G-NEXT Inc.
4179・Growth Market・Information & Communication
Stakeholder DX Platform Business (Single Segment)
A single business centered on the cloud platform "Discoveriez," which supports customer engagement DX
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (consolidated, full year) | ¥1,015 million | ¥636 million (cumulative through Q3) | ↑ |
| Operating loss (consolidated, full year) | -¥70 million | -¥88 million (cumulative through Q3) | ↑ |
| Ordinary loss (consolidated, full year) | -¥71 million | ― | — |
| Net loss attributable to owners of parent (consolidated, full year) | -¥72 million | ― | — |
| Recurring revenue (full year) | ¥465 million | ¥344 million (cumulative through Q3) | ↑ |
| Recurring revenue ratio | 45.8% | ― | ↑ |
| Cloud MRR growth rate (year-on-year) | +16.0% | +15.1% (as of Q3) | ↑ |
| Monthly churn rate (trailing 12-month average) | 0.74% | 0.78% (as of Q3) | ↑ |
| Equity ratio | 17.5% | ― | — |
| Cash and cash equivalents (period-end balance) | ¥182 million | ¥414 million (beginning of period) | ↓ |
| Net assets per share | ¥14.01 | ― | — |
Business Details
Under the mission of "creating revolutionary ease in business operations," the company develops and provides in-house the stakeholder DX platform "Discoveriez." It centrally manages customer engagement information across phone, email, chat, and other channels, achieving SRM (Stakeholder Relationship Management) that resolves information fragmentation both within and outside the organization. In addition to the cloud business and on-premise business, the company is developing the problem-solving program "SRM Design Lab" (solutions and hardware business), launched in April 2023, as a growth business. From the third quarter of FY2026 (ending March 2026), the company transitioned to consolidated financial reporting, adding its subsidiary VoX Technology Co., Ltd. to the scope of consolidation.
Recent Overview
Recorded full-year revenue of ¥1,015 million, achieving a quarterly operating profit for the first time in five years in Q4
Full-year revenue for FY2026 (ending March 2026), the first year of consolidated reporting, was ¥1,015 million. The Discoveriez business (revenue of ¥430 million) benefited from the successful shift to a recurring revenue model, upsell initiatives, and price increase negotiations. SRM Design Lab's solutions business (¥265 million) and hardware business (¥319 million) also secured orders exceeding initial expectations. In Q4 alone, the company recorded operating profit of ¥17 million, achieving a quarterly profit for the first time in five years. On the other hand, for the full year, operating loss of ¥70 million and negative operating cash flow of ¥162 million continued, and the material uncertainty regarding the company's ability to continue as a going concern has not been resolved. For FY2027 (ending March 2027), the company has disclosed a forecast range of revenue of ¥1,500 million to ¥1,600 million and operating profit of ¥30 million to ¥40 million.
Key Products
Growth Drivers
- MRR growth (up 16.0% year-on-year) driven by the promotion of migration to cloud-based services (replacement of the former services CRMotion and BizVoice with Discoveriez)
- Revenue improvement through upsell initiatives targeting existing customers (Discoveriez AI, license expansion, optional feature adoption) and price increase negotiations
- Expansion of hardware and solutions business revenue through partner collaboration and cross-selling in the SRM Design Lab business (hardware business ¥319 million, solutions business ¥265 million)
- Expansion of the hardware business and entry into the reuse and circular economy fields through the establishment of subsidiary VoX Technology Co., Ltd. and the capital and business alliance with R Device Co., Ltd.
- Capturing new demand through the use of generative AI (Discoveriez AI) and increased orders for contracted development projects related to core systems and generative AI
- Pursuit of non-continuous growth through new business development and M&A, including the AI data center business and GPU server sales
Risks
- Operating losses and negative operating cash flow have continued since the 21st fiscal year (ended March 2022), and material uncertainty regarding the company's ability to continue as a going concern is recognized (operating cash flow of -¥162 million also in FY2026, ending March 2026)
- Cash and cash equivalents decreased by ¥231 million, from ¥414 million at the beginning of the period to ¥182 million at period-end, posing a risk that declining liquidity on hand could affect business continuity
- Risk that the cost ratio will rise due to increased purchase costs (notes and accounts payable of ¥107 million) associated with the expansion of the SRM Design Lab business, delaying profitability improvement
- Risk of deteriorating working capital, as indicated by the decrease in deferred revenue (a negative cash flow factor of -¥83 million) and the increase in trade receivables and contract assets (-¥111 million)
- Risk that competition will intensify due to the expansion of generative AI and migration projects, reducing Discoveriez's competitive advantage
- High dependence on financing (long-term borrowings balance of ¥103 million), posing a risk that deterioration in the credit environment could affect business continuity
Last updated: June 25, 2026