FLIGHT SOLUTIONS Inc.
3753・Standard Market・Information & Communication
Business
Flight Solutions Inc. is an independent IT solutions company founded in 1988 and listed on the Standard Market of the Tokyo Stock Exchange. It is composed of three segments: the SI Solutions Business, which handles system development and maintenance for logistics and financial operating companies; the Payment Solutions Business, which offers its in-house developed electronic payment terminals "Incredist Series," contactless payment terminals "Tapion Series," and public personal identification solution "myVerifist"; and the EC Solutions Business, which provides the B2B EC site construction package "EC-Rider B2B II." The Payment Solutions Business accounts for approximately 65% of net sales, with major clients including large corporations such as SoftBank Corp. (37.4% of sales) and GMO Financial Gate, Inc. (15.6% of sales). The company changed to its current trade name in June 2024, dissolving its holding company structure and restarting as an operating company.
Business Model
In the Payment Solutions Business, flow-type revenue from selling proprietary payment terminals and software through major payment service providers and telecom carriers is the mainstay, but the company aims to shift toward stock-type revenue such as fee income through the development and expansion of the Flight Payment Center service. The SI Solutions Business operates an SI-type model that undertakes core system development and maintenance for logistics and financial business operators, with ongoing maintenance demand underpinning stable revenue. The EC Solutions Business combines package sales with consulting.
Company Strengths
In FY2026 (ending March 2026), the Payment Solutions Business's order backlog reached ¥1,848,868 thousand (up 909.7% year on year). A large-scale order for the Incredist Premium III is expected to be delivered in the first quarter of FY2027 (ending March 2027), and is accumulating as a key driver of next-term sales. Orders received also surged to ¥3,560,885 thousand (up 233.7% year on year), confirming expansion of the order base.
By major customer, FY2026 (ending March 2026) sales performance showed SoftBank Corp. at ¥1,095,153 thousand (37.4% of sales), GMO Financial Gate, Inc. at ¥456,602 thousand (15.6% of sales), and GO Inc. at ¥296,729 thousand (10.1% of sales). Ongoing transactional relationships with major payment and telecommunications operators support more than half of sales, demonstrating the high quality of the customer base.
In FY2026 (ending March 2026), the SI Solutions Business recorded sales of ¥932 million and operating profit of ¥87 million (operating margin of approximately 9.3%), supporting overall company losses as the only profitable segment. Backed by sustained demand for core system development and maintenance from logistics and financial sector operating companies, outsourcing costs also declined (down 31.3% year on year).
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥3,250 million in FY2022 (ended March 2022) and has since remained sluggish, coming in at ¥2,927 million in FY2026 (ending March 2026) (down 4.4% year on year), falling below the ¥3,000 million mark for the fifth consecutive fiscal year. Operating loss narrowed from ¥298 million in FY2025 (ended March 2025) to ¥276 million, and net loss also improved from ¥382 million to ¥252 million. The main drivers of the improvement were a reduction in losses in the Payment Solutions Business (operating loss narrowing from ¥101 million to ¥41 million) and the recognition of deferred tax assets (income tax adjustment of ¥68 million). On the other hand, the main cause of the revenue decline was a delay in delivery of a large-scale "Incredist Premium III" project that had been scheduled for the end of the fiscal year, and uncertainty over US trade policy was also cited as an external factor of concern regarding the outlook. Cash balances declined from ¥453 million to ¥221 million, with cash flow pressures continuing.
Growth Strategy
Profit structure transformation through expanded sales of Incredist Premium III, conversion of the payment center to recurring revenue, and launch of new EC services
Multiple large-scale projects originally scheduled for delivery at the end of the current fiscal year are now expected to be delivered in Q1 of FY2027 (ending March 2027) (April-June 2026), positioning them as a key driver of next-fiscal-year revenue. This measure is essential to achieving the next fiscal year's revenue forecast of ¥5,030 million, with delivery schedule management being the top priority issue.
By developing and expanding sales of its in-house operated payment center service, the company aims to increase recurring revenue such as fee income, thereby stabilizing management. This is positioned as the core initiative for transforming the revenue structure from the next fiscal year onward, although the specific profit contribution as of FY2026 (ending March 2026) remains limited.
The company aims to expand corporate project acquisitions for the Tapion Series, its Android-device-based touch payment solution, and to build up recurring revenue such as payment fees in addition to device sales revenue. This leverages the market tailwind of accelerating cashless adoption.
In addition to the existing EC-Rider B2B II, the company is expanding sales of its new service, EC-Rider Primo (a cart-ASP type B2B EC construction service), to diversify revenue sources within the EC Solutions Business. This segment continued to post an operating loss of ¥29 million in FY2026 (ending March 2026).
In addition to system development and maintenance for existing customers, the company is focusing on DX promotion support and Cloud Service-Based System Development Support utilizing services such as Google Workspace, in order to maintain and expand the revenue base of its only profitable segment.
Last updated: July 19, 2026