ENVALITH
株式会社アイリッジ logo

iRidge, Inc.

3917・Growth Market・Information & Communication

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株式会社アイリッジ logo
iRidge, Inc.3917

Business

AI Ridge has adopted "Tech Tomorrow" as its mission, with the App Business at its core, providing end-to-end Smartphone App Planning, Development & Operation Support to large enterprises in retail, finance, mobility, and other sectors. The company develops the app marketing tool "FANSHIP" and the app business platform "APPBOX" as proprietary products, and has built up a customer base of over 300 cumulative apps and more than 100 million MAU users. It also operates the Business Produce business (Integrated Marketing Support Service) through its consolidated subsidiary Qoil. In July 2025, the company withdrew from the Fintech Business (digital regional currency "MoneyEasy") in order to focus on the app and DX domain.

Business Model

In the App Business, the company adopts a hybrid model combining commissioned scratch and package development revenue with SaaS-type license revenue from "APPBOX" and "FANSHIP", as well as ongoing post-release operation support and growth support fees. In Business Produce, the company receives orders for integrated marketing support for national clients on a project-by-project basis. It is also advancing joint businesses and revenue-sharing arrangements through capital and business alliances with dip Corporation and Hakuhodo.

Company Strengths

Backed by extensive track record in enterprise app development, the company has accumulated over 300 cumulative app deployments and customer touchpoints exceeding 100 million monthly active users (MAU). Ongoing business relationships with major companies in retail, railway, finance, and other sectors form a stable revenue base, with App Business segment sales reaching ¥5,298 million (up 19.9% year on year) in FY2026 (ending March 2026).

"APPBOX," the App Business platform launched in April 2023, provides end-to-end support from scratch development through to the implementation of marketing initiatives. In FY2026 (ending March 2026), the company rebuilt the platform into a next-generation infrastructure premised on generative AI technology, allocating ¥481,020 million to software development out of total capital expenditure of ¥663,190 million. This established a foundation for improved development productivity through AI-native transformation.

The company entered into capital and business alliances with dip Corporation in April 2024 and with Hakuhodo Inc. in January 2025. Transactions in the EX-DX domain through the joint business with dip Corporation expanded significantly in FY2026 (ending March 2026), with sales to dip Corporation reaching ¥1,255,724 million (17.7% of total sales). The company has also established HAKUHODO BRIDGE, a joint venture with Hakuhodo, laying the groundwork for expanding the value provided to customers.

ENVALITH's Perspective

Revenue for FY2026 (ending March 2026) was ¥7,084 million (up 5.6% year on year), securing revenue growth, but operating profit fell approximately 48% to ¥113 million from ¥219 million in the prior period. In the Business Produce segment, gross profit margin declined due to a rising proportion of lower-margin projects such as advertising, compounded by increased SG&A expenses associated with strengthening the organizational structure. The structure in which profit falls sharply despite revenue growth warrants continued attention from the perspective of earnings quality.

Net income attributable to owners of parent for FY2026 (ending March 2026) increased substantially to ¥638 million from ¥14 million in the prior period, but this is highly likely to reflect the gain on sale associated with the transfer of all shares of Finnovalley in July 2025. Operating profit remained at only ¥113 million, making it essential for investment decision-making to distinguish between core earnings power and one-off gains when assessing the actual state of the business.

Under the correction dated June 22, 2026, intersegment internal sales within the Business Produce segment were significantly revised from ¥149,819 thousand to ¥18,529 thousand, and total segment sales for the same segment were also corrected from ¥1,845,822 thousand to ¥1,714,532 thousand. While there is said to be no impact on consolidated operating results or financial position, segment assets and some items in the statement of cash flows were also revised, and continued verification of the quality control system for the disclosure process is warranted.

Growth Strategy

Aiming to accelerate growth through DX domain expansion, strategic alliances, and business focus centered on the App Business

Leveraging a customer base of over 300 cumulative apps, the company is expanding into new areas such as EX-DX (Employee Experience DX). It is strengthening collaboration with development partners through the APPBOX Partner Program and advancing into digital domains beyond app-related fields.

The company continues to promote the joint provision of DX services and expanded collaboration based on the alliances with both companies. It aims to expand sales by acquiring new major-enterprise clients and deepening relationships with existing customers. In FY2026 (ending March 2026), external customer sales in the App Business remained solid at ¥5,296 million.

In July 2025, the company transferred all shares of Finobarrey Inc., establishing a structure focused on the two business segments of App Business and Business Produce. The gain on the transfer is believed to have contributed to net income for FY2026 (ending March 2026) and also strengthened the financial base.

A decline in gross profit margin due to an increasing proportion of low-margin projects such as advertising remains a challenge. While continuing to strengthen the organizational structure (promoting group-wide collaboration with Qoil Corporation), the company aims to expand orders for high-margin projects and stabilize the timing of large-scale project orders.

Last updated: July 19, 2026