ENVALITH
gooddaysホールディングス株式会社 logo

gooddays holdings, Inc.

4437・Growth Market・Information & Communication

Official website
gooddaysホールディングス株式会社 logo
gooddays holdings, Inc.4437

Business

gooddays Holdings is a pure holding company with subsidiaries Open Resource Corporation (IT Segment), which provides IT solutions for retail and financial industries, and goodroom, Inc. (Lifestyle Segment), which operates an integrated business spanning rental renovation, Co-Living facility operation, and customer-acquisition media. Founded in 2016 under the concept of fusing "Lifestyle × IT," the company listed on the Tokyo Stock Exchange Mothers market (now Growth) in 2019. Its main customers are department stores, mass retailers, and financial institutions (IT) as well as real estate owners and corporations (Lifestyle). The company is strengthening its business foundation through capital and business alliances with Mitsubishi Estate, Odakyu Electric Railway, Isetan Mitsukoshi System Solutions, and others.

Business Model

In the IT Segment, the company combines SaaS-type license and maintenance revenue from its proprietary product "Redx Cloud POS" (Redx Business) with contract system development for the financial and distribution industries (User Connect Business). In the Lifestyle Segment, the company builds up stock-type recurring revenue through an end-to-end cycle (One Cycle model) consisting of renovation construction → customer acquisition via goodroom Media → facility operation such as goodroom residence. In both segments, the company is promoting a shift toward a marginal-profit-type business model centered on "standardization."

Company Strengths

The company has an in-house structure covering renovation construction and, through goodroom Media, customer acquisition and facility operations. As of the end of FY2026 (ending March 2026), the cumulative number of occupied units at goodroom residence reached approximately 1,300, and sales of the goodroom Solutions Business grew 121.2% year on year. This end-to-end model serves as a key differentiator versus competitors.

Building on a business alliance with Isetan Mitsukoshi System Solutions (concluded in March 2024), the company developed the "Redx Cloud POS Department Store Standard" and completed its rollout at Tobu Department Store and Depaato Ryubo. It has also secured new customer orders for FY2027 (ending March 2027), and holds a proprietary product asset aimed at expanding this common platform across all department stores.

The company has entered into capital and business alliances with Mitsubishi Estate, Odakyu Electric Railway, Tokyu Fudosan Holdings, Kokuyo, and gbDX Technology. It has a track record of securing large-scale projects through this alliance network, including the renovation of three former employee dormitory properties owned by Takenaka Corporation, and sales of ¥1,813 million to Seibu Real Estate (FY2026 (ending March 2026), representing 15.8% of total sales).

ENVALITH's Perspective

For FY2026 (ending March 2026), net sales reached ¥11,505 million (up 30.7% year on year) and operating profit reached ¥933 million (up 54.2% year on year), achieving substantial growth in both revenue and profit. The main driver was the goodroom Solutions Business, with net sales up 121.2% year on year. On the other hand, due to ¥1,877 million in upfront investment in tangible fixed asset acquisitions, investing cash flow resulted in an outflow of ¥2,076 million, and the equity ratio declined from 54.8% in the previous period to 41.5%. While rising demand for utilizing existing real estate stock serves as an external tailwind, the ability to repay outstanding borrowings (short-term ¥800 million + long-term ¥1,498 million) and the recovery of operating cash flow will be key evaluation points going forward.

As of the end of FY2026 (ending March 2026), the cumulative number of occupied units was approximately 1,300, progressing toward the target of 2,000 units. However, upfront costs associated with facility expansion (net buildings and structures surged from ¥476 million in the previous period to ¥1,589 million in the current period) put pressure on operating cash flow, which remained at ¥254 million for the period (versus ¥638 million in the previous period). A ¥929 million increase in accounts receivable and contract assets due to the completion of a large-scale project at period-end also created a temporary financial burden. Whether the accumulation of occupied units leads to stable growth in stock-type rental income (other revenue of ¥1,605 million) will be key to continued profit margin improvement.

The IT Segment's Redx Business net sales were ¥1,275 million (down 10.1% year on year), a decline resulting from prioritizing investment. Meanwhile, the User Connect Business remained solid at ¥2,495 million (up 6.5% year on year), and the IT Segment as a whole saw net sales of ¥3,770 million and segment profit of ¥402 million, both exceeding the previous period. For FY2027 (ending March 2027), plans call for building the foundation of a "standard department store joint center" and beginning rollout across the entire retail industry, which is expected to accelerate monetization of the Redx Business. However, the degree to which AI-driven development cost reduction effects are realized and the pace of new customer acquisition will determine the improvement in the IT Segment's profit margin.

Growth Strategy

Establishment of a stock-type revenue base through the shift to standardized service models and the expansion of goodroom residence

Following the business alliance with Isetan Mitsukoshi System Solutions, the developed "Redx Cloud POS Department Store Standard" has been fully implemented at Tobu Department Store and Depaato Ryubou. In FY2027 (ending March 2027), the company will build the foundation of the Department Store Standard Shared Center and begin expanding it across the entire retail industry, aiming to expand recurring service revenue.

In FY2026 (ending March 2026), approximately 800 new rooms were brought into operation, bringing the cumulative total to approximately 1,300 rooms. The company is steadily progressing toward its target of 2,000 rooms by accumulating contracted projects with major corporations, including the renovation of three former employee dormitories owned by Takenaka Corporation and the opening of Minerva University's Japan campus (Shinagawa Takanawa). The increase in the number of operating rooms directly contributes to the stable growth of stock-type rental income.

The use of AI in system development has reduced development costs and shortened development periods. Going forward, the company plans to leverage purchasing and customer information accumulated through Redx to provide a "data utilization platform," expanding into marketing analysis and facility planning services to support facility operations and tenant support.

A medium- to long-term strategy aiming to integrate the standardized service models of both segments into a unified service platform, targeting platform business development and global expansion. The establishment of the new Aoyama head office in July 2026 will promote group-wide consolidation and new work-style reforms.

Last updated: July 19, 2026