Interfactory, Inc.
4057・Growth Market・Information & Communication
Business
Interfactory, Inc. was founded in 2003 and is listed on the Growth Market of the Tokyo Stock Exchange as an EC (e-commerce)-focused cloud platform company. Its flagship product, "EBISUMART," is characterized by being cloud-based while allowing for a high degree of customization, and it primarily serves mid-sized to large EC operators. Starting from FY2024 (ending May 2024), the company expanded its business scope, newly launching the "EC Business Growth Support Business (EBISU GROWTH)," which provides comprehensive support from EC strategy planning through to practical execution, and the "Data Utilization Platform Business (EBISU PIM)," which enables centralized management of product information. Under the slogan "Evolving Commerce," the company aims to address the diverse needs of EC operators and diversify its revenue streams.
Business Model
The core of earnings is the Cloud Commerce Platform Business. Customization development at the time of EC implementation is recorded as flow revenue (system contract development sales: ¥952,970 thousand), while after go-live, monthly usage fees (base fee plus variable fees linked to GMV and PV) accumulate as stock revenue (system operation and maintenance sales: ¥1,641,902 thousand). This is a structure in which increases in GMV and the number of stores push up ARPU, expanding stock revenue. The EC Business Growth Support Business (¥247,322 thousand) is added to this, and revenue diversification is underway.
Company Strengths
Typical ASP services do not allow customization, but EBISUMART, despite being cloud-based, enables individual customization tailored to client needs. It offers three characteristics—scalability, up-to-dateness, and reliability—with weekly feature updates. The company has continuously maintained ISO/IEC27001 certification and PCI-DSS compliance, ensuring security reliability as well.
GMV increased for five consecutive fiscal years, from ¥127,700,886 thousand in FY2021 (ended May 2021) to ¥169,704,454 thousand in FY2025 (ended May 2025). Monthly average ARPU also rose continuously, from ¥261 thousand (FY2021, ended May 2021) to ¥384 thousand (FY2025, ended May 2025). Recurring revenue from the System Operation & Maintenance Service accounts for approximately 57% of net sales, supporting revenue stability.
In FY2025 (ended May 2025), orders received for custom system development rose sharply to ¥1,275,779 thousand (up 27.7% year on year), while the order backlog reached ¥469,797 thousand (up 24.6% year on year). This growth was driven by an expanded order capacity resulting from an increase in development personnel. The order backlog also serves as a leading indicator linked to future System Operation & Maintenance Service revenue.
ENVALITH's Perspective
Performance Trend
Revenue trended as follows: ¥2,283 million in FY2022 → ¥2,487 million in FY2023 → ¥2,595 million in FY2024 → ¥2,865 million in FY2025 → ¥2,862 million in FY2026. FY2026 marked the first year-on-year revenue decline (down 0.1%). Operating profit recorded a loss of ¥25 million in FY2024, then recovered sharply to ¥196 million in FY2025, before falling significantly to ¥64 million in FY2026. The main causes were an increase in advertising expenses (up approximately ¥48 million year-on-year) and expanded losses in the Data Utilization Platform Business (up approximately ¥30 million year-on-year). Operating cash flow decreased from ¥376 million to ¥145 million, and combined with increased investment cash outflow (from ¥175 million to ¥216 million), cash balance declined by ¥91 million. As for the external environment, the domestic EC market continues to expand moderately, but rising prices and yen depreciation pose an indirect risk to consumer purchasing power.
Growth Strategy
Diversification through continuity-based recurring revenue in the core business and monetization of new AI and PIM businesses
In the Cloud Commerce Platform Business, the basic strategy is to shift from a 'build-and-done' model to 'follow-along growth contracts,' aiming to raise the proportion of stock-type recurring revenue. In FY2026 (ending May 2026), System Operation & Maintenance Service revenue continued to grow year on year, confirming the direction of this transition.
The company has set the mid-sized BtoC segment (EC sales of ¥100 million to ¥5 billion) seeking D2C in-house EC adoption and the mid-sized BtoB segment (annual revenue of ¥50 billion to ¥100 billion) seeking DX migration as top-priority target markets, aiming to expand revenue through the sales expansion of EBISUMART BtoB and EBISUMART Enterprise. In FY2026 (ending May 2026), new order acquisition fell short of expectations, leaving challenges to be addressed.
The company is promoting the sales expansion of EBISU PIM, which enables EC operational efficiency and centralized management of product information. In FY2026 (ending May 2026), the company secured its first new order, but revenue remained at only ¥698 thousand, and segment loss expanded to ¥59 million. The company will continue development efforts, prioritizing enterprise projects, existing EBISUMART customers (over 800 companies), and multi-channel integration projects as target markets.
Productivity improvements from converting the ad operation agency service to a partner intermediary model turned segment profit/loss positive (FY2026 (ending May 2026): profit of ¥4 million). The near-term targets are 25 to 30 clients and net sales of ¥150 million to ¥180 million, with the aim of achieving non-continuous growth in the future through the launch of an AI agent (SaaS-type) offering.
In FY2027 (ending May 2027), the company will strengthen AI-related functions and services across each business, focusing on AI operational support, CRM, and data integration. The aim is to raise per-customer revenue through AI feature upselling and to build a continuous revenue structure through follow-along services. No specific numerical targets have been disclosed.
Last updated: July 17, 2026