CRI Middleware Co., Ltd.
3698・Standard Market・Information & Communication
Business
CRI Middleware Co., Ltd. upholds the corporate philosophy of "Enriching society through sound and video," providing audio, video, and image-related middleware to the game industry and non-game industries. Through its core brands "CRIWARE" and "OPTPiX," the company is organized into two segments: the Game Business, which supports efficiency and quality improvement in game development, and the Enterprise Business, which expands into embedded and enterprise domains such as automotive (mobility), karaoke, home appliance IoT, and cloud video. Its consolidated subsidiaries include Two Five Inc., which handles audio production, Shanghai Xiaiwei Information Technology Co., Ltd. for sales in China, and the U.S. entity CRI Middleware, Inc., giving it a business foundation both domestically and overseas. The company listed on the Tokyo Stock Exchange Mothers market in 2014 and transitioned to the Growth Market in 2022.
Business Model
The core of revenue is the licensing (usage rights) sales of software products, underpinned by stable licensing revenue from one-time license agreements and annual license agreements. In addition, contract development and audio production (such as voice recording) form supplementary revenue. The company employs a technology cross-deployment model in which technology and know-how accumulated in the Game Business are applied to the Enterprise Business, enabling it to develop new markets while holding down additional R&D costs.
Company Strengths
2023期から2025期にかけて売上高は2,991百万円から3,449百万円、営業利益は345百万円から554百万円へ3期連続増収増益を達成。2025期の営業活動によるキャッシュ・フローは849百万円（前期328百万円）と大幅に拡大し、無借金・自己資金経営を維持している。
ゲーム事業では国内一括ライセンス契約の新規獲得や中国第3のOSローンチ効果・欧米展開進捗により売上高1,807百万円（前期比7.8%増）。エンタープライズ事業では新製品CRI Glasscoが期初予想を大幅に上回る採用数を記録し、売上高1,642百万円（前期比10.1%増）を達成した。
設立以来ゲーム向けに培った音声・映像技術を、車載サウンドCRI ADX Automotive・車載メーターグラフィックCRI Glassco・組込みアンプCRI D-Amp Driver・オンラインコミュニケーションCRI TeleXus等に展開。エンタープライズ事業のセグメント利益率は22.4%とゲーム事業（10.3%）を大幅に上回る高収益性を示している。
ENVALITH's Perspective
Performance Trend
Revenue grew for four consecutive fiscal years, from ¥2,893 million in FY2021 to ¥3,449 million in FY2025, and operating profit also recovered significantly to ¥554 million in FY2025 from the slump seen in FY2022. However, in 1H FY2026 (ending September 2026), revenue came to ¥1,849 million (down 0.4% year on year) and operating profit was ¥301 million (down 22.3% year on year), breaking the trend of increased revenue and profit. While the gross profit margin improved to 63.9%, an increase in SG&A expenses (up 17.3% year on year) associated with the strengthening of overseas expansion put pressure on profits. In the Game Business, there were delays in securing adopted titles in Europe and the US, while in the Enterprise Business, the falloff of special karaoke-related demand coincided with an R&D phase shift in Cloud Solutions. It should also be noted that external factors, such as US tariff policy and the situation in the Middle East, are affecting manufacturing-sector customers. The full-year forecast remains unchanged, premised on a recovery in performance in the second half.
Growth Strategy
Building on game technology, the company aims to establish mobility and online communication as core businesses, targeting net sales of ¥10.0 billion in FY2030
A strategy to secure multiple bulk license agreements through enhanced proposal-based sales activities. Multiple bulk contracts were secured in the second quarter of the first half of FY2026 (ending March 2026), offsetting to a certain extent the decline in revenue seen in the first quarter. Continued deepening of customer relationships forms the basis for stable earnings.
In the Chinese market, the account-based sales strategy has begun to bear fruit, with royalty income increasing in the first half of FY2026 (ending March 2026). Large-scale voice recording work for Chinese companies by Two Five Inc. has also been performing well, and the earnings base in Asian markets is steadily expanding.
The company is making upfront investments (increasing SG&A expenses) to strengthen its overseas expansion, but in the first half of FY2026 (ending March 2026), acquisition of adopted titles in Western markets did not proceed as planned, resulting in a decline in sales. Measures such as increasing overseas sales staff are continuing, and materializing results remains a challenge going forward.
CRI Glassco, an automotive meter graphics solution, saw royalty income perform well, mainly for two-wheeled vehicles in the Indian market, resulting in increased sales. Capturing rising demand for automotive solutions against the backdrop of the spread of SDVs, it is functioning as a key growth driver for the Enterprise Business.
The company shifted to an R&D phase starting in the third quarter of the previous fiscal year, and sales declined in the first half of FY2026 (ending March 2026). Market launch following the completion of R&D is planned for the second half of FY2026 (ending March 2026) onward, and this is an important precondition for achieving the full-year earnings forecast.
R&D investment in CRI TeleXus, an online communication middleware, is continuing within the Game Business segment. The company aims for commercialization against a backdrop of growing demand for hybrid communication combining real and virtual experiences, such as through the use of the Virtual Expo at Expo 2025 Osaka, Kansai.
Last updated: July 17, 2026