ENVALITH
株式会社トリプルアイズ logo

TRIPLEIZE CO., LTD.

5026・Growth Market・Information & Communication

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株式会社トリプルアイズ logo
TRIPLEIZE CO., LTD.5026

Business

Triple-I Inc. is an AI/IT solutions company founded in 2008. It is composed of two segments: the AI Solutions Business, which brings together AI Integration (system development and AI implementation support), Engineering (automotive design: BEX Co., Ltd.), and AI products (the facial recognition platform AIZE); and the GPU Server Business (Zero Field Co., Ltd.), which handles GPU server sales and data center operations. The company serves a wide range of industries as customers, including finance, distribution, real estate, healthcare, automotive, and amusement, and promotes the social implementation of AI by combining three elements: AI development capability, its proprietary AI platform, and GPU infrastructure. Listed on the TSE Growth Market in May 2022. With a consolidated group of five companies, net sales were ¥5,714 million (FY2025, ended August 2025).

Business Model

In AI Integration, the company earns revenue through service provision and contract development by receiving primary orders from major SIers and direct orders from end users. The AI product (AIZE) is a high-gross-margin SaaS with a monthly recurring revenue (MRR) model, accumulating recurring revenue while expanding its ID count through bundled offerings with other companies' SaaS such as LINE WORKS. Engineering (BEX Co., Ltd.) is centered on providing design services for the Toyota Motor Corporation group. The GPU Server Business monetizes through comprehensive contracts covering server sales, data center construction, and maintenance and operation.

Company Strengths

AIZE, the image recognition platform launched in 2019, surpassed 100,000 IDs in April 2024. It boasts a 99% facial recognition rate for frontal still images and has been adopted for Setagaya Ward's part-time attendance management system. The number of IDs continues to expand through bundled offerings with multiple third-party SaaS products such as LINE WORKS, Teamspirit, and ASPIT.

Consolidated subsidiary ZERO FIELD has a track record of developing and operating over 3,500 GPU machines since 2017, and has ranked No. 1 in Japan for four consecutive years in mining machine sales volume, number of customers, and number of customers operating in its own data centers (according to Tokyo Shoko Research). It operates data centers at four domestic sites and two US sites, and offers the AI development-oriented GPU server "GPU Server for AI."

The company brought ZERO FIELD into the group in September 2023 and BEX Co., Ltd.—which has a stable business relationship with the Toyota Motor Group—into the group in July 2024. BEX's Engineering (BEX Co., Ltd.) revenue, with a full-year contribution following its joining the group, pushed AI Solutions Business revenue for FY2025 (ending August 2025) up 51.1% year on year to ¥4,626 million. The capital and business alliance with GC Joyco (an agreement for approximately ¥500 million in development orders over three years) is also accelerating expansion into the amusement/pachinko industry.

ENVALITH's Perspective

Operating profit for the cumulative nine months of Q3 FY2026 (ending August 2026) improved significantly to ¥144 million from an operating loss of ¥413 million in the same period last year. Revenue was ¥4,205 million, down 0.3% year-on-year and roughly flat, while selling, general and administrative expenses were reduced by approximately ¥243 million from ¥1,519 million to ¥1,276 million, and other expenses were also significantly compressed from ¥323 million to ¥25 million. Gross profit margin also improved from 32.1% to 32.8%, and a notable feature is that the return to profitability was achieved not through expansion of sales scale but through a fundamental review of the cost structure.

The full-year earnings forecast for FY2026 (ending August 2026) has been withdrawn as "reasonable calculation is difficult," leaving uncertainty regarding the Q4 earnings outlook, which is a negative factor for investors. On the other hand, the segment loss of the GPU Server Business narrowed significantly from ¥465 million in the same period last year to ¥28 million, and the segment achieved profitability with an operating profit of ¥23 million in Q3 alone. Structural improvement is progressing through agency expansion and optimization of SG&A expenses, but revenue continued to decline, down 24.7% year-on-year to ¥591 million, and transitional risk remains until the business model transformation is complete.

The ratio of equity attributable to owners of the parent improved from 25.2% at the end of the previous fiscal year to 30.2%, and total equity also increased by ¥80 million from the end of the previous fiscal year to ¥1,415 million. There is no note regarding going concern assumptions. However, retained earnings remain an accumulated deficit of ¥677 million, and interest-bearing debt (total of current and non-current bonds and borrowings) stands at ¥1,316 million. Cash and cash equivalents decreased by ¥420 million from the end of the previous fiscal year to ¥1,494 million, and sustained improvement in cash generation capability will be key to financial health. In terms of market environment, expanding demand for generative AI and AI agents supports steady expansion of AI Integration projects, but there is also potential risk of price pressure from intensifying competition.

Growth Strategy

Pursuing non-linear growth through three growth engines—facial recognition, AI Integration, and university alliances—combined with M&A

Accelerating expansion into high-value-added areas requiring stringent identity verification, such as entertainment (prevention of unauthorized ticket resale), online examinations (prevention of impersonation in exams), and retail (service provision to specific customer segments). The number of contract IDs for "Aruroku for LINE WORKS" is increasing at an accelerating pace. "AIZE Breath" has been adopted by a major pharmaceutical company, and "EdgeFace" has already been delivered to a major motorcycle manufacturer.

Promoting "tangible-benefit-focused" proposals that combine Edge AI and Physical AI to generate clear ROI, such as labor-hour reduction and yield improvement. A recurring order model—progressing from PoC to full-scale development and subsequent phases—originating from the AI Lab is becoming established. Member secondment and stationing at BEX Co., Ltd. are strengthening the sales structure in the Tokai region and accelerating the development of AI products for the manufacturing industry.

Continuing the comprehensive collaboration agreement with Chiba University and launching credit-bearing courses for students using jointly developed AI content, co-launching practical AI courses with HAL vocational school, and building an AI/GPU utilization educational environment in collaboration with Hokkaido University. As a hub for industry-government-academia collaboration, the Company is building a model for systematizing cutting-edge university research seeds and expanding it to local governments and public institutions.

Promoting "AI-native" transformation in which all engineers utilize AI development tools, aiming to improve development process productivity and enhance quality. In addition to organic growth of existing businesses, the Company is also considering non-linear growth through M&A and capital/business alliances. In the GPU Server Business, expansion of distributors and optimization of SG&A expenses led to a return to profitability on a standalone basis in the third quarter, with the business structure transformation currently underway.

Last updated: July 17, 2026