SOLXYZ Co., Ltd.
4284・Standard Market・Information & Communication
Business
Solxyz Co., Ltd. is an independent IT services company founded in 1981, leading a group consisting of the parent company, 13 subsidiaries, and 1 non-equity-method affiliate. Its business comprises three segments: (1) Software Development Business (net sales of ¥12,750 million), centered on SI / Contract Development Services for the financial industry and government agencies; (2) Consulting Business (¥1,570 million), providing embedded systems and general IT consulting for automobiles, medical devices, and other fields; and (3) Solutions Business (¥3,038 million), developing education, cloud, IoT, and measurement/control-related solutions. Its main customers include financial institutions, securities firms, government agencies, and automobile manufacturers, and the company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
Main revenue comes from project-based flow revenue in SI / Contract Development Services for financial institutions and government agencies within the Software Development Business. In addition, the company builds up subscription and SaaS-type stock revenue from sources such as Fleekdrive's online storage service "Fleekdrive," Neumann's driving school solutions "N-LINE/N-PLUS," and Exmotion's generative AI support service "CoBrain." The medium-term plan sets a target of a 50:50 operating profit ratio between the SI business and stock-type businesses.
Company Strengths
The Software Development Business's order backlog stood at ¥2,540 million, up 25.6% year-on-year, indicating favorable leading indicators. Projects for the securities industry and government agencies saw substantial revenue growth, and with the full-year contribution of F Co., Ltd. (specializing in Market Front/Middle System Development), which became a consolidated subsidiary in July 2024, segment revenue reached ¥12,750 million.
The company holds multiple recurring revenue sources, including Fleekdrive's online storage and form-processing SaaS, cross-selling of N-LINE/N-PLUS by Neumann Inc. for driving schools, CoBrain subscriptions from Exmotion Co., Ltd., and IoT solutions from E.I.Sol Co., Ltd. In FY2025 (ending December 2025), Fleekdrive's fee revisions and service improvements were successful, leading to a significant improvement in profitability.
E.I.Sol Co., Ltd. received the APAC region's "Outstanding Contribution Award" from National Instruments Corporation for the second consecutive year. Against the backdrop of the government's policy to strengthen defense capabilities, sales related to aerospace, space, and defense expanded, driving substantial revenue growth in the Solutions Business (up 8.1% year-on-year to ¥3,038 million).
ENVALITH's Perspective
Performance Trend
Revenue expanded steadily over the past five fiscal years, from ¥13,922 million in FY2021 to ¥17,359 million in FY2025. Operating profit bottomed out at ¥921 million in FY2024 and recovered sharply to ¥1,397 million in FY2025, marking a new 5-year high. In the first quarter of FY2026 (ending December 2026), revenue was ¥4,371 million (up 4.4% year on year) and operating profit was ¥323 million (up 1.3% year on year), maintaining the trend of revenue and profit growth. As an external environment factor, robust domestic IT investment driven by generative AI adoption and DX demand has provided a tailwind. On the other hand, short-term points to watch include the drop-off of a large-scale equipment sales deal in the Software Development Business, an increase in software amortization expenses within SG&A (up 3.3% year on year), and a 13.2% year-on-year decline in net profit due to a higher tax burden.
Growth Strategy
Pursuing medium-term growth through four pillars: strengthening SI business competitiveness, expanding stock-type business, M&A, and overseas expansion
Priority is given to securing orders for long-term continuing projects, primarily for banking, infrastructure, telecommunications, and manufacturing clients, in order to stably secure development resources. External sales of the Software Development Business in Q1 FY2026 (ending March 2026) were ¥3,331 million, a steady performance that confirms the maintenance of the business foundation.
The Solutions Business (aerospace, space, and defense-related) achieved ¥635 million in Q1 FY2026 (ending March 2026), up 32.5% year on year. The Consulting Business also grew 4.2% year on year, driven by progress in acquiring new customers outside the automotive industry. Continued high growth in both segments is key to full-year earnings growth.
Promoting sales expansion and profitability improvement of stock-type services such as Fleekdrive, Neumann, and CoBrain. The segment loss in the Solutions Business improved significantly from ¥(223) million in the same quarter of the previous year to ¥(76) million, confirming progress toward turning profitable.
In addition to the continued consolidated contribution of F Corporation (Market Front/Middle System Development), the company is promoting the establishment of a solutions sales structure through overseas expansion into the Vietnamese market (NEUMANN VIETNAM CO., LTD.). As of Q1 FY2026 (ending March 2026), there were no significant changes to the scope of consolidation.
Last updated: July 17, 2026