ENVALITH
株式会社ブイキューブ logo

V-cube, Inc.

3681・Prime Market・Information & Communication

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株式会社ブイキューブ logo
V-cube, Inc.3681

Business

V-cube, Inc. is a Tokyo Stock Exchange Prime Market-listed company that has set forth the mission of "Realizing an Even Society" and operates three businesses centered on remote communication DX. The Enterprise DX Business provides web conferencing and Zoom resale services, among others, to corporations and government agencies. The Event DX Business offers SaaS and services such as webinar streaming and Virtual Shareholders' Meeting Service both domestically and internationally. The Third Place DX Business sells and operates the soundproof private booth "TELECUBE" for corporate and public spaces. The company comprises a total of 11 companies, including 1 domestic consolidated subsidiary and 6 overseas consolidated subsidiaries, with business bases in Singapore, Thailand, the United States, and other locations. Its main customers are large corporations, government agencies, and companies in the pharmaceutical and manufacturing industries, both domestic and overseas, and the company views the establishment of telework and the spread of hybrid work as business opportunities.

Business Model

The Enterprise DX Business adopts a revenue-accreting model centered on monthly flat-rate cloud SaaS. The Event DX Business combines spot and flat-rate SaaS plus operation support services. The Third Place DX Business offers two formats—sales of TELECUBE units and a subscription model (monthly flat-rate rental)—to capture a broad customer base. The company manages capital expenditure at a level roughly equivalent to software amortization, with a policy of maintaining financial soundness.

Company Strengths

As of the end of FY2024 (ended December 2024), cumulative installations of TELECUBE reached 32,144 units, with public-sector installations expanding 17.1% year on year to 1,206 units. The company has secured a broad customer base through its two deployment formats for corporate customers—sales-based and subscription-based—and the Third Place DX Business segment maintained a high segment profit margin of 28.3% (¥746,632 thousand ÷ ¥2,641,265 thousand).

The Hybrid Work business (V-CUBE Meeting and Zoom resale) within the Enterprise DX Business posted revenue of ¥1,846,502 thousand in FY2024 (ended December 2024), up 5.2% year on year. Demand has remained solid amid the entrenchment of telework, and the segment profit margin improved from 16.0% to 16.4% through sales price increases and measures to reduce procurement costs.

In June 2024, the company transferred its Professional Work business to Techno Horizon Co., Ltd., securing proceeds of ¥661,384 thousand from the sale. The company is optimizing its business portfolio and concentrating management resources on growth areas—generative AI applications, AI × robotics, and hybrid events.

ENVALITH's Perspective

Net assets at the end of FY2025 (ending December 2025) stood at ¥(1,107) million, continuing a state of negative net worth, which breaches the Tokyo Stock Exchange Prime Market delisting criteria. Compounded by a delay in filing the Annual Securities Report, the company was designated as a Securities Under Supervision (Pending Confirmation) issue. The scheduled delisting date is expected to be July 1, 2026. The investigation by the Special Investigation Committee and the response to the subpoena issued by U.S. authorities to TEN remain ongoing, and depending on the investigation results, there is a possibility of material and pervasive impact on the consolidated financial statements. At present, a material uncertainty exists regarding the going-concern assumption.

In connection with TEN's NASDAQ listing in February 2025, ¥808 million (5.4 million USD) was paid to four companies as service fees related to post-listing capital policy and other matters; however, since the recipients and the actual provision of services could not be confirmed, this amount was recorded as an unidentified expenditure loss under extraordinary losses. Of this amount, ¥376 million had initially been recorded as operating expenses, requiring a correction to the earnings report. A material weakness requiring disclosure in internal control over financial reporting has also been identified, significantly undermining governance reliability.

Segment profit of ¥788 million in the Third Place DX Business, the sole growth segment, is structurally incapable of absorbing the ¥2,083 million loss in the Event DX Business (of which ¥1,629 million in operating loss is attributable to TEN). While the domestic business alone maintains a certain level of profitability, the burden of ¥915 million in company-wide expenses is also heavy, resulting in a consolidated operating loss of ¥1,683 million for the group. Once the separation from TEN is completed, the profit and loss structure of the domestic business may improve; however, uncertainty remains high until the sponsor selection and privatization process is completed.

Growth Strategy

Growth strategy centered on separating TEN, going private through sponsor selection, and reforming the profit structure of domestic operations

Sever TEN from the group through the sale of its shares and recovery of loans receivable, thereby blocking the negative impact on domestic operations, given that TEN is the primary cause of the group's deteriorating performance. Once the separation of TEN is completed, the loss structure of the Event DX Business is expected to improve substantially.

A basic sponsor agreement was concluded with Japan Innovation Investment Corporation (J-INC) on March 31, 2026. Through a third-party allotment of new shares and a share consolidation to an SPC to be established by J-INC, the company will fundamentally improve net assets and reduce interest-bearing debt, establishing a business restructuring framework following delisting.

Implement further fixed cost reductions and revenue expansion measures triggered by the impairment, aiming for an early improvement in profitability of the domestic Event DX Business. While capturing growth in demand for hybrid events, the company also expects a recovery in demand as the pharmaceutical industry lecture market bottoms out.

TELECUBE Co., Ltd. transferred its business to the Company effective February 1, 2026, and the subsidiary will be dissolved and liquidated (liquidation completion scheduled for June 30, 2026). This will streamline organizational operations and accelerate decision-making, further strengthening the revenue base of the Third Place DX Business.

Regarding borrowings in breach of financial covenants, the Company will explain to all financial institutions with which it transacts its plan to reduce interest-bearing debt through the separation of TEN and capital reinforcement, and will continue discussions on forbearance from acceleration of debt and ongoing support.

Last updated: July 17, 2026