ENVALITH
株式会社アカツキ logo

Akatsuki Inc.

3932・Prime Market・Information & Communication

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株式会社アカツキ logo
Akatsuki Inc.3932

Business

Aktsk Inc. is a mobile game development and operation company established in 2010. In its core Games & Comics Business, it operates Dragon Ball Z Dokkan Battle (a collaboration with Bandai Namco Entertainment) and Romancing SaGa Re;universe (a collaboration with Square Enix), and also offers vertical-scroll full-color comics (Comics) under "HykeComic." Starting from FY2026 (ending March 2026), the company is restructuring its segments, moving to a three-business structure that adds an Entertainment & Lifestyle Business—including the online lottery "Slash Gift," fan apps, and confectionery manufacturing and sales (PAPABUBBLE)—and an AI/DX Solutions Business, which provides SNS marketing and AI agent support. The group comprises 30 companies, including 11 consolidated subsidiaries and 1 equity-method affiliate, and primarily serves smartphone users both in Japan and overseas.

Business Model

The main revenue source is in-game purchases (F2P model) via app markets such as Apple and Google. LTV is maximized by continuously analyzing DAU, payment rate, and ARPPU and implementing measures accordingly. The company develops and operates, in parallel, titles created in collaboration with major IP holders such as Bandai Namco Entertainment, alongside original titles with a higher revenue-sharing ratio. In addition, the company expands its IP ecosystem and diversifies revenue sources through the provision of online lottery systems (BtoB), a fan app platform, SNS marketing, AI solutions support, and other initiatives.

Company Strengths

Released in 2015, "Dragon Ball Z Dokkan Battle" continued to account for the majority of net sales in FY2026 (ending March 2026), with the domestic 11th anniversary event drawing strong participation. Through global collaboration measures, the title achieved the No.1 store sales ranking in 7 countries/regions, including Japan and France. User behavior data and operational know-how accumulated through long-term operation serve as a source of competitive advantage.

As large-scale new development activities passed their peak, R&D expenses declined, and the Games & Comics Business segment profit margin reached 36.0% (segment profit of ¥7,972 million) in FY2026 (ending March 2026). Cost reductions from business portfolio review and improved operational efficiency of existing titles have brought about a structural improvement in profit margin.

In December 2023, the company entered into a capital and business alliance with Sony Group Corporation and Koei Tecmo Holdings Co., Ltd., and carried out a disposal of treasury stock through a third-party allotment. The aim is to strengthen game development capabilities and overseas marketing capabilities and to create new content through collaboration, building a robust partnership foundation for accelerating global expansion.

ENVALITH's Perspective

Operating profit of ¥7,444 million (up 90.1% YoY) in FY2026 (ending March 2026) was mainly attributable to a significant reduction in SG&A expenses (down ¥3,198 million YoY), while revenue growth was limited to 9.3%. Revenue in the Games & Comics Business was ¥22,134 million, down 1.1% YoY; even with a six-month contribution from the new title "Kaiju No. 8 THE GAME," it fell short of the high-level performance of existing titles. The high degree of dependence on Bandai Namco continues to warrant attention as a concentration risk.

The Entertainment & Lifestyle Business achieved revenue of ¥2,560 million (up 117.4% YoY), driven by strong performance from a large-scale online lottery ("Slash Gift") project and the consolidation of CRAYON and PAPABUBBLE. Meanwhile, the AI/DX Solutions Business (Natee, etc.) posted revenue of ¥1,143 million against a segment loss of ¥241 million, remaining in an investment phase, with expenses expected to continue outpacing revenue into FY2027 (ending March 2027). The success of diversification hinges on the speed of monetization of these new businesses.

The company withheld disclosure of full-year earnings guidance for FY2027 (ending March 2027), citing significant uncertainty in the near-term business environment for the Games Business. As an external factor, the reduction in platform fees associated with the enforcement of the Smartphone Software Competition Promotion Act, among other measures, is expected to serve as a tailwind by containing cost burdens. On the other hand, while a full-year contribution from "Kaiju No. 8 THE GAME" and full-year earnings contributions from companies that joined the group in FY2026 (ending March 2026) are expected, risks from intensifying competition in the games market and shifting user preferences remain high, limiting visibility into performance.

Growth Strategy

Diversification into Entertainment and AI/DX domains through M&A is being accelerated while maintaining the revenue base centered on the Games Business

In addition to continuing global collaboration initiatives for "Dragon Ball Z Dokkan Battle," "Kaiju No. 8 THE GAME," released in late August 2025, is expected to contribute to earnings on a full-year basis from FY2027 (ending March 2027). The company will continue to promote operational and development efficiency using AI, strengthening the earnings base of the Games Business.

Platform fees are expected to decline following the enforcement of the Smartphone Software Competition Promotion Act and related measures, which is anticipated to curb cost burdens from FY2027 (ending March 2027) onward. Combined with a structural decline in research and development expenses as large-scale new development projects have run their course, the company aims to maintain and improve profit margins.

In addition to continued acquisition of large-scale projects for the online lottery service "Slash Gift," the company has consolidated CRAYON (fan club and marketing support) and PAPABUBBLE (experiential confectionery) to strengthen its business foundation. The company will continue M&A in the merchandising solutions domain to enhance its capability to respond to diverse IP-related needs.

Centered on Natee (SNS marketing, creator agency, and AI solutions), the company is promoting business scale expansion by integrating its group's IP production capabilities. The business is currently in an investment phase, with expenses being recognized ahead of revenue, with the aim of building a foundation for future revenue expansion.

As of April 30, 2026, the company made Groove Holdings (acquisition consideration: ¥4,500 million), which plans and manufactures concert merchandise, fan club merchandise, and other goods, a wholly owned subsidiary. By combining GD's high-quality, short-lead-time real merchandise manufacturing know-how with the company's IP production capabilities, the group aims to enhance the value of the fan experience and improve overall group corporate value.

Last updated: July 19, 2026