Interspace Co.,Ltd.
2122・Standard Market・Services
Business
Interspace Co., Ltd. is an internet marketing company founded in 1999 and listed on the Tokyo Stock Exchange in 2006 (currently on the Standard Market). In its core Performance Marketing Business, the company operates the performance-based advertising platform "AccessTrade" both domestically and overseas (in Indonesia and Thailand), and also provides smartphone subscription services (Pocket Backup and Dareka na Block) and the web marketing tool "SiteLead." In its Media Business, the company operates "Mamastar," one of Japan's largest information platforms for mothers, as its core offering, alongside women's content media and comparison/consideration media such as the cram school portal "Jukushiru." Its main customers span a wide range, including advertisers (merchants), partner site operators, individual users, and corporate website operators.
Business Model
In the Performance Marketing business, the company acts as an intermediary between advertisers and partner sites, earning a portion of performance-based compensation as commission. In addition, it builds up recurring monthly subscription revenue from smartphone-oriented services and web marketing tools provided by Storefront and N1 Technologies. In the Media business, ad network advertising revenue and performance-based fees from comparison/review media are the main revenue sources, and the company aims to diversify revenue through the "Mamasta Coin" paid service launched in July 2025.
Company Strengths
"AccessTrade," launched in 2001, has a long track record of operation in the domestic affiliate marketing market and has built an extensive network with both merchants and partners. In FY2025 (ended September 2025), sales of the Performance Marketing business reached ¥5,839 million, growing into the core business accounting for approximately 66% of consolidated net sales.
As of the end of FY2025 (ended September 2025), the company maintained a zero outstanding borrowings balance, cash and cash equivalents of ¥5,594 million, and an equity ratio of 50.4%. The company's basic policy is to fund operations with internal funds, securing liquidity on hand without incurring financial cost burdens.
"Pocket Backup" and "Dareka na Block," operated by Storefront, drive member acquisition through physical stores such as mobile phone retailers, forming a recurring revenue stream based on fixed monthly subscription fees. In FY2025 (ended September 2025), expanding revenue in the Marketing Solutions segment drove the increase in consolidated net sales (up 11.8% year on year).
ENVALITH's Perspective
Performance Trend
Sales for the interim period of FY2026 (ending September 2026) (October 2025 to March 2026) were ¥4,945 million (up 10.7% year on year), operating profit was ¥436 million (up 49.3%), ordinary profit was ¥497 million (up 77.2%), and interim net income attributable to owners of the parent was ¥314 million (up 132.9%). Over the past five fiscal years, annual sales have ranged between ¥7,000 million and ¥8,800 million since FY2022, and operating profit had been declining from a peak of ¥792 million in FY2023 to ¥371 million in FY2025, but the FY2026 interim period showed a clear turnaround. Strength in the financial sector within performance marketing, overseas cost efficiency improvements, and expansion of subscription revenue drove the profit improvement. As an external factor, steady expansion of the domestic internet advertising market provided a tailwind, while budget cuts by some advertisers and a decline in revenue in the media segment remained downward pressures. The full-year forecast (sales of ¥9,800 million, operating profit of ¥700 million) remains unchanged.
Growth Strategy
Driving profitability improvement along three axes: strengthening customer value proposition, improving cost efficiency, and expanding subscription services
In the domestic Access Trade business, concentrated investment was made in focus genres, such as the financial sector, in line with periods of advertising demand. During the first half of FY2026 (ending September 2026), the financial sector performed well, driving a 28.5% increase in segment revenue. The company plans to continue concentrating resources on high-profitability genres.
Through expanded sales channels and enhanced acquisition of new users, membership numbers have grown steadily, leading to continued growth in recurring revenue. This has advanced the establishment of a stable revenue base less dependent on advertising market conditions, contributing to diversification of the revenue structure.
Overseas operations were consolidated into two countries, Indonesia and Thailand, advancing cost efficiency. Business in these two countries following consolidation continues to perform well, improving the profit contribution from overseas operations.
For the Mamasta Coin paid service launched in the previous period, awareness-building and usage-promotion initiatives have been effective, and progress continues to exceed plan. This is helping to reduce dependence on advertising revenue and contributing to revenue stabilization in the Media segment.
At the cram school portal site "Jukushiru" (Jukushiru), profitability improved against the backdrop of seasonal demand in spring, with a certain recovery trend observed, including a significant improvement in monthly profit and loss. The company will continue initiatives aimed at achieving profitability.
Last updated: July 17, 2026