AXEL MARK INC.
3624・Growth Market・Information & Communication
Business
Axel Mark Inc. is an internet-related company founded in 1994 and listed on the TSE Growth Market. Under its management philosophy of "Connecting the World with Fun," the company operates three segments: the Advertising Business, which provides internet ad network services and Contract System Development & Operation/Maintenance; the Trading Card Business, which operates the specialty trading card store "cardéria Ikebukuro" and the EC Oripa service "Airisu Toreka"; and Other Business, which is transitioning to a Beauty & Wellness business built on an IoT Healthcare Solution foundation. Consolidated net sales for FY2025 (ending September 2025) were ¥974 million. The company is expanding its business foundation through M&A, including making Crafty Co., Ltd. and Spiral Sense Inc. wholly owned subsidiaries.
Business Model
In the Advertising Business, the company earns ad slot sales commissions and Contract System Development income by converting media into networks. In the Trading Card Business, it has built an omnichannel revenue model combining in-store sales/purchases with online sales via the EC Oripa Service "Airisu Toreka." In the Other Business, in addition to providing IoT Healthcare Solutions, it operates EC sales of its own cosmetics brand and sales of inner beauty products. The company has also adopted a financial model utilizing external capital, securing growth investment funds through the issuance of stock acquisition rights to Cantor Fitzgerald Europe (expected to raise up to ¥1,395 million).
Company Strengths
After entering the Trading Card Business in September 2023, the company opened its flagship store "cardéria Ikebukuro Store" in March 2025. In February of the same year, it made craftyd Corporation a wholly owned subsidiary, internalizing the EC Oripa Service "Airisu Toreka." The company built an omnichannel structure linking physical store and EC inventory in a short period, establishing a foundation to address the expanding domestic trading card market (¥302,400 million in FY2024, up 109.0% year on year).
In April 2025, the company made Spiral Sense Corporation a wholly owned subsidiary, securing a core function responsible for all development operations within the group. This is expected to reduce outsourcing costs and improve development speed. Of the total capital expenditure of ¥19,870 million, the majority was allocated to opening the trading card flagship store, reflecting an investment allocation mindful of capital efficiency.
Cash and deposits at the end of September 2025 stood at ¥919,150 thousand (approximately ¥919 million). Cash flow from financing activities showed income of ¥1,108,555 thousand, primarily contributed by proceeds from share issuance of ¥1,120,953 thousand from the exercise of stock acquisition rights. The company has secured funds on hand that can be allocated to growth investment, mitigating short-term liquidity risk to a certain extent.
ENVALITH's Perspective
Performance Trend
Revenue for the interim period of FY2026 (ending September 2026) (October 2025 to March 2026) increased to ¥643 million (versus ¥512 million in the same period of the previous year, up 25.4% year on year), achieving revenue growth. The Trading Card Business drove this growth, posting ¥376 million (up 270.9% year on year), while the Advertising Business contracted to ¥265 million (down 30.1% year on year). Operating loss widened to ¥303 million (versus ¥230 million in the same period of the previous year), and interim net loss attributable to owners of the parent widened to ¥452 million (versus ¥268 million in the same period of the previous year). Extraordinary losses recorded included a provision for allowance for doubtful accounts of ¥94 million, a loss on redemption of convertible bonds of ¥36 million, and a loss on sale of subsidiary shares of ¥8 million. Cash and deposits decreased by ¥679 million, from ¥919 million at the start of the period to ¥240 million. The full-year earnings forecast remains unchanged, with revenue of ¥1,308 million (up 34.4% year on year), operating loss of ¥486 million, and net loss of ¥502 million. Revenue over the past five fiscal years has consistently declined, from ¥2,656 million in FY2021 to ¥974 million in FY2025, but due to the rapid expansion of the Trading Card Business, FY2026 is expected to mark a turnaround to revenue growth.
Growth Strategy
Developing the Trading Card Business and Beauty & Wellness Business as new pillars to transition to a high-margin profit structure
In addition to expanding the flagship store of the physical store "cardéria," the company has established an inventory-linked omnichannel system with the EC site launched in December 2025. Through synergies with subsidiary crafty, it aims to integrate EC, physical store, and development functions to maximize customer touchpoints. Interim revenue reached ¥376 million, up 270.9% year on year.
Sales began on the official online store for the in-house cosmetics brand "≒4.7 (Nearly Four Seven)." While leveraging the existing healthcare business foundation, the company is promoting brand awareness expansion using the group's digital marketing capabilities. Interim revenue remained at ¥2 million (¥1,783 thousand), with monetization still at an early stage.
All shares of Spiral Sense Co., Ltd. were transferred as of March 31, 2026, completing its removal from consolidation. In the Advertising Business as well, efficient allocation of personnel and operational resources was promoted, resulting in a significant reduction in the Advertising Business segment loss from ¥93 million in the same period of the previous year to ¥28 million.
¥63 million was raised through the exercise of stock acquisition rights by Cantor Fitzgerald Europe as of the end of March 2026, but all remaining rights have since been acquired and cancelled. A shortfall relative to the originally planned use of funds is expected, and consideration of measures to secure necessary funding continues. Cash balance has declined to ¥240 million, making additional fundraising an urgent priority.
Last updated: July 17, 2026