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PLAID Stock 4165.T

PLAID, Inc. · EDINET filings · Reporting currency JPY · Half-year reporting · Figures as of H1 FY2026 (Oct 2025 to Mar 2026) · updated 2026-10-28 · ISIN JP3833270006

PLAID is a Japanese software company that develops and provides customer experience (CX) technology, primarily through SaaS-based subscription products. PLAID stock (4165.T): Half-year and annual results since 2023 from Half-Year Report and EDINET filings: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 05/2026, half-year reporting. Stock analysis by NadirAlpha. PLAID stock (4165.T): listed on JPX. NadirAlpha has evaluated 10 original documents, cross-checked every figure automatically and linked each to its source; sources as of 05/2026. Revenue H1 FY2026 (Oct 2025 to Mar 2026): JPY 7.8 billion (+19% year on year). Latest reading: Net income halved, Acquisition.

Net income halved strategy: Acquisition

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Not investment adviceNeutral financial information, no recommendation, no investment research within the meaning of MiFID II.
Verify yourselfFigures are extracted automatically, errors are possible. Every figure is clickable with its source; the issuer's original documents are always authoritative.
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PLAID Current Status

Summary of the most recent reporting period of PLAID (H1 FY2026): core figures, drivers and management statements, every figure with a source number. NadirAlpha methodology

Assessment by NadirAlpha, as of H1 FY2026 (Oct 2025 to Mar 2026).

PLAID reported revenue of 7,766.7 million yen for 2026-H1, up 18.6% year-on-year 10. Operating income was 611.4 million yen and net income attributable to parent shareholders was 310.7 million yen, both lower than in the prior-year period 10. CloudFit was added to the consolidated group during the period, raising total consolidated subsidiaries from four to five, and the company resolved further group structural changes 10. Cash and cash equivalents stood at 8,007.4 million yen at period end 10.
Revenue · 2026-H17,767¥ million+18.6 % vs. 2025-H1
Net profit · 2026-H1311¥ million−51.5 % vs. 2025-H1
EPS · 2026-H17.52¥−51.7 % vs. 2025-H1
Revenue trend
Profitability
Operating income for 2026-H1 was 611.4 million yen, against 884.7 million yen in the prior-year period 10. Net income attributable to parent shareholders was 310.7 million yen, compared with 641.1 million yen a year earlier 10. No EBITDA or free cash flow figures are available in the inputs for this half-year period.
Leverage
Cash and cash equivalents at the end of 2026-H1 stood at 8,007.4 million yen 10. PLAID held a net cash position of 4,619 million yen, with no net debt outstanding. Loan agreements with Resona Bank carry financial covenants including a condition that adjusted operating income not fall to a loss, with potential early repayment obligations in the event of non-compliance 10.
Management view
PLAID is expanding its capabilities in digital transformation and generative artificial intelligence through targeted acquisitions, treating these as core strategic growth areas 10. PLAID is simultaneously rationalizing its group structure through planned internal subsidiary mergers with the aim of consolidating operations 10. No specific revised guidance or forward-looking financial targets for the full fiscal year were disclosed in the available inputs.
Change
Both operating income and net income attributable to parent shareholders were lower in 2026-H1 than in the same period a year earlier 10. A capital reserve of 5,314,480 thousand yen was reduced and reclassified to other capital surplus during the period 10. Disclosed risk factors note that a reduction in SaaS business revenue has affected asset recovery prospects 9.
Risks (current)
PLAID's loan agreement with Resona Bank includes financial covenants requiring, among other conditions, that adjusted operating income not be in a loss position, and term loan and credit agreements carry additional minimum equity and cash threshold covenants; non-compliance could trigger early repayment obligations 10 9. Deteriorating evaluations among existing clients could impair new customer acquisition, and operations are exposed to key person risk given dependence on the founder and representative director 9. Technology risks include unauthorized access and potential leakage of customer information, and the CX software market faces competitive pressure from providers of similar services 9.
New this reporting period
CloudFit was made a 100% subsidiary on December 8, 2025, with the stated aim of advancing PLAID's digital transformation and generative AI business 10. The company resolved during 2026-H1 to absorb subsidiary Agito Inc. by merger, with an effective date of June 1, 2026 10. An acquisition of Databeat is planned for June 1, 2026 10.

PLAID Stock: Key Figures (¥ million)

NadirAlpha shows fiscal years, half-years and quarters of PLAID one below the other, most recently H1 FY2026; every figure is clickable and leads to raw value, location and source. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology

All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.

Revenue (¥ million) · annual basis, as reported
Net income (¥ million) · annual basis, as reported
Operating cash flow (¥ million) · annual basis, as reported
Revenue (¥ million) · half-year basis, as reported
Net income (¥ million) · half-year basis, as reported
EPS (¥) · half-year basis, as reported
Operating cash flow (¥ million) · half-year basis, as reported
Revenue (¥ million) · quarterly basis, as reported
Net income (¥ million) · quarterly basis, as reported
EPS (¥) · quarterly basis, as reported
Cash (¥ million) · annual basis, as reported
Capex (¥ million) · annual basis, as reported
FCF (¥ million) · annual basis, as reported
D&A (¥ million) · annual basis, as reported
Cash (¥ million) · half-year basis, as reported
Capex (¥ million) · half-year basis, as reported
FCF (¥ million) · half-year basis, as reported
D&A (¥ million) · half-year basis, as reported
Cash (¥ million) · quarterly basis, as reported
Shown: the most recent fiscal years. Full history since FY2022 is on record.

Fiscal years

Amounts in ¥ million · EPS in ¥ per share · as reported
PLAID stock: key figures on annual basis, FY2023 to FY2025, in ¥ million. Compiled by NadirAlpha from EDINET filings.
PeriodCalendar quarterRevenueOp. incomeNet incomeEPS (¥)OCFSource
FY2025Q4/2024–Q3/202513,396.51,431.91,099.126.631,376.59
FY2024Q4/2023–Q3/202410,992.7260.9320.77.85900.57
FY2023Q4/2022–Q3/20238,633.6-881.4-2,108.6–-325.14

Half-years

Amounts in ¥ million · EPS in ¥ per share · as reported
PLAID stock: key figures on half-year basis, 2023-H1 to 2026-H1, in ¥ million. Compiled by NadirAlpha from EDINET filings.
PeriodCalendar quarterPublishedRevenueOp. incomeNet incomeEPS (¥)FCFCashNet DebtSource
2026-H1*Q4/2025–Q1/20262026-05-147,766.7611.4310.77.52-198.88,007.4-4,619~10
2025-H2*Q2–Q3/20252025-12-176,849.2547.2457.911.10*≈1,378.46,602–9
2025-H1*Q4/2024–Q1/20252025-05-156,547.2884.7641.115.57-48.44,420.9–8
2024-H2*Q2–Q3/20242024-12-205,727.7170.8266.66.53*≈916.54,744.9–7
2024-H1*Q4/2023–Q1/20242024-05-105,26590.154.11.33-73.64,129.5–6
2023-H2*Q2–Q3/20232023-12-224,533.4-671.4-1,841-45.26*≈-130.53,827.4–4
2023-H1*Q4/2022–Q1/20232023-05-114,100.3-210-267.7-6.58*≈-241.33,386.9–2

Quarters

Amounts in ¥ million · EPS in ¥ per share · as reported
PLAID stock: key figures on quarterly basis, 2023-Q1 to 2024-Q2, in ¥ million. Compiled by NadirAlpha from EDINET filings.
PeriodCalendar quarterPublishedRevenueOp. incomeNet incomeEPS (¥)CashSource
2024-Q2*Q1/20242024-05-102,733.2116.670.31.73*≈4,129.56
2024-Q1*Q4/20232024-02-132,531.8-26.4-16.2-0.40*≈–5
2023-Q4*Q3/20232023-12-222,322.8-333.3-1,460.7-35.92*≈3,827.44
2023-Q3*Q2/20232023-08-082,210.6-338.2-380.3-9.35*≈–3
2023-Q2*Q1/20232023-05-112,147.8-62.3-138.7-3.41*≈3,386.92
2023-Q1*Q4/20222023-02-131,952.5-147.7-128.9-3.17*≈–1
Japan abolished mandatory quarterly reports in 2024. Quarters appear as reported; half-year and annual balance-sheet dates fill the Q2 and Q4 columns. The continuous series is shown in the half-year table.
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
Columns not reported in this reporting cadence are hidden: Op. income (adj.), EBITDA (adj.), EPS adj., FCF, Net Debt (not reported in any source for these periods).

PLAID Balance Sheet & Cash Flow (¥ million)

Balance sheet and cash flow of PLAID up to H1 FY2026 in ¥ million: net debt = financial debt minus cash, free cash flow = operating cash flow minus capex, every input sourced. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology

Fiscal years

Amounts in ¥ million · as reported
PLAID stock: balance sheet and cash flow on annual basis, FY2023 to FY2025, in ¥ million. Compiled by NadirAlpha from EDINET filings.
PeriodCalendar quarterPublishedCashD&AOCFCapexFCFSource
FY2025Q4/2024–Q3/20252025-12-176,60247.91,376.546.61,329.99
FY2024Q4/2023–Q3/20242024-12-204,744.942.8900.557.6842.97
FY2023Q4/2022–Q3/20232023-12-223,827.441.6-325.146.7-371.84

Half-years

Amounts in ¥ million · as reported
PLAID stock: balance sheet and cash flow on half-year basis, 2023-H1 to 2026-H1, in ¥ million. Compiled by NadirAlpha from EDINET filings.
PeriodCalendar quarterPublishedCashDebtNet DebtD&AOCFCapexFCFSource
2026-H1Q4/2025–Q1/20262026-05-148,007.43,388.4~-4,619~27.3-11187.8-198.810
2025-H2Q2–Q3/20252025-12-176,602––27.21,40526.61,378.49
2025-H1Q4/2024–Q1/20252025-05-154,420.9––20.7-28.519.9-48.48
2024-H2Q2–Q3/20242024-12-204,744.9––25950.233.7916.57
2024-H1Q4/2023–Q1/20242024-05-104,129.5––17.7-49.723.9-73.66
2023-H2Q2–Q3/20232023-12-223,827.4––23.7-103.427.1-130.54
2023-H1Q4/2022–Q1/20232023-05-113,386.9––17.9-221.719.6-241.32

Quarters

Amounts in ¥ million · as reported
PLAID stock: balance sheet and cash flow on quarterly basis, 2023-Q1 to 2026-Q2, in ¥ million. Compiled by NadirAlpha from EDINET filings.
PeriodCalendar quarterPublishedCashDebtNet DebtD&ASource
2026-Q2Q1/20262026-05-148,007.43,388.4~-4,619~–10
2025-Q4Q3/20252025-12-176,602–––9
2025-Q2Q1/20252025-05-154,420.9–––8
2024-Q4Q3/20242024-12-204,744.9–––7
2024-Q2Q1/20242024-05-104,129.5–––6
2023-Q4Q3/20232023-12-223,827.4–––4
2023-Q2Q1/20232023-05-113,386.9––9.62
2023-Q1Q4/20222023-02-13–1,518.2–8.31
Japan abolished mandatory quarterly reports in 2024. Quarters appear as reported; half-year and annual balance-sheet dates fill the Q2 and Q4 columns. The continuous series is shown in the half-year table.
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.

PLAID Stock: Price & Chart

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PLAID Event Timeline

This timeline collects the material events of PLAID from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements, grouped by quarter. NadirAlpha methodology

Overview: one dot per event · click jumps to the period
earningsrevenuestrategy2023-Q12023-Q22023-Q32023-Q42024-Q12024-Q22024-H12024-H2FY20242025-Q12025-H12025-H2FY20252026-Q12026-H1
2026 · 7 events

earnings 2026-05-14
Operating profit fell to 611,407 thousand yen from 884,702 thousand yen in H1 FY2025; net income attributable to shareholders declined to 310,726 thousand yen from 641,109 thousand yen 10
revenue 2026-05-14
H1 FY2026 revenue rose 18.6% year-on-year to 7,766,667 thousand yen 10
Acquisition 2026-05-14
CloudFit Co., Ltd. made 100% subsidiary on 8 December 2025 to strengthen DX and generative AI; consolidated group expanded from four to five subsidiaries 10
Net income halved 2026-05-14
Net income more than halved YoY (641.1 to JPY 310.7 million, -52%). 10

Operating income turned positive ◦ 2025-12-17
Operating income reached 1,431.9 million yen from 260,915 thousand yen in the prior year, described as a profitability inflection from losses in prior years 9
Revenue accelerating ◦ 2025-12-17
PLAID's full-year revenue rose 21.9% to 13,396.5 million yen; ARR reached 12,165,871 thousand yen at year-end 9
Acquisition 2025-12-17
PLAID resolved to make CloudFit a wholly owned subsidiary through a stock exchange transaction to strengthen DX promotion and professional services 9
2025 · 10 events

Operating income doubled 2025-12-17
Operating income more than doubled YoY (260.9 to JPY 1,431.9 million, +449%). 9
Net income doubled 2025-12-17
Net income more than doubled YoY (320.7 to JPY 1,099.1 million, +243%). 9

Operating income doubled 2025-12-17
Operating income more than doubled YoY (170.8 to JPY 547.2 million, +220%). 9
Operating cash flow turned positive 2025-12-17
Operating cash flow turned positive on a half-year basis (2025-H1: -28.5 to 2025-H2: +JPY 1,405.0 million, aggregated from reported quarters where needed). 9

revenue 2025-05-15
PLAID's H1 revenue rose 24.4% to 6,547,247 thousand yen; ARR reached 10,932,296 thousand yen 8
Operating income doubled 2025-05-15
Operating income more than doubled YoY (90.1 to JPY 884.7 million, +882%). 8
Net income doubled 2025-05-15
Net income more than doubled YoY (54.1 to JPY 641.1 million, +1085%). 8

Operating income turned positive ◦ 2024-12-20
Full-year operating income reached 260.9M yen, reversing a prior-year operating loss of 881,423 thousand yen 7
Net income turned positive ◦ 2024-12-20
Net income attributable to shareholders was 320.7M yen, reversing a prior-year net loss of 2,108,610 thousand yen 7
Revenue accelerating ◦ 2024-12-20
ARR grew 24.6% to 10,085,915 thousand yen; subscription revenue ratio remained high at 84.1%; customer count reached 659 7
2024 · 13 events

Operating income turned positive 2024-12-20
Operating income turned positive for the first time after 1 negative fiscal year (-881.4 to +JPY 260.9 million). 7
Net income turned positive 2024-12-20
Net income turned positive for the first time after 1 negative fiscal year (-2108.6 to +JPY 320.7 million). 7
EBITDA turned positive 2024-12-20
EBITDA turned positive for the first time after 1 negative fiscal year (-839.9 to +JPY 303.7 million). 7
Free cash flow turned positive 2024-12-20
Free cash flow turned positive for the first time after 1 negative fiscal year (-371.8 to +JPY 842.9 million). 7

Operating cash flow turned positive 2024-12-20
Operating cash flow turned positive on a half-year basis (2024-H1: -49.7 to 2024-H2: +JPY 950.2 million, aggregated from reported quarters where needed). 7

Operating income turned positive 2024-05-10
Operating income turned positive for the first time after 4 negative periods (-671.4 to +JPY 90.1 million). 6
Net income turned positive 2024-05-10
Net income turned positive for the first time after 4 negative periods (-1841.0 to +JPY 54.1 million). 6
EBITDA turned positive 2024-05-10
EBITDA turned positive for the first time after 4 negative periods (-647.8 to +JPY 107.9 million). 6

Operating income turned positive ◦ 2024-05-10
Cumulative H1 operating income reached 90,148 thousand yen, turning from a prior-year H1 operating loss of 209,984 thousand yen 6
Revenue accelerating ◦ 2024-05-10
Cumulative H1 revenue grew 28.4% year-on-year 6

Revenue accelerating ◦ 2024-02-13
Q1 revenue rose 29.7% year-on-year 5
Strategic pivot 2024-02-13
CODATUM newly established and included in consolidation scope 5
Revenue accelerating ◦ 2023-12-22
PLAID's full-year revenue of 8,633.6 million yen was up 18.3% year on year, with ARR at 8,035,156 thousand yen and a subscription revenue ratio of 84.8% 4
2023 · 8 events

Net income turned negative ◦ 2023-12-22
PLAID's Q4 net loss reached 1,460.7 million yen, driven by a goodwill impairment of 1,121,618 thousand yen at EmotionTech and securities valuation losses of 1,644,958 thousand yen on affiliate shares (EmotionTech 1,634,958, RightTouch 10,000) recognized as extraordinary items 4

Revenue accelerating ◦ 2023-08-08
PLAID's ARR reached 7,603,077 thousand yen, supported by continued KARTE sales organisation expansion 3
Acquisition 2023-08-08
PLAID conducted a third-party allotment capital increase at subsidiary EmotionTech and acquired additional shares from minority shareholders 3

Operating income turned positive ◦ 2023-05-11
PLAID's H1 cumulative operating loss narrowed to 209,984 thousand yen from 303,291 thousand yen in the prior year period 2
Revenue accelerating ◦ 2023-05-11
PLAID's H1 cumulative revenue rose 13.4% year on year to 4,100,273 thousand yen 2
New market 2023-05-11
PLAID integrated KARTE Signals with the Databeat platform to deliver a unified advertising and user-behaviour dashboard, targeting distribution through Databeat's 234 existing clients 2

Revenue accelerating ◦ 2023-02-13
PLAID posted Q1 revenue of 1,952.5 million yen, up 10.9% year on year, with ARR at 6,858,051 thousand yen 1
Acquisition 2023-02-13
PLAID consolidated Ajito Co., Ltd. on 2022-10-12 (66.76% voting rights), expanding into internet advertising through the Databeat service 1

PLAID Business Model

How PLAID (4165.T) makes its money, summarised from the filings up to H1 FY2026, neutral and without forecast. NadirAlpha methodology

PLAID is a Japanese software company that develops and provides customer experience (CX) technology, primarily through SaaS-based subscription products. Its core platform enables businesses to analyze user behavior on digital channels and deliver personalized interactions in real time, serving corporate clients across industries in Japan. Revenue is generated mainly from recurring software license and service fees. Plaid is broadening its offering through acquisitions targeting adjacent areas including digital transformation and generative artificial intelligence. The company targets enterprise and mid-market clients seeking to improve the quality of their digital customer interactions, and it is expanding its consolidated subsidiary base as part of a growth strategy.

PLAID Stock: Share-Price Drivers

Factors PLAID itself names as material for its business development, reproduced neutrally, without price forecast and without assessment of our own. NadirAlpha methodology

PLAID's KARTE customer-experience platform suite together with an M&A-led buildout of adjacent capabilities
The KARTE line (KARTE for Web, KARTE Talk, KARTE for App, KARTE Datahub) forms the core revenue base, and PLAID has repeatedly added subsidiaries and partnerships around it; the balance sheet has moved to a net cash position of JPY 4,619 million with cash of JPY 8,007.4 million, giving the company room to keep funding this expansion 9
KARTE product suite (Web, Talk, for App, Datahub)
PLAID has steadily extended the KARTE family since the 2015 launch of KARTE for Web, adding KARTE Talk (2016), KARTE for App (2018) and KARTE Datahub (2018), all still listed as active; the suite remains the company's central offering 9
M&A and subsidiary expansion
PLAID has consolidated a series of businesses, including EmotionTech, RightTouch, CODATUM and Agito, and most recently the CloudFit acquisition (2025) and the absorption-type merger of Agito and Databeat scheduled for 2026-06-01 10; the cadence of deals points to continued inorganic buildout 9
Google Cloud strategic partnership for ML/AI integration
PLAID has a strategic partnership with Google Cloud and a planned collaboration on integrating machine learning and AI technology; the company classifies these items as planned rather than completed, so the revenue effect is not yet established 7
Financial position and funding capacity
PLAID's cash has moved higher over recent reporting dates, from JPY 4,129.5 million to JPY 6,602 million and JPY 8,007.4 million, leaving the company in a net cash position of JPY 4,619 million 9
Top-line momentum
PLAID's growth is characterised as decelerating in the latest change flags, and no forward guidance is provided; the direction of revenue expansion is softer than in earlier periods 9

Sector trend: PLAID operates in the SaaS customer-experience software space, where demand is increasingly tied to machine-learning and AI capabilities, reflected in the company's planned Google Cloud ML/AI collaboration 7. Within this setting PLAID's own growth is described as decelerating while its cash base and net cash position have strengthened 9.

PLAID Revenue by Type (as of 2026-H1 · JPY million · 1/4)

The segments of PLAID in the company's own definition, each row with its basis (3, 6 or 12 months), rows in grey are no longer reported separately. NadirAlpha methodology

PLAID: revenue by segment, as of 2026-H1, in JPY million. Compiled by NadirAlpha from EDINET filings.
SegmentSinceRevenueSource
Period FY2025
SaaS Business––9
Period FY2023 (12M)
ProductFY20236,475.14
ServiceFY2023820.14
OtherFY202310.64

PLAID Products & announcements (1/11 active+recent)

11 product announcements of PLAID since 2023, grouped by year; active means still mentioned in the most recent reports, nothing is deleted. NadirAlpha methodology

Status: Launched

PLAID: product announcements from the filings, 11 entries. Compiled by NadirAlpha from EDINET filings.
Product/LineSinceStatusSource
2025
Stock Option Program Expiration20259
2024
Issuance of new shares as restricted stock compensation (March 25, 2024)20247
Exercise of stock acquisition rights20247
2023
Issuance of new shares as restricted stock compensation (June 15, 2023)20237
2022
Market transition from TSE Mothers to Growth Market2022-049
Issuance of new shares as restricted stock compensation (December 19, 2022)20227
2020
PLAID IPO on Tokyo Stock Exchange Mothers2020-129
2018
KARTE Datahub2018-129
KARTE for App2018-039
2016
KARTE Talk2016-039
2015
KARTE (for Web)2015-039

PLAID Transactions & Events (21)

Transactions of PLAID since 2023: acquisitions, disposals, agreements and regulation, deliberately including smaller items; purchase prices only when the company names them. NadirAlpha methodology

Acquisitions · 10older: 11 (in the table)
202420252026

Acquisitions by PLAID

PLAID: Acquisitions, 20 entries. Compiled by NadirAlpha from EDINET filings.
Transaction / stakeDateTypeSource
2026
Absorption merger of Ajito Co., Ltd.2026-06Completed10
2025
Acquisition of CloudFit Co., Ltd.2025-11Completed10
Subsidiary Stock Exchange Transaction2025-09Completed9
Full acquisition of Agito Corporation via stock exchange2025-05Completed9
2024
Formation of strategic alliance with consulting solution partner2024Completed7
Strategic partnership with Google Cloud (2x)2024Completed7
2023
Establishment and full subsidiarization of CODATUM Co., Ltd.2023-10Completed7
Establishment and full subsidiarization of CODAT2023-10Completed4
Additional acquisition of EmotionTech Co., Ltd.2023-05Completed4
Consolidation of Ajito Co., Ltd. as subsidiary2023Completed4
2022
Subsidiarization of Ajito Co., Ltd.2022-10Completed4
Subsidiarization of Ajito Co., Ltd. via stock acquisition2022-10Completed2
Subsidiarization of Ajito Co., Ltd.2022-10Completed4
Databeat2022-10Completed10
Acquisition of Agito Corporation via stock acquisition and third-party allocation increase2022-10Completed9
2021
Establishment and subsidiarization of RightTouch2021-10Completed4
Establishment of RightTouch as wholly-owned subsidiary (2×)2021-10Completed9
EmotionTech CX/EX2021-09Completed4
Acquisition of EmotionTech Co., Ltd. via stock acquisition2021-09Completed9
2020
Acquisition of common shares by Google International LLC2020Completed7

Partnerships and contracts of PLAID

PLAID: Partnerships & contracts, 1 entries. Compiled by NadirAlpha from EDINET filings.
Transaction / stakeDateTypeSource
2020
EmotionTech (now EmotionTech Co., Ltd.) equity investment and strategic partnership2020-05Agreement9

PLAID Risks (18 since the annual report of 2025-12-17, 50 tracked in total)

Risk factors PLAID itself names in its reports, merged by topic across periods, with category, first mention and source; new risks of the latest period come first. NadirAlpha methodology

Category: RegulatoryFinancialTechnologyGeopoliticsLegalCustomersPeopleMarket

PLAID: risk factors as reported, 18 since the last annual report, 50 tracked. Compiled by NadirAlpha from EDINET filings.
RiskCategoryLast reported
PLAID: first mention in Half-year report (EDINET) of 2026-05-14 (2026-H1), source 10
Resona銀行との借入契約に調整後営業利益が損失でないこと等の財務制限条項あり=
PLAID: first mention in Annual report (EDINET) of 2025-12-17 (FY2025), source 9
安定的な資金調達体制の構築及び既存借入金のリファイナンスに注力2026-H1
2026-05-14 10
不正アクセスと顧客情報の流出リスク=
SaaS business revenue reduction impacted asset recovery prospects=
Operating lease obligations of 796,374 thousand yen due within fiscal 2026=
Foreign currency-denominated payables hedged via forward exchange contracts=
知的財産権の保護と第三者の権利侵害回避の必要性=
New lease accounting standards (IFRS 16 equivalent) effective September 2028 pending impact assessment=
個人情報保護法等の規制変化への対応が必要=
オープンソースソフトウェアの利用不可能化リスク=
PLAID: first mention in Annual report (EDINET) of 2024-12-20 (FY2024), source 7
純資産維持と流動性制限により借入金一括返済リスクFY2025
2025-12-17 9
Term loan and credit agreements contain financial covenants including minimum equity ratios and cash thresholdsFY2025
2025-12-17 9
1st Party Cookieの規制強化やユーザーのデータ提供消極化FY2025
2025-12-17 9
PLAID: first mention in Annual report (EDINET) of 2023-12-22 (FY2023), source 4
既存取引先の評価低下が新規顧客獲得に影響する可能性FY2025
2025-12-17 9
創業者兼代表取締役及び取締役の事業継続困難化による影響FY2025
2025-12-17 9
MAU急増時の月額固定料金が利用コストに見合わない事態の発生可能性FY2025
2025-12-17 9
CXソフトウェア市場での競争激化により類似Serviceが開発される可能性FY2025
2025-12-17 9
システム障害やクラウドService提供元の問題によるService提供支障FY2025
2025-12-17 9
= last mention identical with the first mention (same source)

PLAID Reported KPIs (as disclosed) (20)

Figures PLAID discloses itself in addition to the standard financials, such as order intake, recurring revenue or unit counts, as reported and with no calculation of our own. NadirAlpha methodology

Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
PLAID: reported KPIs as disclosed, 20 entries. Compiled by NadirAlpha from EDINET filings.
KPIValue / changeSource
PLAID, published 2025-12-17, period FY2025
subscription revenue ratio82.99
subscription revenue2,953,7609
ARR12,165,8719
ARR11,428,1019
ARR10,932,2969
ARR10,516,7739
ARR12,165,8719
PLAID, published 2025-05-15, period 2025-H1
ARR10,932,2968
PLAID, published 2024-12-20, period FY2024
subscription revenue ratio84.17
subscription revenue2,463,6727
ARR10,085,9157
PLAID, published 2024-05-10, period 2024-Q2
ARR8,887,3416
PLAID, published 2024-02-13, period 2024-Q1
ARR8,402,5395
PLAID, published 2023-12-22, period FY2023
subscription revenue1,968,7204
subscription ratio84.84
equity ratio41.74
ARR8,035,1564
PLAID, published 2023-08-08, period 2023-Q3
ARR7,603,0773
PLAID, published 2023-05-11, period 2023-Q2
ARR7,293,2562
PLAID, published 2023-02-13, period 2023-Q1
ARR6,858,0511

PLAID Development

A condensed summary of PLAID per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. NadirAlpha methodology

FY2026: PLAID

PLAID reported H1 FY2026 revenue of 7,766,667 thousand yen, up 18.6% year-on-year 10. Operating profit declined to 611,407 thousand yen from 884,702 thousand yen in the prior-year period, and net income attributable to parent company shareholders fell to 310,726 thousand yen from 641,109 thousand yen 10. At end of H1, cash and cash equivalents stood at 8,007.4 million yen, with a net cash position of 4,619 million yen 10. On 8 December 2025, PLAID made CloudFit Co., Ltd. a wholly owned subsidiary to strengthen DX promotion and generative AI operations, expanding its consolidated group from four to five subsidiaries 10.

FY2025: PLAID

PLAID reported full-year revenue of 13,396.5 million yen for FY2025, up 21.9% from the prior year, driven by SaaS product expansion and professional services growth 9. Annual recurring revenue reached 12,165,871 thousand yen by fiscal year-end, with subscription revenue accounting for 82.9% of total revenue 9. Operating income rose to 1,431.9 million yen from 260,915 thousand yen in the prior year, which the company described as a profitability inflection from losses in prior years 9. PLAID resolved to make CloudFit a wholly owned subsidiary through a stock exchange transaction to strengthen DX promotion and professional services 9. Cash at fiscal year-end was 6,602 million yen, up 39.2% from the prior year 9.

FY2024: PLAID

PLAID's revenue for FY2024 reached 10,992.7M yen, rising 27.3% year-on-year 7, as the company returned to profitability with operating income of 260.9M yen against a prior-year operating loss of 881,423 thousand yen 7. Net income attributable to shareholders was 320.7M yen, reversing a prior-year net loss of 2,108,610 thousand yen 7. Annual recurring revenue (ARR) grew 24.6% to 10,085,915 thousand yen, with subscriptions representing 84.1% of revenue and the customer count reaching 659 7. Operating cash flow improved from a prior-year outflow to 900.5M yen, lifting the cash position to 4,744.9M yen 7.

FY2023: PLAID

PLAID posted FY2023 (year ending September 2023) revenue of 8,633.6 million yen, an 18.3% increase year on year 4. ARR grew to 8,035,156 thousand yen with a subscription revenue ratio of 84.8%, and customer count rose to 1,064 companies from 1,011 at the prior year-end 4. The net loss attributable to parent shareholders widened to 2,108.6 million yen 4, reflecting a goodwill impairment loss of 1,121,618 thousand yen at subsidiary EmotionTech and affiliate securities valuation losses of 1,644,958 thousand yen recognized as extraordinary items 4. Operating cash flow was -325.1 million yen for the year 4.

Glossary

  • Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
  • Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
  • Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
  • EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
  • FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
  • OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
  • Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
  • Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
  • *: derived, the formula is in the hover
  • ≈: calculated, approximation
  • ~: uncertain; the value stays visible, verdicts do not use it
  • °: repaired by a targeted query against the document, or curated with documentary evidence
  • EBIT: EBIT as a fallback: the income statement carries no operating line
  • basic: basic earnings per share as a fallback when diluted is missing

Sources: quarterly reports, annual reports and investor relations documents

The evidence base for PLAID stock: every document with type and date, every figure in the report leads here by number and to the original by link. Note on EDINET (Japan): direct retrieval via the EDINET API requires a free API key; alternatively all documents are freely available via the EDINET search (disclosure2.edinet-fsa.go.jp). NadirAlpha methodology

10 documents · 2023 to 2026 · EDINET (Japan)
Sources for PLAID stock: 10 original documents, 2023 to 2026. Compiled by NadirAlpha.
#Document typePublished
#1 / #101Quarterly report (EDINET)2023-02-13
#2Quarterly report (EDINET)2023-05-11
#3 / #103Quarterly report (EDINET)2023-08-08
#4 / #104Annual report (EDINET)2023-12-22
#5 / #105Quarterly report (EDINET)2024-02-13
#6Quarterly report (EDINET)2024-05-10
#7Annual report (EDINET)2024-12-20
#8 / #108Half-year report (EDINET)2025-05-15
#9 / #109Annual report (EDINET)2025-12-17
#10 / #110Half-year report (EDINET)2026-05-14

PLAID Stock FAQ

Where can I find the official investor relations documents of PLAID?

NadirAlpha links all 10 original filings used (EDINET filings) in the sources chapter: quarterly report, annual report, half-year report, each with type, publication date and a direct link; every figure in the report carries a source number.

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