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Introduction & Market Context
Anycolor Inc (5032), a leading virtual YouTuber (VTuber) agency and operator of the NIJISANJI brand, released its Q1 FY26/4 financial results on September 10, 2025, showcasing exceptional growth across all business segments. The company’s stock closed at 4,925 JPY, up 0.41% on the day, reflecting positive market sentiment toward the results.
The quarter demonstrated Anycolor’s continued dominance in the VTuber market, with triple-digit percentage increases in both revenue and profit metrics, prompting management to raise full-year guidance.
Quarterly Performance Highlights
Anycolor reported Q1 FY26/4 revenue of 15,768 million JPY, representing a 112.1% increase year-over-year and significantly exceeding the company’s outlook range of 13,250-14,600 million JPY. Operating profit surged 157.6% to 7,004 million JPY, with net profit growing 159.9% to 4,884 million JPY.
As shown in the following financial results overview, all business segments contributed to the strong performance:
The Commerce segment was the largest revenue contributor at 10,394 million JPY, followed by Event (2,117 million JPY), Promotion (1,866 million JPY), and Livestreaming (1,385 million JPY). Notably, the Event business showed dramatic growth from just 21 million JPY in the same period last year.
Operating profit margin expanded by 7.9 percentage points year-over-year to 44.4%, demonstrating improved operational efficiency. The quarterly trend of revenue and operating profit shows consistent growth:
The company’s cost management has been effective, with direct variable costs as a percentage of revenue decreasing slightly year-over-year. This disciplined approach to expenses has helped drive the significant margin expansion.
Strategic Initiatives
Anycolor continues to strengthen its foundation to support VTubers through a two-pronged approach: enhancing production and support capabilities while maximizing opportunities for VTubers to excel. The company outlined its organizational structure designed to achieve these goals:
A key component of Anycolor’s growth strategy is the expansion of its studio facilities. The company has increased its 2D studios by more than 30%, 3D studios by more than 70%, and recording studio operating hours by more than 100% compared to previous facilities. These investments aim to improve both the quantity and quality of content production.
The company maintains its focus on continuous VTuber development, with a target of 10-15% new debuts annually. This approach has proven successful, as newer VTubers tend to generate higher average revenue due to the company’s VTA (Virtual Talent Academy) debut strategy and unit development initiatives.
As illustrated in the following chart, VTubers from different debut years contribute varying amounts to overall revenue:
Anycolor has also expanded its physical retail presence with the opening of the NIJISANJI Nui Store in Yokohama Vivre on April 25, focusing on plush toy merchandise and creating an additional revenue stream.
Forward-Looking Statements
Based on the strong Q1 performance, Anycolor has revised its financial forecasts upward for FY26/4. The company now expects:
For Q2 FY26/4, Anycolor projects revenue of 10,050-11,300 million JPY, representing growth of 1.5-14.1% year-over-year. Operating profit is expected to be 3,900-4,600 million JPY, with a margin of 38.8-40.7%.
The sequential decrease in Q2 projections compared to Q1 reflects typical seasonality in the business, but still represents growth over the prior year period.
Mid-Term Growth Strategy
Anycolor has set ambitious mid-term management goals, aiming to increase sales by 88% (CAGR 23%) and operating profit by 94% (CAGR 25%) in FY27/4 compared to FY24/4. The company is targeting revenue of 60,000 million JPY and operating profit of 24,000 million JPY by FY27/4.
To achieve these targets, Anycolor is focusing on increasing revenue per VTuber, which has grown from 110 million JPY in FY22/4 to 252 million JPY in FY25/4. The company aims to maintain growth of 10-15% in this metric through various initiatives including merchandise planning, corporate partnerships, and VTuber unit development.
Anycolor continues to diversify its revenue streams through large-scale initiatives across livestreaming, events, and commerce. The company is also expanding its corporate partnerships with brands across various industries including gaming, retail, financial services, food products, apparel, and transportation.
With its multi-faceted growth strategy and strong financial performance, Anycolor appears well-positioned to maintain its leadership in the VTuber market while delivering on its ambitious mid-term targets.
Full presentation:
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