MOBCAST HOLDINGS INC.
3664・Growth Market・Information & Communication
Business
Mobcast Holdings, Inc. is an entertainment holding company established in 2004 and listed in 2012. Under its management vision of "Exciting the world through entertainment," the company operates three segments: (1) IP Investment & Development Business (utilizing the Solana cryptocurrency and Fashion D2C), (2) Lifestyle IP Business (kitchen goods, e-commerce, and royalties for the Kurihara Harumi and Shimpei brands), and (3) Digital IP Business (the horse racing gaming SNS "Oshiuma Derby Blood"). The group consists of four consolidated subsidiaries (as of the end of December 2025), with the Lifestyle IP Business accounting for approximately 99% of consolidated group revenue.
Business Model
The core of revenue is the Lifestyle IP Business (net sales of ¥2,788 million), pillared by kitchen goods sales at department stores, e-commerce sites and outlets, royalties from books and recipe supervision by Harumi Kurihara and Shimpei Kurihara, and the Production Business. In the IP Investment & Development Business, the company aims to generate revenue through the strategic transfer of operational investment securities and staking/validator operations for the Solana cryptocurrency. The Digital IP Business derives revenue from paid subscriptions and revenue sharing for a horse racing gaming SNS, but is currently in the development investment phase.
Company Strengths
Backed by the brand strength of culinary experts Harumi Kurihara and Shimpei Kurihara, the combined SNS follower count across creator and brand official accounts has surpassed 2 million cumulatively. Membership on "share with Kurihara harumi" and the "Yutori no Kukan Official Site" has also exceeded 200,000, demonstrating a steadily expanding customer base as a result of digital marketing efforts.
The Lifestyle IP Business continued to reduce major costs in cost of sales and SG&A expenses, resulting in a significant improvement in operating profit for FY2025 to ¥76 million (versus ¥22 million in the previous period). As the group's only profitable segment, it underpins the earnings base, with the effects of cost structure reforms clearly reflected in the figures.
The "Solana Treasury Business (DAT Business / Validator Business)" was launched in October 2025, and by the end of the current consolidated fiscal year, the company had acquired 13,965 SOL (acquisition cost of ¥350,000 thousand). It was officially accepted into the SFDP (Solana Foundation Delegation Program) operated by the Solana Foundation, establishing a foundation for generating operating revenue as a validator.
ENVALITH's Perspective
Performance Trend
Revenue for Q1 FY2026 (ending December 2026) (January–March 2026) was ¥689 million (down 3.9% year-on-year). Revenue over the past five fiscal years has consistently declined, from ¥4,537 million (FY2021) to ¥2,808 million (FY2025), and the revenue decline trend continued in the current quarter. Operating loss was ¥89 million (an improvement from ¥99 million in the same quarter of the previous year), showing some improvement at the operating level. However, due to the recording of a cryptocurrency valuation loss of ¥114 million (an external factor: the decline in Solana's price) as non-operating expenses, ordinary loss expanded significantly to ¥206 million (versus ¥96 million in the same quarter of the previous year). Total assets decreased by ¥286 million from the end of the previous fiscal year to ¥2,952 million, and the equity ratio declined from 41.1% to 38.1%. The cumulative deficit in retained earnings has reached ¥1,872 million.
Growth Strategy
Growth is being pursued along three axes: strengthening the Lifestyle IP Domain revenue base, monetizing the Solana Treasury Business, and shifting the Digital IP Business toward contract development.
Proceeds from the exercise of the 39th Stock Acquisition Rights (allotted to EVO FUND, expected to raise up to ¥1,966 million) will be applied to Solana purchases, aiming to expand validator operating revenue based on staking rewards and SFDP adoption. Expansion into LST utilization and the Web3 domain (NFT, applications, community) is also under consideration.
Centered on OMO (integration of physical stores and EC) via the Official App, the company is promoting market-in style planning and development leveraging customer data, along with expansion of its highly profitable proprietary EC. It aims to improve engagement and increase purchase frequency by leveraging a base of 2.3 million SNS followers and over 250,000 members.
The company continues to pursue monetization of its shares in the U.S. corporation Enhance (book value ¥113,245 thousand), which has a track record of past transfers to strategic partners. Realization is expected to result in a one-time large revenue recognition, but reasonable determination of the timing and amount of the transfer remains difficult.
Following the discontinuation of Oshiuma Derby Blood (service discontinued) service (end of March 2026), the company continues to expand orders for Individual Game Development Outsourcing projects leveraging accumulated game development know-how, while continuing to cultivate proprietary IP through the YouTube channel Yossy no Oshiuma Channel (YouTube). Sales for the quarter were ¥5,370 thousand, with an operating loss of ¥444 thousand, representing a significant narrowing of the loss.
The company is advancing its M&A strategy concept, SIAP (Social Impact Acceleration Program), which aims to form alliances with companies pursuing both the resolution of social issues and corporate growth. Discussions toward partnership agreements are proceeding in stages, with the aim of achieving sustainable growth through synergies with the group's network and IP creation capabilities.
Last updated: July 17, 2026