SuRaLa Net Co.,Ltd.
3998・Growth Market・Information & Communication
Business
Surala Net Co., Ltd. is an EdTech company developing an e-learning business centered on its ICT learning materials "Surala" and "Surala Drill," targeting students from elementary school through high school. It serves customers across multiple channels, including cram schools, educational corporations, local governments, and individual learners (BtoC), and addresses a wide range of academic ability levels (hensachi 30–60) through its non-grade-based, adaptive learning approach. Guided by a corporate philosophy of solving social issues such as school non-attendance, developmental disabilities, low academic achievement, and poverty, the company is also expanding overseas into countries including Sri Lanka, Indonesia, Egypt, and Cambodia, in addition to its domestic operations. Operating as a two-company group that includes its subsidiary Phantomstick, it also engages in contract development and educational app businesses. As of the end of December 2025, the number of schools using its services reached 3,278, with 268,288 active user IDs.
Business Model
Under the BtoBtoC model, cram schools and schools are charged a monthly "service usage fee" per school location and a monthly "ID usage fee" per student ID. Educational institutions (school corporations) are charged an initial setup fee plus a monthly ID usage fee. Under the BtoC model, monthly ID usage fees are collected directly from individual learners, and outsourcing fees are paid to partner cram school instructors (Surala Coach), forming a win-win structure. The e-learning business accounts for over 95% of net sales, with the remainder supplemented by Contract Development Business / App Development Business. Recurring (stock-type) revenue forms the foundation, with growth in the number of adopting schools and active IDs serving as the primary driver of revenue growth.
Company Strengths
In 2013, the company obtained a patent for its "Adaptive Learning" function. It enables learners to review or advance beyond their grade level or school type, catering to a wide academic range spanning a standard score (hensachi) of 30 to 60. As differentiated content capable of addressing diverse learner needs, including students who are not attending school and those with developmental or learning disabilities, adoption is expanding into after-school day services for children with disabilities and vocational schools, among others.
The number of "Surala" IDs introduced by municipalities for school non-attendance support has grown approximately 15-fold over the past five years, reaching a new record high as of the end of December 2025. The company has also engaged in policy advocacy activities, such as submitting requests to the Ministry of Education, Culture, Sports, Science and Technology and launching a portal site for school non-attendance support, thereby establishing social recognition and brand strength in the school non-attendance support field.
As of the end of December 2025, the equity ratio stood at 88.3% (up 3.2 percentage points year on year) and the current ratio at 437.8% (versus 399.2% in the previous period), indicating an extremely sound financial base. While maintaining debt-free management, the company is funding investments such as the development of its next-generation service "Surala-i" from its own resources, keeping financial risk suppressed to a low level.
ENVALITH's Perspective
Performance Trend
While net sales remained roughly flat, moving from ¥1,953 million in FY2021 to ¥1,932 million in FY2025, operating profit fell sharply over the five periods from ¥521 million to ¥66 million, and FY2025 saw the company fall into a net loss of ¥4 million. In Q1 of FY2026 (ending December 2026), net sales came to ¥467 million (down 2.5% year-on-year) and operating profit fell to ¥6 million (down 83.8% year-on-year), indicating an acceleration of the deterioration. On the cost side, this reflects the combined impact of development investment in "Surala-i," reinforcement of sales personnel, and increased advertising expenses (up from ¥21 million to ¥29 million year-on-year). The full-year forecast calls for net sales of ¥2,149 million (up 11.3% year-on-year) and an operating loss of ¥141 million, with the declining birthrate and intensifying competition cited as external downward pressures.
Growth Strategy
Aiming for a revenue turnaround through the launch of "Surala-i" and multi-axis expansion across school non-attendance support, overseas markets, and Japanese language education
Development continues on "Surala-i," a personalized education service leveraging AI technology. The company is building an implementation foundation for public schools and local governments, and is advancing rollout preparations by leveraging the municipal network cultivated through dominant sales strategy.
In February 2026, the company announced evolved learning design and class support functions, and completed preparations for the launch ahead of the new academic term starting April 2026. Designed based on practical insights from school settings, it addresses the individualized optimization needs of the second phase of the GIGA School Initiative.
Achieved a chain-reaction expansion from Itabashi Ward to southern Saitama Prefecture (Wako City, Asaka City, Shiki City, Fujimino City). The number of public schools adopting the service reached 1,605 schools with 188,191 IDs as of the end of March 2026, showing remarkable growth year on year, and is functioning as the implementation foundation for "Surala-i."
"Surala Nihongo" in Indonesia saw increases in both the number of adopting schools and IDs year on year. Progress has also been made on contracted Japanese language education training in Ota Ward and expansion into night junior high schools, among others, driving multi-axis expansion to capture domestic and overseas demand for Japanese language education.
Last updated: July 17, 2026