ENVALITH
株式会社カラダノート logo

KARADANOTE, INC.

4014・Growth Market・Information & Communication

Official website
株式会社カラダノート logo
KARADANOTE, INC.4014

Business

Karada Note, Inc. operates the Family Data Platform Business, which collects and utilizes family life event data centered on the pregnancy and childcare demographic, under the vision of "Supporting family health and increasing smiles." Through its core apps ("Jintsu Kitakamo," "Juny Note," "Step Rinyushoku," etc.), the company has 3.32 million Family Data Platform members and provides data marketing support to client companies in insurance, housing, education, food delivery, and other sectors. In March 2025, the company divested its bottled water delivery business, advancing its selection and concentration strategy toward the financial domain, and in May of the same year concluded a capital and business alliance with Sumitomo Life Insurance Company. The business is positioned within the wellness market (estimated size of approximately ¥15 trillion) and the healthcare market (approximately ¥31 trillion).

Business Model

Mothers in the pregnancy/childcare segment are registered as members through campaigns such as "Everyone Gets a Gift," and personal data—child's age, household income, service consideration status, etc.—is accumulated in the family database. This combines flow-type revenue (Life Event Marketing (Kazoku Assistant)), which extracts users matching client companies' criteria and provides data/referrals, with stock-type revenue (Family Support) from the insurance agency business "Kazoku no Hoken" and other services. LTV is enhanced through life-stage-linked communication utilizing MA tools and SMS.

Company Strengths

The annual download rate of the contraction-timer app "Jintsu Kitakamo" exceeded 90% relative to the 2022 birth count. Apps such as "Junyu Note," "Step Rinyushoku," and "Vaccine Note" maintain a high reach rate among parents from pregnancy through children under one year old, building a member base (3.32 million users, up 13% year on year) that competitors cannot easily replicate.

Following the transfer of the water delivery business in March 2025 and the downsizing of the low-margin hair care and hygiene products segment, the gross profit margin improved significantly from 45.3% in the previous fiscal year to 71.7% in the interim period. Cost of sales decreased 8.5% year on year to ¥650,910 thousand, confirming as an actual result the shift in cost structure achieved through the streamlining of unprofitable segments.

In May 2025, the company concluded a capital and business alliance with Sumitomo Life Insurance Company, completing fundraising of ¥189 million. KPIs in the financial segment reached record highs, with ARPU (revenue per user) up 25% quarter on quarter. Through the mid- to long-term strategic partnership with the major life insurer, the revenue base of the insurance agency business "Kazoku no Hoken" is being strengthened.

ENVALITH's Perspective

Cumulative revenue for the first three quarters of FY2026 (ending March 2026) was ¥731 million (down 32.0% year on year), continuing a significant revenue decline. Meanwhile, operating profit of ¥146 million and quarterly net profit of ¥147 million marked a clear turnaround from a loss in the same period of the previous year. Against the full-year earnings forecast (revenue of ¥1,055 million, operating profit of ¥244 million), the progress rate for the cumulative first three quarters stood at 69.3% for revenue and 59.8% for operating profit, meaning that building up earnings in the fourth quarter will be key to achieving the full-year targets.

Given that operating cash flow had been negative for four consecutive fiscal years as of the end of the previous fiscal year, an event or condition that raises substantial doubt about the going concern assumption is also recognized as existing as of the end of the current third quarter. However, both operating profit and operating cash flow have continued to be positive for the cumulative first three quarters, and given that countermeasures have been implemented—such as strengthening the financial base through the capital and business alliance with Sumitomo Life Insurance, and entering into overdraft agreements with multiple financial institutions—the Company has determined that no material uncertainty currently exists.

On April 15, 2026, a settlement was reached in the lawsuit with Mr. Akira Nonomura, and as of June 1 of the same year, the acquisition of all shares of FPO and its subsidiarization were completed. While this is expected to strengthen the medium- to long-term growth foundation through the acquisition of recurring revenue and multichannel expansion, there is a possibility that goodwill impairment risk and organizational integration costs associated with the M&A could affect future earnings. As external factors, the active social investment in measures to counter the declining birthrate and the expanding demand for online leads in the housing and insurance industries serve as tailwinds, but the continued decline in the number of births is a risk that warrants attention as it constrains the room for expansion of the member base over the medium to long term.

Growth Strategy

Selection and focus on the financial domain, subsidiarization of FPO, and expansion of the Family Data member base

Under the capital and business alliance with Sumitomo Life Insurance Company, KPIs including the acquisition of non-insurance services have progressed extremely favorably. The company has begun developing joint services, and the financial domain has grown to account for more than half of net sales. The company aims to stabilize earnings through LTV expansion.

A litigation settlement was reached on April 15, 2026, and the company completed the acquisition of all shares of FPO and its subsidiarization effective June 1 of the same year. Through the acquisition of recurring revenue and multi-channel expansion, the company aims to achieve discontinuous growth in the financial domain and strengthen its medium- to long-term growth foundation.

The company focused on acquiring prospective customers across multiple domains such as end-of-life planning and career support, expanding the Family Data membership to 3.44 million (up 13% year on year). It is promoting the revitalization of its data platform through the acquisition of actions from the health management app and the enhancement of in-app functions.

The company reviewed its business portfolio, including the transfer of the home water delivery business, and concentrated management resources on growth areas. It has shifted to a structure emphasizing profit margins and cash generation capability, and continued to achieve profitability in both operating profit and operating cash flow on a cumulative basis through the third quarter.

Last updated: July 17, 2026