and building a data foundation suited to the AI era. The company is explicit that the first year involves strategic investment in expanding its restaurant network to unlock later exponential ("J-curve") growth, and that this is what produces the guided full-year losses.
On execution, the most important measure — sales-force expansion — is on plan: hiring of field sales for the restaurant-support area planned for this year is complete, and inside sales hiring is expected to finish within the first half. Elsewhere, the Rakuten ID-linked member base reached 11.39 million (+10.3%), restaurants able to accept online reservations reached 36,463 (+4.4%), and a new citation-management product — syncing member-restaurant information published on "Rakuten Gurunavi" not only to Google Business Profile but in bulk to map apps and social platforms, aimed at MEO and AIO optimisation — launched in April. A tablet-based ordering system, "FO Tablet Order," was added to the Gurunavi FineOrder mobile-ordering service in May.
Stock-type revenue does the work
Restaurant-support services grew 9.1% to ¥2,885 million, driven by the recurring "stock-type" line, up 10.1% to ¥2,621 million; spot-type revenue was flat at ¥264 million. The company credits higher ARPU per restaurant plus last year's sales-force expansion for lifting total paid member restaurants 2.8% to 43,114, of which stock-type paid members rose 0.3% to 33,555. Promotion revenue grew fastest, up 17.3% to ¥203 million, mainly on expanded work for government ministries and local authorities. Related business rose 9.8% to ¥290 million, led by the "Tempos Gurunavi" kitchen-equipment retail operation.
| Business line | Revenue (¥ thousand) | YoY |
|---|---|---|
| Restaurant support — stock-type | 2,621,201 | +10.1% |
| Restaurant support — spot-type | 263,703 | +0.3% |
| Restaurant support — subtotal | 2,884,905 | +9.1% |
| Promotion | 203,382 | +17.3% |
| Base business — subtotal | 3,088,287 | +9.6% |
| Related business | 290,497 | +9.8% |
| Total | 3,378,785 | +9.6% |
Balance sheet barely moves; no dividend
Total assets edged down ¥52 million to ¥10,858 million. Current assets fell ¥157 million as cash rose but accrued income and trade receivables declined, while fixed assets rose ¥104 million, largely tools and equipment from an employee PC refresh. Liabilities fell ¥28 million to ¥5,638 million, with a lower bonus provision offset by higher advances received. Net assets slipped ¥23 million to ¥5,219 million: retained earnings grew, but the valuation difference on other securities fell as the investment securities were sold. The equity ratio held at 47.7%, with shareholders' equity of ¥5,183 million.
Guidance: a planned loss year
Guidance is unchanged and is unusual in shape — revenue growth with widening losses. For the first half Gurunavi guides revenue of ¥6,820 million (+7.0%) with an operating loss of ¥630 million, a recurring loss of ¥675 million and a net loss of ¥675 million (EPS of -¥11.97). For the full year: revenue of ¥15,100 million (+6.8%), an operating loss of ¥830 million, a recurring loss of ¥920 million and a net loss of ¥1,000 million (EPS of -¥17.74). No dividend is forecast for FY3/2027, the same as FY3/2026. On that path, the ¥12 million operating loss booked in the first quarter is a small fraction of the ¥830 million the company expects to absorb over the year — the investment step-up is weighted to the quarters ahead.
| Metric | Q1 FY3/2027 | Q1 FY3/2026 | YoY |
|---|---|---|---|
| Revenue (¥ million) | 3,378 | 3,081 | +9.6% |
| Operating profit / (loss) (¥ million) | -12 | 25 | to a loss |
| Recurring profit / (loss) (¥ million) | -23 | 23 | to a loss |
| Profit attributable to owners (¥ million) | 24 | 51 | -51.6% |
| Comprehensive income (¥ million) | -23 | 69 | to a loss |
| EPS (¥) | 0.44 | 0.90 | -51.1% |
| Total paid member restaurants | 43,114 | — | +2.8% |
| Rakuten ID-linked members (million) | 11.39 | — | +10.3% |
| Total assets (¥ million) | 10,858 | 10,911 | -0.5% |
| Net assets (¥ million) | 5,219 | 5,243 | -0.5% |
| Equity ratio (%) | 47.7 | 47.7 | unchanged |
| FY3/2027 guidance — revenue (¥ million) | 15,100 | — | +6.8% |
| FY3/2027 guidance — operating loss (¥ million) | -830 | — | — |
| FY3/2027 guidance — net loss (¥ million) | -1,000 | — | — |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company’s published earnings short report and may be subject to subsequent revision.