ENVALITH
株式会社Sapeet logo

Sapeet, Inc.

269A・Growth Market・Information & Communication

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株式会社Sapeet logo
Sapeet, Inc.269A

Business

Sapeet, Inc. operates under the mission of "scientifically understanding people, creating connection" (ひとを科学し、寄り添いをつくる), developing its business around its proprietary "Expert AI" as a core technology, which combines image recognition, natural language processing, machine learning, LLM, and generative AI. The company reproduces the expert knowledge of physical therapists, orthopedic surgeons, judo therapists (柔道整復師), and other specialists through AI, providing services along two axes: AI solutions (contracted development and consulting) and AI products (the SaaS-based Kartikurando (カルティクラウド)), targeting the wellness industry—such as seitai clinics (整体院), acupuncture and osteopathy clinics (接骨院), and fitness facilities—as well as companies in sales and customer service. The company listed on the Tokyo Stock Exchange Growth Market in October 2024. It operates under a single segment, the Expert AI business.

Business Model

AI Solutions is provided primarily on a quasi-delegation contract basis, offering an end-to-end service from strategy formulation through to maintenance and operation, thereby generating short-to-medium-term flow revenue as well as long-term maintenance and license-based recurring revenue. The AI Products (Seiseki Karte, Multi Karte, Karute Role-Play) operate as a SaaS-based recurring revenue model built on accumulating monthly subscription fees, with a structure in which profit margins increase progressively as the number of accounts grows and absorbs fixed costs. The two businesses are designed to share a common development platform, technology, and know-how, thereby reducing development costs while maximizing revenue.

Company Strengths

Revenue grew 56.9% year-on-year from ¥527 million in FY2024 (ended September 2024) to ¥996 million in FY2025 (ended September 2025), achieving growth exceeding 50% for two consecutive fiscal years. At the same time, operating profit turned positive, moving from -¥19 million in the prior period to ¥55 million, and net income for the period came to ¥71 million. The company broke through its break-even point while continuing to make upfront investments.

Through Seiseki Karte, approximately 2 million instances of posture analysis data had been accumulated as of the end of September 2025. The total number of Karte Cloud accounts reached 4,123 (an increase of 675 accounts from the end of the prior period), and the Monthly Gross Revenue Churn Rate remained low, averaging 1.37% annually, forming a stable recurring revenue base.

The average order value of the top 10 AI solution projects rose to ¥20 million in FY2025 (ended September 2025), an increase of ¥2 million from the prior period. Increased brand recognition and credibility from the listing on the Tokyo Stock Exchange Growth Market has supported the acquisition of new projects, with growth also seen in new projects related to generative AI and AI agents.

ENVALITH's Perspective

Cost of sales for the first half increased at a pace exceeding revenue growth (up 84.9%), rising to ¥432 million (up 100.6% year on year), causing the gross profit margin to decline to 47.9% (52.0% in the same period of the previous year). The main factor was an increase in labor costs and outsourcing expenses accompanying the rapid expansion of AI Solutions, with the acceptance of strategically low-margin orders also cited as a contributing factor. SG&A expenses also increased to ¥295 million (up 35.3% year on year), and while this has been absorbed by the effect of higher revenue, improving the cost ratio will be key to enhancing profitability over the medium to long term.

The full-year earnings forecast for FY2026 (ending September 2026) was revised upward to revenue of ¥1,700 million (up 70.7% year on year), operating profit of ¥120 million (up 118.2% year on year), and net income of ¥132 million (up 88.6% year on year). The first-half revenue progress rate of 48.8% is generally on track, but operating profit already reached ¥102 million in the first half, or 85% of the full-year forecast of ¥120 million. Depending on the increase in expenses in the second half, there is room for the full-year profit to exceed expectations, but it could also be compressed by accelerated investment in hiring and R&D. The timing of revenue recognition from contract liabilities of ¥122 million will be an important variable for second-half performance.

Cash flow from operating activities in the first half improved significantly to an increase of ¥280 million (compared with ¥17 million in the same period of the previous fiscal year), indicating an improvement in financial condition. On the other hand, software in progress surged to ¥37 million (¥7 million at the end of the previous fiscal year), reflecting continued investment in long-term AI product development projects. It should be noted that these carry inherent impairment risk going forward. The equity ratio declined to 70.7% (83.4% at the end of the previous fiscal year), due to the expansion of total assets driven by an increase in liabilities (mainly contract liabilities), but the substantive financial soundness of the company is being maintained.

Growth Strategy

Achieving discontinuous growth through expanded investment in AI agents and generative AI, and the accumulation of SaaS accounts

The company is prioritizing investment in the rapidly expanding field of generative AI utilization, including AI agents, and actively winning orders for integrating these technologies into corporate core business processes and for business autonomation projects. In the first half, new project acquisitions related to generative AI and AI agents have become evident, driving high sales growth.

The company is deploying its proven AI role-play solution as a SaaS-based service called "SAPI Roleplay" (formerly "Karute Roleplay"), promoting cross-industry sales expansion. Together with the existing Shisei Karute and Multi Karute, it aims to accumulate recurring revenue by increasing the number of accounts for its AI products.

The company is expanding ongoing initiatives with existing clients, promoting the transition from PoC (proof of concept) to full development, as well as internal horizontal expansion within client organizations. Leveraging the enhanced credibility gained from its listing, it is increasing orders for large-scale contracted projects. The contract liabilities of ¥122 million at the end of the interim period secure sales recognition for the second half, reflecting the results of this strategy in the figures.

The company continues to invest in marketing to raise brand awareness in a growing market, as well as in acquiring talent that serves as a source of business expansion. It is also expanding investment in software in progress (¥37 million at the end of the interim period) aimed at creating new AI products, thereby strengthening its medium- to long-term competitiveness.

Last updated: July 17, 2026