rYojbaba Co., Ltd.

What they do

rYojbaba Co., Ltd. provides management consulting services, with a focus on labor support and union infrastructure development. The company has entered into agreements with HeartCore Enterprises, Inc. and the International Labor Union to deliver these services. Its operations are based in Fukuoka, Japan.

Revenue drivers

• Consulting services — Core revenue stream, derived from consulting and services agreements, including with HeartCore Enterprises, Inc.
• Union infrastructure development — Revenue from a comprehensive global labor support and union infrastructure development agreement signed with the International Labor Union in October 2025.

Recent performance

Revenue declined from $11.6M in 2024 to $9.3M in 2025, after rising from $11.0M in 2023. Net income fell sharply from $1.3M in 2024 to $119,394 in 2025, with diluted EPS dropping from $0.13 to $0.01. Operating cash flow improved to $863,925 in 2025 from $802,386 in 2024. As of December 31, 2025, the company had $6.2M in cash and equivalents, $3.1M in long-term debt, and shareholder equity of $6.1M.

Strategy

The company is expanding its consulting services into labor support and union infrastructure development, as evidenced by the recent agreement with the International Labor Union. It maintains a relationship with HeartCore Enterprises, Inc. through a consulting agreement and stock acquisition rights agreement, which may provide strategic and financial backing. The amendment to the 20-F filing to include a clawback policy indicates a focus on corporate governance compliance.

Risks

• Revenue decline — Revenue decreased 20% year-over-year in 2025, which may indicate weakening demand or loss of contracts.
• Profitability pressure — Net income fell to just $119,394 in 2025, a significant drop from $1.3M the prior year, suggesting margin compression or one-time costs.
• Dependence on key agreements — Revenue relies heavily on agreements with HeartCore Enterprises and the International Labor Union; loss or non-renewal could materially impact operations.
• Regulatory compliance — The company had to amend its annual report to include an omitted clawback policy, indicating potential weaknesses in governance documentation.

Outlook

Management did not provide explicit forward guidance in the amended filing. The company's recent agreement with the International Labor Union suggests a strategic push into global labor support, which could drive future revenue. However, the sharp revenue decline in 2025 raises uncertainty about near-term performance.