ミーク株式会社

Business Details

The business consists of two axes: the "IoT/DX Platform Service," which provides the SaaS-based IoT platform "MEEQ" to IoT service providers and companies promoting DX, and the "MVNE Service," which, as an MVNE operator compatible with all three carriers—NTT Docomo, KDDI, and SoftBank—provides networks, business systems, and operational support to MVNO operators. Most of the revenue is monthly recurring revenue, giving high revenue stability and predictability. There are few MVNE operators in Japan that maintain L2 connections with all three carriers, and this high barrier to entry is a source of competitive advantage.

Recent Overview

In FY2026 (ending March 2026), its first year as a consolidated reporting company, the segment achieved net sales of ¥7,150 million and operating profit of ¥1,296 million, marking significant profit growth versus the prior non-consolidated figures

From FY2026 (ending March 2026), the company transitioned to preparing consolidated financial statements (with the newly established subsidiary Meeq Mobile Co., Ltd.). On a non-consolidated basis, it achieved high growth of 19.7% growth in net sales, 39.6% growth in operating profit, and 39.0% growth in net income. In the IoT/DX Platform Service, acquisition of large-capacity plans for cameras progressed favorably, while in the MVNE Service, the customer base established in the prior fiscal year accumulated as recurring revenue. For FY2027 (ending March 2027), the company forecasts net sales of ¥7,700 million (up 7.7% year on year) and operating profit of ¥1,430 million (up 10.3% year on year).

Key Products

Growth Drivers

• Continued expansion of the IoT market (IDC Japan forecast: the domestic IoT market to reach ¥10,165.3 billion in 2028, with a CAGR of 8.0% from 2023 to 2028)
• Favorable acquisition of new plans, such as large-capacity plans for cameras, in the IoT/DX Platform Service
• Continued acquisition of new customers among non-telecom operators (companies with their own economic ecosystems) in the MVNE Service
• Maintenance of a high gross margin through effective utilization of bandwidth (mutual complementation of uplink and downlink lines) by operating both the IoT/DX Platform Service and the MVNE Service
• Stable accumulation of revenue and high revenue predictability due to the recurring business model
• Expansion of IoT-adjacent services such as the MEEQ Data Platform, MEEQ AI, and MEEQ Global SIM
• Growing demand for real-time data communication and infrastructure for utilizing large volumes of data, driven by the trend toward physical AI
• Expanding adoption across a wide range of fields including mobility, smart cities, energy/infrastructure, agriculture/forestry/fisheries, retail, and healthcare

Risks

• Risk of revenue concentration in a specific customer (Sony Network Communications Inc. accounts for 32.7% of net sales)
• Risk of decline in the number of lines used due to specific customers becoming MNOs (continuing impact from Rakuten Mobile and SoftBank's former LINE Mobile becoming carriers)
• Risk related to interconnection fee trends: decline in both mobile communication procurement unit prices and sales unit prices due to the Ministry of Internal Affairs and Communications' policy to optimize data interconnection fees
• Uncertainty arising from geopolitical risk and supply chain fluctuations (impact on SIM procurement costs, etc.)
• Risk of delayed response to changes in the market environment driven by innovations in mobile communication technology such as 5G and 6G
• Entry of competitors into the MVNE market (although barriers to entry remain high, including L2 connections with the three carriers and required capital investment)
• Risk of increased costs associated with the business launch of the consolidated subsidiary Meeq Mobile Co., Ltd.