Aiming Inc.
3911・Growth Market・Information & Communication
Business
Aiming Inc., founded in 2011, is a company specializing in smartphone online games, guided by its mission "Aiming fans around the world." The company's strength lies in developing MMO (massively multiplayer online) genre games, and it operates its business on two axes: self-distributed titles and development/operation services contracted from other companies. Its representative titles include Ken to Mahou no Logres: Inishie no Megami (over 9 million downloads), Dragon Quest Tact (over 15 million downloads), and Kage no Jitsuryokusha ni Naritakute! Master of Garden (simultaneously distributed in 165 countries). The company is listed on the Tokyo Stock Exchange Growth Market. It is also promoting expansion into Asia through its Taiwan branch and Taichung studio.
Business Model
Revenue is composed of two segments: (1) the Online Game Distribution Service (net sales of ¥11,212 million) and (2) the Online Game Development/Operation Contracting Service (¥4,614 million). The Distribution Service's main income comes from in-app item purchases via the App Store and Google Play, with Apple Inc. accounting for 32.8% of sales and Google LLC for 22.1%. The Contracting Service handles 25 titles, generating revenue through contract fees plus success-based compensation. Under a joint business scheme, development and promotion costs are shared to reduce risk.
Company Strengths
The company has accumulated massive multiplayer online (MMO) game development as its core technology since founding. Ken to Mahou no Logres: Inishie no Megami has continued long-term operation for over 12 years since its 2013 release, maintaining a solid profit level. Agile development and continuous deployment are practiced routinely, achieving both development quality and efficiency.
The Online Game Development/Operation Contracting Service rapidly expanded to ¥4,614 million (up 71.0% year on year) in FY2025 (ending December 2025), with 25 titles under contract. It functions as a stable revenue base that complements the sales volatility risk of self-distributed titles, contributing to diversification of the revenue structure.
The company develops and operates Dragon Quest Tact (over 15 million downloads) through a joint business with Square Enix Co., Ltd. It has also been operating Ken to Mahou no Logres: Inishie no Megami over the long term through a joint business with Marvelous Inc. Through a capital and business alliance (February 2024) with Colopl, Inc., the company has also built a framework for mutual utilization of game development resources.
ENVALITH's Perspective
Performance Trend
Over the past five fiscal years, net sales peaked at ¥12,054 million and operating profit at ¥1,490 million in FY2021. From FY2022 onward, increased investment in new titles drove up costs, leading to two consecutive years of operating losses in FY2023 and FY2024. In FY2025, cost reductions and expansion of contracted development work enabled a return to profitability, with net sales of ¥15,826 million and operating profit of ¥2,080 million. However, in the first quarter of FY2026 (ending December 2026), the company saw a sharp deceleration, with net sales of ¥3,249 million (down 37.1% year on year) and operating profit of ¥241 million (down 82.2% year on year). This is thought to be mainly due to the natural slowdown of existing titles. The cumulative forecast for the first half also points to continued declines in both revenue and profit, with net sales of ¥6,745 million (down 25.0% year on year) and operating profit of ¥327 million (down 82.2% year on year). In terms of the market environment, the domestic smartphone-based online game market remains stable in scale (estimated at approximately ¥1,748.2 billion for FY2024), but intensifying competition from high-quality overseas titles and well-known IP-based titles is putting pressure on earnings.
Growth Strategy
Pursuing a multifaceted revenue recovery through IP utilization, joint ventures, expansion of contracted services, and the launch of new titles
Continuing to maintain active users and paying users through the 5.5th anniversary event and new character additions for Dragon Quest Tact, as well as seasonal events for Kage no Jitsuryokusha ni Naritakute! Master of Garden and other titles. Measures are underway to offset the natural decline of existing titles.
Distribution of the Live-Action Romance Simulation Game Co-Produced with TV Asahi began on March 4, 2026. Preparation and quality improvement for multiple titles scheduled for distribution from the following quarter onward are underway, with sales contribution from new titles being key to earnings recovery.
Aiming to enhance user appeal and diversify development risk through the development of titles utilizing well-known IP and the use of joint business schemes with TV stations, major game companies, and others. This is a core measure for differentiation in an increasingly competitive market.
Completed an additional investment of ¥261 million in Betimo Inc. on April 28, 2026 (maintaining an equity stake of 42.85%). Aiming to enhance corporate value through strengthened marketing activities and expanded app functionality, and to maximize group profit through improvement in equity-method investment profit/loss.
Securing a stable revenue base that complements fluctuations in sales from in-house titles through the Online Game Development/Operation Contracting Service. It has been confirmed that the contracting service is contributing to sales in the first quarter of FY2026 (ending December 2026) as well.
Last updated: July 17, 2026