Informetis Co., Ltd.

Business Details

Informetis operates only in the "Energy Informatics Business" as a single segment. Using proprietary AI centered on NILM (Non-Intrusive Load Monitoring) technology to analyze power data, the company provides consumer-facing electricity visualization services (ienowa/enenowa/hitonowa) and energy management services for power utilities (BridgeLAB DR/NILM Lite/Profiling) in a SaaS format. Domestically, through its joint venture with the TEPCO group, Energy Gateway Co., Ltd., the company also promotes contract development related to next-generation smart meters. Revenue is composed of three categories: "Upfront (flow-type)," "Platform/App provision (stock-type)," and "Other (contract development, etc.)."

Recent Overview

Net sales up 72%, operating loss narrowed, turned profitable in Q1; capital strengthened following complete exercise of MS warrants

Net sales for Q1 FY2026 (ending December 2026) (January-March 2026) were ¥203 million (up 72.0% year-on-year), and the operating loss was ¥74 million (a significant improvement from a loss of ¥130 million in the same period the previous year). Recording ¥73 million in equity-method investment gains led to ordinary profit of ¥2 million and quarterly net profit of ¥2 million, turning positive. ARR was ¥357 million (up 3.4% quarter-on-quarter), on a recovery trend. On the other hand, since the transaction with a major leasing company ended at the end of March 2026, a temporary significant decrease in ARR is expected from April 2026 onward. On the financing side, the exercise of rights for the 9th series of stock acquisition rights (MS warrants) was fully completed on April 3, 2026, and cash and deposits increased to ¥534 million. The Board of Directors also resolved to issue new stock acquisition rights through a new third-party allotment. Significant doubt regarding the going concern assumption continues to be recognized, but the company has judged that it will be able to hold sufficient funds through March 31, 2027.

Key Products

Growth Drivers

• Expansion of demand for data utilization services and contract development accompanying the full-scale nationwide rollout of next-generation (2nd generation) smart meters (Kansai Electric Power and Chubu Electric Power began installation in January 2026)
• Expansion of demand for demand response (DR) support services as a response to power supply-demand tightness risk against a backdrop of expanding renewable energy adoption and increasing data center demand
• Acceleration of corporate customer acquisition through the BridgeLAB DR performance-based fee menu, with full-scale contribution to sales and profit expected from the second half of FY2026 (ending December 2026)
• Increase in customer unit price through additional deployment of energy management diagnostic services for corporations, starting from corporate customers who have already adopted BridgeLAB DR
• Commercial deployment of the "Budget Control" service through collaboration with Daikin Airconditioning UK Ltd. in the European heat pump market (from November 2025)
• Commercial deployment of decarbonization support services for small corporations based on the business alliance with Forval (started December 2025, with plans for nationwide expansion from FY2026, ending December 2026, onward)
• Improved international recognition of technological superiority due to NILM's adoption as an international standard (IEC) (June 2025)
• Responding to retail electricity providers' portfolio optimization needs accompanying the full-scale expansion of operations in the capacity market and balancing market

Risks

• Emergence of major customer concentration risk: the transaction with a major leasing company ended at the end of March 2026, and a temporary significant decrease in ARR is expected from April 2026 onward
• Material events regarding the going concern assumption: due to the substantial loss in FY2025 (ending December 2025), events are recognized that raise material doubt about the going concern assumption (as of Q1 FY2026, it is judged that no material uncertainty exists)
• Cash flow risk: continued dependence on additional fundraising (new issuance of stock acquisition rights) following the completion of MS warrant exercises, and the continuity of financial institution support
• Timing risk for BridgeLAB DR sales recognition: since the performance-based fee menu's fee determination will occur in the second half of FY2026 (ending December 2026), revenue contribution in the first half is limited
• Risk of delays in the development and implementation schedule of applied services related to next-generation smart meters: the possibility that order intake continues to fall short of the initial plan
• Risk of elevated SG&A expenses remaining high: Q1 FY2026 SG&A expenses of ¥218 million exceeded net sales of ¥203 million, and lowering the break-even point remains an ongoing challenge
• Uncertainty in the ARR recovery scenario: risk that achieving the full-year earnings forecast becomes difficult if increased "ienowa" revenue and BridgeLAB DR performance-based fee revenue do not contribute as planned in the second half of FY2026 (ending December 2026)
• Volatility risk in equity-method investment gains: equity-method investment gains (Q1: ¥73 million), a major item of non-operating income, depend on the performance of the joint venture Energy Gateway and are highly volatile