The 13.9% customer decline and continued salon closures signal deteriorating core salon business fundamentals, despite higher per-customer revenue. Monitor the next 20-F annual report for actual revenue and profitability figures to assess whether the World ID and HealthTech segments can offset the salon decline.
Price Chart
Executive Summary
MEDIROM reported Q1 2026 KPIs showing a sharp 13.9% YoY decline in total salon customers (192k vs 223k) and a net closure of 21 salons (287 vs 308), partially offset by a 7.7% increase in average revenue per customer (7,822 JPY). The World ID verification partnership generated 10,552 new verifications in the quarter, down from 13,873 in Q4 2025, and the HealthTech Lav business grew insurers to 106 (+8.2% YoY) with cumulative users reaching 13,226. No revenue or earnings figures were provided, only operational KPIs.
Key Facts
- Total salon customers declined 13.9% YoY to 192k in Q1 2026 from 223k in Q1 2025
- Number of salons decreased by 21 YoY to 287 from 308
- Average revenue per customer increased 7.7% YoY to 7,822 JPY
- World ID new verifications were 10,552 in Q1 2026, down from 13,873 in Q4 2025
- HealthTech Lav business served 106 insurers (+8.2% YoY) with 13,226 cumulative users
- Independent contractors comprised 53% of total workforce as of Q1 2026
- No revenue, net income, or EPS figures were disclosed in the filing
Financial Impact
No revenue or earnings figures provided; only operational KPIs disclosed
Risk Factors
- Continued customer attrition and salon closures may accelerate revenue decline
- World ID verification volumes declined QoQ, suggesting partnership ramp may be slowing
- No financial statements provided — inability to assess actual revenue, margins, or cash position
- Dependence on World ID partnership (Tools for Humanity) which could be terminated early
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-245250 |
| Document: mrm-20260528-kpi-6-k.htm | 0001193125-26-245250 |
| Document: 0001193125-26-245250-index-headers.html | 0001193125-26-245250 |
| Document: 0001193125-26-245250-index.html | 0001193125-26-245250 |
| Document: 0001193125-26-245250.txt | 0001193125-26-245250 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | 6-K | $0.3359 | awaiting T+20 | — | $0.3624 (−7.89%) |
Aug 7, 2026 11w ago | 6-K | $0.9600 $0.9200 | ▲ +4.17% | ▲ +3.77% | $0.3624 (+62.25%) |
Jun 25, 2026 17w ago | 6-K | $0.9970 $1.00 | ▲ +0.30% | ▼ −0.96% | $0.3624 (−63.65%) |
May 29, 2026 21w ago | 6-K | $1.11 $1.03 | ▲ +7.21% | ▲ +5.91% | $0.3624 (+67.35%) |
May 28, 2026 21w ago | Press Release | $1.14 $1.00 | ▼ −12.28% | ▼ −10.49% | $0.3624 (−68.21%) |
May 28, 2026 21w ago | 6-K | $1.14 $1.00 | ▲ +12.28% | ▲ +10.49% | $0.3624 (+68.21%) |
US Market Status
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