ENVALITH
ユミルリンク株式会社 logo

YMIRLINK, Inc.

4372・Growth Market・Information & Communication

Official website
ユミルリンク株式会社 logo
YMIRLINK, Inc.4372

Business

Yumirulink Co., Ltd. is a company that develops and provides "Cuenote," a messaging platform that supports corporate digital communication and marketing activities. Founded in 1999, the company listed on the Tokyo Stock Exchange Mothers market (now the Growth Market) in 2021. Centered on its flagship product "Cuenote FC" (large-scale email distribution), the company offers a diverse range of messaging services in SaaS format, including SMS distribution, authentication, web push notifications, and safety confirmation. Its customers are primarily corporations and municipalities, and the number of contracts exceeded 2,000 as of September 2022. Through its consolidated subsidiary ROC Co., Ltd., the company also operates an SNS operation outsourcing business.

Business Model

The majority of revenue consists of recurring revenue comprising Cuenote SaaS service usage revenue (subscription) and maintenance revenue. In FY2025 (fiscal year ended December 2025), recurring revenue was ¥2,868,986 thousand (up 10.7% year on year), accounting for approximately 93.9% of total revenue. This structure allows monthly revenue to accumulate as long as customers continue using the service, and the fixed contract value at period-end (monthly recurring revenue) of ¥252,376 thousand (up 11.7% year on year) demonstrates stable growth. Spot-type initial revenue and SNS-related revenue supplement this as additional contributors.

Company Strengths

Operating margin for FY2025 (ending December 2025) was 22.0% (operating profit of ¥671,214 thousand). Under the subscription model, in which recurring revenue accounts for approximately 94% of total revenue, scale benefits accompanying revenue growth contribute to sustaining the high margin level.

Since independently developing a high-speed email delivery engine in 2003, the company has accumulated over 20 years of technology and know-how in the messaging domain. In FY2025 (ending December 2025), the annual delivery volume reached a record high of 95.5 billion messages, with a monthly peak of 8.9 billion messages, while the uptime rate for each service has been maintained between 99.93% and 100%.

Cuenote SMS is directly connected to Japan's four major mobile carriers, ensuring an official delivery route. In March 2023, the company launched Cuenote SMS for LGWAN, a service connected to the Local Government Wide Area Network (LGWAN) for municipal customers, giving it a customer base spanning both the private and public sectors.

ENVALITH's Perspective

Q1 FY2026 (ending December 2026) results—net sales of ¥829 million (up 14.4% YoY) and operating profit of ¥154 million (up 8.1% YoY)—represent a solid start. However, the full-year forecast calls for net sales of ¥3,360 million (up 10.0% YoY) against operating profit of ¥530 million (down 21.0% YoY), a substantial profit decline. Q1's operating margin of 18.5% exceeds the full-year forecast of 15.8%, suggesting that cost increases are expected to intensify in the latter half; the pace of expense recognition will be key to the margin outlook.

Recurring-type revenue continued its stable growth, up 13.7% YoY, while spot-type revenue (initial setup, customization, on-premises) contracted to ¥7 million, down 26.3% YoY. This can be interpreted as a structural shift accompanying the progress of SaaS adoption, but it is necessary to assess whether the decline in large-scale customization projects is temporary or ongoing. SNS Operation Outsourcing & In-house Support Service maintained high growth of 38.1% YoY, and its development as a third revenue pillar warrants continued monitoring.

At the end of Q1 FY2026 (ending December 2026), the equity ratio stood at 87.4% (improved from 83.9% at the previous fiscal year-end), and the company held cash and deposits of ¥2,548 million, maintaining an effectively debt-free management structure. The annual dividend forecast for FY2026 (ending December 2026) is ¥20 per share (up from ¥19 in the previous fiscal year), continuing shareholder returns. While external conditions such as heightened geopolitical tensions and elevated resource prices persist, the direct impact of raw material costs is limited given the company's SaaS-based revenue structure, underscoring its high financial stability.

Growth Strategy

SaaS business growth, enhancement of customer value, and building an integrated foundation as a messaging platform

A strategy to accumulate recurring revenue by continuously promoting adoption among large enterprises and expanding delivery volume. Steady progress is being made, with the recurring contract amount at the end of Q1 FY2026 (ending March 2026) reaching ¥261 million (up 13.2% year on year).

In March 2026, API integration between Cuenote SMS and Yoom was launched, enabling business process automation with over 700 types of tools. A delivery API and notification display timing customization feature have also been added to Cuenote Push. These initiatives aim to raise switching costs for existing customers and acquire new customers.

The SNS Operation Outsourcing & In-house Support Service continued to grow strongly in Q1 FY2026 (ending March 2026), reaching ¥53 million, up 38.1% year on year. The company aims to expand customer touchpoints beyond messaging, diversifying revenue and improving customer LTV.

In March 2026, a delivery API and notification display timing customization feature were added, improving interoperability with other systems and boosting response rates. The service is being cultivated as a third delivery channel alongside SMS and email.

Last updated: July 17, 2026