INTERTRADE Co.,Ltd.
3747・Standard Market・Information & Communication
Business
Intertrade Co., Ltd. is a financial IT systems company founded in 1999. Its core business is the Financial Solutions Business (80.2% of sales), centered on the development and maintenance of Securities Dealing Systems, Foreign Exchange Margin Trading Systems, and Crypto Asset Platforms. The company also operates the Business Solutions Business (14.1%), providing IT support and management solutions for general business corporations, and the Healthcare Business (5.7%), which handles health foods and cosmetics derived from Hanabiratake (a type of mushroom). Its main customers are financial institutions such as domestic securities firms, FX brokers, and crypto asset exchange operators. The company is listed on the Standard Market of the Tokyo Stock Exchange. It has two consolidated subsidiaries (BS-J Co., Ltd. and Intertrade Healthcare Co., Ltd.) and two equity-method affiliates (Digital Asset Markets Co., Ltd. and AndGo Co., Ltd.).
Business Model
In the core Financial Solutions Business, the company adopts a revenue model combining contracted development, license usage fees, and maintenance support contracts for systems used in securities, FX, and crypto asset businesses. While recurring contracts such as licensing and support form a stable revenue base, contracted development projects act as a factor causing sales fluctuations. As of FY2025 (ending September 2025), the order backlog for the Financial Solutions Business stood at ¥912 million. The Business Solutions Business aims for stable revenue growth by expanding the number of companies adopting the management platform "GroupMAN@IT e2". The Healthcare Business operates a direct sales model for health foods and cosmetics.
Company Strengths
Since its founding in 1999, the company has developed specialized expertise in system development for securities firms, and secured contracted projects from existing clients in connection with the Tokyo Stock Exchange's launch of arrowhead 4.0 operations in November 2024. Orders received in the Financial Solutions Business increased 113.9% year on year to ¥1,448 million, and the company has secured an order backlog of ¥912 million as revenue for the following and subsequent periods.
As of the end of FY2025 (ending September 2025), the equity ratio stood at 72.6% and the quick ratio at 321.1%, maintaining a high level of short- and medium-term financial stability. Of total assets of ¥1,481 million, the company held ¥711 million in cash and deposits (48.0% of the composition ratio), and under a funding policy based primarily on internal financing, its reliance on borrowing is low.
In March 2025, the company concluded a strategic partnership with Fireblocks regarding support for WEB3 infrastructure implementation. In April of the same year, it acquired a 25.5% equity stake in AndGo, making it an equity-method affiliate, and established a joint development framework for crypto asset solutions and services utilizing distributed cryptography technology.
ENVALITH's Perspective
Performance Trend
Consolidated net sales for the interim period of FY2026 (ending March 2026) (October 2025–March 2026) came to ¥868 million (up 0.7% year on year), turning to a slight increase after five consecutive periods of declining revenue. However, operating profit effectively disappeared, falling to ¥0 million (versus ¥16 million in the same period a year earlier), and combined with an equity-method investment loss of ¥95 million, resulted in an ordinary loss of ¥95 million. Owing to the recognition of a ¥230 million gain on changes in equity interest (extraordinary income) associated with a capital increase at Digital Asset Markets, interim net income attributable to owners of the parent turned positive at ¥124 million. On the financial side, the company maintained stability, with total assets of ¥1,566 million, net assets of ¥1,200 million, and an equity ratio of 76.6%. The structural decline in earning power shown in the performance trend over the past five periods (net sales from ¥2,157 million to ¥1,836 million, operating profit from ¥219 million to a loss of ¥9 million) has continued, and recovery of the core business remains a challenge.
Growth Strategy
Growth transition through WEB3 strengthening in Financial Solutions and securing stable order intake across all businesses
Through the strategic partnership with Fireblocks (concluded March 2025) and the group consolidation of AndGo (April 2025), the company is advancing joint development of crypto asset solutions and services utilizing distributed cryptography technology. It is also collaborating with Digital Asset Markets to develop new financial solution services in the WEB3 domain.
The decline stemming from the reversal effect of the enhancement work associated with the launch of TSE arrowhead 4.0 was offset by new acquisitions of contract development projects. In the current interim period, sales increased due to growth in contract development projects and other work, securing ¥694 million, or 101.8% of the same period of the previous year. The company aims to continue capturing DX investment demand from financial institutions to maintain and expand a stable revenue base.
The company is rolling out its new product "Estro Rich Pure," which clearly states the functional properties of Hanabiratake, to strengthen its appeal in the femcare supplement market. In the current interim period, sales lagged behind plan, with revenue reaching only ¥55 million, or 100.8% of the same period of the previous year, and a segment loss of ¥25 million continued.
Through cost structure improvements such as personnel expense reductions, the segment loss for the current interim period improved significantly to ¥6 million, down from ¥21 million in the same period of the previous year. Increased revenue from the On-site Support Service (Engineer Dispatch) also contributed. Recovery in contract development and license usage fees for the flagship "GroupMAN@IT e2" is key to achieving profitability.
Last updated: July 17, 2026