The Pulse

Appier reports operating income more than doubled, raises forecast

Appier reported third-quarter operating income of JPY 2.1 billion as revenue reached JPY 13.9 billion. The AI marketing company raised its full-year profit guidance and dividend forecast.

AI.info Team · · fact-checked · against 1 source ↓ · Published 13 Nov 2026

Appier’s third-quarter operating income more than doubled to JPY 2.1 billion, a 104.7% increase from a year earlier, according to its earnings release. The enterprise AI marketing company reported record revenue of JPY 13.9 billion, up 21.8% year over year.

The company raised its full-year profit guidance for the second consecutive quarter and increased its dividend forecast. Its results also showed higher gross margins and positive core free cash flow for the first nine months of the year.

Growth across markets

Organic revenue rose 27.1% year over year to JPY 13.4 billion, exceeding Appier’s guidance for growth above 25%. Gross profit climbed 38.0% to JPY 8.5 billion. Its gross margin reached 61.3%, up 7.2 percentage points from a year earlier and from 60.1% in the second quarter.

Organic revenue grew 49% year over year in the US and EMEA, which accounted for 21% of revenue, Appier reported. In NEA, representing 71% of revenue, organic growth was 33%. E-commerce grew more than 40% year over year, while other internet services, including online travel, grew more than 30%.

The company reported a 12% year-over-year increase in customers. For the organic business, quarterly average revenue per customer rose 10% on a foreign-exchange-neutral basis to JPY 5.7 million, which Appier attributed to a growing share of high-value enterprise accounts.

Costs and cash flow

Appier also said adoption of agentic AI lifted quarterly gross profit per employee 45% year over year to JPY 11.3 million. It said agentic engineering increased research and development efficiency, while more differentiated algorithms improved customer returns on investment.

Gross profit grew 38% year over year against operating expense growth of 26%, the company reported. The ratio of operating expenses to gross profit fell to 78%, the lowest on record. Research and development investment remained steady despite foreign-exchange headwinds, with operational efficiency driving the improvement rather than reduced investment, according to Appier.

Core free cash flow reached JPY 1.9 billion, up 501.3% year over year, with a margin of 13.5%. For the first nine months, it turned positive at JPY 1.25 billion. The company said it remained on track for its first positive full-year core free cash flow.

Higher full-year outlook

Appier now expects full-year gross profit of JPY 31.9 billion, with a 58.6% margin, and operating income of JPY 5.9 billion, up 97% year over year. The net income forecast is JPY 5.0 billion, up 95% year over year.

For the fourth quarter, the company projects revenue of JPY 15.2 billion to JPY 15.6 billion and operating income of JPY 2.1 billion to JPY 2.3 billion. It expects approximately JPY 14.9 billion in organic revenue, up approximately 25% year over year.

The company also increased its dividend forecast to JPY 2.50 per share. Appier said its research and development investment focuses on vertical AI for marketing and agentic engineering, while its sales efforts include expansion across the US and EMEA and new wins in NEA.