Kubell Earnings FY2025 Q2｜At the Crossroads of Structural Growth

We analyze the Q1 earnings of Kubell the company behind Chatwork, Japan’s leading SME business chat platform. Revenue and EBITDA are up, but much of the improvement stems from temporary cost cuts. As the company pivots toward BPaaS, we ask: can this model scale, sustain margins, and deliver long-term value? This is not just a quarterly recap — it’s a test of structural growth.