Recovered Revenue And Return To ProfitabilityFY2025's 241% revenue rebound and return to positive profitability indicate a durable demand recovery and improved unit economics for core venues. Sustained top-line traction and restored operating profits provide a foundation for reinvestment, margin stabilization, and reduced cyclicality risk over the next several quarters.
Improving Cash Generation And Positive Free Cash FlowThe shift to positive operating cash flow (¥682M) and free cash flow (¥309M) marks a structural improvement in internal funding capacity. Reliable FCF supports debt repayment, modest reinvestment, or liquidity buildup, reducing reliance on external financing and improving resilience over a multi-month horizon.
Demonstrated Deleveraging TrendManagement has materially reduced leverage from extreme levels to roughly 3.5x debt-to-equity, showing capacity to repair the balance sheet. This proven deleveraging improves refinancing prospects and strategic flexibility, lowering medium-term solvency risk if cash generation continues.