Atrae, Inc. (6194) Q1 2026 Earnings Call Transcript

Atrae, Inc. Q1 Financial Results Briefing for the Fiscal Year Ending September 2026 February 10, 2026

Presentation Moderator: Thank you very much for taking time out of your busy schedules today to watch the live webcast of Atrae, Inc.’s Q1 Financial Results Briefing for the Fiscal Year Ending September 2026. Today’s session will begin with an explanation of the financial results by Representative Director, President and CEO Arai, followed by a question-and-answer session. We will take your questions in the Q&A section. You may enter your questions in the Q&A section during Arai’s presentation. President Arai, please begin.

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Arai: I am Arai of Atrae. We will now begin the Q1 Financial Results Briefing for the Fiscal Year Ending September 2026. Thank you. Once again, here is today's agenda. We will proceed in this order.

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First of all, let me give you an overview of our company. First, our vision—what we aspire to achieve—is to create a company that attracts people from all over the world. The thoughts behind this vision are as follows: We are committed to creating an organization and businesses that all employees can take pride in, and we will continue to be an attractive company that people involved with us will want to support as fans. As a global company representing Japan, we aim to become an entity that is needed by people around the world. With this aspiration, we operate our company.

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Our mission is to create businesses that expand people’s potential through technology and to realize a society where people find fulfillment in both work and life. We refer to this business domain as people tech, a term we have coined.

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Next, I would like to explain the philosophy that Atrae values. Based on the idea that a company is a mechanism created by mankind for the happiness of all people involved, we believe that thinking about how to make everyone involved happy is the way a company should be.

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Among all those involved—employees, users, shareholders, and the society with which we engage—we refer to this philosophy as “Shiho Yoshi,” a philosophy of ensuring the well-being of all stakeholders. The foremost foundation of this philosophy is our employees' happiness. Especially in a knowledge-based society such as ours, the human element is crucial to competitiveness. We will gather talented people to this company, Atrae, have them perform by working there energetically, deliver value to many clients and users, have clients and users pay appropriate compensation for that value, control that compensation appropriately, and return value to our shareholders by expanding our business. This, in turn, attracts further investment and leads to contributions to society. We believe that continuously sustaining this cycle constitutes management. We are managing our business based on the belief that as the number of employees, users, shareholders, and society at large grows, we can move closer to our vision of becoming “a company that attracts people from all over the world.”

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I would like to continue by presenting the Q1 FYE 9/2026 results. Net sales were JPY1,758 million, up 0.9% YoY. Operating profit was JPY170 million, down 53.7% YoY. As I will explain later, in the current fiscal year, we are making appropriate investments in our businesses as a precautionary measure for future growth. As for the plan, we do not see this as a particularly big problem. As for the businesses, Green’s Q1 net sales declined 6.6% YoY, while Wevox’s Q1 net sales increased 12.6% YoY. Wevox, on the other hand, expects record sales of JPY980 million in Q2, up 36.5% YoY. Although Q1 growth may appear modest, I will explain this point later. There is a clear reason for these results. Wevox’s Q1 sales are expected to temporarily decline QoQ due to the completion of large-scale trial usage in H2 FYE 9/2025, but Q2 sales growth is expected to accelerate again due to the resumption of usage by this customer and the impact of the pricing revision. This is due to the fact that a major client company that had been using the service in H2 FYE 9/2025 on a trial basis temporarily cancelled the service for Q1 only, and will officially start using it again at the beginning of Q2, so the entire portion for that company is missing for Q1. As their company-wide implementation will begin in January, we expect Q2 net sales to reach a record high. I will provide further details on this later. Operating profit declined 53.7% YoY; however, it exceeded the Q1 plan.

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Topics. This section covers our growth strategy. We are aiming for sustainable sales growth with a CAGR of over 30% from the next fiscal year onward, and we are making progress on strategic investments to achieve this goal. The YoY decline in operating income in Q1 was due to Wevox’s new feature development, Wevox’s advertising expenses, Green’s advertising expenses, and human capital investments such as higher salary levels and personnel expenses associated with hiring, and the execution of these investments is progressing steadily in line with our plan. In addition, we have officially changed the name of Quol, which was developed as a new business, to Qooa. We have also filed a trademark application. Qooa has moved into the test marketing phase, and development is proceeding as planned. We have also filed patent applications for certain functions of Wevox and Qooa to secure our proprietary technological advantages. Capital Policy. We have resolved to repurchase and cancel treasury shares of up to JPY630 million and up to 700,000 shares. In addition, we plan to hold six briefings for individual investors during FYE 9/2026.

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Next, we are actively investing in human capital. We are actively investing in human capital, including stock-based compensation, and pursuing sustainable growth by motivating each and every employee to contribute to the enhancement of corporate value. As I mentioned earlier, for a company like ours that operates in a knowledge-based society and in the knowledge industry, people are the most important source of competitiveness, and it is very important to create an organization in which excellent employees can actively and autonomously demonstrate their abilities over the long term. To that end, it is also about improving salary levels, a new initiative called retirement-type RS, the distribution of tax-qualified stock options, and also an employee stock ownership plan in combination with incentive payments. We aim to build systems that enable motivated employees to contribute over the long term, thereby creating a highly engaged organization. We believe this will ultimately translate into growth and lead to higher net sales.

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Here are the details of net sales. As you can see, this is the breakdown of Q1 net sales. As shown, Green declined 6.6% YoY and has yet to recover from its sluggish performance in Q1. On the other hand, Wevox increased 12.6% YoY, although this was below plan, and I will explain the reasons later.

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Continuing on, here are the details of operating expenses. This shows the breakdown of operating expenses, with net sales set at 100%. As you can see, these consist mainly of Green’s advertising expenses, Wevox’s advertising expenses, and personnel expenses. We consider these to be key expenses in which we will continue to invest in order to drive future business growth.

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For reference, we have included the quarterly performance trends. We would appreciate it if you could take a look.

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Next, shareholder returns. As mentioned earlier, we have resolved to repurchase and cancel treasury shares. The maximum number of shares to be repurchased is 700,000, representing 3% of the total number of issued shares. The maximum total acquisition amount is JPY630 million. The acquisition period is from February 12, 2026, to March 23, 2026. The scheduled cancellation date is March 31, 2026. As we have explained in the past, our decision was based on the judgment that we can balance shareholder returns based on a high rate of return, in addition to investments in growth that contribute to increasing corporate value, while at the same time securing sufficient funds for investments to ensure solid corporate growth. The total projected annual dividend for FYE 9/2026 is expected to be JPY736 million. The dividend payout ratio is projected to be 97.4%.

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As a new initiative, we are delaying the voting and dividend record dates by about one month to October 31, 2026, in order to achieve disclosure of the annual securities report at least three weeks prior to the shareholders’ meeting. As for the annual shareholders’ meeting, we would like to hold it in January 2027, instead of December as in the past. This will allow shareholders to attend the shareholders’ meeting after carefully reading the annual securities report, and we would like to hold the shareholders’ meeting in a way that benefits our shareholders, including the recommendation of the Financial Services Agency. This is why we have decided to make this change.

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Our policy for future shareholder engagement. As I mentioned earlier, we will continue to communicate with institutional investors as we have in the past, and even more so, but in addition, we will actively communicate with individual investors as well. We hope to communicate with them so that they can better understand our thinking, business strategy, policies, values, etc., and support us.

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Next, I would like to explain our businesses. This slide outlines the connection between our challenge to enhance fulfillment in work across society and our businesses. First, our vision is to create a company that attracts people from all over the world. We also uphold the philosophy, or belief, of continuing to be a company that we can be proud of in front of the people who matter most to us. Based on these two principles, we will create businesses and products that we believe have true social value. As a result, we operate businesses that we refer to as “people tech.” Under the theme of “to create businesses that expand people’s potential through technology, and to realize a society where people find fulfillment in work and life,” we develop our businesses. Specifically, as shown, we are pursuing two major challenges. One is Green and Qooa. This is about realizing the optimal matching of people and organizations, and how we can match people and organizations by making use of various technologies—Green in its own way and Qooa in its own way. We aim to take on the challenge of how best to utilize various technologies to achieve optimal matching. As for Wevox, with the help of SMBC Wevox and the SMBC Group, we are determined to take on the challenge of maximizing team performance. We intend to pursue our challenges through these two major business segments.

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I would now like to explain each business individually. First is Green. We have released the industry’s first success-fee-based recruitment media with a strong focus on IT personnel. It offers a uniform fixed fee structure, enabling cost-effective hiring. In addition, because it is a platform-type service that enables direct recruiting, it can be used by a variety of companies, including start-ups and companies that are not yet well-known, and by having HR personnel, managers, and executives actively use the service, such companies can acquire excellent human resources. In this way, Green functions as such a platform.

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Business model. As an easy-to-understand example, we have included a reference to how Expedia replaced traditional travel agency functions. As the Internet eliminates the information gap and arbitrage, customers and accommodations can directly contact each other through platforms such as Expedia. Today, most people no longer book accommodations or airline tickets through an agent at a counter. The market for Green is a very large market in Japan, where intermediaries match job seekers with hiring companies, but we believe that we can replace this large market with technology. We started this service based on that hypothesis.

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In fact, Green has accumulated proprietary big data for nearly 20 years. By analyzing and utilizing this data, we continue to take on the challenge of realizing the optimal match between people and organizations. In terms of price competitiveness, the service can be operated at a very low cost, including facility and personnel costs, since there is no need to have employees such as career consultants and career advisors. Having operated for nearly 20 years, we believe this clear first-mover advantage constitutes Green’s competitive strength.

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Various industries, benefiting from the recent trend toward IT adoption and DX initiatives, are trying to acquire IT personnel by using Green. Over the past five years, the range of client companies using the service has expanded significantly.

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Green's KPI. We have provided definitions of several key KPIs. Please refer to this slide for details.

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Number of active users. In Q1, while we have not yet been able to provide sufficient support through Green’s advertising expenses, we have made a certain level of investment. We expect the number of active users for Green to begin trending upward from around Q2; however, in Q1, it declined slightly YoY.

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On the other hand, the number of applications and the application rate increased slightly YoY and remained steady. We understand that this is due to the fact that some of the routes used to attract customers have been reopened, and that the application rate for these routes is very high, resulting in a temporary boost.

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However, as the proportion of direct applications increases and overall application rates rise, the document screening pass rate tends to decline. Applications resulting from actions by companies, such as scout messages or “interested” tools, tend to have higher document screening pass rates, whereas as direct self-applications from users/job seekers increase, the document screening pass rate tends to decline. We believe it is necessary to make appropriate adjustments in order to maintain the document screening pass rate at a certain level.

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Number of hires. As the document screening pass rate has not yet improved, the number of hires declined 8.4% YoY. We believe this may mark a bottom, and in Q2, we are continuing to invest in order to drive a steady upward recovery from here.

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Sales activities have been accumulating steadily and stably. No major problems here.

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Accordingly, we believe the number of job postings at the end of the period has remained at a stable level without particular issues.

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Summary of KPI status. As the number of active users, applications, and the application rate cannot yet be described as satisfactory, we have marked them with a triangle (△). The document screening pass rate has been marked with a cross (×), reflecting the deterioration due to the increase in direct applications. The number of companies and job openings on the corporate side is rated as a circle (○) because it is not at a particularly problematic level. The number of hires has been significantly affected by the document screening pass rate. As a result, we have given it a self-assessment of a cross (×).

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Green’s growth prospects. Green is currently going through a challenging period; however, we believe there remains significant room for further growth. Including the challenge with Qooa, we are continuously developing various product initiatives, especially those using AI, to put Green back on a growth trajectory, and are gradually incorporating them into Green. In this sense, we would like to take on the challenge of replacing as much of the recruitment market as possible with Green or Qooa.

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Continuing on, we have a new service, Qooa. Quol has been renamed Qooa. It is an AI-powered career agent service. As stated, it aims to achieve matching beyond human capability through just 10 minutes of dialogue.

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Specifically, from the dialogue data with the AI, we evaluate individuals with high precision and at a multidimensional level, and conduct so-called assessments to realize matching with various career opportunities, with an appropriate understanding of the person’s career, abilities, values, and orientation. We believe that we will be able to match individuals appropriately with a wide range of companies, including understanding what kind of potential they may have at a given company and what kind of career growth they may expect in certain positions. We are developing the service based on the belief that it can achieve more accurate matching—beyond what even highly skilled career consultants can provide. By converting this vast amount of industry knowledge and career-specific data into a RAG framework, we can perform matching and analysis at a level that is not easily achievable by human capability alone. As you know, AI’s conversational capabilities are highly advanced, enabling a deep understanding of individuals. The information obtained from this dialogue capability can be used to evaluate human resources’ abilities and characteristics at a high level from unstructured data using assessment capabilities. As this capability has already been demonstrated, we believe the full-scale launch of the service is approaching.

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Qooa has high added value, high profitability, and an excellent customer base cultivated by Green, and we hope to achieve discontinuous growth by combining these three factors. The revenue model will be based on a contingency fee model, similar to that of so-called recruitment services, which is several tens of percent of the annual salary. What makes Qooa different from recruitment services, however, is that it is AI-driven, so there is no need to employ a large number of career consultants and career advisors to act as intermediaries, and we believe this will result in a highly profitable business model.

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With Qooa as our new weapon, Green × Qooa will create an optimal and ideal matching experience between people and companies, and we aim to capture market share. As for Qooa, we are now in the final stages of in-house testing. We would like to start full-scale market and user testing from mid-February onward. Regarding the full-scale launch, we aim to release the service in H2 at the earliest possible timing.

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Next, I will explain Wevox. The service is a platform for improving organizational capabilities using pulse surveys and machine learning, which enables clear visualization of engagement scores, such as employees’ voluntary willingness to contribute and proactive engagement in their work. By leveraging technology, engagement data and other related data can be analyzed to accurately understand the organization’s condition. Furthermore, through a SaaS model, the service is offered at a low cost of JPY300 to JPY600 per user per month, making it highly affordable.

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Here is the definition of organizational capability as used in this organizational improvement platform. We define it as the ability to realize an organization’s vision and strategy, composed of factors such as employees’ psychological state, characteristics, compatibility, and organizational culture.

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Wevox's competitive advantage. One key feature is that monthly pulse surveys enable real-time visibility into organizational and team issues. Another strength is our strong focus on usability. The platform is designed for excellent usability across various devices, which means that it can be used quite comfortably on a variety of devices, including PCs, tablets, and smartphones, of course. In addition, as many companies use this system, we have more than 400 million responses, and by analyzing this data and using it as training data, we can learn things that are not easily understood by a single company. This enables a deeper understanding of an organization’s condition. While the number of services labeled as “engagement” has increased in recent years, we believe this is a field where strong academic validation is essential. We have been able to develop this service with solid academic support through the participation of Professor Shimazu of Keio University and Professor Noma of Hitotsubashi University, who are leading experts in engagement research, as advisors.

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Wevox's model for improving organizational performance. Introducing Wevox alone does not automatically enhance organizational capability. To enhance organizational capability, many people within the company must collaboratively take on the challenge of improving it. We believe the role of Wevox is to serve as a central platform that supports and connects these efforts. If you are a member of the management team, you are responsible for articulating the company’s desired direction, understanding organizational issues, and issuing clear directives, and if you are in the human resources department, you follow up with on-site teams and managers, promote team building, organize study sessions, and support the use of Wevox. The most important role is played by the on-site teams, where leaders and supporting employees work together to improve their teams, increase productivity, and enhance performance by reviewing their own data or comparing it with data from high-performing teams. This is the core characteristic of Wevox.

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This is a sample image of the pulse survey results. Results are aggregated and analyzed in real time. The data can be analyzed from multiple perspectives, including by team, department, year, job category, and branch. This tool enables users to grasp at a glance the current status of each team.

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However, simply viewing the data may not make it immediately clear what insights can be drawn, so we have incorporated AI functionality. This AI support function allows us to summarize and analyze what can be derived from the data—such as which teams are performing well and what challenges they face—and to compile the results into a report.

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We also offer a member support analytics function. It is designed to promote improvements in individual performance and help prevent employee turnover. By using machine learning models specialized for future prediction with this data as training data, it is possible to identify, as HR or management, which employees should be prioritized for support, whose performance may decline without support, or who may potentially leave the Company.

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The system also has a function to analyze individual characteristics, values, and compatibility to simulate which team a person can be assigned to in order to improve performance, or which team may lead to lower performance.

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These functions are provided at a monthly fee of JPY600 per user. Of course, there are optional features available in addition to the JPY600 plan, but basically, we provide the service at JPY600 per account per month.

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In fact, more than 4,200 companies and organizations have adopted the service, and it is used across a wide range of industries. Not only joint stock companies, but also medical corporations and educational institutions are introducing the system. This means that Wevox has the potential to be introduced into virtually any organization or team.

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I would also like to explain that more and more companies, especially listed companies, are utilizing the Wevox Engagement Score to disclose their human capital.

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This is our biggest competitive advantage and barrier to entry. Leveraging this first-mover advantage, we have been working on this since FYE 9/2020, accumulating user response data that serves as training data and can be utilized for various analyses. We believe that the accumulation of such data as a first mover itself constitutes an extremely strong competitive advantage for Wevox.

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As noted, although Q1 saw a temporary decline in sales due to the completion of large-scale trial usage in H2 FYE 9/2025, we expect Q2 to reach record-high sales reflecting the resumption of usage by the same customer and the impact of the pricing revision, and the number of client companies has been increasing steadily. On the other hand, in this sales trend, there is a sharp drop only in Q1 of this fiscal year, but as written above, a major client that had been using the service on a trial basis in Q3 and Q4 confirmed adoption, and temporarily dropped out for Q1 only. This graph reflects the fact that formal usage will begin from Q2. In Q2, the companies that had been using the service on a trial basis will begin full-scale implementation. In addition, from Q2 onward, the positive impact of partial pricing revisions will be reflected, so in Q2, in addition to the start of usage by the major client, we expect record-high sales due to the positive effect of the pricing revision.

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Regarding our business, we are pursuing further acceleration of growth through the sales contribution of SMBC Wevox Inc., a joint venture with Sumitomo Mitsui Financial Group. Approximately 100,000 employees of the SMBC Group are using Wevox, and more than 100 sales offices in Tokyo, Nagoya, and Osaka are conducting outbound sales activities.

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By having SMBC Wevox approach companies identified through these channels, we have been able to reach companies that would have been difficult for us to access on our own, and as you can see, well-known companies across the country have decided to adopt Wevox. We will continue to expand Wevox nationwide, leveraging our strong partnership with the SMBC Group.

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Wevox’s growth prospects. We take pride in the fact that we are educating and shaping the market itself. Accordingly, while we are not replacing an existing market, we believe that a market of several hundred billion yen could potentially be created in Japan. With Wevox, we aim to challenge ourselves to determine how far we can educate and activate this market. Finally, we have included several reference materials, which we hope you will review at your convenience. That concludes the Q1 Financial Results Briefing for the Fiscal Year Ending September 2026. Thank you very much for your attention.

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Question & Answer

Moderator [M]: We will now begin the question-and-answer session. If you have any questions, please post them in the Q&A section on the right side of the screen. We will answer your questions in the Q&A section in the order they are received. Participant [Q]: First question. Am I correct in understanding that Wevox’s Q2 sales are expected to be JPY980 million, the highest ever, and that the outlook has a high degree of certainty? What are the main factors behind the high growth? Arai [A]: Thank you. We believe this is virtually certain, barring any unforeseen circumstances. As I mentioned earlier, one factor is the resumption of use by a major client, and another is the positive impact of the pricing revision. In effect, we have raised our prices, and that positive impact is being reflected. Participant [Q]: Next question. Is it assumed that a completion of large-scale trial usage like that seen in Wevox’s Q1 will not occur again in the future? Arai [A]: This involved an extremely large client, and a situation in which trial usage drops out entirely for a single quarter has not occurred in the past and is unlikely to occur going forward. You may regard this as a rather exceptional case. Participant [Q]: Next question. How much of an impact do you expect Anthropic Shock to have on Wevox? Arai [A]: Thank you. We recognize that the SaaS industry as a whole has been significantly impacted; however, Wevox is built largely on human-generated data. For example, surveys are meaningless unless answered by people, and the whiteboard function is intended for use when people engage in discussion. In addition, various diagnostic tools relating to individual traits also require use by individuals. We also have an academy and various training programs. Our service focuses on how to improve team performance when people form teams, and therefore various types of data are accumulated within our platform. Considering that people input the data and require the data, while certain analyses may be performed by external AI, we believe that even if something like an “Anthropic Shock” were to occur, we would still be able to continue providing sufficient value at this stage. Participant [Q]: Next question. How is the pricing revision progressing, and how are customers responding? Has there been any change in the churn rate? Arai [A]: Thank you. We believe the pricing revision has been progressing relatively well. Our sense is that many companies, especially those that have been actively using the service, have viewed the pricing revision very positively. On the other hand, for very small companies, there is concern that fees may increase significantly due to the introduction of a minimum usage fee, and therefore, there is a possibility of some churn in terms of the number of client companies. However, since churn is measured in terms of the number of accounts, we do not believe at this point that the churn rate will increase significantly on an account basis.

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Participant [Q]: Next question. How is the development of Qooa progressing? Is it likely to contribute to sales in the current fiscal year? Is this reflected in the earnings forecast that has already been announced? Arai [A]: Thank you. The development of Qooa is progressing very well. We believe there is sufficient potential for Qooa to contribute to sales in the current fiscal year, and we are proceeding with the aim of contributing as much as possible. On the other hand, we have not included any sales from Qooa in our already announced earnings forecast, so you may regard it as a purely positive upside factor. Participant [Q]: Next question. My impression is that the Company is actively enhancing shareholder returns. Will the Company continue to pay dividends, and is there a possibility of increasing dividends in the next fiscal year? Arai [A]: Thank you. We believe that we have sufficient earning power to realize both shareholder returns and growth investments. Therefore, we intend to continue shareholder returns. In the next fiscal year, we believe that the various investments made this fiscal year will begin to bear fruit, and therefore we see a reasonable possibility of increasing dividends. We will make an appropriate decision depending on the earnings forecast for the next fiscal year. Participant [Q]: Next question. What is the background behind the introduction of a retirement-type RS for all employees with 10 or more years of service, and what has been the reaction of employees? Arai [A]: Thank you. While we recognize that retirement benefits are gradually disappearing in today’s environment, at Atrae, many employees have continued to contribute to the Company over the long term. They have a very high level of loyalty and engagement, and work for the Company voluntarily and on their own initiative. The purpose of introducing this retirement-type RS is to encourage employees to continue working with motivation over the long term. Upon serving the Company for many years, the restrictions on the transfer of the restricted stock will be lifted at the time of retirement, enabling them to share the same perspective as shareholders and benefit from certain tax advantages. We introduced this system to allow employees to build assets after retirement through their own contributions to the Company’s growth. In fact, we recognize that the response from employees has been very positive. Participant [Q]: Next question. You have increased employees’ salary levels by approximately 15%. What has been their reaction? Arai [A]: Thank you. Over the past two years or so, we have faced a somewhat challenging performance environment, which made it difficult for us to raise overall salary levels. This time, we have decided to take a more proactive approach and make firm investments to drive business growth once again, and as our employees are our greatest strength, we have chosen to invest in them by implementing this 15% salary increase. In fact, many of our employees have responded positively and are firmly committed to growing the business in response. Participant [Q]: Next question. Please tell us about Green’s measures to improve the document screening pass rate and the progress to date. Arai [A]: Thank you. While there is no single measure that will absolutely increase it, we believe that by facilitating approaches from companies and from users and linking those approaches to applications, the document screening pass rate will improve. We are also introducing various AI functions. Including initiatives such as the challenges undertaken with Qooa and feeding what we learn back into Green, we intend to continue these efforts, and we hope you can expect

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the accuracy of matching between people and organizations within Green to improve, which in turn should lead to a higher document screening pass rate. Participant [Q]: Next question. Will AI reduce the need to hire engineers in the future? Is this already affecting Green’s performance? Arai [A]: Thank you. Although this topic is frequently discussed, at this stage, we do not have the impression that the rise of AI has reduced demand for engineers. Looking ahead, as we move toward a world in which AI can manage AI and develop products autonomously, we believe the nature of the engineering profession will inevitably change, or be required to change. That said, I do not expect a world in which the engineering profession will almost disappear. If Green can appropriately adapt to changes in the times, we believe we will be able to continue growing our performance. Participant [Q]: Next question. Please explain the basics of large-scale trial usage of Wevox. In what cases and how frequently does trial usage occur, what is the transition rate to full contracts, and how long does it typically take from the start of trial usage to full implementation? Arai [A]: Thank you. This trial usage is essentially a form of test implementation. In the case of such large companies, it typically begins with trial use in certain departments, then expands to company-wide trial use, and if there are no issues, transitions to full-scale implementation from a specified date. In reality, cases of this scale are not common, and we do not currently view this as a significant concern. Participant [Q]: Next question. Is Qooa aiming to monetize as a stand-alone business, or is it positioned as a support for Green for the time being? Arai [A]: Yes. We aim for Qooa to generate revenue as a stand-alone business. Naturally, Qooa will aim to generate its own revenue, while we also expect its technology and know-how to provide value to Green. We do not yet have a clear timeline for when this might occur, but it is possible that Green and Qooa may be integrated in some way or function in a complementary relationship. Moderator [M]: We have answered the questions received so far, and as there appear to be no further questions, we will conclude the question-and-answer session. This concludes the live webcast of Atrae, Inc.’s Q1 Financial Results Briefing for the Fiscal Year Ending September 2026. Thank you very much for your attention.

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