ASTERIA Corporation Q2 FY2026 earnings call

Core Financial Results

• Achieved year-over-year revenue and profit growth, with a record-high interim operating profit of 523 million yen (7.2x year-over-year increase), turning from a prior-year loss to a net profit of 418 million yen.
• Gross margin reached 88%, operating margin hit 32.6%, equity ratio is 79% (very strong financial health), and PBR is 4.05x.
• Successfully met all Tokyo Stock Exchange Prime Market listing maintenance criteria, ending the improvement period.

Product & Business Developments

• Acquired 100% of MikoSea Co., Ltd., owner of the low-code development tool Click which has over 70,000 developed apps. Launched Platio Canvas, the enterprise version of Click that complements Platio's limited flexibility, covering more front-end application development needs.
• JPYC yen-denominated stablecoin received official approval, with issuance starting October 27. Asteria will release a JPYC adapter for ASTERIA Warp, enabling no-code connection between JPYC and over 100 existing enterprise systems to expand corporate use cases. Click will also add JPYC payment buttons to existing apps to drive stablecoin adoption.
• Continued expansion of new adapters for ASTERIA Warp, including Box AI, Kaonavi, and Databricks adapters. Launched ASTERIA Warp Cloud (iPaaS) in partnership with IIJ.
• Advanced new frontier business expansion: entered the space and robotics sector with Artefacts simulation software for lunar robots, partnered on NFT infrastructure development for the housing industry with Lib Work, and partnered with TECHFUND for JPYC security audit services.
• Drove growth through channel expansion: held exhibitions and events to build brand awareness, and expanded partnerships like the AI automation collaboration with Panasonic's ArgosView monitoring system.

Strategic Alignment with Policy

• Management views the current Japanese government's policy direction as a strong tailwind: policies accelerating AI development and data integration align with Asteria's core business, domestic economic security priorities benefit domestic software providers like Asteria, and government support for bold investment in new sectors matches Asteria's R&D strategy for new frontiers.

1. ASTERIA Warp: The main data integration tool, with interim revenue of 1.37 billion yen, holding 59.2% market share (19 consecutive years as No.1). Subscription versions grew 35% year-over-year, contributing 85% of total interim revenue. 2. Platio: Interim revenue grew 32% year-over-year to nearly 100 million yen, with annual recurring revenue (ARR) expected to reach 200 million yen, contributing ~6% of total interim revenue. 3. New/Acquired Products (Click/Platio Canvas, Artefacts, Gravio): Combined contribution is still small, accounting for less than 9% of total interim revenue. Overall, stock-based (recurring subscription and support) revenue accounts for 77% of total revenue, with one-time license revenue making up the remaining 23%. Total interim sales revenue is 1.608 billion yen.

• Maintained the full-year 2026 March fiscal year guidance of 3.5 billion yen in total revenue and 850 million yen in operating profit. As of the interim period, revenue progress is 46% and operating profit progress is over 60% against the full-year forecast; management expects the full-year target to be achievable given the seasonal pattern of stock-based revenue increasing in the second half, and will review potential updates after further analysis.
• Management expects sustainable growth from expanding the SMB (small and medium business) segment for ASTERIA Warp, growing adoption of Platio Canvas as a complementary front-end solution to ASTERIA Warp's back-end data integration, and long-term growth from new frontier sectors including stablecoin, space software, and blockchain.

• No material operational failures or explicit risks were discussed in the available transcript. The main uncertainty comes from the adoption trajectory of new initiatives including JPYC and space software, which are still in early stages and their future revenue contribution depends on overall market development and customer adoption.

Q: What impact will the 3 major Japanese megabanks' joint stablecoin issuance have on Asteria? / A: Management calls this development very positive, as broader industry entry expands overall market awareness and adoption of stablecoins, which is a net positive for the entire sector. The Financial Services Agency's support for stablecoin development also acts as a tailwind for market expansion, regardless of differences between JPYC and the megabanks' offering. Asteria welcomes all stablecoin initiatives that grow the overall market.

Q: Will Asteria develop adapters for the megabanks' stablecoin just like it did for JPYC? / A: Management confirmed yes. Asteria's core mission is data integration across all systems, regardless of whether offerings compete with JPYC. As a shareholder of JPYC, Asteria will continue to promote JPYC adoption while supporting connectivity for all major stablecoins.

Q: Where is the remaining growth potential for ASTERIA Warp, which already holds a 59% market share? / A: Management identifies the cloud iPaaS segment (via the newly launched ASTERIA Warp Cloud) and the SMB/ department-level use case segment as key growth areas. The new tiered pricing and packaging model for ASTERIA Warp lets customers start small and scale up over time, enabling organic revenue growth from expanding penetration in this segment.

Q: What is the strategic purpose of acquiring MikoSea, and what are the future plans for the business? / A: The core goal is to expand Asteria's no-code offering into the front-end application development space. ASTERIA Warp is a strong back-end data integration solution, but Asteria previously lacked a flexible no-code offering for custom front-end application design. Click's high flexibility fills this gap, enabling end-to-end enterprise solutions. MikoSea will also drive JPYC adoption by enabling JPYC payments in over 70,000 existing Click-built consumer and small business apps, and its existing NFT platform may create future opportunities in blockchain-based digital assets.