ENECHANGE Ltd.
4169・Growth Market・Information & Communication
Business
ENECHANGE Inc. operates the Energy Distribution Platform Business under the mission of "creating the future of energy." Its core business consists of two pillars. First, electricity and gas switching support through "ENECHANGE Home Electricity & Gas Comparison" for households and "ENECHANGE Biz Optimal Electricity Diagnosis (Switching Support)" for corporations. Second, SaaS / System Development, providing cloud-based digital solutions such as "ENECHANGE Utility" to electricity and gas utility companies. Its main customers are household and corporate electricity consumers (platform use is free of charge), partner electricity and gas companies (the revenue source), and SaaS-adopting utility companies (42 companies as of the end of March 2026). The company also operates an EV Charging Business through its equity-method affiliate MIRAiZ ENECHANGE.
Business Model
In Electricity/Gas Switching Support, when a user completes a switch, the company receives a recurring stock-type commission from partner electricity/gas companies, calculated by applying a rate to the customer's monthly electricity/gas charges; revenue accumulates in proportion to the cumulative number of contracts. In SaaS / System Development, the company continuously receives monthly license fees (including maintenance and operation costs) from electricity/gas utilities, as well as one-time fees for initial implementation and customization. Of the FY2026 (ending March 2026) revenue of ¥6,697 million, Electricity Switching Support accounted for ¥5,116 million (76%) and SaaS / System Development accounted for ¥1,137 million (17%).
Company Strengths
As of the end of March 2026, the company held 270,278 continuing household users and 17,718 continuing corporate business locations. Electricity and gas usage constitutes highly durable infrastructure with high continuity, and a structure exists whereby continuing rewards linked to monthly electricity charges accumulate even after switching. A stock-type model has been established in which the revenue base expands in tandem with the growing cumulative number of applications.
ENECHANGE Utility, a SaaS offering for electricity and gas providers, had been adopted by 42 companies as of the end of March 2026. The company provides an industry-specific system leveraging the large volumes of user data and electricity usage data accumulated through its switching platform, and possesses proprietary data assets and expertise that competitors would find difficult to replicate in a short period of time.
By providing services from a neutral standpoint not affiliated with any specific electricity or gas company, the company has achieved strategic business alliances with multiple electricity and gas companies. As rate plans grow more complex (market-linked pricing, fully fixed pricing, proprietary fuel cost adjustments, etc.), the market presence of its neutral comparison and explanation functions has been increasing, leading to an expansion in the number of partner operators and the volume of data acquired.
ENVALITH's Perspective
Performance Trend
Revenue continued an expansionary trend, rising from ¥3,018 million in FY2021 to ¥4,379 million in FY2023 to ¥6,716 million in FY2025 (15-month period) to ¥6,697 million in FY2026, though FY2026 showed a slight year-on-year decline (a simple comparison is not possible since the prior period was an irregular 15-month fiscal year). Operating profit continued to worsen from ¥41 million in FY2021 to -¥1,122 million in FY2022 to -¥2,125 million in FY2023 to -¥3,631 million in FY2025, but turned positive at ¥592 million in FY2026. This was mainly due to the elimination of upfront investment burden following the transfer of the EV Charging Business to a joint venture, which led to a significant reduction in cost of sales and SG&A expenses. As an external factor, heightened interest in electricity rates amid factors such as the Middle East situation supported demand for Electricity Switching Support. An equity-method loss of ¥728 million was a factor behind the ordinary loss of ¥148 million, and the gap between core business profitability and consolidated earnings remains a challenge.
Growth Strategy
Improving the quality of revenue from Electricity Switching Support and building stock-type revenue through core systems for new electricity retailers
Through the strengthening of AI Optimization (AIO), the development of customer acquisition channels independent of search engines, and the provision of the new service "ENECHANGE Home Moving Web Easy Support," the company pursues quality improvement of revenue with an emphasis on continuity and acquisition efficiency, in parallel with growth in the number of acquisitions. The aim is to increase the referral unit price and maximize LTV.
The number of continuing corporate customer sites increased to 17,718. The company promotes new customer acquisition leveraging its strength in accommodating diverse pricing formulas (market-linked, fully fixed, proprietary fuel cost adjustment, etc.). It aims to build a robust revenue base through reducing the cancellation rate and accumulating stock-type revenue via the use of SFA and CRM.
The company deploys a core system for retail electricity operators under a licensing model, establishing it as a new pillar of stock-type revenue through operation and maintenance services after implementation. It aims to enhance added value through improved development efficiency using AI and AI-native solution design, targeting adoption as an industry-standard platform.
There is growing demand among new electricity retailers for functional support in upstream areas such as optimizing power procurement and supporting the procurement of environmental value, including non-fossil fuel certificates. The company positions this as a new revenue opportunity that expands its business domain, with deployment planned during the Medium-Term Management Plan period (FY2026 (ending March 2026) to FY2028 (ending March 2028)).
Last updated: July 19, 2026