GA technologies Co.,Ltd.
3491・Growth Market・Real Estate
Business
GA technologies, Inc. is a real estate tech company operating under the management philosophy of "Technology × Innovation," with two core pillars: the RENOSY Marketplace Business (approximately 97% of revenue), centered on the AI real estate investment service "RENOSY," and the ITANDI Business, a vertical SaaS offering for the real estate industry. Founded in 2013, the company listed on the Tokyo Stock Exchange Mothers market (now the Growth Market) in 2018. Comprising the company and 57 subsidiaries, it covers the entire real estate value chain—from real estate purchase, sale, and rental management for individual investors, to a suite of SaaS products for real estate brokerage and management companies, and even M&A advisory services. Its main customers are individual investors seeking asset formation (approximately 600,000 RENOSY members) and over approximately 5,200 real estate businesses nationwide that have adopted ITANDI.
Business Model
In the core RENOSY Marketplace Business, the company combines a flow business (brokerage fees, trading gains) — sourcing quality properties via AI scoring and selling them to individual investors — with a stock business that provides post-purchase rental management on a subscription (fixed-fee) basis. The ITANDI Business builds stable revenue through SaaS monthly billing (ARR of ¥4,843 million). Income from existing members and referrals accounts for over 60% of RENOSY revenue, and the expansion of stock revenue is driving improvement in profit margins.
Company Strengths
As of the end of October 2025, the RENOSY member stock stood at 606,427 (up approximately 17% year on year), the number of owners at 23,666 (up approximately 29%), and the number of subscription contracts at 44,239 units (up approximately 36%). Revenue from existing members and referrals accounts for over 60% of sales, with the thickness of the customer base serving as a stable revenue source.
The ITANDI Business's average monthly churn rate is extremely low at 0.44% (for the most recent 12 months as of the end of October 2025). The number of client companies reached 5,211 (up approximately 16% year on year), the number of products deployed reached 15,431 (up approximately 17%), and ITANDI BB page views increased approximately 73% year on year to 19,111,482 PV, indicating that platform power is rapidly being cultivated.
The company holds data covering approximately 50% of compact condominiums and approximately 40% of annual move-in applications. Of the approximately 120,000 real estate companies nationwide, it provides operational support SaaS to approximately 7,400 companies. Proprietary technologies utilizing AI, such as price and rent estimation, vacancy period forecasting, and property scoring, form a point of differentiation from competitors.
ENVALITH's Perspective
Performance Trend
Revenue expanded approximately 2.9-fold from ¥85,388 million in FY2021 to ¥248,947 million in FY2025, and the interim period of FY2026 (ending October 2026) maintained the revenue growth trend at ¥142,403 million (up 28.5% year-on-year). On the profit side, however, results fell below the same period of the prior year, with business profit of ¥3,863 million (down 7.8% year-on-year), operating profit of ¥3,759 million (down 9.6%), and interim profit attributable to owners of the parent of ¥1,997 million (down 6.8%). A sharp increase in SG&A expenses (up 34.6% year-on-year) and a surge in inventory (up ¥7,410 million) contributed to a deterioration in operating cash flow, which became apparent during the period. As an external factor, the solid condition of the greater Tokyo real estate market has supported revenue, but the shift toward a cost-front-loaded investment phase is putting pressure on profits.
Growth Strategy
Aiming for full-year revenue of ¥323,000 million through three pillars: completing the real estate DX ecosystem, overseas expansion, and data monetization
Maximizing sales volume and gross profit through expansion of the member stock base and broadening of the product lineup (newly built compact condominiums, etc.). External revenue in the RENOSY segment for the first half of FY2026 (ending March 2026) reached ¥138,418 million (up 29.5% year on year), expanding steadily. This is the main driver of the full-year revenue forecast of ¥323,000 million (up 29.7% from the previous fiscal year).
Promoting expansion of sales channels into both the rental and sales/purchase domains, along with cross-selling across multiple products. Revenue in the ITANDI Business for the first half of FY2026 (ending March 2026) was ¥3,639 million (up 7.7% year on year), showing steady growth. Expansion of the real estate industry data platform business is also proceeding in parallel.
Diversifying the customer base through expansion into the United States (RENOSY by Renters Warehouse), Thailand (dearlife by RENOSY), and Greater China (Sinkyaku Byousan). The foreign currency translation adjustment on overseas operating entities turned positive at ¥342 million in the current interim period, and improvement in the foreign exchange environment is also providing a tailwind.
Accumulating stock revenue through an increase in the number of contracts under the subscription management plan for real estate owners, aiming to stabilize the revenue structure by reducing dependence on flow revenue. Contract liabilities increased from ¥1,241 million to ¥1,398 million, confirming the accumulation of stock revenue.
The annual dividend forecast for FY2026 (ending March 2026) has been set at ¥13 per share (up 62.5% from the actual ¥8 in the previous fiscal year). The policy of increasing dividends is being maintained, with expanded shareholder returns in line with profit growth.
Last updated: July 17, 2026