kurashiru inc.

Business Details

A single-segment company operating "Kurashiru," "Kurashiru Reward," "TRILL," "LIVEwith," and other services. In the Media (awareness) domain, the business is centered on advertising revenue from food and beverage companies, while the Purchase (promotion) domain is centered on performance-based revenue from reward-type marketing (Recichalle, etc.). The company has a solid user base with over 45 million cumulative app downloads and a combined 12 million SNS followers, covering approximately 90% of major national food and beverage brand companies and 30,000 retail stores. The company is advancing a shift from advertising revenue toward performance-based and recurring revenue. In November 2025, the company established a subsidiary to acquire a VTuber business from two companies, and completed the business transfer in January 2026.

Recent Overview

The Purchase Business grew rapidly by 85.7% year on year, expanding its share of full-year revenue to 35.5%

In FY2026 (ending March 2026), its first year with consolidated results, the company achieved revenue of ¥17,001 million (up 29.8% year on year), Non-GAAP operating income of ¥3,622 million (up 28.5% year on year), and net income of ¥2,461 million (up 45.5% year on year). The Purchase Business grew rapidly to ¥6,029 million (up 85.7% year on year), driven by the expansion of retail partners and increased deals with existing partners. Recichalle-related MAU expanded to 3.16 million at period end (up 260,000 from the previous quarter). The Media Business also performed well, with PV growing steadily due to in-house content production and internal traffic-driving measures, reaching ¥8,030 million (up 6.3% year on year). The VTuber business acquisition was completed in January 2026, and the Other Business also grew to ¥2,942 million (up 27.8% year on year). In the fourth quarter alone, profitability improved, with the Non-GAAP operating margin reaching 21.3% (up 3.9 points year on year).

Key Products

Growth Drivers

• Continued expansion of Recichalle-related MAU (3.16 million at period end) and rapid growth of the Purchase Business (up 85.7% year on year) driven by new retail partner (supermarkets and other retailers) participation and expanded deals with existing partners
• Progress in shifting revenue structure from advertising revenue toward performance-based and recurring revenue (Recichalle, affiliate) (Purchase Business full-year revenue share of 35.5%, up 10.7 points year on year)
• ARPU growth through deepening the solid customer base covering approximately 90% of major national food and beverage brand companies and 30,000 retail stores
• Acceleration of digitalization in retail media within the vast domestic promotion market, estimated to have a potential size of ¥15 trillion
• Inorganic growth and expansion into new business areas through M&A strategy (such as the VTuber business acquisition), with the VTuber business transfer completed in January 2026
• Company forecast for FY2027 (ending March 2027) of revenue of ¥21,368 million (up 25.7% year on year) and Non-GAAP operating income of ¥3,716 million (up 2.6% year on year)

Risks

• Decline in gross margin (47.4% in FY2026, down 2.2 points year on year) due to changes in sales mix from the expansion of the Purchase Business
• Customer concentration risk with Google Asia Pacific Pte. Ltd. (15.2% of revenue) and TikTok PTE. LTD. (10.1% of revenue)
• Decline in gross margin in the LIVEwith business due to a rising proportion of revenue from high-payout livers
• Upward pressure on cost of sales and expenses from increased coin issuance costs and user acquisition advertising expenses for Kurashiru Reward (user reward reserve balance of ¥1,260 million)
• Risk of advertisers cutting budgets due to macroeconomic deterioration such as inflation, foreign exchange fluctuations, and geopolitical risk
• Possibility that profit growth may slow relative to revenue growth, given the company's forecast of a slight 0.2% year-on-year decline in Non-GAAP net income for FY2027 (ending March 2027)