ENVALITH
株式会社クラウドワークス logo

CrowdWorks Inc.

3900・Growth Market・Information & Communication

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株式会社クラウドワークス logo
CrowdWorks Inc.3900

Business

CrowdWorks Co., Ltd. is a corporate group centered on "CrowdWorks (Platform)", one of Japan's largest online talent matching platforms with 7.438 million registered users and 1.072 million registered clients, alongside the freelance agent service "CrowdWorks Agent", the work-hour management SaaS "CrowdLog", and DX consulting operations. Founded in 2011, the company listed on the Tokyo Stock Exchange Mothers market (now the Growth Market) in 2014. Its main customers range broadly from mid-sized and small-to-medium enterprises to large corporations, and the company is advancing a shift in its business portfolio from talent matching toward consulting, capitalizing on structural labor shortages and growing demand for DX and AX promotion.

Business Model

The Matching Business is built on two pillars: the Platform area (system usage fees plus option fees) and the Agent area (gross recognition of outsourcing fees and commissions). In the Business SaaS Business, the company accumulates subscription revenue from CrowdLog, a workload management tool, and has built a customer base of over 900 companies cumulatively. It is also launching DX Consulting as a third revenue pillar, offering high-value-added services through a "hybrid consulting model" that combines full-time consultants with a user database of over 7 million people and M&A acquisition capabilities.

Company Strengths

As of the end of September 2025, the company held 7.438 million registered users (up 716 thousand year on year) and 1.072 million registered clients (up 66 thousand year on year). The platform's ability to attract approximately 700,000 new organic registrations annually forms an entry barrier that competitors cannot easily replicate.

Revenue expanded from ¥10,575 million in FY2022 to ¥22,657 million in FY2025, more than doubling (2.1x) over four fiscal periods. Operating profit also increased from ¥933 million to ¥1,759 million over the same period, with FY2025 achieving revenue growth of 32.4% and operating profit growth of 31.2% year on year. Both revenue and operating profit exceeded the FY2025 plan.

Through a series of M&A transactions including Ingate, CLOCK, IT, and skyny, the company acquired DX development and SI capabilities. As part of PMI, the company rolled out

ENVALITH's Perspective

For the first half of FY2026 (ending March 2026), operating profit sharply deteriorated to ¥218 million (down 72.5% YoY), and EBITDA (Non-GAAP) fell to ¥495 million (down 58.1% YoY). Selling, general and administrative expenses increased by ¥475 million, from ¥3,940 million in the same period last year to ¥4,415 million, as personnel investment and AI-BPO development investment aimed at advancing DX Consulting have weighed on earnings. The full-year earnings forecast points to operating profit in the range of ¥(1,000) million to ¥0 million, indicating the possibility of recording a loss, and the risk of a prolonged investment phase warrants attention.

Operating cash flow for the interim period came to ¥(287) million, a significant deterioration from +¥621 million in the same period last year. The main cause was an increase in corporate tax payments, from ¥342 million in the same period last year to ¥535 million. Cash and cash equivalents at the end of the interim period stood at a healthy ¥7,333 million, suggesting low short-term liquidity risk, but continued cash outflow—combined with investing cash flow of ¥(388) million—warrants ongoing monitoring.

Segment profit for the Business SaaS Business deteriorated from a profit of ¥7 million in the same period last year to a loss of ¥69 million. Revenue also declined to ¥497 million (down 7.6% YoY). The company has positioned synergy creation with DX Consulting as a growth driver, but the contribution to earnings is not yet clearly visible at this stage. While external demand for corporate DX investment is expanding, the company's pace of business transformation may not be keeping up with capturing this market opportunity.

Growth Strategy

Building the next growth pillar through Matching Business revenue optimization and concentrated investment in DX Consulting and AI-BPO

Centered on CrowdWorks Consulting, established in 2025, the company is promoting the "democratization of DX consulting" for small and medium-sized enterprises. It aims to strengthen the account sales structure across the group and improve profitability through PMI. During the current interim period, the company is actively investing in human resources to promote DX consulting.

Against the backdrop of rapidly increasing demand for business process automation as companies advance AI adoption and utilization, the company is promoting the development and provision of a new service, "AI-BPO," to support operational efficiency. This is a new revenue source linked to growing demand for AI and data utilization talent in the engineer market.

The company is promoting an increase in contract unit price per client by providing high-value-added services through consulting. Leveraging its existing base of 7,787 thousand registered users and 1,104 thousand client companies, it aims to maximize revenue through both an increase in the number of ordering companies and a rise in order unit prices.

While expanding the adoption of the man-hour management SaaS mainly among large enterprises and growth companies, the company is promoting upselling to consulting services utilizing man-hour data. During the current interim period, the segment loss worsened to ¥69 million, and turning it profitable through synergy realization with DX Consulting remains a challenge.

Last updated: July 17, 2026