Thinca Co.,Ltd.

Business Details

Under the management philosophy of "Making the world more interesting with IT," the company develops and provides "KAIKURA," a cloud service that supports the digital transformation (DX) of customer service operations. Centered on a CTI (Computer Telephony Integration) function that displays customer information pop-ups upon incoming calls to fixed-line phones, the service provides an integrated suite of functions including call recording, voice-to-text transcription, SMS sending, video calls, mobile call recording, email integration, and cloud-based phone service (KAIKURA Phone). Its primary sales focus is the automotive and real estate industries. The revenue model consists of three layers—initial sales, monthly recurring sales (subscription), and usage-based sales—adopting a SaaS-type incremental growth model. The company operates only domestically and is managed as a single segment.

Recent Overview

Revenue rose 23.8% year-on-year to ¥423 million, but aggressive investment led to an operating loss of ¥42 million

In Q1 of FY2026 (ending December 2026) (January to March 2026), revenue reached ¥423 million (up 23.8% year-on-year), securing revenue growth. KAIKURA active user locations continued to expand, reaching 6,415 locations (up 10.9% from the same period last year). On the other hand, SG&A expenses, including personnel costs and advertising expenses, increased significantly to ¥383 million (up 42.4% year-on-year), resulting in an operating loss of ¥42 million (compared to an operating profit of ¥11 million in the same period last year). Office relocation costs of ¥2 million were also incurred. The company positions FY2026 (ending December 2026) as "a year of aggressive investment for future growth," and there is no change to its full-year earnings forecast (revenue of ¥1,858 million, operating loss of ¥579 million). Additionally, the exercise of stock acquisition rights increased both capital stock and capital surplus by ¥3 million each.

Key Products

Growth Drivers

• Continued expansion of KAIKURA active user locations (6,415 locations at end of Q1 FY2026 ending December 2026, up 10.9% year-on-year)
• Growth in monthly recurring and usage-based sales driven by improved ARPA (up 11.7% from the previous fiscal year-end to ¥19,557)
• Acquisition of large-scale accounts through focused sales efforts in the automotive and real estate industries
• Promotion of upselling through additional feature sales such as the call recording option
• Expansion of sales channels through strengthened collaboration with the NTT Group, Otsuka Corporation, and SB C&S
• Enhanced service value through expansion of AI functions (automatic summarization, emotion labeling, conversation quality assessment, etc.), with new features continuously rolled out monthly since the latter half of last fiscal year
• Tailwinds from accelerating corporate DX adoption and the expanding cloud services market

Risks

• The company plans to actively invest in hiring, advertising, and AI development in FY2026 (ending December 2026), projecting a full-year operating loss of ¥579 million and a net loss of ¥546 million, presenting a risk of significant earnings deterioration
• Q1 SG&A expenses of ¥383 million (up 42.4% year-on-year) significantly outpaced revenue growth (up 23.8%), presenting a cost control risk
• Cash and deposits declined by ¥71 million in Q1 alone, raising concerns about declining liquidity amid continued aggressive investment
• Initial sales show a significant declining trend year-on-year, raising concerns about a slowdown in new customer acquisition pace
• Overall brand awareness of KAIKURA remains low, requiring substantial marketing costs to acquire customers
• High dependence on a single product and single segment, with limited business diversification
• As the service targets small and medium-sized businesses, there is a risk of increased cancellations during economic downturns
• Intensifying competition with rival cloud CTI and CRM services