Voltage Incorporation
3639・Standard Market・Information & Communication
Business
Voltage Inc. was established in 1999 and listed on the Tokyo Stock Exchange in 2010 (currently the Standard Market), and is a mobile content company. Under its original theme of "drama of love and battle," the company centers on romance drama apps targeted at women (Story-based, Avatar-based, Card-based), while broadly expanding into overseas markets targeting English-speaking and Asian audiences, Card-based apps targeted at men, and even digital comics and consumer games for Nintendo Switch/Steam. Its main customer base consists of female smartphone users both domestically and internationally, and it earns billing revenue through platforms such as Apple, Google, and SB Payment Service. Net sales for FY2025 (ended June 2025) were ¥2,818 million.
Business Model
The main monetization models are "free-to-play with pay-per-item charges" or "per-story individual charges." Revenue is collected from general consumers through payment processing platforms such as Apple, Google, and SB Payment Service. In FY2025 (ended June 2025), revenue composition by major platform was Google 36.3%, Apple 24.2%, and SB Payment 21.1%. In the Digital Comics & Consumer (Borucomi / Borukoi comic / for Nintendo Switch・Steam) field, the company also utilizes sales stores and the Nintendo platform, advancing the diversification of revenue sources.
Company Strengths
Since its founding in 1999, the company has held a consistent theme of "dramas of romance and battle," and owns numerous original IPs such as "Tenka Touitsu Koi no Ran," "Kagami no Naka no Princess," and "Ayakashi Koi Mawari." These IPs represent assets that can be cross-deployed across apps, digital comics, consumer products, merchandise, and events.
In FY2025 (ended June 2025), selling, general and administrative expenses decreased by ¥464 million year on year due to reductions in advertising expenses, outsourcing costs, sales commissions, salaries, and rent, while cost of sales also decreased by ¥282 million year on year. As a result, the company achieved a turnaround from an operating loss of ¥94 million in the previous period to an operating profit of ¥15 million in the current period.
In September 2024, the company established a new consumer-facing brand, "AmuLit," and has been rolling out titles for Nintendo Switch/Steam (such as "even if TEMPEST" and "Red Bell no Doukoku"). In the first half of FY2026 (ending June 2026), the Digital Comics & Consumer (Borucomi / Borukoi comic / for Nintendo Switch・Steam) segment achieved 20.8% year-on-year growth, reflecting progress in diversification away from reliance on apps.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥6,903 million in FY2021 and has declined for five consecutive fiscal years thereafter. It contracted to ¥2,818 million in FY2025, and the decline has accelerated further, with cumulative revenue for the first nine months of FY2026 (ending June 2026) at ¥1,808 million (down 15.2% year on year). The operating profit of ¥15 million achieved in FY2025 through cost reductions deteriorated sharply, turning into an operating loss of ¥134 million on a cumulative basis through the third quarter of FY2026. Although cost reductions have continued (SG&A expenses of ¥990 million, versus ¥1,119 million in the same period of the previous year), the decline in revenue across all app categories has outpaced the effect of the cost reductions. Comprehensive income was ¥-56 million (versus ¥-28 million in the same period of the previous year). In terms of the external environment, the underlying weakness in personal consumption and the decline in consumer sentiment may be affecting demand for paid content.
Growth Strategy
Aiming to establish the three-pillar business structure of "Apps, Digital Comics, and Consumer" by around FY2027 (ending June 2027)
Aims to deepen the fan base through the provision of content outside the app (merchandise, cafes, events, videos, etc.) and to improve profitability through the evolution of app formats. The company is focusing on proactive promotion and cost efficiency, but revenue for Japanese Women-Targeted Apps continued to decline, down 21.9% year on year for the cumulative third quarter.
In addition to the conventional F and G period investments, H period investment began in 2026, focusing on increased product development investment, exploration of hit titles, and expansion of product lines to create powerful IP. Through titles for Nintendo Switch/Steam (such as even if TEMPEST, Red Bell, Neon Crush, etc.) and the expansion of digital comic labels, the business achieved a 13.5% year-on-year increase for the cumulative third quarter.
Continues to reduce sales commissions, salaries, rent, outsourcing costs, and advertising expenses to curb profit deterioration amid declining sales. Selling, general and administrative expenses for the cumulative third quarter of FY2026 (ending June 2026) were reduced to ¥990 million (versus ¥1,119 million in the same period of the previous year), but due to the large decline in sales, an operating loss of ¥134 million was recorded.
Deploys content for overseas markets centered on Love365 (Story-based) and Court of Darkness (Avatar-based). Cumulative third-quarter revenue was ¥164 million (down 19.6% year on year), with revenue continuing to decline, making the maintenance of a revenue base in overseas markets an ongoing challenge.
Last updated: July 17, 2026