Manabi-aid Co., Ltd
184A・Growth Market・Information & Communication
Educational Digital Business (single segment)
A single-segment company providing video lecture and learning management services for cram schools and education-related businesses
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales | ¥366 million | ¥289 million | ↑ |
| Operating loss | -¥171 million | -¥297 million | ↑ |
| Ordinary loss | -¥178 million | -¥312 million | ↑ |
| Net loss for the period | -¥179 million | -¥318 million | ↑ |
| Gross profit | ¥157 million | ¥94 million | ↑ |
| Total assets | ¥619 million | ¥219 million | ↑ |
| Net assets | ¥536 million | ¥135 million | ↑ |
| Equity ratio | 86.7% | 61.6% | ↑ |
| Cash and cash equivalents at end of period | ¥459 million | ¥29 million | ↑ |
| Net assets per share | ¥157.16 | ¥59.79 | ↑ |
| Net loss per share | -¥54.81 | -¥141.90 | ↑ |
| Manabi-Aid Master for School net sales | ¥194,783 thousand (248.0% YoY) | - | ↑ |
| Manabi-Aid for Enterprise net sales | ¥89,258 thousand (76.4% YoY) | - | ↓ |
Business Details
Built on a foundation of video lecture content leveraging its network of "Tetsujin" (master) instructors, the company operates three core services: "Manabi-Aid Master" and "Manabi-Aid Master for School," video learning and management services for cram schools, and "Manabi-Aid for Enterprise," a content production and distribution service for education-related businesses. Centered on a BtoBtoC model, it serves a wide range of clients from individually-run cram schools to headquarters of major nationwide cram school chains. Characterized by a micro-lecture format of five minutes per session, it provides personalized, optimized education that meets the time-efficiency-focused needs of Generation Z.
Recent Overview
Net sales up 26.3% and losses narrowed, but deficit continued; NOVA completed tender offer to become parent company
In FY2026 (ending April 2026), net sales increased to ¥366 million (up 26.3% YoY). "Manabi-Aid Master for School" grew rapidly to ¥194,783 thousand (up 148.0% YoY), while "Manabi-Aid for Enterprise" declined to ¥89,258 thousand (down 23.6% YoY). Operating loss narrowed to ¥171 million (from -¥297 million in the prior period). The company strengthened its financial base through a third-party allotment of new shares (proceeds of ¥569,925 thousand), expanding cash balance at period-end to ¥459 million. Material uncertainty regarding the going concern assumption was judged to have been resolved. As a subsequent event, the tender offer by NOVA Holdings (¥338 per share) was completed on May 28, 2026, with NOVA Holdings acquiring more than 50% of voting rights and becoming the company's parent. Listing is expected to be maintained. For FY2027 (ending April 2027), the company forecasts a return to profitability with net sales of ¥708 million and operating income of ¥105 million.
Key Products
Growth Drivers
- Following the completion of the tender offer by NOVA Holdings (June 4, 2026), NOVA Holdings became the parent company, and deepened collaboration and expanded sales channels are expected to accelerate, including the rollout of "Manabi-Aid Master" to approximately 1,200 ITTO Individual Tutoring School locations
- Strengthened sales of "Manabi-Aid Master for School" to major cram schools achieved a 148.0% YoY increase in FY2026 (ending April 2026), continuing to function as the primary growth engine
- Joint development of new services combining NOVA Group's video lecture and learning material development know-how with cram school operation know-how is expected to increase customer unit prices and maximize LTV
- Expansion of demand for video lecture and management systems as the government's "GIGA School Program" shifts education-site DX from the "introduction" phase to the "utilization and adoption" phase
- Accumulation of stock-type revenue through the expansion of supplementary services such as "Tetsuyobi" and "Essay Correction Dojo," which support university entrance exam reforms (increase in comprehensive selection and recommendation-based admissions)
- The company forecasts a return to profitability in FY2027 (ending April 2027) with net sales of ¥708 million and operating income of ¥105 million, anticipating a fundamental improvement in its earnings structure
Risks
- The company continued to post an operating loss of ¥171 million and negative operating cash flow of ¥108 million in FY2026 (ending April 2026), and whether it can achieve its forecast return to profitability in FY2027 (ending April 2027) (operating income of ¥105 million) will be key to its financial soundness
- Risk of losing or shrinking large-scale projects in "Manabi-Aid for Enterprise" (which already experienced a 23.6% YoY decline in sales in FY2026 (ending April 2026)), and risk of earnings volatility due to reliance on flow-type revenue
- Risk that synergy effects from the capital and business alliance with NOVA Holdings and the completion of the tender offer may not materialize as planned, as well as risk of conflicts of interest with the parent company
- Risk of a decrease in the number of contracted classrooms for "Manabi-Aid Master" due to an increase in cram school closures caused by the declining birthrate and lack of successors
- Risk that financial constraints will continue as accumulated deficit in retained earnings has expanded to ¥437,949 thousand
- Corporate governance risk arising from NOVA Holdings becoming the controlling shareholder with 51.63% of voting rights following the completion of the tender offer, although listing is expected to be maintained
Last updated: July 29, 2025