ENVALITH
株式会社イルグルム logo

YRGLM Inc.

3690・Standard Market・Information & Communication

Official website
株式会社イルグルム logo
YRGLM Inc.3690

Business

Irglm Inc. was founded in 2001 (formerly Rockon Inc.) and changed its name to the current one in 2019. It operates two segments: the Marketing AI Business, centered on "AD EBiS," a leading domestic ad-effectiveness measurement SaaS, and the Commerce AI Business, centered on "EC-CUBE," an open platform for EC site construction. Its main customers are domestic companies and EC operators that utilize internet advertising, and it provides marketing support leveraging data and technology, benefiting from the continued expansion of the internet advertising market (2024: 109.6% year-on-year growth) and the EC market (2024 BtoC-EC: ¥26.1 trillion). The company is listed on the Tokyo Stock Exchange Standard Market (market segment changed in August 2025).

Business Model

In the Marketing AI Business, SaaS subscription revenue from AD EBiS serves as the core pillar, with revenue built up through expanding contract volumes via Growth Step Program and CAPiCO along with cross-selling. In the Commerce AI Business, the company provides EC-CUBE on a freemium basis while building an ecosystem that generates fee income from partnered payment providers. It is also pursuing a vertically integrated model that expands revenue through large-scale EC construction orders (order backlog of ¥928 million for FY2025 (ending September 2025)) and EC operation support and fulfillment services provided by Ruby Group Co., Ltd.

Company Strengths

AD EBiS, launched in 2004, is an advertising effectiveness measurement platform with one of the top market shares in Japan. In FY2025 (ended September 2025), sales grew 2.2% year on year, and the number of contracts increased from the end of the previous fiscal year. Its long-standing customer base and accumulated data form a barrier to entry.

Building on EC-CUBE, an open-source EC construction platform originating in Japan, the company is focusing on winning orders for large-scale EC construction projects. In FY2025 (ended September 2025), orders received totaled ¥928 million (up 124.8% year on year), and the order backlog at fiscal year-end reached ¥486 million (up 335.9% from the previous fiscal year-end), maintaining a high level that is expected to contribute to sales in future periods.

As of the end of FY2025 (ended September 2025), the equity ratio stood at 51.8%, and cash and cash equivalents totaled ¥1,462 million (up 10.3% year on year). Borrowings were steadily reduced to ¥679 million (down 28.1% year on year), securing financial flexibility for M&A and investment in advanced technology.

ENVALITH's Perspective

Operating profit for the first half of FY2026 (ending March 2026) came to ¥285 million (up 299.8% year on year), and profit attributable to owners of parent for the interim period reached ¥203 million (up 658.7% year on year), marking a significant improvement. In addition to the consolidation contribution from Silver Egg Technology Co., Ltd., cost reductions in both segments proved effective. The full-year earnings forecast for operating profit has also been revised upward by ¥60 million from the previous forecast (to ¥320 million), confirming a clear recovery trajectory from the net loss recorded in FY2025. However, continued attention is warranted regarding the amortization burden of goodwill (¥621 million) and rising financial costs stemming from increased borrowings (long-term borrowings of ¥1,753 million).

The full-year revenue forecast was revised downward by ¥200 million from the previous forecast (to ¥5,950 million). The main cause is sluggish order intake for EC construction at EC-CUBE Co., Ltd., with new EC construction orders received in the interim period declining to ¥244 million (down 17.9% year on year). On the other hand, the order backlog has been building up to ¥409 million (up 109.5% from the end of the same period last year), and revenue contribution in the second half is expected. The improvement in the margin of the Commerce AI Business (segment profit margin of 8.8% in the interim period) is a key point for medium-term evaluation, and the realization of integration synergies with Silver Egg Technology Co., Ltd. will be the key factor.

To fund the acquisition of shares in Silver Egg Technology Co., Ltd., the company took out a long-term loan of ¥1,435 million from Mizuho Bank, Ltd., causing the equity ratio to decline from 51.8% at the end of the previous fiscal year to 34.1%. The loan agreement includes covenants requiring the maintenance of positive net assets, avoidance of ordinary losses for two consecutive periods, and maintenance of a net leverage ratio of 5 or below, requiring the company to maintain financial discipline. As a subsequent event, an additional borrowing of ¥245 million was made in April 2026, and the trend of increasing interest-bearing debt continues. Achieving the full-year ordinary profit forecast of ¥300 million (up 7.3% year on year) will also be an important indicator from the standpoint of covenant compliance.

Growth Strategy

VISION2027: Aiming to expand two businesses centered on AI to achieve consolidated net sales of ¥10 billion and ROE exceeding 10%

Centered on the advertising effectiveness measurement tool "AD EBiS," the company is strengthening cross-selling with peripheral SaaS products such as Campaign Manager and AD Repo, aiming to achieve a new record in the number of contracts by FY2027 (ending September 2027). Product differentiation through AI agent integration will also be pursued to raise average revenue per customer.

The company is promoting mutual utilization of business know-how and assets with Silver Egg Technology Co., Ltd., which became a consolidated subsidiary in January 2026. By integrating AI Recommendation technology with EC Construction & Operation Support Service, the company aims to comprehensively address customer challenges and enhance the value it provides. Additional share acquisition (¥353 million) was carried out in April 2026 (deemed acquisition date), accelerating efforts toward full subsidiary status.

The beta version of the issue-discovery and measure-planning AI agent embedded in "AD EBiS Campaign Manager" will be improved and expanded into a full release, with agents for factor analysis, reporting, and effectiveness verification to be rolled out sequentially. The company aims to realize a next-generation marketing platform in which AI and humans collaborate.

Through "EC-CUBE Enterprise," which packages high-traffic-capable infrastructure, marketplace-type EC, and multilingual support, the company is promoting the acquisition of large-scale EC projects. It aims to stabilize Commerce AI Business earnings by converting an order backlog of ¥409 million (up 109.5% year on year) into second-half sales.

Last updated: July 17, 2026