eole Inc.
2334・Growth Market・Services
eole Inc. (single segment: internet media-related business)
A diversified company whose business structure has been dramatically transformed by its entry into the AI data center business
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (consolidated) | ¥14,159 million | ¥3,549 million | ↑ |
| Operating profit (consolidated) | ¥211 million | -¥20 million | ↑ |
| Ordinary loss (consolidated) | -¥506 million | -¥24 million | ↓ |
| Net loss attributable to owners of parent (consolidated) | -¥528 million | -¥493 million | ↓ |
| Total assets (consolidated) | ¥11,001 million | － | ↑ |
| Net assets (consolidated) | ¥3,498 million | － | ↑ |
| Equity ratio (consolidated) | 31.70% | － | — |
| Net loss per share | -¥15.34 | -¥18.64 | ↑ |
| AI UI business net sales | ¥3,687,924 thousand (up 14.9% year on year) | approx. ¥3,209,000 thousand (estimated) | ↑ |
| AI data center business net sales | ¥10,120,000 thousand | － (new) | ↑ |
| BTC holdings | 168.50 BTC (average acquisition price ¥14,724,092) | － | ↑ |
| Loss on valuation of crypto assets | ¥679 million | － | ↓ |
| Cash and cash equivalents at end of period | ¥1,308 million | ¥376 million | ↑ |
Business Details
Beginning in FY2026 (ending March 2026), the company transitioned from a single-segment internet media structure to a three-segment structure comprising the "Internet Media Business (AI UI Business)," "AI Data Center Business (GPU server sales)," and "Crypto Asset-Related Business (BTC holdings and lending operations)." The AI Data Center Business now accounts for approximately 71% of net sales, becoming the core business and fundamentally transforming the company's business structure. In the crypto asset-related business, the company acquires and manages BTC using capital raised through the exercise of stock acquisition rights.
Recent Overview
Entry into the AI data center business and BTC acquisition have brought about a major transformation in business and financial structure
In FY2026 (ending March 2026), GPU server sales (AI Data Center Business) generated net sales of ¥10,120 million, boosting consolidated net sales by 299% year on year to ¥14,159 million. Meanwhile, a crypto asset valuation loss of ¥679 million due to BTC price fluctuations was recorded as a non-operating expense, resulting in an ordinary loss (-¥506 million) and net loss (-¥528 million) despite operating profit (¥211 million). The company raised ¥3,695 million through share issuance from the exercise of stock acquisition rights, expanding capital stock to ¥2,763 million. The earnings report was corrected as of June 10, 2026, following a review of crypto asset-related accounting treatment. There are no material events or conditions that raise substantial doubt about the company's ability to continue as a going concern. For FY2027 (ending March 2027), the company forecasts net sales of ¥25,552 million (up 80.5% year on year), operating profit of ¥1,142 million, ordinary profit of ¥1,494 million, and net profit of ¥1,270 million.
Key Products
Growth Drivers
- Aggressive sales expansion in the AI Data Center Business through agency development and enhanced advertising (continued growth as the core business is expected in FY2027 (ending March 2027) as well)
- Upselling to existing customers and acquisition of new customers in the AI UI Business through new services "pinpoint tAIpe" and "AdOLE.ai"
- Expansion of new job media partnerships and ATS integrations for HR Ads Platform, along with enhanced integration with HR management tools and recruitment BI tools
- Expansion of earnings from operations using crypto assets borrowed through "Rakuraku Chocoin" in the crypto asset-related business (started January 2026)
- Continued growth of the pet business "Kyujitsu Glamping Bu" and expansion into areas such as meals and insurance covering overall life with pet dogs
- Continued management reform under the new management structure, including the elimination of full-flex and full-remote work arrangements and productivity improvements through AI/DX utilization and a weekly PDCA framework
Risks
- Crypto asset (BTC) price volatility risk: the company recorded a valuation loss of ¥679 million in FY2026 (ending March 2026), a structure in which price declines directly impact ordinary profit/loss
- Complexity of accounting treatment related to crypto assets: ongoing challenges in ensuring appropriate accounting treatment, as evidenced by the correction of the earnings report in June 2026
- Revenue concentration risk in the AI Data Center Business: this new business accounts for approximately 71% of consolidated net sales, with limited track record in customer base and revenue stability
- Significant crypto asset-related exposure on the balance sheet, with borrowed crypto assets (¥3,397 million) and loaned crypto assets (¥3,679 million)
- Risk regarding the substance and performance of AI Data Center Business transactions, given the large amounts of advances received (¥3,307 million) and advance payments (¥2,685 million)
- Shrinking scale and changing revenue base of the existing internet media business following the completion of the transfer of the Rakuraku Renrakumo+ and travel businesses
- Risk of declining demand in the HR data business due to a downward trend in the effective job openings-to-applicants ratio (1.18 in March 2026, down year on year)
- Continued fragility of the financial base due to negative retained earnings (-¥1,994 million, consolidated) and expanding accumulated losses
- Risk of share dilution from the exercise of stock acquisition rights (with exercise price adjustment provisions), given the substantial number of potential shares from multiple rounds of stock acquisition rights
Last updated: June 30, 2026