ENVALITH
株式会社gumi logo

gumi Inc.

3903・Prime Market・Information & Communication

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株式会社gumi logo
gumi Inc.3903

Business

gumi Inc. was established in 2007 and is listed on the Prime Market of the Tokyo Stock Exchange. The company operates in two segments: the Mobile Online Game Business and Blockchain and Related Businesses. In the mobile game business, the company develops and operates native app games for smartphones both domestically and internationally, with a track record of collaborating with major IP holders, including FF-series titles with Square Enix. In Blockchain and Related Businesses, the company advances operations along two axes: the entertainment domain, centered on games, and the financial domain, centered on Asset Management / Node Operation and fund investment. The company has multiple subsidiaries both domestically and internationally, and is strengthening its business foundation in the Web3 domain through capital and business alliances with SBI Holdings and SUPER STATE HOLDINGS.

Business Model

In the Mobile Game Business, in-app purchases through platforms such as Apple and Google are the main revenue source, with Square Enix being the largest customer, accounting for 27.96% of net sales in FY2025 (ending April 2025). In the Blockchain and Related Businesses, revenue is generated through three channels: revenue recognition associated with token receipts via the OSHI3 platform, stable income from node operations across multiple chains, and investment recovery from fund investments. Segment sales for FY2025 (ending April 2025) were ¥6,454 million for Mobile Game and ¥2,488 million for Blockchain and Related Businesses.

Company Strengths

Has maintained long-term operation of FF-series titles (FFBE, WAR OF THE VISIONS, etc.) in collaboration with Square Enix, recording sales of ¥2,500,689 thousand (27.96% of total) to the company in FY2025 (ending April 2025). The company owns its own game engine, enabling it to build a system capable of developing new titles with low cost and high profitability probability by combining it with other companies' influential IP.

Entered the blockchain business in 2018 and established three pillars: node operation, fund investment, and platform business. In FY2025 (ending April 2025), Blockchain and Related Businesses recorded net sales of ¥2,488 million (up 86.9% year-on-year) and operating profit of ¥490 million, functioning as a revenue pillar that complements losses in the mobile game business.

Through a capital and business alliance with SBI Holdings (allotment of 8,800,000 shares of common stock), the company has built a collaborative framework for blockchain-related content development, Web3 network utilization, financial product development, and other initiatives. In June 2025, it decided to jointly establish a listed crypto asset management fund with SBI, aiming to expand its asset management business.

ENVALITH's Perspective

Operating profit for FY2026 (ending April 2026) declined sharply to ¥83 million (versus ¥370 million in the prior period). The Mobile Online Game Business's operating loss widened to ¥469 million (from a loss of ¥119 million in the prior period), primarily due to increased promotional expenses before and after new title releases. Selling, general and administrative expenses rose substantially to ¥2,793 million from ¥1,719 million in the prior period, indicating that cost structure optimization remains only partially complete. Profitability of the standalone game business remains a challenge, and structural improvement is judged to be an urgent priority.

Of the ¥2,170 million in ordinary profit for FY2026 (ending April 2026), ¥2,633 million in crypto asset valuation gains was recorded as non-operating income, meaning that on an operating profit/loss basis, the company is effectively close to a loss position. Should the crypto asset market turn sluggish, there is a high risk that these valuation gains could disappear, potentially causing the company to fall into an ordinary loss. The impact of crypto asset price fluctuations, as an external factor, on business performance is extremely significant, and questions remain regarding the reliability of this as a sustainable earnings base. Loss on equity method investments also widened to ¥454 million (from ¥308 million in the prior period), with the deteriorating performance of investees also being a concern.

Cash and cash equivalents at the end of FY2026 (ending April 2026) stood at ¥3,394 million, a decrease of ¥2,685 million from the prior period-end balance of ¥6,079 million. Operating cash flow was negative for the fifth consecutive period (-¥1,398 million), and the structure of covering the combined outflow from operating and investing activities (-¥3,589 million) with financing activities (+¥2,350 million) has continued. Short-term borrowings doubled to ¥4,001 million (from ¥2,000 million in the prior period), and attention should be paid to the increasing trend in interest-bearing debt. Although the equity ratio remains at a high level of 71.9%, the trend in cash flow should continue to be closely monitored from a liquidity risk perspective.

Growth Strategy

Segment reorganization aligned with SBI's Neo Media strategy, coupled with dual reinforcement of IP-driven game development and crypto asset management

A strategy of combining the company's proprietary game engine with external IP to secure audience appeal while controlling development costs. In FY2026 (ending March 2026), distribution of "JoJo's Bizarre Adventure: Ora Ora Overdrive" began, contributing to revenue growth in the Mobile Online Game Business. On the other hand, operating losses have widened due to increased promotional expenses before and after the launch, and improving cost-effectiveness remains a challenge.

The policy is to acquire IP through investments in production committees and to create multiple revenue sources by entering peripheral entertainment businesses beyond gaming. This is positioned as groundwork for the transition to the "Neo Media Entertainment Business" starting FY2027 (ending March 2027), with expectations for synergy with the SBI Group's Neo Media ecosystem.

In the Neo Crypto Business, the aim is to generate yield through active holding and management of XRP, while accumulating stable earnings through the crypto asset rebalancing strategy and SaaS business at Hinode Technologies. Crypto asset holdings expanded to ¥14,134 million at the end of FY2026 (ending March 2026), and while asset scale continues to grow, high dependence on crypto asset market conditions remains a risk factor.

The company continues to pursue early withdrawal from unprofitable titles and transfer of operations to other companies in order to optimize its cost structure. Structural reforms including the transfer of shares in Alim Co., Ltd. were implemented in the previous fiscal year, but in FY2026 (ending March 2026) selling, general and administrative expenses increased 62.5% year on year to ¥2,793 million, and thorough cost management continues to be required.

At the Board of Directors meeting on June 12, 2026, a resolution was passed to change the names of reporting segments starting from FY2027 (ending March 2027). Through business reorganization in line with the SBI Group's three-ecosystem alignment strategy of Finance, Digital Space, and Neo Media, the company aims to maximize group synergies. Figures based on the post-change segment classification are currently being calculated.

Last updated: July 17, 2026