# Quantum Solutions Co.,Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/03/01－2026/02/28) (S100Y6YJ)
> Page: https://vizora.meequs.com/en/company/quantum-solutions
> Retrieved: 2026-09-30T18:37:49.342Z

## Company

Quantum Solutions, founded in 1999, is a company in IT Services & System Integration listed on TSE Standard. It has 41 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Quantum Solutions Co.,Ltd. |
| Ticker | 2338 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2338.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区丸の内1丁目9番2号 |
| Representative (per filing) | 代表取締役社長 大澤 梅嘉 |
| Founded | May 1999 |
| Share capital | ¥4.54B |
| Employees (consolidated) | 41 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | February |
| Website | www.quantum-s.co.jp (https://www.quantum-s.co.jp/) |
| Corporate number | 2011101046458 |
| EDINET | E05315 |
| Industries (Vizora) | IT Services & System Integration, Games |

> Profile source: annual securities report (S100Y6YJ, filed 2026-05-28). As of filing

## Key points (generated from figures)

- About 55% of Quantum Solutions's sales come from WELLNESS, with AI solution making up much of the rest.
- It lost about ¥264 for every ¥100 of sales at the operating level.
- Revenue changed -61.8% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥266.8M |  |
| Operating income | -¥704.3M | Margin -264.0% |
| Net income | -¥2.55B | Margin -954.6% |
| Free cash flow | -¥718.4M |  |
| Largest business | WELLNESS | of segment revenue 54.7% |
| Employees (consolidated) | 41 |  |
| EPS | ¥-56.38 |  |
| Book value per share | ¥-12.11 |  |
| Shares outstanding | 49,248,593 |  |
| Treasury shares | 115,700 |  |
| Shareholders | 3,192 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 7.1% | Cash ÷ revenue 72.2% |
| Vs. industry median margin | -272.9 pp | IT Services & System Integration |
| ROA | -168.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 264 per ¥100 of revenue
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, parent-company salary changed +20% over five years

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥245497000 | ¥266756000 | +8.7% |
| Operating income | ¥-378334000 | ¥-704294000 | — |
| Operating margin | -154.1% | -264.0% | -109.9 pp |
| Employees | 56 people | 41 people | -26.8% |
| Cash and equivalents | ¥792815000 | ¥192468000 | -75.7% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| システムソリューション事業 → 事業再編・廃止 | 7.8% |
| アイラッシュケア事業 → 事業再編・廃止 | 91.8% |
| その他 → 事業再編・廃止 | 0.4% |
| 新設・再編 → AIソリューション事業 | 45.3% |
| 新設・再編 → ウェルネス事業 | 54.7% |

Segment revenue source references: 5 (derived)

## Income statement（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 267 | 100.0% | S100Y6YJ |
| Cost of revenue | 80 | 29.9% | S100Y6YJ |
| Gross profit | 187 | 70.1% | S100Y6YJ |
| SG&A | 891 | 334.1% | S100Y6YJ |
| Operating income | -704 | -264.0% | S100Y6YJ |
| Ordinary income | -2,527 | -947.2% | S100Y6YJ |
| Pretax income | -2,545 | -953.9% | S100Y6YJ |
| Income tax | 2 | 0.6% | S100Y6YJ |
| Net income | -2,546 | -954.6% | S100Y6YJ |
| Net income attributable to owners | -2,546 | -954.6% | S100Y6YJ |

## Per ¥100 of revenue（FY ending Feb 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 30 |
| SG&A | 334 |
| Operating income | -264 |
| (Ref.) Net income | -955 |

### Margin funnel

Gross margin 70.1% → Operating margin -264.0% → Net margin -954.6%
Derived from reported figures (DERIVED).

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 698 | 267 | -431 | -61.8% |
| Gross profit | 641 | 187 | -454 | -70.8% |
| Operating income | -477 | -704 | -227 | — |
| Net income attributable to owners | -317 | -2,546 | -2,229 | — |
| Operating cash flow | -521 | -705 | -184 | — |
| Free cash flow | -521 | -718 | -197 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 457 | -295 | -64.6% | -322 | -279 | -292 | S100LEEB |
| FY ending Feb 2021 | 245 | -378 | -154.1% | -392 | -272 | — | S100O3Q6 |
| FY ending Feb 2022 | 257 | -360 | -140.4% | -281 | -278 | — | S100RF5E |
| FY ending Feb 2023 | 264 | -394 | -149.2% | -954 | -379 | — | S100TIHQ |
| FY ending Feb 2024 | 205 | -942 | -459.0% | -902 | -657 | -662 | S100VSRO |
| FY ending Feb 2025 | 698 | -477 | -68.4% | -317 | -521 | -521 | S100Y6YJ |
| FY ending Feb 2026 | 267 | -704 | -264.0% | -2,546 | -705 | -718 | S100Y6YJ |

## People and productivity（FY ending Feb 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥6.5M |
| Operating income per employee (consolidated) | -¥17.2M |
| Net income per employee (consolidated) | -¥62.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 54 | 42 | 45 | 53 | 41 |
| Average salary (parent company) | ¥4.6M | ¥3.8M | ¥4.7M | ¥5.3M | ¥5.6M |
| Average age (parent company) | 44.9 years | 43.0 years | 39.0 years | 40.5 years | 41.9 years |
| Average tenure (parent company) | 1.3 years | 1.8 years | 1.0 years | 1.4 years | 1.7 years |

Year over year: Employees (consolidated) -22.6% · Revenue (consolidated) -61.8%

## Segments（FY ending Feb 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| AI solution | 121 | 45.3% | -305 | -251.8% |
| WELLNESS | 146 | 54.7% | 5 | 3.6% |
| Other | — | 0.0% | -0 | — |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Profit share | Margin |
| --- | ---: | ---: |
| AI solution | — | -251.8% |
| WELLNESS | 100.0% | 3.6% |
| Other | — | — |

Loss-making segment (excluded from profit shares): AI solution -305 JPY mn

Loss-making segment (excluded from profit shares): Other -0 JPY mn

Segment → industry: AI solution → IT Services & System Integration / AI solution → Games

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -705 | -264.2% | S100Y6YJ |
| Capital expenditure | 14 | 5.1% | S100Y6YJ |
| Free cash flow | -718 | -269.3% | 算出 |
| Investing cash flow | -3,990 | -1495.6% | S100Y6YJ |
| Financing cash flow | 4,747 | 1779.5% | S100Y6YJ |
| Change in cash | 56 | 21.1% | S100Y6YJ |
| Cash and equivalents | 192 | 72.2% | S100Y6YJ |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 508 | 236 | 137 | 136 | 192 | S100TIHQ, S100VSRO, S100Y6YJ |
| Total assets | 1,084 | 469 | 1,150 | 324 | 2,704 | S100RF5E, S100TIHQ, S100VSRO, S100Y6YJ |
| Net assets | 1,011 | 397 | 18 | 237 | -343 | S100TIHQ, S100VSRO, S100Y6YJ |
| Share capital | 2,659 | 2,955 | 3,269 | 3,558 | 4,536 | S100RF5E, S100TIHQ, S100VSRO, S100Y6YJ |
| Trade receivables | 41 | — | — | — | — | S100O3Q6 |
| Property, plant and equipment | — | — | 2 | 0 | 0 | S100VSRO, S100Y6YJ |
| Intangible assets excluding goodwill | 199 | — | 3 | — | — | S100RF5E, S100VSRO |
| Investment securities | 268 | — | — | — | — | S100RF5E |
| Current assets | 571 | 442 | 1,120 | 286 | 2,677 | S100RF5E, S100TIHQ, S100VSRO, S100Y6YJ |
| Current liabilities | 48 | 72 | 1,132 | 87 | 979 | S100RF5E, S100TIHQ, S100VSRO, S100Y6YJ |
| Short-term borrowings | — | — | — | — | 776 | S100Y6YJ |
| Total liabilities | 73 | 72 | 1,132 | 87 | 3,047 | S100RF5E, S100TIHQ, S100VSRO, S100Y6YJ |
| Non-controlling interests | — | — | 1 | — | — | S100VSRO |
| Equity attributable to owners of parent | 778 | 415 | 141 | 401 | -188 | S100RF5E, S100TIHQ, S100VSRO, S100Y6YJ |
| Retained earnings | -4,063 | -5,018 | -5,920 | -6,237 | -8,784 | S100RF5E, S100TIHQ, S100VSRO, S100Y6YJ |
| Treasury stock | -59 | -59 | -59 | -59 | -59 | S100RF5E, S100TIHQ, S100VSRO, S100Y6YJ |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,084 | 469 | 1,150 | 324 | 2,704 |
| Equity | 1,011 | 397 | 18 | 237 | -343 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 508 | 236 | 137 | 136 | 192 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 0.0% | S100Y6YJ |
| Fixed assets ÷ total assets | 0.0% | S100Y6YJ |
| Goodwill ÷ parent equity | — | —, S100Y6YJ |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 7.1% |
| Cash ÷ revenue | 72.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,842 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.1% |
| Investing CF relative to operating CF | — |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -25.9% | —× | — | S100RF5E |
| 2023 | — | —× | -122.9% | —× | — | S100TIHQ |
| 2024 | — | —× | -111.5% | —× | — | S100VSRO |
| 2025 | — | —× | -43.0% | —× | — | S100Y6YJ |
| 2026 | — | —× | -168.2% | —× | — | S100Y6YJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＫＧＩ ＡＳＩＡ ＬＩＭＩＴＥＤ－ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ(常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ部長) | Major shareholder | 16.5% | 2026-02-28 |
| ＯＫＡＳＡＮ ＩＮＴＥＲＮＡＴＩＯＮＡＬ（ＡＳＩＡ）ＬＩＭＩＴＥＤ Ａ／Ｃ ＣＬＩＥＮＴ(常任代理人 岡三証券株式会社 代表取締役社長) | Major shareholder | 15.9% | 2026-02-28 |
| ＦＵＴＵ ＳＥＣＵＲＩＴＩＥＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ （ＨＯＮＧＫＯＮＧ） ＬＩＭＩＴＥＤ (常任代理人 ｍｏｏｍｏｏ証券株式会社 代表取締役） | Major shareholder | 9.9% | 2026-02-28 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ(常任代理人 インタラクティブ・ブローカーズ証券株式会社 代表取締役) | Major shareholder | 8.8% | 2026-02-28 |
| ＫＧＩ ＡＳＩＡ ＬＩＭＩＴＥＤ－ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ(常任代理人 シティバンク、エヌ・エイ東京支店 カストディ業務部長) | Major shareholder | 3.5% | 2026-02-28 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＳＩＮＧＡＰＯＲＥ／２Ｓ／ＪＡＳＤＥＣ／ＵＯＢ ＫＡＹ ＨＩＡＮ ＰＲＩＶＡＴＥ ＬＩＭＩＴＥＤ(常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ部長) | Major shareholder | 2.6% | 2026-02-28 |
| ＢＯＦＡＳ ＩＮＣ ＳＥＧＲＥＧＡＴＩＯＮ ＡＣＣＯＵＮＴ (常任代理人 ＢＯＦＡ証券株式会社 代表取締役社長） | Major shareholder | 2.6% | 2026-02-28 |
| ＢＡＮＫ ＪＵＬＩＵＳ ＢＡＥＲ ＡＮＤ ＣＯ． ＬＴＤ． ＨＯＮＧ ＫＯＮＧ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ (常任代理人 株式会社三菱ＵＦＪ銀行 取締役頭取執行役員） | Major shareholder | 2.6% | 2026-02-28 |
| ＧＯＬＤＭＡＮ ＳＡＣＨＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ(常任代理人 ゴールドマンサックス証券株式会社 代表取締役社長) | Major shareholder | 2.4% | 2026-02-28 |
| ＰＨＩＬＬＩＰ ＳＥＣＵＲＩＴＩＥＳ（ＨＯＮＧ ＫＯＮＧ）ＬＩＭＩＴＥＤ(常任代理人 フィリップ証券株式会社 代表取締役社長) | Major shareholder | 2.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/03/01－2026/02/28) | S100Y6YJ | 2026-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6YJ,, |
| 有価証券報告書－第26期(2024/03/01－2025/02/28) | S100VSRO | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VSRO,, |
| 有価証券報告書－第25期(2023/03/01－2024/02/29) | S100TIHQ | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIHQ,, |
| 訂正有価証券報告書－第24期(2022/03/01－2023/02/28) | S100RF5E | 2023-07-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RF5E,, |
| 有価証券報告書－第23期(令和3年3月1日－令和4年2月28日) | S100O3Q6 | 2022-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O3Q6,, |
| 有価証券報告書－第22期(令和2年3月1日－令和3年2月28日) | S100LEEB | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEEB,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).