Timee Opens Its First Full April Year With ¥1.94 Billion Q1 Operating Profit, Keeps Guidance Range

A profitable quarter with no like-for-like comparison

Timee, Inc. (TSE: 215A), which runs the “Timee” spot-work app nationwide as a fee-charging employment placement business — matching the hours people want to work with the hours businesses need filled, each job being a one-day direct employment between client and worker — published consolidated first-quarter results for the fiscal year ending April 30, 2027 on September 10, 2026, under Japanese GAAP. For the three months from May 1 to July 31, 2026, revenue was ¥10,443 million, operating profit ¥1,937 million, ordinary profit ¥1,888 million and profit attributable to owners of the parent ¥1,273 million, or ¥12.76 per share (¥12.07 diluted). The company is listed on the Tokyo Stock Exchange.

The filing prints last year's first quarter beside these figures — revenue of ¥10,856 million, operating profit of ¥2,108 million and net profit of ¥1,439 million — but deliberately gives no percentage change, and this article does not compute one. Timee moved its year-end from October to April, so FY4/2026 was an irregular six-month period running from November 1, 2025 to April 30, 2026, and its first quarter covered November 2025 to January 2026, a different stretch of the calendar from May to July. The company says that because the periods differ it makes no comparison with the prior-year quarter. It also notes that it has prepared consolidated statements only since the end of FY10/2025, so that earlier quarter carries no percentage change of its own. The prior-year column in the table below is that November–January quarter.

Nearly nine-tenths of revenue is gross profit, so overheads set the margin

Cost of sales was only ¥1,079 million, leaving gross profit of ¥9,363 million, a gross margin of 89.7%. Selling, general and administrative expenses of ¥7,426 million absorbed 71.1% of revenue, and what remained was an operating margin of 18.6%. For the November–January quarter the same ratios were a 92.1% gross margin, expenses of 72.7% of revenue and a 19.4% operating margin; the filing does not discuss the differences, and because the calendar months differ they should not be read as a trend.

Below the operating line the movements were small. Non-operating income was ¥6 million and non-operating expenses ¥55 million, chiefly ¥43 million of interest and ¥10 million of fees, giving ordinary profit of ¥1,888 million. There were no extraordinary items, so pre-tax profit equalled ordinary profit. Income taxes of ¥615 million, an effective rate of 32.6%, left net profit of ¥1,273 million, a net margin of 12.2%, all of it attributable to owners of the parent. Comprehensive income was ¥1,274 million. No cash-flow statement was prepared for the quarter; depreciation was ¥79 million and goodwill amortisation ¥12 million.

14.72 million registered workers and ¥33,687 million of wages through the platform

The operating indicators the company reports come with no prior-period figure: registered workers exceeded 14.72 million, registered client sites exceeded 488,000, and gross merchandise value — defined as the total wages and remuneration paid to workers — was ¥33,687 million. The utilisation rate, the number of workers engaged divided by the number sought, was 86.3%, which Timee describes as still high and attributes to growth in core workers, meaning existing workers who work eight or more times a month. The company says registered client sites and active accounts — sites posting at least one job in a month — kept rising, led by logistics and retail, against a background of severe labour shortages, and that digital advertising aimed mainly at workers, with the cost per install monitored continuously, produced a large increase in registered workers.

By industry the picture was mixed. Expansion into nursing care and welfare progressed smoothly and kept growing fast, helped by a run of features built for that sector. In restaurants, a push into contract work such as catering and cafeteria operations, together with stronger solution proposals, turned revenue growth positive in the quarter. Logistics was affected by the external environment and by lower handling volumes at some clients; the company says it kept strengthening its coverage through field managers and deepening relationships with large existing clients. It also points to the backdrop: in July 2026 the Central Minimum Wages Council, an advisory body to the health and labour minister, set a guideline raising the national average minimum wage by ¥55 to ¥1,176, and the company expects wages to keep rising.

The Timee business earns the profit; the smaller activities still lose money

Timee has one reportable segment. The Timee business recorded revenue of ¥9,976 million, including ¥66 million of intersegment sales, and segment profit of ¥1,981 million, a segment margin of 19.9%. Everything else sits in Other, which includes the Timee Solutions business: revenue of ¥533 million, about 5% of the group total, and a segment loss of ¥44 million. In the November–January quarter the Timee business had revenue of ¥10,571 million and profit of ¥2,165 million, and Other had revenue of ¥316 million and a loss of ¥57 million; for the reasons above the filing makes no comparison between the two, and it gives no commentary on the Other segment.

A cool summer and weaker logistics volumes shrank the balance sheet

Total assets fell by ¥1,165 million from April 30, 2026, to ¥36,487 million. Current assets dropped ¥1,471 million to ¥33,081 million, which the company attributes to a cool summer, the situation in the Middle East and lower handling volumes at some large logistics companies: accounts receivable fell by ¥101 million and advances of worker wages by ¥501 million, and, with short-term borrowings paid down accordingly, cash and deposits fell by ¥560 million to ¥15,980 million. Wage advances still stood at ¥12,111 million against short-term borrowings of ¥12,300 million, the latter down ¥1,200 million on repayment. Non-current assets rose ¥305 million to ¥3,406 million, mainly because guarantee deposits increased by ¥265 million on the relocation of a branch office and shares in affiliated companies rose by ¥100 million on the establishment of Timee Financial, Inc.

Liabilities fell ¥2,218 million to ¥19,443 million, with income taxes payable ¥719 million lower after tax payments. Net assets rose ¥1,052 million to ¥17,044 million, lifting the equity ratio from 42.4% to 46.6%. The increase is smaller than the quarter's ¥1,273 million of net profit mainly because treasury stock grew by ¥224 million, to ¥1,275 million, as the number of treasury shares rose from 824,003 to 1,007,203; the filing's narrative does not explain that increase.

Guidance range held — and the rest of the year has to run faster than the first quarter

Guidance for FY4/2027, the twelve months from May 1, 2026 to April 30, 2027, is unchanged from the figures published on June 11, 2026 and is given as a range: revenue of ¥47,613 million to ¥48,823 million, operating profit of ¥8,821 million to ¥9,746 million, ordinary profit of ¥8,806 million to ¥9,731 million and net profit attributable to owners of the parent of ¥6,002 million to ¥6,927 million, or ¥59.69 to ¥68.89 per share. For the first half the range is revenue of ¥22,056 million to ¥22,560 million and operating profit of ¥3,997 million to ¥4,388 million. No year-on-year change is given, again because FY4/2026 lasted only six months.

Set against that range, the first quarter delivered 21.4% to 21.9% of full-year revenue and 19.9% to 22.0% of full-year operating profit. Reaching even the bottom of the half-year range requires second-quarter revenue of at least ¥11,613 million and operating profit of at least ¥2,060 million, both above the first quarter's figures, and the full-year range implies revenue of ¥37,170 million to ¥38,380 million over the remaining nine months — an average of roughly ¥12,390 million to ¥12,793 million a quarter, against ¥10,443 million in the first. The filing does not set out how that growth is to be achieved. Timee paid no dividend for FY4/2026 and forecasts none for FY4/2027; that forecast was not revised.

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.