ENVALITH
ユーソナー株式会社 logo

uSonar Co., Ltd.

431A・Growth Market・Information & Communication

ユーソナー株式会社 logo
uSonar Co., Ltd.431A

Business

uSonar Inc. (formerly Landscape Inc.) operates under the corporate philosophy of "Supporting Society Through Proper Nouns," offering a suite of Sonar services—including the customer data integration cloud service "uSonar," the management strategy platform "PlanSonar," and the business card management app "mSonar"—built on its proprietary Corporate Database "LBC," which covers approximately 12.5 million business locations across Japan. Its primary customers are BtoB companies with corporate planning, marketing, and sales planning departments, and the company supports the visualization of sales white space and the realization of efficient account-based marketing through the cleansing, deduplication, and integration of customer data. Founded in 1990, the company listed on the TSE Growth Market in October 2025. It operates in the single segment of the Database Marketing Business.

Business Model

The core of revenue consists of recurring usage fees and data provision fees from subscription (fixed-term, fixed-fee) contracts for Sonar Services such as "uSonar", with the accumulation of ARR (Annual Recurring Revenue) forming the revenue base. While direct sales are the primary channel, indirect sales through system integrators are also being developed. The structure is such that raising ARPA (average revenue per account) through customer success activities targeting existing customers, combined with maintaining a low Churn Rate, drives improvement in profit margins.

Company Strengths

"LBC" has accumulated data manually collected from analog media since the 1990s over approximately 30 years, covering approximately 12.5 million locations nationwide in Japan (including branches and factories). Because it includes information that is no longer obtainable today, it is difficult to replicate using Web-data-based AI alternatives, forming a barrier to entry that competitors cannot imitate in a short period.

In FY2025 (ending December 2025), the company achieved net sales of ¥7,192 million against operating income of ¥1,391 million, for an operating margin of 19.3%. The growth rate of selling, general and administrative expenses (up 7.8% year on year) was significantly below the growth rate of net sales (up 18.4% year on year), demonstrating operating leverage emerging alongside sales expansion.

Since 2015, the company has adopted "non-competition (hikyo)" as a management policy, deliberately avoiding entry into adjacent areas such as SFA and MA. By incorporating API integration with other companies' tools as a specification, it has converted competitors into partners, lowering the barriers to adoption of uSonar. Obtaining ISO/IEC 27001 certification also ensures reliability in terms of security.

ENVALITH's Perspective

The operating margin of 24.8% for Q1 of FY2026 (ending December 2026) substantially exceeds the full-year forecast operating margin of 21.3% (¥1,764 million ÷ ¥8,280 million). While seasonality and factors related to the deferral of expenses must be taken into account, Q1 alone has already consumed 29.5% of the full-year forecast, indicating that there is a reasonable degree of upside potential relative to the full-year earnings forecast (unchanged).

The cumulative H1 operating profit forecast stands at ¥798 million (down 2.8% year on year), implying a profit decline. Given the high Q1 profit margin (¥520 million), this implies Q2 alone would be limited to just ¥278 million. Increases in expenses such as personnel costs, development investment, and marketing expenses may be concentrated in the second half, and the progress of expense execution and the trend in profit margins will continue to be a key focus.

The company operates in the Database Marketing Business (Single Segment) and is highly dependent on its core service, "uSonar." As an external risk factor, the impact would be significant should companies curb IT investment or should major competitors enter the market, and this risk remains. On the other hand, the equity ratio improved from 58.4% at the end of the previous fiscal year to 62.5%, indicating improved financial soundness. A financial base that is nearly debt-free (total bonds and borrowings of ¥315 million) supports the stability of business continuity.

Growth Strategy

Expanding the subscription revenue base through a three-pronged approach of ARR accumulation, ARPA improvement, and new customer acquisition

Aim to raise Average Revenue Per Account (ARPA) through upselling and cross-selling to existing customers via customer success activities. Accounts receivable increased by ¥197 million from the end of the previous period in the first quarter, confirming steady progress in order intake.

Acquire new customers by enhancing product and service capabilities and strengthening sales activities, accelerating the accumulation of ARR. Progress in the first quarter is steady toward achieving the full-year sales forecast of ¥8,280 million (+15.1% year on year).

Position LBC, which includes data derived from analog media that cannot be obtained through generative AI, as a data utilization platform for generative AI, and promote approaches to new demand segments. A patent right was newly recorded (¥21 million), reflecting progress in the protection and utilization of intellectual property as well.

Aim to achieve the full-year operating profit forecast of ¥1,764 million (+26.9% year on year). The first-quarter operating profit margin of 24.8% exceeded the full-year forecast of 21.3%, indicating progress in balancing cost control with sales growth. Financial soundness is also maintained, with an equity ratio of 62.5%.

Last updated: July 17, 2026