WonderPlanet Inc.
4199・Growth Market・Information & Communication
Business
WonderPlanet Inc., under the mission of "Bringing 'Fun!' to everyday life around the world," is primarily engaged in the planning, development, operation, and sales of mobile games. The company provides services to users through the platforms of Apple Inc. and Google LLC, and operates two business formats: in-house developed original titles (Crash Fever) and joint venture titles with collaborative partners (such as Pandland). The company's strength lies in game development leveraging popular IP (intellectual property) both domestically and internationally, and it is promoting expansion into the global market. Listed on the Tokyo Stock Exchange Growth Market (listed in June 2021).
Business Model
Users download games for free and the company generates revenue through in-game item purchases and monthly subscription fees (freemium model) as well as advertising views. For self-distributed titles, revenue is recorded as the amount after deducting platform fees and revenue share paid to partners. For titles distributed through collaboration partners, the company records the revenue share received, success fees, and development cost compensation as sales. The company also earns contract development income. In FY2025 (ending August 2025), major customers were Apple Inc. (25.1%), Bandai Namco Entertainment (23.9%), Google LLC (20.9%), Bushiroad (12.5%), and Game Freak (12.2%).
Company Strengths
In FY2025 (ended August 2025), collaborations with multiple major IP holders including Bandai Namco Entertainment (23.9% of net sales), Bushiroad (12.5%), and Game Freak (12.2%) contributed to revenue. The simultaneous worldwide release of HUNTER×HUNTER NEN×SURVIVOR (co-developed with Bushiroad) in 2026 has also been announced, demonstrating the company's strong capability in sourcing IP.
The company has built and maintained the proprietary development platform "SEED" aimed at standardizing various mobile game functions, improving quality, and reducing man-hours. R&D expenses of ¥58 million were invested in FY2025 (ended August 2025), and the platform functions as a technological foundation for achieving low-cost, short-duration, and high-quality development and operations.
The company has established a full remote work system, supported by an established virtual office culture, flextime system, and remote work environment subsidies. It is promoting company-wide utilization of AI, aiming to improve product quality with the same headcount and cost. Capital expenditure remained light at ¥10 million in FY2025 (ended August 2025) (purchase of business-use PCs), maintaining a lightweight asset structure.
ENVALITH's Perspective
Performance Trend
Revenue for the cumulative nine months of Q3 FY2026 (ending August 2026) was ¥1,448 million (down 11.8% year on year). Although HUNTER×HUNTER NEN×SURVIVOR contributed, this was outweighed by the decline in Crash Fever revenue and the termination of Pandland service (March 2026), resulting in an overall decrease in company-wide revenue. Operating loss of ¥167 million and ordinary loss of ¥183 million each showed slight improvement year on year, but the recognition of an ¥82 million impairment loss on the Crash Fever operating rights caused the quarterly net loss to widen to ¥291 million, worse than the ¥208 million loss in the same period of the prior year. Combined with the annual results of the past five fiscal years, revenue has consistently declined from ¥3,586 million in FY2021 to ¥2,317 million in FY2025, indicating an ongoing structural decline in earnings power.
Growth Strategy
Global expansion leveraging major IPs and expansion/stabilization of the revenue base through the proprietary platform SEED
The title co-developed with Bushiroad began distribution in February 2026 (Japan, etc.) and March 2026 (United States). It has been disclosed that the title fully contributed to results for the nine months ended, functioning as a new revenue source. Continued operation and revenue expansion going forward remain key challenges.
It has been disclosed that development of a major IP title newly undertaken in the first quarter is progressing smoothly. The specific title name and release timing have not yet been announced, but it is expected to serve as the next revenue pillar. Initial performance after release will be key to earnings recovery.
This in-house developed title began distribution in September 2025. It has played a part in operating existing titles during the nine months ended, though details of its contribution to sales have not been disclosed. It is expected to help offset declining revenue from existing titles.
Development and administrative costs have been reduced through use of the proprietary development platform SEED and AI, along with full remote work arrangements. Selling, general and administrative expenses for the nine months ended totaled ¥413 million, down approximately 11% from ¥464 million in the same period of the prior year. This has contributed to narrowing the loss.
Last updated: July 17, 2026