Pro-ship's order book for the quarter to June tells the story of a regulation with a hard deadline. Orders for its SaaS lease-compliance product rose 2,673.7% year on year to ¥355mn, and total orders across the company jumped 77.3% to ¥2.82bn. The backlog, the queue of signed but undelivered work, hit a record ¥6.93bn, up 21.3% from a year earlier. Pro-ship says the package and SaaS lines, which drove most of that gain, rose on steady demand from both new and existing customers preparing for one clause in Japan's accounting rulebook: companies must move essentially all leases, including office and store rentals that used to sit off the balance sheet, onto the balance sheet for fiscal years beginning on or after April 1, 2027.
Revenue for the three months to June rose 37.4% to ¥2.48bn, operating profit climbed 62.6% to ¥908mn, and net income attributable to shareholders rose 54.0% to ¥636mn. Ordinary profit margin widened to 37.4% from 32.6% a year earlier. ProPlus+, the SaaS lease-tracking product Pro-ship released in December 2024, passed 1,000 adopting companies within a year and a half, and the company says 119 of the 225 Nikkei-average constituents already run some version of its ProPlus fixed-asset and lease software.
| Product line | Orders (¥mn) | Orders YoY | Backlog (¥mn) | Backlog YoY |
|---|---|---|---|---|
| Package | 1,895 | +94.6% | 3,390 | +18.0% |
| Maintenance | 534 | -4.9% | 2,888 | +5.8% |
| SaaS | 355 | +2,673.7% | 577 | +1,263.9% |
| Other | 31 | -22.3% | 68 | +11.7% |
| Total | 2,816 | +77.3% | 6,925 | +21.3% |
Management is candid that the boom has an expiry date. Once the new leasing standard takes effect, the company's own materials state plainly that the lease-compliance special demand disappears. What is meant to survive the cliff: SaaS subscription fees continue as recurring revenue, maintenance fees on the ProPlus platform are expected to rise, and the company plans to cross-sell fixed-asset management tools to SaaS customers who originally signed up for lease compliance alone. Pro-ship also says it will resume new-customer sales pushes, its in-house "TEAM" concept and overseas expansion, all deprioritized while the lease rush absorbed capacity.
Full-year guidance was left unchanged: revenue of ¥10bn (+19.4%), operating profit of ¥3.25bn (+11.1%), and net income of ¥2.35bn (+5.7%). The first quarter covered 24.8% of the revenue target and 27.1% of the net income target, a pace management pairs with a warning about temporary productivity drag as it works through the initial wave of lease-transition projects and free version upgrades owed to some maintenance customers. If the numbers hold, it would be Pro-ship's third straight year of record profit, built on a regulatory deadline that, by the company's own account, ends once the new standard takes effect in April 2027.