BASE, Inc.

On a consolidated basis, Q1 net sales increased 12.3% year on year. BASE GMV increased 9.6% year on year, while PAY GMV increased 55.5% year on year; management also said PAY net sales and gross profit both grew over 50%. Total consolidated GMV in the quarter was 45 billion yen, and BASE GMV was 20.1 billion yen. The company said cash was 22 billion yen and net assets were about 15 billion yen. Management did not provide next-quarter or full-year numerical guidance in the transcript, but said the monthly fee plan’s impact on take rate would begin to show from Q2 onward.

Tsuruoka framed the business around the mission of “Payment to the People, Power to the People,” emphasizing that BASE, PayID, and PAY.JP are meant to widen payment access for merchants and consumers. He stressed that the company is focused on medium- to long-term growth rather than short-term macro noise, and said the new monthly fee plan, scout team, and product upgrades are core to that strategy. His tone was cautiously optimistic: he acknowledged near-term pressure from offline recovery, but repeatedly said the company remains confident in the longer-term growth structure.

Harada highlighted the quarter’s main financial facts: consolidated net sales up 12.3% year on year, BASE GMV up 9.6%, and PAY GMV up 55.5%. He said SG&A rose 27% year on year because the company continued forward-looking investments, but quarter on quarter operating loss improved as promotional expenses tied to coupons declined. He also pointed to the balance sheet, noting cash of 22 billion yen and net assets of about 15 billion yen, and said the company has ample funds to keep investing. He added that the new monthly fee plan was not reflected in Q1 take rate, and that its effect should appear from Q2 onward.

Analysts focused on why BASE growth slowed, whether large shops were improving, and how quickly the new monthly fee plan and scout team were gaining traction. Management said the slowdown reflected a broad recovery in offline spending and the fading of emergency-declaration-era online demand, not shop churn, and added that larger shops are still growing steadily. On the scout team and pricing plan, Tsuruoka said the market response has been favorable and the pace of shop acquisition accelerated after the April 18 launch, while Harada said the plan’s take-rate impact will show from Q2. Management also said it has no fixed change to its investment plan yet, though it may make slight adjustments if the macro environment worsens.