Asukanet Company,Limited
2438・Growth Market・Services
Business
Asukanet Co., Ltd. was established in 1995 and is listed on the Growth Market of the Tokyo Stock Exchange. The company operates three businesses: the Funeral business (46.7% of revenue composition), centered on digital processing and network output of memorial portrait photos; the Photobook business (51.3%), covering everything from the professional-oriented "Asukabook" to the consumer-oriented "MyBook"; and the Aerial Display business (2.0%), which develops, manufactures, and sells the proprietary aerial imaging technology ASKA3D Plate. Its main customers include a nationwide network of approximately 3,130 funeral homes, professional photographers and general consumers, and corporate clients for signage and product-embedded applications. The corporate message is "Bringing Excitement to the Future."
Business Model
In the funeral business, the company adopts a subscription-based, customer-lock-in model in which dedicated terminals are installed at funeral homes to process and output memorial photographs via full remote control. In the photobook business, the company achieves small-lot, high-quality production through an integrated in-house process from data order receipt through printing and bookbinding, generating revenue across a full lineup covering professional, consumer, and OEM markets. In the aerial display business, in addition to manufacturing and selling ASKA3D plates, the company is exploring a new revenue model based on licensing packages. All businesses are managed debt-free, funding capital expenditures entirely with internal funds.
Company Strengths
In the Funeral business, the company has established a nationwide network of approximately 3,130 funeral parlors through the installation of dedicated terminal devices and a 365-day in-house support system. In FY2025 (ended April 2025), the segment posted net sales of ¥3,390 million and segment profit of ¥802 million (106.6% year-on-year), forming a stable earnings base.
As of the end of January 2026, the equity ratio stood at 88.2% (up from 84.8% at the end of FY2025 (ended April 2025)). Interest-bearing debt is nearly zero, and the company held cash and cash equivalents of ¥1,682 million (as of the end of FY2025 (ended April 2025)). The company maintains a debt-free management approach, funding working capital, capital expenditures, and treasury stock purchases entirely with its own funds.
Building on the memorial photo processing know-how accumulated in the Funeral business, the company has established advanced color management technology, color profiles, and on-demand print control technology. In the Photobook business, it has achieved integrated in-house production from digitization through printing and bookbinding, recording net sales of ¥3,734 million in FY2025 (ended April 2025).
ENVALITH's Perspective
Performance Trend
Revenue expanded from ¥6,331 million in FY2022 to ¥7,263 million in FY2025, but declined slightly to ¥7,102 million in FY2026 (down 2.2% year on year). The main driver was a decrease in image-processing revenue in the Funeral business, reflecting a nationwide downtrend in the number of funerals conducted. On the other hand, profitability improved substantially. The inventory valuation loss (¥230 million) and impairment loss (¥150 million) recorded in the prior period for the aerial display business did not recur, and gross margin improvement in the Photobook business also contributed, resulting in operating profit of ¥391 million (versus ¥173 million in the prior period) and net income of ¥292 million (versus a net loss of ¥263 million in the prior period), marking a return to profitability. As for the external environment, rising raw material and energy prices driven by yen depreciation posed a headwind on the cost side, while the spread of price revisions contributed to earnings improvement in the Photobook business.
Growth Strategy
Pursuing three pillars: deepening funeral DX, expanding photobook profitability, and transforming the aerial display business model
For 'tsunagoo', a DX service for the funeral industry, the contract utilization rate has improved, and fee income from flowers, offerings, and condolence telegrams has increased. Expansion of contracts for 'snapCINEMA', a new AI-utilizing service, is also continuing. In FY2027 (ending April 2027), the company will launch new services such as XR technology-based education services and funeral production services using original music, aiming to diversify revenue.
Orders for BPO-type services handling photo processing-related peripheral work are progressing, capturing rising customer needs against a backdrop of labor shortages. Due to the penetration of price revisions and fixed cost reduction and production efficiency improvements, segment profit for FY2026 (ended April 2026) recovered, up 12.7% year on year. A major version upgrade of 'MyBook Editor' is also planned for FY2027 (ending April 2027).
The company shifted its policy from in-house manufacturing to providing licensing packages of technology, patents, and know-how. It has already concluded a licensing agreement for resin ASKA3D plates with a Chinese company. Fixed costs were reduced through the decision to close the in-house technology development center. Segment loss narrowed from ¥533 million in the previous period to ¥284 million.
The BtoB-oriented 'Fuku Live Stage Takumi/MAX' is being proposed to the entertainment, tourism, and education fields (including local governments), and results are beginning to emerge in applications such as AI customer service. The compact BtoC-oriented 'Fuku Live Stage HOME' is being deployed in collaboration with IP-holding companies and toward the fan engagement (oshi-katsu) field. The company aims to continue expanding sales in FY2027 (ending April 2027).
The company plans to consolidate its offices, currently dispersed across three locations in Tokyo, during FY2027 (ending April 2027). Consolidation costs have already been factored into the earnings forecast. Improved operational efficiency is expected through fixed cost reduction and strengthened organizational coordination.
Last updated: July 17, 2026