ENVALITH
ランサーズ株式会社 logo

LANCERS,INC.

4484・Growth Market・Information & Communication

Official website
ランサーズ株式会社 logo
LANCERS,INC.4484

Business

Lancers Co., Ltd. started in 2008 as a crowdsourcing business operator and is currently undergoing a transformation into a "Hybrid-type AX Company." Its business consists of three models—"Matching Platform," "Agent," and "Consulting & Solution"—and, based on a freelance talent network of over 3.3 million people, it provides end-to-end support to clients, primarily large corporations, ranging from AI strategy formulation to implementation and talent provision. For individuals, it also offers reskilling opportunities (such as Lancers AI University and MENTA), building a bidirectional ecosystem that also cultivates and expands the supply side of talent.

Business Model

The matching platform recognizes revenue from system fees linked to request amounts plus option usage fees; the agent business recognizes revenue from the total of outsourcing fees and system fees; and Consulting & Solutions recognizes revenue based on order amounts. Of the FY2026 (ending March 2026) net sales of ¥5,437 million, gross profit was ¥2,129 million (gross margin of approximately 39%). The company positions maximization of gross merchandise value (GMV) and gross profit as the core axes of its management metrics.

Company Strengths

As of the end of FY2026, the company had 3.3 million registered users (up 7.6% from the end of the previous fiscal year), with 10,000 AI experts positioned at the core of its business. AI-driven improvements in skill visualization, tagging accuracy, and matching automation have significantly enhanced searchability, and the resulting talent network—of a scale that competitors cannot easily replicate in the short term—forms the foundation of the company's competitive advantage.

The company has integrated the upstream consulting capabilities of Lancers Strategic Consulting, established in May 2025, with the implementation and solution capabilities of Lancers Ones Solution, which joined the group in August 2025. Through a hybrid team of full-time consultants and freelancers, the company has already built a framework capable of offering flexible proposals tailored to the scale and duration of large corporations' management challenges.

After recording an operating loss of ¥367 million in FY2022, the company turned profitable in FY2024 with operating income of ¥75 million, which expanded to ¥201 million in FY2026 (up 84.4% year on year). Operating cash flow also improved substantially in FY2026, reaching an inflow of ¥371 million (compared with an outflow of ¥37 million in the previous fiscal year), providing numerical confirmation of the shift in the company's earnings structure.

ENVALITH's Perspective

In FY2026 (ending March 2026), the company posted revenue of ¥5,437 million (up 18.5% year on year) and operating profit of ¥201 million (up 84.4% year on year), demonstrating robust growth at the upper profit levels. However, the recording of an impairment loss of ¥115 million as an extraordinary loss held profit before income taxes to ¥92 million, and profit attributable to owners of parent came to ¥91 million (down 48.5% year on year), a significant decline from ¥177 million in the previous period. The details of the impairment and the specific assets involved are not disclosed in the earnings report, but the trend of goodwill arising from M&A (¥241 million at period-end) continues to warrant close monitoring.

The company forecasts revenue of ¥6,300 million (up 15.9% year on year), operating profit of ¥300 million (up 49.1% year on year), and profit attributable to owners of parent of ¥250 million (up 174.6% year on year) for FY2027 (ending March 2027). The large increase in net profit is considered mainly attributable to the disappearance of the previous period's impairment loss (¥115 million), but the key to achieving the plan will be whether the AX consulting subsidiary's revenue contribution gains full momentum and whether the deepening sales effect of Ones Solution progresses as planned. As an external factor, US tariff policy and geopolitical risks that lead companies to curb IT investment could pose headwinds.

Convertible bond-type bonds with share subscription rights (¥300 million) remain in fixed liabilities, and the number of potential shares outstanding has risen to 1,333,686 shares (of which 1,149,400 shares relate to the convertible bonds). The equity ratio declined to 38.0% (from 41.4% in the previous period), and an increase in long-term borrowings (fixed liabilities of ¥345 million) has also contributed to rising financial leverage. On the other hand, operating cash flow improved substantially to ¥371 million for the period (compared with an outflow of ¥37 million in the previous period), and cash and cash equivalents stood at a healthy ¥2,162 million, suggesting limited short-term liquidity risk.

Growth Strategy

Transformation into an AX company through the integrated trinity of AX talent infrastructure, AI products, and AX consulting

Implementing AI-driven skill visualization, tagging, and automated matching on a platform with over 3.3 million registered users, thereby improving the searchability and convenience for companies seeking AI and DX skilled talent. Positioning the AI talent infrastructure as the core of the business, the company aims to maintain and expand the platform's competitive advantage.

Accumulating practical implementation know-how for AI agents through the development and provision of "RakuApo AI," a sales AI agent specialized in automating sales activities. Beyond providing individual products, the company is expanding into support for designing and implementing AI solutions tailored to the operational challenges of client companies.

At the AX consulting subsidiary established in May 2025, recruitment of consultants has progressed smoothly, and the organizational foundation has been completed. Through a team structure combining full-time consultants and freelance consultants, order intake has expanded, establishing an integrated support system covering everything from strategy formulation to implementation.

The organizational integration of the former Ones Power, which joined the group in August 2025, including a change of company name, has been completed, and PMI is progressing smoothly. Through strengthened deep-dive sales efforts targeting major clients, revenue has expanded steadily since joining the group, contributing to the strengthening of the group's overall earnings base.

Last updated: July 19, 2026