ACCESS CO., LTD.
4813・Prime Market・Information & Communication
Business
ACCESS CO., LTD. is an independent R&D-focused software company founded in 1984. Serving domestic and international telecom carriers, equipment manufacturers, and general enterprises, the company operates three segments: IoT Solutions (addressing domestic DX demand), the Web Platform business centered on the embedded browser "NetFront® Browser," and "OcNOS®," an integrated Network OS for white-box switches handled by its US subsidiary IP Infusion Inc. The group comprises 10 consolidated subsidiaries and 3 equity-method affiliates, with global bases in Japan, the US, Europe, and Asia. Consolidated net sales for FY2025 (ended January 2025) were ¥15,931 million. The company is listed on the Prime Market of the Tokyo Stock Exchange (securities code: 4813).
Business Model
In the IoT Business, Professional Services providing one-stop communication, cloud, and sensing technologies form the core. In the Web Platform Business, royalty and license income from browser installations at device manufacturers forms recurring revenue. In the Network Business, in addition to license sales and support for OcNOS®, hardware bundling is also offered. Research and development expenses amounted to ¥3,272 million in FY2025 (ended January 2025), as the company continues efforts to maintain and strengthen product competitiveness.
Company Strengths
In FY ended January 2025, segment income for the IoT Business turned positive, moving from ¥-27 million in the prior period to ¥156 million, while the Web Platform Business also swung from ¥-106 million to ¥49 million. The decline in revenue from the partial transfer of the e-publishing business was offset by expansion in IoT Professional Services, resulting in both higher revenue and higher profit.
In FY ended January 2025, orders received in the Network Business increased 169.6% year on year, and the order backlog increased 250.4% year on year, reflecting the acquisition of large-scale orders. The order backlog for the Web Platform Business also increased 261.4% year on year. This sharp expansion in order-related indicators, which precede revenue recognition, is noteworthy as a leading indicator of revenue growth in the following period and beyond.
Cash and cash equivalents at the end of FY ended January 2025 stood at ¥10,559 million. Cash flow from operating activities was positive, with an increase of ¥1,134 million, maintaining a level sufficient to cover the ¥1,394 million in product development investment planned for FY ending January 2026 using cash on hand.
ENVALITH's Perspective
Performance Trend
Revenue for Q1 of FY2027 (ending January 2027) (February–April 2026) was ¥6,157 million (up 18.0% year on year), and the operating loss narrowed significantly to ¥9 million (compared with a loss of ¥854 million in the same quarter of the previous year). Ordinary profit came to ¥104 million, and quarterly net income attributable to owners of the parent was ¥88 million, marking a quarterly profit. The main driver of the improvement was the contribution from large-scale projects in the Network Business (revenue of ¥3,359 million, up 147% year on year), while both the IoT and Web businesses saw declines in both revenue and profit. Looking at the financial trends over the past five fiscal years (FY2022 through FY2026), although revenue has been on an expanding trend, operating losses have continued for five consecutive periods, making the achievement of full-year profitability (operating profit forecast of ¥800 million) a litmus test for the company's structural transformation. In terms of the external environment, steady demand for AI and DX investment is providing a tailwind for both the Network and IoT businesses.
Growth Strategy
Aiming for full-year profitability through three pillars: deepening the IoT Business, stabilizing Web Platform Business revenue, and capturing AI-related data center demand in the Network Business
IP Infusion Inc. is deploying multi-purpose white-box solutions for CSR, optical transport systems, and broadband aggregation, and is expanding sales channels to telecom carriers and data center operators through partnerships with major distributors and global SIers. In Q1, a large-scale project contributed to a 147% increase in revenue and a segment profit turnaround.
The company is capturing inquiries for IoT Professional Services related to location data utilization, energy management, and generative AI, while deepening its customer base and acquiring new customers. In Q1, revenue declined 30.2% and the segment posted a loss of ¥124 million due to a rebound effect from a large-scale project in the prior year, but the customer base itself is described as growing steadily.
The company is fostering its business in the Content/Video Delivery System & Service Platform for TV/broadcasting and automotive infotainment applications. In Q1, revenue declined 10.3% and the segment posted a loss of ¥51 million due to a slight decrease in domestic revenue. Progress is described as generally in line with expectations, but profitability has not yet been achieved.
Following the August 2025 designation as a Securities on Alert, the company is promoting the implementation of recurrence prevention measures and the strengthening of its internal control systems. A review by the Tokyo Stock Exchange is scheduled for around August 2026, and if the designation is not lifted, delisting will occur in principle. Progress in governance improvement is the most critical matter for investment decisions.
Last updated: July 17, 2026