ENVALITH
株式会社アプリックス logo

Aplix Corporation

3727・Growth Market・Information & Communication

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株式会社アプリックス logo
Aplix Corporation3727

Business

株式会社アプリックスは1986年設立のソフトウェア開発会社。創業来30年超の組込み開発技術を基盤に、MVNO・光プロバイダー等の通信サービス、リテールメディアプラットフォーム「BRIDGE AD」、車両運行管理「AORINO」等の継続課金型サービスを提供する「ストックビジネス事業」と、組込み＆エッジからクラウドまでワンストップ対応の「システム開発事業」の2事業を運営。

連結子会社スマートモバイルコミュニケーションズ（SMC）がMVNO・MVNE事業を担う。東証グロース市場上場。

主要顧客はスターサービス株式会社（2025期売上収益の33.6%）をはじめとする通信・流通・法人顧客。

Business Model

Stock Business accounts for approximately 87% of revenue, with recurring billing income from MVNO subscribers—monthly communication fees, fiber-optic provider charges, ad delivery fees, etc.—forming a stable revenue base. The remaining approximately 13% comes from contract and development support income through System Development. The two businesses are technically linked, with System Development's technical capabilities being leveraged for in-house service development. The company emphasizes business profit and EBITDA (business profit + depreciation and amortization + amortization of customer-related assets) as key management indicators.

Company Strengths

Since its founding in 1986, the company has continued embedded software development for over 30 years. It possesses a development framework capable of one-stop support from embedded/edge to cloud, and as an MVNO operator, it develops communication technology in-house. In 2007, it participated in OHA (Open Handset Alliance), the Android promotion organization, as the only Japanese software vendor to do so.

The company operates the MVNO/MVNE Service through its consolidated subsidiary SMC, holding a subscriber count in the upper layers of the market. It has built a framework capable of broadly handling everything from communication service plan design to back-office operations. In December 2025, it began nationwide rollout of the roll-up M&A initiative

The company has entered into a capital and business alliance agreement with Mitsubishi Corporation, its largest shareholder. In January 2026, it resolved to allot new share subscription rights to a third party for the purpose of promoting collaboration on

ENVALITH's Perspective

Revenue for Q1 of FY2026 (ending December 2026) was ¥595 million (¥776 million in the same period of the prior year, -23.2%), and business loss was ¥49 million (versus business profit of ¥43 million in the same period of the prior year), a significant deterioration. Revenue in the Stock Business was ¥532 million (¥680 million in the same period of the prior year), and business profit was ¥35 million (¥95 million in the same period of the prior year), with the profit margin sharply declining from 14.0% to 6.5%. The main cause of the deterioration in profit was the expansion of company-wide costs (adjustments) to ¥81 million from ¥51 million in the same period of the prior year, making improvement of the cost structure an urgent priority.

The full-year consolidated earnings forecast for FY2026 (ending December 2026) is revenue of ¥9,083 million (+216.0% year on year) and business profit of ¥53 million (-47.8% year on year). This substantial revenue increase is believed to be primarily due to the consolidation of Global Cast (which had revenue of ¥7,626 million in its most recent fiscal year). On the other hand, business profit is forecast to decline year on year, reflecting a structure in which integration costs and increased company-wide costs are pressuring profit. Progress on integration and cost control from the second quarter onward will be key to achieving the full-year targets.

The company has continued to be non-compliant with the ¥4 billion market capitalization listing maintenance criteria since fiscal 2024, making the enhancement of corporate value an urgent matter. In terms of financial position, retained earnings decreased by ¥111 million, from ¥463 million at the end of December 2025 to ¥352 million at the end of March 2026 (reflecting a quarterly loss of ¥35 million and dividends of ¥76 million). The ratio of equity attributable to owners of the parent remains at a healthy level of 65.6%, but cash and cash equivalents decreased by ¥121 million from the end of the previous fiscal year to ¥1,213 million, and it will be necessary to closely monitor cash consumption trends associated with the Global Cast integration.

Growth Strategy

Building scale by making GlobalCast a wholly owned subsidiary as the core pillar, while strengthening sales capabilities and transitioning to a holding company structure

As of April 1, 2026, GlobalCast (with revenue of ¥7,626 million) was made a wholly owned subsidiary through a share exchange. The Group aims to significantly expand consolidated revenue by leveraging GlobalCast's nationwide sales partner network to expand sales of telecommunications and platform services, and through collaborative bidding for system development projects for government agencies and municipalities.

Following the share exchange, Aplix plans to transfer its existing businesses to a newly established subsidiary through an absorption-type company split, becoming a pure holding company. This is intended to clarify the business portfolio and accelerate decision-making, establishing a structure in which the company operates in parallel with GlobalCast. The timing and details of implementation are currently under consideration.

The company is focusing on expanding sales of BRIDGE AD, including the new lineup "BA Boost" and "BA Insight" launched in November 2025. Collaboration with GlobalCast's sales network enables joint efforts from the proposal stage onward, accelerating the conversion of advertising revenue into a stock-type revenue base.

The company is combining the AI drive recorder "AORINO Biz" with the alcohol detector-linked app "FUUDA" as an add-on product, strengthening corporate sales in cooperation with agents, sales partners, and OEM partners. The company aims to diversify its stock revenue base by building up recurring-billing corporate contracts.

Since fiscal 2024, the company has continued to fail to meet the listing maintenance criteria of a market capitalization of ¥4.0 billion. The company aims to meet the criteria through business expansion and enhanced corporate value resulting from the integration with GlobalCast. It will continue to promote measures to enhance shareholder value while maintaining its collaboration with Hikari Tsushin.

Last updated: July 17, 2026