ENVALITH
株式会社エイチームホールディングス logo

Ateam Holdings Co., Ltd.

3662・Prime Market・Information & Communication

Official website
株式会社エイチームホールディングス logo
Ateam Holdings Co., Ltd.3662

Business

Ateam Holdings Inc. is a pure holding company with 12 consolidated subsidiaries (renamed in April 2025). Its operations consist of two core businesses: "Digital Marketing Business" and "Entertainment Business". The Digital Marketing Business comprises two sub-segments: "Media Solutions", which operates Comparison Sites & Information Media (Automobiles, Moving, Weddings, etc.) and provides Digital Customer Acquisition Support Services for Businesses, and "D2C", which operates OEM subscription e-commerce for products such as the cosmetics brand "lujo" and dog food brand "OBREMO". The Entertainment Business develops Smart Device Game Apps on a global scale. Main customers are individual users (comparison sites, games) and corporate clients (digital customer acquisition support).

Business Model

Media Solutions provides services free of charge to individual users, with referral fees and success fees paid by partner companies for prospective customer introductions serving as the primary revenue source. For corporate clients, the company provides consulting and operational support tools. D2C handles product planning, development, and promotion in-house while keeping manufacturing costs down through OEM production, building up recurring revenue through a subscription-based sales model. Entertainment distributes game apps on a basic free-to-play basis, with in-game item purchases serving as the revenue source.

Company Strengths

Starting with the consolidation of microCMS as a subsidiary in June 2024, the company executed multiple M&A transactions in a short period, including Paddle (November 2024), WCA (December 2024), Strainer (March 2025), and Signity (September 2025). Media Solutions revenue increased 1.8% year on year to ¥17,469 million, with M&A contributions driving the revenue growth.

In FY2025 (ended July 2025), both D2C, which had posted a loss in the prior period, and Entertainment turned profitable (D2C: prior-period loss of ¥152 million to profit of ¥7 million; Entertainment: prior-period loss of ¥38 million to profit of ¥518 million). Operating profit reached ¥845 million (up 50.3% year on year), and net profit for the period reached ¥1,036 million (up 8.7% year on year), reflecting company-wide earnings improvement.

In June 2024, the company entered into a business alliance agreement with Advantage Partners, establishing a framework to receive support for M&A promotion, PMI (post-merger integration) support, marketing-driven profit improvement support, and enhancement of management control capabilities. The company also raised funds through the issuance of the 9th series of stock acquisition rights and the 1st unsecured convertible bond-type bonds with stock acquisition rights.

ENVALITH's Perspective

For the cumulative third quarter of FY2026 (ending March 2026)... wait, ending July 2026, ordinary income fell sharply to ¥390 million (down 68.0% year-on-year), and net income attributable to owners of the parent fell to ¥343 million (down 66.1% year-on-year), representing a substantial earnings decline. The main cause was the recognition of a ¥445 million valuation loss due to a decline in the market value of held cryptocurrency assets. As an external factor, the structure is such that fluctuations in the cryptocurrency market directly affect performance, and even looking at adjusted EBITDA (¥778 million, down 44.9% year-on-year), a decline in the core business's earnings power cannot be denied. Investors need to distinguish between accounting-based profit indicators and adjusted indicators to grasp the actual state of the business.

The full-year performance forecast remains unchanged at net sales of ¥24,500 million, operating income of ¥900 million, and net income of ¥600 million. The progress rate for cumulative third-quarter net sales was approximately 70%, while operating income progress was approximately 85%, indicating low progress on the sales side. Approximately ¥7,258 million in net sales and approximately ¥134 million in operating income must be accumulated in the remaining one quarter, with sales expected to be particularly concentrated in the fourth quarter. Since the impact of the deconsolidation resulting from the transfer of A-Team Financy will continue throughout the full year, the company faces a situation in which its ability to achieve organic growth is being tested.

Due to the acquisition of Signity (goodwill of ¥984 million, provisional figure), the goodwill balance as of the end of April 2026 increased from ¥1,300 million to ¥2,100 million. The company also carries convertible bond-type bonds with subscription rights worth ¥750 million and long-term borrowings of ¥872 million, resulting in rising financial leverage. Given the company's strategy of using M&A as a growth engine, the risk of impairment when acquired companies' performance falls short of expectations represents a structural challenge. While the equity ratio remains at a healthy 58.0%, goodwill amortization expense also increased year-on-year (from ¥168 million to ¥184 million), requiring continued monitoring.

Growth Strategy

Transforming into a 'Sales Growth Support Company' through active use of M&A, while expanding the Entertainment Business via global IP partnerships

Incorporating outsourcing, consulting, and business support tool functions related to digital customer acquisition and service operations through M&A to realize one-stop support for client companies. Acquired Signity for ¥1,050 million in November 2025 and is building a system to utilize push notifications and lock screen ads as cross-sell products.

Continuing the policy of prioritizing profit assurance by restraining advertising expenses in the finance and human resources media business. Achieved segment profit of ¥1,332 million (up 15.3% year-on-year) for the cumulative nine months of FY2026 (ending July 2026). Improving profitability while maintaining cost discipline amid an external environment of intensifying customer acquisition competition.

Steadily building up the number of repeat users through a subscription sales model centered on the cosmetics brand 'lujo'. Achieved net sales of ¥2,137 million (up 29.8% year-on-year) and segment profit of ¥114 million (up 66.3% year-on-year) for the cumulative nine months of FY2026 (ending July 2026), the highest growth rate in both sales and profit among all segments. Continuing to improve product lineup and delivery quality.

In addition to smartphone games, the mid-to-long-term policy targets the entire global digital distribution market, including PC games and home video game digital distribution, with global IP partnerships as a key focus. Also promoting the establishment of a stable revenue base through Collaborative Game Projects with Other Companies; however, some collaborative projects were terminated due to external factors, resulting in a decline in segment profit to ¥242 million (down 28.9% year-on-year) for the cumulative nine months of FY2026 (ending July 2026).

Transferred all shares of A-Team Finagy (operator of 'Navinavi Hoken' and other services), where rising customer acquisition costs and growth limitations had become evident, to Sasuke Financial Lab Co., Ltd. effective August 1, 2025. Recorded a gain on sale of affiliated company shares of ¥153 million. Completed the optimization of the business portfolio by concentrating management resources on core businesses.

Last updated: July 17, 2026