Thinca Co.,Ltd.
149A・Growth Market・Information & Communication
Business
Shinka Inc. upholds the corporate philosophy of "Making the world more interesting with IT," and develops and provides "Kaikura," a cloud-based communication platform that supports the DX (digital transformation) of customer service operations for small and medium-sized enterprises (SMEs). Its main customer base consists of SMEs centered on the automotive and real estate industries. Centered on a CTI (Computer Telephony Integration) feature that displays customer information via pop-up when a landline call is received, the platform centrally manages a diverse range of communication channels, including call recording, voice-to-text transcription, SMS sending, video calls, mobile call recording, email integration, and cloud telephony (Kaikura Phone). The company listed on the Growth Market of the Tokyo Stock Exchange in March 2024, and as of the end of FY2025 (ending December 2025), the number of active users reached 3,182 companies and 6,202 locations.
Business Model
Revenue is composed of three categories: "initial sales," "monthly recurring sales," and "usage-based sales." Monthly recurring sales follow a subscription model determined by the number of active locations multiplied by ARPA (average monthly revenue per location), such that increases in the number of locations and improvements in ARPA drive incremental revenue growth. In FY2025 (ending December 2025), monthly recurring sales reached ¥1,136,944 thousand, accounting for 77.6% of total sales, while usage-based sales (SMS, etc.) also grew to ¥190,170 thousand. Collaborations and OEM offerings with the NTT Group, Otsuka Corporation, and SB C&S also function as sales channels.
Company Strengths
The monthly churn rate (annual average) remained unchanged from the previous period at 0.3% in FY2025 (ending December 2025). This result reflects ongoing onboarding activities and feature development incorporating user feedback, underscoring the stability of the revenue base in the SaaS business.
At the end of FY2025 (ending December 2025), the number of active user locations reached 6,202 (up 9.8% from the previous period-end), and ARPA rose to ¥19,557 (up 11.7% from the previous period-end), expanding both in volume and unit price. Monthly revenue reached ¥1,136,944 thousand, up 30.4% year on year, demonstrating the compounding growth characteristic of SaaS.
In addition to agency agreements with NTT East and NTT West (2015 and 2019) and an intermediary agreement with NTT DOCOMO (now NTT Communications) (2019), the company began a business alliance with Otsuka Corporation and SB C&S in 2024. It has built a multi-layered sales channel leveraging the sales capabilities and brand strength of major partners.
ENVALITH's Perspective
Performance Trend
Revenue grew at an annual rate of approximately 19% for three consecutive years, from ¥1,040 million in FY2023 to ¥1,232 million in FY2024 and ¥1,464 million in FY2025, with growth accelerating further in Q1 FY2026 (ending December 2026) to ¥423 million (up 23.8% year on year). On the profitability side, however, operating profit peaked at ¥101 million in FY2023 before declining to ¥78 million in FY2024 and ¥60 million in FY2025, and turned into an operating loss of ¥42 million in Q1 FY2026. The full-year forecast calls for an operating loss of ¥579 million, a substantial widening of the deficit, primarily driven by aggressive investment in SG&A expenses centered on personnel costs and advertising. While tailwinds such as accelerating DX adoption and an expanding cloud market are expected to continue, the timing of the payoff from these investments will be key to a recovery in earnings.
Growth Strategy
Growth acceleration driven by four pillars: expanding location count, improving ARPA, strengthening AI features, and collaborating with major partners
The company is building up its location count through concentrated sales efforts targeting the automotive and real estate industries, combined with strengthened sales via major partners. As of the end of Q1 FY2026 (ending December 2026), the number of locations reached 6,415 (up 10.9% year on year), and the expansion trend continues.
Through sales of add-on features such as the call recording option, ARPA was raised to ¥19,557, up 11.7% from the end of the previous fiscal year, aiming to maximize revenue from existing locations. Expansion of add-on features continues to create room for further unit price improvement.
Since the latter half of last fiscal year, AI features such as automatic summarization, sentiment labeling, and conversation quality assessment have been continuously implemented as new features every month. Accelerating AI implementation aims to differentiate from competitors, contributing to both churn suppression and new customer acquisition.
The company is strengthening indirect sales channels leveraging the existing customer base of major partners, expanding reach into the small and medium-sized enterprise segment by complementing its own sales resources. It aims to accelerate the acquisition of large-scale locations through deepened collaboration.
Based on the medium-term plan announced on February 13, 2026, the company has positioned this fiscal year as a year of active investment toward future growth, significantly increasing SG&A expenses, primarily personnel costs and advertising expenses. A full-year operating loss of ¥579 million is planned, with the effects of the investment expected to materialize from the following fiscal year onward.
Last updated: July 17, 2026