ENVALITH
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BeMap, Inc.

4316・Growth Market・Information & Communication

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株式会社ビーマップ logo
BeMap, Inc.4316

Business

BMap, Inc. is a mobile system integration company established in 1998. Its business domain is planning, developing, and providing services that connect existing social infrastructure such as railways, telecommunications, and broadcasting with IT technology. Its main business areas include system development for railway operators (transit manager, the Artha transportation expense importer, etc.), construction and operation of wireless LAN systems for telecom operators and municipalities (Edgecore products, Air Compass Media, etc.), and diversified solutions such as video distribution, O2O2O & MMS Service, and content printing (Konpurin). Its major customers are NTT BP Corporation (17.4% of sales) and Ibaraki Prefecture (16.3% of sales). From FY2026 (ending March 2026), the company has consolidated its business segments into a single segment, the Systems & Solutions Business. Separately, the Tokyo Stock Exchange has decided to delist the company effective October 1, 2026.

Business Model

The company employs a model that diversifies revenue across four forms—"planning revenue," "development revenue," "operation revenue," and "license revenue"—rather than relying solely on compensation for contracted development. With social infrastructure operators as its main customers, it builds up stable operation revenue through the continued provision of maintenance, operations, and cloud management platforms even after system construction is complete. It also combines hardware sales (Edgecore, etc.), giving it a system integration-type revenue structure that provides software, services, and hardware in an integrated manner.

Company Strengths

The company has entered into a multi-year wireless LAN system operation support agreement with NTT BP, accounting for 17.4% (¥222,727 thousand) of sales composition in FY2026 (ending March 2026). It has also entered into a contract with Ibaraki Prefecture for the FY2025 (Reiwa 7) Disaster Prevention Information Distribution Demonstration Research Services, accounting for 16.3% (¥212,895 thousand) of the same. Continuous transaction track record in the social infrastructure domains of railways, telecommunications, and municipalities underpins the stability of the customer base.

The company holds a proprietary product lineup including Air Compass Media (In-Vehicle Server), Edgecore Products & Cloud Management System, Terragraph (Millimeter-Wave Wireless System), and Wi-Fi HaLow. As services utilizing transit IC cards, it offers transit manager and the transportation expense importer Artha. These are proprietary technology assets that are difficult for other companies to imitate in a short period, and the active level of inquiries is noted in the company's securities report.

As of the end of FY2026 (ending March 2026), the order backlog stood at ¥797,016 thousand (92.4% of the previous fiscal year's level). This continues an accumulation trend that includes the order backlog of ¥418 million (up 129.9% year on year) reported for the Wireless Innovation Business alone as of the end of the previous fiscal year, with the existing order backlog underpinning sales recognition in future periods.

ENVALITH's Perspective

Following the release of the FY2026 (ending March 2026) earnings report (May 14, 2026), the company advanced the recognition of an inventory valuation loss of ¥36 million based on advice from its accounting auditor, expanding net loss attributable to owners of parent from ¥115 million to ¥152 million. This loss had originally been planned for recognition as an operating expense by FY2028 (ending March 2028), but was brought forward because sales performance was minimal relative to the materiality of the amount. This raises questions about the effectiveness of inventory management and sales planning for information and communication equipment and related products.'

Net assets at the end of FY2026 (ending March 2026), after restatement, stood at ¥503 million (down ¥2 million year on year), with the equity ratio declining to 39.9% (from 40.7% in the prior period). Accumulated deficit in retained earnings has reached ¥729 million, with operating losses continuing for a fifth consecutive period. In FY2026 (ending March 2026), the company newly raised ¥120 million in short-term borrowings, increasing its reliance on external financing for cash flow. A note regarding going-concern uncertainty has been attached to the financial statements, and the fragility of the company's financial foundation remains the greatest risk.

The revised consolidated earnings forecast for FY2027 (ending March 2027) projects net sales of ¥1,900 million (up 10.4% year on year), operating profit of ¥70 million, and net income of ¥40 million, marking a return to profitability. This forecast incorporates the cost-reduction effect from the advance recognition of inventory valuation losses, but the company must simultaneously achieve sales growth of over 10% and a substantial improvement in earnings. Given the company's track record over the past five periods (operating losses in every fiscal year from FY2022 through FY2026), the probability of achieving this forecast warrants careful assessment. On the external environment side, the recovery in inbound demand and expanding DX investment by municipalities could serve as tailwinds, but risks from dependence on specific customers and intensifying competition also continue to warrant close attention.

Growth Strategy

Aiming for sales of ¥2,400 million and operating profit of ¥250 million in FY2028 (ending March 2028) through order backlog accumulation across three business segments and expansion of proprietary services

Promote the commercialization of "TadaChike," a digital ticket service for railway operators, and pursue monetization by leveraging the recovery in railway operators' business investment trends (moving past the COVID-19 pandemic). Concurrently strengthen sales of transit manager and continue accumulating orders for related system development.

Steadily recognize sales from the order backlog, which reached ¥418 million (up 129.9% year on year) as of the end of FY2025 (ended March 2025). Continue to accumulate solution projects for telecom carriers in new fields such as ICT, IoT, and local 5G, and continue expanding sales of proprietary products such as Edgecore products.

By recording an inventory valuation loss of ¥36 million as an extraordinary loss ahead of schedule in FY2026 (ending March 2026), costs originally scheduled to be recorded as operating expenses (cost of sales) through FY2028 (ending March 2028) have been absorbed. As a result, the FY2027 (ending March 2027) earnings forecast has been revised upward (operating profit from ¥50 million to ¥70 million; net income from ¥30 million to ¥40 million).

Strengthen the earnings base of the Solutions Business through the consolidation of MMS Marketing Co., Ltd. as a subsidiary to expand the scale of the O2O2O & MMS Service, growth of the "Konpurin" (Content Print Business) ID photo service, continued contracted work on the disaster prevention information distribution system demonstration research project commissioned by Ibaraki Prefecture, and accumulation of contracted development projects for corporate clients.

Last updated: July 19, 2026