NE Inc.
441A・Growth Market・Information & Communication
NE Inc.
441A・Growth Market・Information & Communication
Business
NE Inc. began operations in August 2022 when it took over the platform business of Hamee Co., Ltd. through a corporate split (absorption-type company split). In its core Next Engine business, the company provides a cloud (SaaS)-based system that centralizes order and inventory management across multiple EC malls to 6,570 EC operators (as of the end of FY2025 (ending April 2025)). In the consulting business, it offers EC Consulting & Operation Outsourcing, while in the Localco business, it handles Furusato Nozei Support Service for local governments and EC sales of traditional crafts. Under the purpose "Ignite passion for commerce," the company aims to be a platform that provides integrated support for EC operators, ranging from back-office efficiency improvements to front-end sales growth.
Business Model
The Next Engine business adopts a usage-based pricing model tied to the number of orders processed by EC operators, creating a recurring revenue structure in which growth in users' businesses translates directly into revenue growth. ARPU improvement is pursued through flat-rate and usage-based charges for apps (extensions) as well as through Next Engine Order Made custom development. The consulting business operates on a continuing contract model starting from ¥60,000 per month, while the Localco business charges a rate linked to donation amounts, and the three businesses are designed to generate mutual synergies.
Company Strengths
As of the end of FY2025 (ended April 2025), the number of contracted companies for Next Engine reached 6,570 (an increase of 314 from the previous fiscal year-end), with 53,602 stores in use, and the total transaction value of stores using the service reached ¥1,187.9 billion. This scale of customer base functions both as a barrier to competitor entry and as a base population for ARPU improvement measures.
Against net sales of ¥3,925 million in FY2025 (ended April 2025), operating profit reached ¥1,518 million, resulting in an operating margin of 38.7%. The core Next Engine business's segment profit was ¥1,931 million (65.0% of segment sales), demonstrating extremely high profitability that reflects the characteristics of the SaaS business in the company's financials.
All development of Next Engine is handled by the company's in-house development department, and by opening up its API, the company has realized a platform that allows external developers to build and sell applications. This makes it easy to expand functionality according to user needs, and the platform has the scalability to serve a wide range of customer segments, from small-scale to large-scale EC operators.
ENVALITH's Perspective
Performance Trend
For FY2026 (ending March 2026, the fiscal year ended April 2026), the company secured revenue growth with sales of ¥4,068 million (up 3.6% year on year), but as SG&A expenses swelled to ¥1,499 million (up ¥215 million year on year), operating profit declined to ¥1,461 million (down 3.7% year on year) and ordinary profit fell to ¥1,444 million (down 5.3% year on year). The recording of ¥23 million in listing-related expenses as non-operating expenses also weighed on ordinary profit. On the other hand, net income for the period increased to ¥1,008 million (up 7.3% year on year). This was attributable to the disappearance of the ¥52 million impairment loss (including goodwill impairment related to the Localco business) recorded in the prior period, as well as a change in deferred income tax adjustments. As an external factor, the change to the point-elimination system on the Furusato Nozei portal directly hit demand during the Localco business's busy December season, affecting the decline in overall company profitability.
Growth Strategy
Deepening the EC support platform through ARPU improvement, expansion of educational products, and reorganization of the Localco business
Continuously raise ARPU through enhanced functionality to improve customer convenience, increased order processing volume, and expansion of Next Engine Order Made (contract development). The company targets Next Engine business revenue of ¥3,824 million (up 21.6% year on year) in FY2027 (ending April 2027).
Continue to strengthen sales of educational products such as online video courses on generative AI, supporting EC operators' independent business growth. Results significantly exceeded plan in FY2026 (ending April 2026), and revenue of ¥569 million (up 4.1% year on year) is planned for FY2027 (ending April 2027).
Transfer the Furusato Nozei Support Service business, which faces intensifying competition and difficulty maintaining its customer base, to Cyber Record Co., Ltd. for ¥220 million (excluding consumption tax), recording an extraordinary gain. The remaining Retail business will focus on Traditional Crafts EC, aiming for revenue of ¥213 million (up 126.8% year on year) in FY2027 (ending April 2027) by capturing inbound demand and expanding categories such as alcoholic beverages.
Ensure reliability as EC infrastructure through system investment in cybersecurity measures and acquisition of ISMS certification, while also stepping up growth investment such as new business development. In FY2027 (ending April 2027), the company plans to prioritize investment even if it means accepting a significant decline in operating profit.
Last updated: July 17, 2026