Will Smart Co.,LTD.
175A・Growth Market・Information & Communication
Business
Will Smart Inc. was established in 2012 as an in-house venture of Zenrin DataCom Co., Ltd., and listed on the Tokyo Stock Exchange Growth Market in April 2024. Leveraging "ideas" and "technology," the company addresses challenges in the mobility industry, including transportation and logistics, as well as challenges faced by national and local governments. It provides total services ranging from consulting to software development, hardware provision, and post-delivery support. Its main solutions cover four areas: comprehensive information distribution services, cloud migration support services, mobility system services, and AI/data science services. Major customers include transportation operators, car-sharing operators, and local governments. Net sales for FY2025 (ending December 2025) were ¥805 million.
Business Model
Revenue is structured around two pillars: one-time shot revenue from system development and hardware delivery (FY2025 (ending December 2025): ¥483 million), and recurring stock revenue from post-delivery maintenance, operations, and system usage fees (¥321 million for the same period). Stock revenue is a stable income source that accumulates alongside the expansion of the customer base, increasing substantially from ¥190 million in the previous fiscal year (9 months) to ¥321 million. By packaging the platform, general-purpose deployment through sales partners is also possible, ensuring scalability.
Company Strengths
Since its founding, the company has maintained a commitment to direct dialogue with customers in the mobility industry, accumulating deep understanding of industry-specific business workflows and regulations through diverse projects including car sharing, railways, and bus terminals. It has a track record of large-scale projects, including providing an integrated management system for the "Yumeshima No. 1 Transportation Terminal" for Expo 2025 Osaka, Kansai.
The company combines IoT technology for in-vehicle devices and outdoor installations with web development technology capable of addressing mobility industry-specific seasonality, reservation management, and regulatory compliance. Its ability to provide integrated services from hardware to software to maintenance serves as a differentiating factor from other companies.
In FY2025 (ending December 2025), the company entered into a business alliance with NTT DOCOMO in the car sharing domain, began collaboration with Zenrin, and expanded its network of regional financial institutions. It also has capital and business alliances with major companies such as Kyushu Railway Company, ENEOS, and Shikoku Electric Power, complementing its sales network and credibility.
ENVALITH's Perspective
Performance Trend
Revenue declined sharply from ¥1,086 million with operating profit of ¥36 million in FY2024 to revenue of ¥805 million and an operating loss of ¥283 million in FY2025. In Q1 FY2026 (ending December 2026) (January-March 2026), revenue continued to decline, falling to ¥206 million (down 2.9% year-on-year), but the operating loss narrowed to ¥52 million (from ¥68 million in the same period a year earlier) due to reductions in cost of sales and SG&A expenses. This improvement was achieved despite absorbing the impact of subsidy and grant income plunging from ¥14 million in the same period a year earlier to ¥0.2 million, indicating that cost structure reforms are taking effect. Meanwhile, the recording of a quarterly net loss of ¥54 million pushed net assets into negative territory at ¥-51 million, resulting in a state of negative net worth. The full-year forecast remains unchanged at revenue of ¥1,150 million and operating profit of ¥50 million (a 42.8% year-on-year increase in revenue and a swing to profitability), but the Q1 progress rate stood at 18% for revenue, with the operating profit line still in loss, premised on a second-half-weighted performance.
Growth Strategy
Aiming to realize a regional mobility society, the company is expanding along three axes: public transportation, logistics, and the partner ecosystem.
A third-party allotment capital increase with Zenrin (520,800 shares) and Senyo Kogyo (148,800 shares) as allottees was resolved on May 15, 2026. Proceeds are planned to be allocated to the construction of contracted development systems (¥244 million) and development of the company's own platform (¥200 million). This aims to simultaneously resolve the excess liabilities position and secure funds for growth investment.
In December 2025, the company obtained Japan's first type designation for an OBD-II type digital tachograph (a device recording vehicle operation data) from the Ministry of Land, Infrastructure, Transport and Tourism, and began sales in April 2026. The company aims to capture demand for digitalization of operation management driven by the amendment of two logistics-related laws that took effect in April 2025, developing the logistics market as a new pillar of revenue.
By combining Zenrin's expertise and nationwide survey network in regional public transportation analysis with the company's mobility system platform, the two companies jointly provide a one-stop solution to local governments nationwide for identifying and resolving transportation gaps. Leveraging the Ministry of Land, Infrastructure, Transport and Tourism's policy on the 'Intensive Countermeasure Period for Resolving Transportation Gaps' as a tailwind, the companies will promote joint proposals and joint order acquisition.
The company provides digital signage, reservation and ticketing systems, and mobility services for visitors to Ferris wheels, amusement facilities, and mixed-use leisure facilities that Senyo Kogyo is involved in planning, constructing, and operating. This opens up new business areas such as designing tour routes that seamlessly connect regional tourist sites with transportation hubs.
The plan sets targets for FY2030 of net sales of ¥3,000 million, operating profit of ¥350 million, and an operating profit margin of 12%. As a core player in compact-plus-network-type urban development, the company aims to roll out solutions addressing regional mobility challenges nationwide, while implementing new mobility services in society through co-creation with major corporations and diverse partners.
Last updated: July 17, 2026