CyberStep Holdings, Inc.
3810・Standard Market・Information & Communication
Business
CyberStep Holdings, Inc. is a holding company group centered on an online game development and operation company founded in 2000 (transitioned to an intermediate holding company structure in May 2025). Its main businesses consist of two segments: the Online Game Business, centered on the Online Crane Game Toreba (approximately 88% of revenue), and the Entertainment Business, which handles sound production, voice actor production, and merchandising (approximately 12% of revenue). In addition to domestic services, the company also expands overseas through self-operated services in North America and Asia as well as through licensing, and is listed on the Standard Market of the Tokyo Stock Exchange (securities code: 3810).
Business Model
In the Online Game Business, the company generates revenue through two approaches: a "self-operated model," in which self-developed titles are offered directly to users under an item-based charging system, and a "licensing model," in which exclusive operating rights are granted to overseas operators in exchange for contract fees and sales-linked royalties. In the Entertainment Business, revenue sources include orders for sound production for visual works, operation of the Voice Actor Production Business, merchandising through licensing agreements with artists, and advertising revenue from supporting VTuber activities. Major payment channels are PayPal (40.0% of sales), Apple (24.2%), and Google (19.0%).
Company Strengths
Since the launch of 'Get Amped' in 2001, the company has maintained an in-house system covering everything from game development to server operations and user support. In-house development enables shortening the period from development completion to service launch and rapid reflection of user feedback, with a track record of operating multiple domestic and overseas titles simultaneously.
In addition to licensing to South Korea, China, Thailand, and other countries, the company operates self-run services in North America, Taiwan, Hong Kong, and Macau. It has established a dedicated overseas department in-house and has accumulated experience supporting operating companies under licensing agreements. In the current fiscal year, sales via PayPal, the main settlement partner, reached ¥1,000 million (40.0% of sales), indicating that overseas revenue accounts for a substantial portion of sales.
Sales to external customers in the Entertainment Business increased 68.4% from ¥181 million in the previous consolidated fiscal year to ¥306 million in the current consolidated fiscal year. In addition to continued acquisition of sound production orders, the company is making progress in developing new revenue sources such as the Merchandising Business and support for VTuber content production.
ENVALITH's Perspective
Performance Trend
Revenue for FY2026 (ending May 2026) was ¥2,142 million (down 14.5% year on year), marking a 5th consecutive period of revenue decline. Operating loss was ¥1,629 million (versus ¥1,787 million in the prior period), a slight improvement, but with the recording of an impairment loss of ¥720 million and a provision for allowance for doubtful accounts of ¥1,250 million as extraordinary losses, loss before income taxes expanded to ¥3,413 million (versus ¥2,177 million in the prior period). Net loss attributable to owners of the parent ballooned to ¥3,417 million, approximately double the prior period's figure. Revenue has declined more than 71% over four periods from ¥7,417 million in FY2022 (ended May 2022), and the structural erosion of the earnings base continues. In the Entertainment Business, sales to external customers plunged to ¥45 million (down 85.2% year on year).
Growth Strategy
Aiming for continued viability through profitability improvement of Toreba, business diversification via new M&A, and continuous fundraising
Continuing to enhance user experience through expanded prize lineups, utilization of popular IP content, and system improvements. Promoting differentiation measures against competitors and global service expansion to achieve profit recovery. However, revenue for the current period still declined 5.4% year on year, and improvement has not yet been achieved.
Leveraging the holding company structure, 8 new companies were added to the scope of consolidation during the current period. As a subsequent event, in June 2026 the company acquired the CAP business under the "HOMEGAME" brand from HALL OF FAME Inc. for ¥670 million. Aiming to create synergies with existing businesses and capture new revenue opportunities.
Continuing to raise funds through third-party allotment capital increases and issuance of stock acquisition rights. During the current period, the company secured ¥5,000 million from stock issuance proceeds and ¥3,173 million from exercise of stock acquisition rights, bringing the fiscal year-end cash balance up to ¥3,634 million. The policy is to continue pursuing further fundraising through optimal methods.
Implementing cost reduction measures for Toreba, including reductions in outsourcing costs, downsizing of sales offices, and reductions in officer compensation. The policy is to select businesses and subsidiaries with expected future profitability, and to reduce group management costs through business divestitures and subsidiary reorganization.
Last updated: July 17, 2026