ENVALITH
GreenBee株式会社 logo

GreenBee, Inc.

3913・Standard Market・Information & Communication

Official website
GreenBee株式会社 logo
GreenBee, Inc.3913

Business

GreenBee Corporation (formerly sMedio, Inc.) is a TSE Standard Market-listed software company that changed its trade name in April 2024, guided by its mission of "building a sustainable future through technology." The company operates across three business domains: the DX Service Business (cloud backup and vulnerability diagnostics), the GX Service Business (grid-connected battery storage and EMS), and the Technology License Business (embedded browsers and content playback software). Its main customers are telecom carriers, major PC manufacturers, and digital home appliance manufacturers, and it conducts development and sales through a three-company structure spanning Japan and overseas (Shanghai and Tao Software).

Business Model

Revenue consists of three components: recurring income (shipment-linked royalties from manufacturers plus end-user subscriptions), development income (contract development and customization), and maintenance service/support income. Sales by business area for FY2025 (ending December 2025) were: Technology Licensing Business ¥593 million (61.7%), DX Services Business ¥348 million (36.2%), and GX Services Business ¥21 million (2.2%). The company is advancing a shift in its revenue model through expanding the proportion of subscriptions.

Company Strengths

The number of paid subscription contracts reached approximately 368,000 as of the end of December 2025. Monthly recurring revenue expanded to 433% compared to December 2024, and sales in the DX Service Business recorded ¥348 million, up 122.4% year on year. Improved efficiency in acquiring new contracts and a stable retention rate have contributed to improved profitability.

Cash and deposits stood at ¥1,276 million as of the end of December 2025. After deducting current liabilities of ¥186 million, effective liquid assets on hand amount to the equivalent of ¥1,089 million. Net assets stood at ¥1,390 million, and the equity ratio has been maintained at a high level, giving the company financial flexibility to respond to entry into the GX business and future M&A.

The company holds technology licensing agreements with 17 or more companies, primarily in the United States, including Oracle, Dolby, DTS, MPEG LA, and the Blu-ray Disc Association. Its 4K/8K content playback software has a track record of adoption in HDD and Blu-ray devices from major electronics manufacturers and in products from major PC manufacturers, forming a technical barrier to entry.

ENVALITH's Perspective

Q1 FY2026 revenue reached ¥319 million (versus ¥239 million in the same period of the prior year), achieving substantial revenue growth. However, selling, general and administrative expenses increased 71.8% from ¥95 million to ¥164 million, causing the operating profit margin to decline from 21.9% (same period last year) to 18.0%. The increase in expenses appears to stem from GX business launch costs and personnel reinforcement, among other factors, partially offsetting the revenue growth effect. Achieving the full-year forecast (revenue of ¥1,308 million, operating profit of ¥208 million) will require ¥251 million in operating profit over the remaining three quarters, making expense control a key focus.

In February 2026, the company acquired 306,000 shares of treasury stock (acquisition cost of ¥333 million), resulting in net assets declining from ¥1,390 million to ¥1,115 million, and the equity ratio falling from 82.9% to 64.3%. Cash and deposits also decreased by ¥623 million, from ¥1,276 million to ¥653 million, reflecting the overlap of battery storage facility acquisition and treasury stock purchases. With ongoing capital expenditure and working capital needs in the GX business, the decline in cash liquidity warrants close attention from a financial flexibility perspective.

Q1 revenue for the GX service business remained below ¥1 million (a substantial decline from ¥11 million in the same period of the prior year), as electricity trading from the battery storage facility is scheduled to begin in June 2026, resulting in near-zero revenue contribution in Q1. External factors such as electricity market price trends and renewable energy policy directly affect earnings. Full-scale operation of the GX business is essential to achieving the full-year earnings forecast (revenue of ¥1,308 million, up 36.1% year-on-year), and the actual electricity trading results from June onward will be a critical checkpoint.

Growth Strategy

Three-pronged growth centered on DX subscription expansion, full-scale launch of the GX business, and horizontal expansion of technology licensing

Continued to acquire new users by capturing peak smartphone demand periods, achieving approximately 454,000 paid subscription contracts and monthly recurring revenue at 125% of the previous December's level as of the end of March 2026. Plans to further expand the subscriber base by deepening collaboration with telecommunications carriers.

Acquired the "Bizen City Honami High-Voltage No. 2 Battery Storage Station" and commenced power receipt on February 27, 2026. Full-scale power trading is scheduled to begin in June 2026. Newly consolidated GreenBee Energy Co., Ltd., establishing the operational foundation for the GX business. Since power market price trends directly affect revenue, close monitoring of market conditions is required.

Actively brought high-speed inter-device data transfer and AI-driven products to market, and from January 2026 began providing licensing for the AI media management app "Reclip" to Fujitsu Client Computing's "FMV". Aims to diversify royalty revenue through horizontal expansion of a highly profitable product lineup.

Last updated: July 17, 2026