ENVALITH
株式会社オルトプラス logo

AltPlusInc.

3672・Standard Market・Information & Communication

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株式会社オルトプラス logo
AltPlusInc.3672

Business

Alt Plus Inc. is a company established in 2010 that primarily plans, develops, and operates smartphone online games. Including three consolidated subsidiaries, the group operates three businesses: (1) a game business centered on self-published titles and titles under operation contracts, (2) a service development business handling contracted and joint development for corporate clients, and (3) a technology and talent support business providing game development personnel dispatch through its subsidiary STAND. The company transitioned to the Tokyo Stock Exchange Standard Market in April 2022. As of the end of FY2025 (ending September 2025), it operates four titles (three self-published and one under operation contract), and plans to develop a total of 10 titles by the end of FY2027 (ending September 2027), comprising 4 domestic IP titles and 6 overseas localized titles.

Business Model

The main revenue source is operating income from free-to-play games with partial in-app item purchases, distributed through the App Store and Google Play. The company has a dependency structure on major platforms, with Apple Inc. accounting for 23.9% of net sales and Google Inc. for 13.7%. In addition, the company diversifies revenue across multiple layers by combining development fee income from corporate contract and co-development projects with income from dispatching and outsourcing game development personnel. Advertising cooperation fee income from collaboration partners (¥39 million in FY2025 (ending September 2025)) is also recorded as non-operating income.

Company Strengths

The company holds multiple proprietary publishing titles leveraging highly recognized IP, including Hypnosis Mic -Alternative Rap Battle-, Sengoku Komachi Kurouden Katari-emaki -Katari-e-maki- (with cumulative circulation exceeding 3 million copies), and the domestic localized version of Boukyaku Zen'ya developed by Alibaba-affiliated Lingxi Games. As of the end of FY2025 (ending September 2025), it operates a total of 4 titles: 3 proprietary publishing titles and 1 contracted operation title.

The company has obtained and maintains ISMS (Information Security Management System) certification, an essential information security management framework for promoting joint development and contract development with other companies, serving as the foundation for gaining trust from corporate clients and securing contracted projects.

In FY2025 (ending September 2025), the company obtained ¥671 million in stock issuance proceeds from the exercise of stock acquisition rights, securing a positive financing cash flow of ¥651 million. As of the end of FY2025 (ending September 2025), the equity ratio was 57.8%, and cash and cash equivalents stood at ¥863 million. Through the issuance of the 11th and 12th series of stock acquisition rights, the company has secured additional fundraising capacity of up to ¥10,470 million.

ENVALITH's Perspective

For the cumulative second quarter (interim period) of FY2026 (ending September 2026), operating loss was ¥287 million (¥235 million in the same period of the previous year), and net loss attributable to owners of the parent for the interim period was ¥356 million (¥221 million in the same period of the previous year), with losses widening. Net sales also decreased 8.2% year on year to ¥1,331 million, continuing a five-consecutive-period trend of declining revenue. An extraordinary loss of ¥64 million was recorded for valuation loss on minimum guarantee fees, making apparent the failure to achieve sales plans for certain titles. The fact that the company recorded operating, ordinary, and net losses for 12 consecutive periods through the previous consolidated fiscal year indicates the severity of its structural profitability challenges.

The number of shares issued increased by approximately 41%, from 59,402,033 shares at the end of the previous fiscal year to 83,955,233 shares at the end of the current interim period (average during the period: 73,246,109 shares). As a subsequent event, the number further increased to 87,205,233 shares as of May 13, 2026. If all unexercised 12th series stock acquisition rights were exercised, the potential dilution scale would reach ¥7,020 million equivalent. The structure in which operating cash flow was an outflow of ¥211 million while ¥634 million was raised through financing activities indicates a lack of autonomous cash generation capability in the business, and the funding risk remains high should the exercise of stock acquisition rights stall.

The company has set a plan to develop and operate 4 domestic IP titles and localize 6 overseas titles by the end of FY2027 (ending September 2027), but currently only one title, "Charisma de Murder Mystery," is under development. Earnings forecasts remain undisclosed, citing difficulty in making a reasonable estimate, leaving investors without clarity on the timing or conditions for achieving profitability. As for the external environment, the domestic mobile game market was stable in 2024, showing only a slight 0.2% year-on-year decline; however, in the Technology & Talent Support Service (STAND) business, the number of personnel deployed continues to decline due to development project reviews by major client game companies, compounding headwinds across multiple businesses.

Growth Strategy

Expanding proprietary publishing titles, multi-layered IP development, and achieving profitability through capital and business alliances

The Company plans to develop and operate 4 large- to medium-scale domestic IP titles and 6 overseas localized titles through proprietary publishing over the three-year period from FY2025 (ending September 2025) through the end of FY2027 (ending September 2027). The large-scale title "Charisma de Murder Mystery" is under development and scheduled for release within the year (calendar year 2026). The policy is to balance medium- and small-scale titles to diversify development risk.

A capital and business alliance was concluded in November 2025. The company became an equity-method affiliate through a share transfer (400 shares, November 21, 2025) and third-party allotment of new shares (1) (800 shares, paid-in on April 27, 2026). The two companies will jointly promote enhanced marketing for proprietary publishing titles, IP-driven content development, and the goods business. The total estimated acquisition cost is ¥887 million (¥840 million for common shares plus ¥47 million in advisory fees, etc.).

The Company is securing operating funds by promoting the exercise of the 9th, 11th, and 12th series of share subscription rights, raising ¥644 million during the current interim period. There remains additional fundraising capacity of approximately ¥2,176 million from unexercised 11th series rights and ¥7,020 million from unexercised 12th series rights. The Company also aims to generate income gains such as through staking and enhance the flexibility of its capital policy through the strategic acquisition and management of crypto assets.

The decline in personnel utilization rates continues due to the impact of project reviews and discontinuation of operations at major client game companies. The Company aims to expand the business by acquiring clients outside the gaming industry, developing new clients, and strengthening sales to uncover demand from existing clients.

In partnership with the GF Holdings Group, the Company is promoting the Oshi Activity & Fandom Business, which aims to expand into the manufacturing, sale, and e-commerce distribution of various goods utilizing acquired IP. The goal is to diversify and multi-layer revenue sources not dependent on game income, thereby maximizing the commercial value of the IP portfolio.

Last updated: July 17, 2026