ENVALITH
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Future Innovation Group, Inc.

4392・Prime Market・Information & Communication

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FIG株式会社 logo
Future Innovation Group, Inc.4392

Business

FIG Inc. is a holding company established in July 2018, operating two businesses: the IoT segment centered on Mobile Create Co., Ltd., and the Machine segment centered on REALIZE Co., Ltd. In the IoT segment, the company functions as an MVNO Communication Service provider, offering IP Radio & Dynamic Management System, dispatch systems, and Payment Service on a one-stop basis to logistics, taxi, and bus operators. In the Machine segment, the company manufactures and sells semiconductor- and automotive-related manufacturing equipment as well as Transport Robots & Robot Control Systems. Major customers include public transportation operators, logistics operators, semiconductor manufacturers, and automotive-related manufacturers, and the company views domestic social issues such as labor shortages, digitalization, and cashless transformation as business opportunities. The group consists of 14 companies including the Company itself, and is listed on the Prime Market of the Tokyo Stock Exchange and the Main Board of the Fukuoka Stock Exchange.

Business Model

In the IoT segment, the company builds a stable, recurring revenue base by combining flow business from the sale, rental, and leasing of systems and equipment (¥4,806 million in FY2025 (ending December 2025), up 27.9% year on year) with subscription-type stock business such as communication and application usage fees (¥4,476 million in the same period). In the Machine segment, the company manufactures and sells manufacturing equipment, molds, and transport robots on an order basis, seeking to expand order unit prices by proposing integrated solutions that combine equipment and robots. Group-wide sales totaled ¥13,318 million (FY2025 (ending December 2025)), with IoT accounting for approximately 70% of the total.

Company Strengths

In FY2025 (ending December 2025), orders received in the IoT segment amounted to ¥9,451 million (up 7.7% year on year), with an order backlog of ¥1,384 million (up 13.9%), showing steady accumulation. IP Radio & Dynamic Management System-related services continue to see sustained demand in the public transportation and logistics fields, with the subscription-type model underpinning a stable revenue base.

In FY2025 (ending December 2025), orders received in the Machine segment amounted to ¥5,881 million (up 73.2% year on year), with an order backlog of ¥2,988 million (up 161.5%), showing a sharp increase. Integrated solution proposals combining equipment and robots for semiconductor and automotive-related manufacturers have been successful, functioning as a leading indicator for medium- to long-term revenue recognition.

The cashless payment infrastructure developed in the transportation field is being expanded horizontally into the municipal and private service sectors, progressing away from dependence on a single field. Backed by government policy to raise the cashless payment ratio, operating profit in the IoT segment for FY2025 (ending December 2025) improved substantially to ¥1,527 million (up 42.6% year on year).

ENVALITH's Perspective

In Q1 of FY2026 (ending December 2026), net sales were ¥3,889 million (up 12.7% year-on-year), operating income was ¥397 million (up 55.0%), ordinary income was ¥400 million (up 63.4%), and quarterly net income attributable to owners of the parent was ¥262 million (up 76.2%), achieving substantial profit growth across all items. Against the full-year forecast (net sales of ¥14,000 million, operating income of ¥1,000 million, net income of ¥680 million), the progress rate for operating income at the Q1 stage was approximately 39.7%, a high level. However, the full-year net income forecast of ¥680 million represents a 13.2% decrease from the previous fiscal year, and attention should be paid to cost trends and changes in tax burden in the second half.

In Q1 of FY2026 (ending December 2026), gross profit increased in amount to ¥1,200 million (gross margin of 30.9%, versus ¥1,088 million and 31.5% in the same period of the previous year), while selling, general and administrative expenses were reduced by ¥30 million to ¥802 million from ¥832 million in the same period of the previous year, becoming the main driver of the substantial increase in operating income (+¥141 million). As external tailwinds, cashless payment policies in the public transportation sector and expanding demand for automation are providing support, but the sluggish performance of hotel-related services continues, and the timing of recovery in this business and the effectiveness of sales strategy restructuring will be points of focus going forward.

Between the end of Q1 and May 14, 2026, 15,000 units each of the 5th and 6th series stock acquisition rights were exercised, resulting in the new issuance of a total of 3,000,000 shares of common stock. This has substantially increased the number of shares issued, resulting in dilution of earnings per share. Conversion of convertible bonds (balance of ¥500 million) has also partially progressed (¥250 million converted), and it is necessary to continuously monitor the divergence trends between diluted EPS (¥8.50 for Q1 of FY2026, ending December 2026) and basic EPS. Consistency with the earnings-per-share target in the medium-term management plan is also an issue that should be closely examined.

Growth Strategy

Aiming for net sales of ¥17,000 million and operating income of ¥1,500 million in FY2028 (ending December 2028) through composite technology solutions combining Robotics, Payment, and IoT

Promoting horizontal expansion of Payment Service from public transportation to local governments and other industries. While maintaining solid demand for taxi dispatch and payment, bus-related services, and IP Radio, the company is working to expand cashless transaction volume and create new revenue opportunities. External customer net sales for Q1 FY2026 (ending December 2026) reached ¥2,680 million (up 12.3% year on year), demonstrating strong momentum.

Promoting expansion of the Transport Robots business and, through collaboration with a Taiwanese company, the development of automation equipment for cutting-edge AI semiconductor inspection processes. The integration of ciRobotics Corporation into REALIZE Corporation is also underway, with synergy creation in progress. Segment profit for Q1 FY2026 (ending December 2026) was ¥109 million (up 54.9% year on year), showing steady progress in profitability.

Based on the Medium-Term Management Plan (FY2026–FY2028) announced in February 2026, the company is promoting sustained enhancement of earning power through the provision of composite solutions combining IoT & Payment Service with Robotics & Automation. The full-year forecast for FY2026 (ending December 2026) remains unchanged at net sales of ¥14,000 million and operating income of ¥1,000 million.

For the Hotel Multimedia System business, which continues to underperform, the company is working to review its sales structure and rebuild its sales strategy, laying the groundwork for early recovery and renewed growth. Recovery of this business could serve as an upside factor for overall company performance.

Last updated: July 17, 2026