enish,inc.
3667・Standard Market・Information & Communication
Business
enish, Inc. is a mobile game specialist company established in 2009. Building on management simulation games with over 15 years of release history, such as Boku no Restaurant II / Garusho☆, the company develops native applications leveraging popular anime IPs including "Attack on Titan Brave Order," "The Quintessential Quintuplets," and "Yuru Camp△." Its main channels are the App Store, Google Play, and the GREE platform, generating revenue through a user-payment (freemium) model. The company has built an offshore operation structure utilizing its Vietnamese subsidiary to improve cost efficiency. It is listed on the Standard Market of the Tokyo Stock Exchange and operates under the Entertainment Business (Single Segment).
Business Model
A freemium model in which games are distributed free of charge through App Store, Google Play, GREE platform, etc., with revenue generated from paid purchases of in-game items, events, and similar content. Payment collection is outsourced to platform operators, to whom the company pays system usage fees and other charges. In FY2025 (fiscal year ending December 2025), major sales counterparties were GREE (30.1% of sales), Apple Inc. (19.3%), and GMO Media (12.3%). Building on stable revenue from existing titles, the company aims to expand sales by releasing one to two new IP titles annually.
Company Strengths
"Boku no Restaurant II" and "Garusho☆" continue to perform well through collaboration initiatives even 15 years after their release, securing stable revenue. These titles are characterized by a high proportion of female users and high lifetime value, and the securities report explicitly states that they continue to contribute significantly to the Company's revenue in FY2025 (ending December 2025).
The Company has launched multiple titles utilizing well-known external IP such as "Attack on Titan Brave Order," "The Quintessential Quintuplets," "Yuru Camp△," and "Yowamushi Pedal." It has adopted a strategy of leveraging IP to strengthen user acquisition and improve promotional investment efficiency, with multiple titles under development and operation as of FY2025 (ending December 2025).
By leveraging its Vietnamese subsidiary, which has minimal time difference and a good communication environment, the Company has built a structure that transfers operation of existing titles offshore, allowing domestic personnel to focus on new development. This achieves both cost reduction and improved development efficiency, and the securities report states that steady progress has been made in reducing outsourcing processing costs and advertising expenses.
ENVALITH's Perspective
Performance Trend
Revenue declined for five consecutive fiscal periods from FY2021 to FY2025, from ¥3,893 million to ¥2,170 million, with operating losses continuing throughout. In the first quarter of FY2026 (ending December 2026), revenue was ¥476 million (down 29.3% year on year), the operating loss widened to ¥278 million (from a loss of ¥146 million in the same quarter of the prior year), and the quarterly net loss was ¥307 million, indicating accelerating losses. Externally, intensifying competition in the smartphone game market and shifting user preferences have accelerated the decline in revenue, while initial sales of "Jan Evo Live" falling short of initial expectations also contributed to the deterioration in performance. Earnings guidance has not been disclosed at this time.
Growth Strategy
The company aims to restore profitability through three pillars: launching new IP-driven titles, reducing costs through AI utilization, and introducing the active treasury (DAT) business.
Multiple titles, including "Yowamushi Pedal Resonance Pedalism" and "Yuru Camp△ Minna de Wachawacha! Camping Cook!," are scheduled for release during FY2026 (ending December 2026). The company aims to improve the success probability of development investments through IP selection that emphasizes marketability and profitability, combined with decision-making based on quantitative analysis.
The company is promoting engine and library standardization, AI utilization, automation, and standardization to establish a small-team, high-quality development structure. It aims to shorten development lead times and improve capital efficiency. The earnings report states that "certain results are beginning to appear."
Through investment and management of crypto assets, the company aims to efficiently utilize cash flow generated by the mobile game business, diversifying revenue opportunities and improving capital efficiency. An amendment to the articles of incorporation is scheduled to be proposed at the extraordinary general meeting of shareholders to be held in early June 2026, and the business will be launched in earnest upon approval.
108,880 units of the 20th series of stock acquisition rights with exercise price adjustment provisions, issued through a third-party allotment, were exercised by March 31, 2026, raising ¥663 million. As of April 30, 2026, an additional 11,620 units were exercised, raising a further ¥65 million. The company continues to secure funding to stabilize its financial foundation.
Approved at the ordinary general meeting of shareholders held on March 24, 2026, and effective as of May 1, 2026. Approximately ¥4,803 million in capital and approximately ¥4,902 million in capital reserves were reduced and transferred to other capital surplus, offsetting an accumulated deficit of approximately ¥9,043 million. The purpose is to strengthen the financial base and secure flexibility for future capital policy.
Last updated: July 17, 2026