ENVALITH
セーフィー株式会社 logo

Safie Inc.

4375・Growth Market・Information & Communication

セーフィー株式会社 logo
Safie Inc.4375

Business

Safie Inc. upholds the vision of "creating the future from video" and develops and provides the cloud-recording video platform "Safie" (cloud-recording video platform). Since launching the service in 2015, the company has expanded across a wide range of industries—retail, food service, construction, logistics, manufacturing, infrastructure, public sector, and healthcare—serving both corporate and individual customers. As of the end of December 2025, it boasted 354 thousand billed cameras and approximately a 55.3% share of active units in the cloud monitoring and recording service market (2024 survey). Including OEM deployment through capital and business alliances with the NTT Group, Canon Group, and SECOM Group, the company is expanding its business domain from on-site DX to on-site AX driven by video and AI.

Business Model

A two-layer structure consisting of spot revenue from camera and other equipment sales and installation work (¥5,914 million in FY2025 (ending December 2025)), and recurring revenue from monthly subscriptions covering cloud recording, image analysis, LTE communication fees, etc. (¥13,114 million for the same period). Once a single camera is installed, recurring revenue continues to accumulate, and the company manages ARR as its key KPI. ARR at the end of December 2025 stood at ¥14,523 million (up 21.7% year on year). Expansion from existing customers is also robust, with NRR of 109.9% for direct sales and 117.0% for sales partners.

Company Strengths

Acquired approximately 55.3% share on a units-in-operation basis in the 2024 cloud monitoring and recording service market (Techno Systems Research survey). The number of billed cameras as of the end of December 2025 was 354 thousand units, up 20.8% year on year. Video cloud infrastructure technology and proprietary APIs accumulated since founding form a barrier to entry.

Concluded capital and business alliances with the NTT Group, Canon Group, and SECOM Group, leveraging a nationwide network of several thousand sales personnel and customers through OEM provision. Combined with the direct sales network, the company has maintained an annual growth rate of approximately 30% every year since 2022. The NRR for sales partners stands at a high level of 117.0%.

The company-wide average monthly churn rate for FY2025 (ending December 2025) remained low at 0.8%. With direct sales NRR at 109.9% and sales partner NRR at 117.0%, additional installations and service expansions from existing customers continue to occur consistently. Recurring revenue of ¥13,114 million significantly exceeds spot revenue of ¥5,914 million, demonstrating the stability of the stock-type revenue base.

ENVALITH's Perspective

In 1Q of FY2026 (ending December 2026), the company recorded net sales of ¥5,107 million (up 20.9% year on year) and operating profit of ¥105 million (versus an operating loss of ¥20 million in the same quarter of the previous year), achieving a clear quarterly operating profit on a quarterly basis. Net income attributable to owners of the parent also turned positive at ¥165 million. Following the first full-year net profit turnaround in FY2025 (¥438 million), the sustainability of profitability is increasingly being confirmed, which is a positive factor for evaluation. However, attention should be paid to the fact that one-time gains, such as ¥97 million in gains from investment partnership operations and ¥107 million in subsidy income, boosted ordinary profit and net profit.

The full-year forecast for FY2026 (ending December 2026) remains unchanged, with net sales of ¥23,215 million (up 22.0% year on year), gross profit of ¥11,834 million (up 24.5% year on year), and adjusted operating profit of ¥450–650 million. 1Q net sales of ¥5,107 million represent approximately 22% of the full-year forecast, indicating generally steady progress. On the other hand, points to watch regarding the sustainability of profitability in the second half include the fact that the definition of adjusted operating profit includes one-time expenses such as outsourcing costs associated with the adoption of NEDO public solicitation projects, as well as the impact of increased costs from the consolidation of Laska as a subsidiary.

Key KPIs remain on a high-growth trajectory, with ARR of ¥14,996 million (up 21.5% year on year) and 370,000 billed camera units (up 20.9% year on year). As an external factor, the structural backdrop of declining labor population and expanding demand for on-site automation continues to support the accumulation of recurring revenue. As for the mid- to long-term scenario for discontinuous growth, points of focus include the deployment of Safie Trail Station AI into the existing camera market, estimated at approximately 9 million units by 2028, and the commercialization of AI security solutions. The timing of revenue contribution from the security business, which is still at the pilot testing stage, will be a key variable in investment decisions.

Growth Strategy

Multi-layered growth through entry into the existing camera market, mass deployment of AI solutions, and strengthening of group-wide installation capabilities

Key KPIs maintained high growth, with ARR of ¥14,996 million (up 21.5% year-on-year) and 370,000 billable camera units (up 20.9% year-on-year) as of end-March 2026. The strategy of simultaneously expanding spot revenue and recurring revenue through increased multi-unit, multi-site deployments among enterprise customers has proven successful.

Leveraging the network-connected storage product "Safie Trail Station AI," the company is pioneering a new market by cloud-enabling existing on-premise cameras. Entry into the existing camera market, estimated at approximately 9 million units by 2028, is positioned as the next scenario for discontinuous growth.

The company is mass-producing industry-specific AI solutions such as people counting and traffic flow analysis for retail, and unsafe behavior detection for construction, aiming to raise customer unit prices and accumulate solution sales. Efforts to add high value through combination with generative AI options are also underway.

On April 28, 2026, the company made Laska Co., Ltd., a telecommunications infrastructure construction company, a wholly owned subsidiary through Safie Field Works. By incorporating Laska's nationwide construction network and high technical capabilities, the company has strengthened its installation system to handle large-scale, multi-unit, multi-site projects, establishing an integrated system covering everything from on-site surveys to installation and maintenance.

The company is advancing trials of an AI security solution that seamlessly performs anomaly detection through AI analysis of camera footage, followed by immediate notification, monitoring, and remote voice intervention. In collaboration with Central Security Patrols, the company is developing security services that include on-site dispatch response and 110 (emergency police) call response.

Last updated: July 17, 2026