ENVALITH
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TEMONA.inc.

3985・Standard Market・Information & Communication

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テモナ株式会社 logo
TEMONA.inc.3985

Business

Temona Co., Ltd. was established in 2008 as a subscription business support company with the purpose of "Enriching the world through subscriptions." In its E-Commerce Support Business, the company provides four services—"Subsc Store," "Tamago Repeat," "Subsc Store B2B," and "Subscat"—in SaaS format, targeting a wide range of EC operators from cosmetics, health foods, and apparel to food and brick-and-mortar retail. The company's structure consists of three segments: the Engineering Business, which provides system development and System Engineering Service (SES) through its subsidiary Sackle Co., Ltd.; and the Fintech Business, which offers subscription-based financing services through Subsc Solutions Co., Ltd., established in November 2024. The company listed on the Tokyo Stock Exchange Mothers market in 2017, moved to the Prime Market in 2022, and transitioned to the Standard Market in 2023.

Business Model

The E-Commerce Support Business's main revenue consists of two pillars: SaaS monthly usage fees (recurring revenue) and payment commissions linked to customers' gross merchandise value (GMV-linked revenue). Gross merchandise value for the fiscal year ended September 2025 was ¥122.3 billion. In addition, contract development revenue such as "Subsc Store" customization (¥133 million, up 325.9% year-on-year) is expanding. The Engineering Business generates per-person-month revenue through the provision of System Engineering Service (SES), while the Fintech Business is building a new revenue source through subscription-type financial services.

Company Strengths

Since launching its service in 2009, the company has continuously provided SaaS specialized in recurring subscription EC, reaching a gross merchandise value (GMV) of ¥122.3 billion in FY2025 (ended September 2025). A total of 705 accounts are operating across Subsc Store and Tamago Repeat, covering the market with a four-service structure that supports BtoC, BtoB, and physical retail stores.

Selling, general and administrative expenses were reduced by 17.4% year on year to ¥820 million, driven by a decrease in outsourcing costs and commission fees paid (down ¥33 million) through in-house production promotion, and a decrease in salaries and allowances (down ¥121 million) through operational efficiency improvements and appropriate personnel reallocation. In FY2025 (ended September 2025), the company recorded operating profit of ¥156 million and net income of ¥73 million, achieving a turnaround to profitability after three consecutive years of losses.

Subsidiary Sackle Co., Ltd. recorded net sales of ¥412 million (up 14.6% year on year) and segment profit of ¥23 million in FY2025 (ended September 2025). It handled ¥251 million in internal contracted work for the group's E-Commerce Support Business, directly contributing to reduced reliance on outsourcing and improved cost structure. External revenue is also expanding due to a continuous increase in System Engineering Service (SES) clients.

ENVALITH's Perspective

The system failure caused by the unauthorized access incident that occurred on October 24, 2025 pushed down Tamago Repeat's recurring revenue by 39.3% year-on-year (¥88 million) and its GMV-linked revenue by 18.0% year-on-year (¥177 million), leading to the recognition of an extraordinary loss of ¥55 million (system failure response costs). Net loss attributable to owners of the parent for the interim period fell into negative territory at ¥33 million. While the full-year forecast (net sales of ¥2,025 million, operating profit of ¥60 million) has been left unchanged, interim net sales of ¥905 million represent only about 44.7% of the full-year forecast, and it should be closely monitored that this presupposes a substantial performance recovery in the second half (April–September 2026).

The combined number of accounts for Subsc Store and Tamago Repeat continued to decline, reaching 645 (down 14.1% year-on-year), and the downward pressure on recurring revenue persists. Subsc Store B2B (18 accounts, down 5.3% year-on-year) and Subscat (168 accounts, down 2.3% year-on-year) also declined across the board. The E-Commerce Support Business segment posted a segment loss of ¥29 million (versus a segment profit of ¥92 million in the same period of the previous year), a sharp deterioration, and stabilizing the decline in account numbers along with accelerating new customer acquisition are prerequisites for revenue recovery.

The Fintech Business's turnaround to profitability can be positively evaluated as validation of the revenue model for the new business. On the other hand, along with the expansion of the Fintech Business, leased assets surged from ¥27 million at the end of the previous fiscal year to ¥244 million, and accounts payable also increased by ¥110 million. Cash outflow from investing activities expanded to ¥147 million (approximately 14 times the amount in the same period of the previous year), and cash and cash equivalents decreased by ¥138 million to ¥1,093 million. The equity ratio also declined from 42.0% to 38.7%, and the balance between the pace of growth investment in the Fintech Business and financial soundness will be a focal point going forward.

Growth Strategy

Aiming to expand business scale through three pillars: strengthening existing SaaS services, cultivating the Fintech Business, and expanding participation in the BC Mall distribution channel

Through functional enhancement and sales promotion of "Subsc Store" and "Tamago Repeat," the company aims to halt the decline in account numbers (645 accounts, down 14.1% year-on-year) and acquire new accounts. Recovery from and restoration of trust following the unauthorized access incident is the most immediate priority.

Through participation in the distribution channel of the physical retail market "BC Mall" utilizing "Subscat," other revenue for the first half of FY2026 (ending September 2026) surged 325.2% year-on-year to ¥63 million. The company aims to further increase transaction volume as a new revenue source for the E-Commerce Support Business.

By expanding the subscription-type finance service provided by Subsc Solutions, the company achieved a turnaround to profitability in the first half of FY2026 (ending September 2026) (segment profit of ¥13 million). Through investment in leased assets (¥244 million), the company is developing its service provision infrastructure and cultivating this as the group's third revenue pillar.

Sucle Co., Ltd. has continuously increased the number of clients to which it provides System Engineering Service (SES), achieving net sales of ¥246 million (up 15.4% year-on-year) and segment profit of ¥12 million (up 21.3% year-on-year) in the first half of FY2026 (ending September 2026). The company will continue to provide a stable supply of engineering resources both within and outside the group.

Through reductions in rent and depreciation expenses associated with the relocation of the head office and Fukuoka office, among other measures, selling, general and administrative expenses for the first half of FY2026 (ending September 2026) were reduced to ¥413 million (down 3.8% year-on-year). The company will continue building a structure capable of securing stable profits amid economic uncertainty.

Last updated: July 17, 2026