ENVALITH
株式会社ROXX logo

ROXX.inc

241A・Growth Market・Information & Communication

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株式会社ROXX logo
ROXX.inc241A

Business

ROXX Inc. is an HR Tech company with the mission of "creating turning points of the era," supporting non-desk workers (approximately 66% of all workers) in manufacturing, construction, transportation, and service industries in becoming full-time employees and improving their income. Its flagship service, "Z Career," functions as a career-change platform connecting three parties: job seekers hoping to become full-time employees (mainly aged 30 or under, with annual income of ¥4 million or less, primarily in non-regular employment), major recruiting companies actively hiring inexperienced candidates, and approximately 400 partner referral agencies (staffing agencies) nationwide. The company listed on the Tokyo Stock Exchange Growth Market in September 2024. In September 2025, it transferred its back check business to En Japan Inc., concentrating management resources on Z Career.

Business Model

Z Career generates revenue on two axes: performance-based recruitment fees (performance revenue) from hiring companies and monthly platform usage fees (recurring revenue) from partner referral agencies. Job listings are free, adopting a performance-based fee model in which hiring companies can set the fee amount at their own discretion. The take rate against GMV is approximately 17% via partner referral agencies and 100% via the company's own agents, meaning that an increase in the proportion of in-house agents directly leads to an improvement in the take rate. The take rate rose to 50.3% in Q4 of FY2025 (ending September 2025).

Company Strengths

The labor market for non-desk workers is estimated at approximately ¥770 billion, with an estimated 2.55 million job changers annually. Most existing recruitment services focus on immediately deployable, white-collar talent, and the number of players entering the non-desk segment remains limited. Z Career entered this untapped market in 2018, establishing a first-mover advantage.

As of the end of September 2025, the cumulative number of registered job seekers reached 547 thousand (a substantial increase from 393 thousand in the same period of the prior year), reflecting the platform's expanding scale. The company also maintains a nationwide network of approximately 400 partner recruitment agencies, enabling client companies to source candidates from numerous recruitment agencies at once. This network effect underpins the expansion of GMV.

The take rate rose significantly from 31.0% in Q1 FY2024 (ending September 2024) to 50.3% in Q4 FY2025 (ending September 2025). This improvement was driven by enhanced support from the company's own agents and strengthened consulting support for partner recruitment agencies. GMV itself has also been on an expanding trend, reaching ¥1,769 million in Q3 FY2025 (ending September 2025).

ENVALITH's Perspective

For the interim period of FY2026 (ending September 2026), net sales were ¥1,876 million, down 5.2% year-on-year from ¥1,980 million in the same period last year. To achieve the full-year forecast of ¥5,000 million (up 10.8% year-on-year), sales of ¥3,124 million are required in the second half (April–September 2026), representing approximately 58% year-on-year growth — a high hurdle to clear. Some softness in new job postings in the external environment is also acting as a headwind.

The operating loss of ¥479 million represented a significant improvement from ¥783 million in the same period last year. However, a cancellation penalty of ¥58 million was recorded as non-operating expenses, widening the ordinary loss to ¥554 million, while the interim net loss came to ¥558 million. Achieving the full-year operating profit forecast of ¥45 million requires a sharp improvement in earnings during the second half, and attention should be paid to whether such one-time costs recur.

Cash and cash equivalents at the end of the interim period stood at ¥2,297 million, down ¥1,733 million from ¥4,030 million at the end of the previous fiscal year. Outflows continued across all three categories: operating cash flow of -¥866 million, investing cash flow of -¥446 million, and financing cash flow of -¥421 million. Combined with the repayment schedule for long-term borrowings (¥1,348 million), the risk of financing needs should full-year profitability not materialize in the second half remains a point requiring ongoing monitoring. There is no note regarding going concern assumptions.

Growth Strategy

Aiming to achieve revenue of ¥10.0 billion through concentration on Z Career, AI utilization, and take rate improvement

Advancing the sophistication of job recommendation functions utilizing job seeker attribute information and behavioral history data, along with automating and streamlining the selection process. This was continued in the first half of FY2026 (ending September 2026), and is expected to contribute to improved conversion rates and ARPU improvement.

Strengthening consulting support for approximately 400 partner referral companies to expand monthly usage fee revenue and continuously improve take rate. Achieving this alongside GMV growth is at the core of profitability improvement.

Under the structure of concentrating resources on Z Career following the transfer of the back check business, SG&A expenses were reduced by ¥391 million year-on-year (first half of FY2026 ending September 2026 results). Maintaining cost discipline in the second half is required to achieve full-year operating profit of ¥45 million and return to profitability.

Personnel and capital are being concentrated on Z Career following the transfer of the back check business. Leveraging the structural labor shortage in the non-desk worker market (with the external environment of persistently high job openings-to-applicants ratio) as a tailwind, the company aims to accelerate the expansion of cumulative job seeker registrations and GMV growth.

Last updated: July 17, 2026