ENVALITH
セカンドサイトアナリティカ株式会社 logo

SecondXight Analytica, Inc.

5028・Growth Market・Information & Communication

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セカンドサイトアナリティカ株式会社 logo
SecondXight Analytica, Inc.5028

Business

SecondXight Analytica, Inc. operates under the management philosophy of "Creating new value from data," integrating three business lines—Analytics Consulting, AI products, and Digital Solutions—in a unified manner. The company expands its business through two complementary drivers: solving individual client challenges using machine learning (consulting), and AI products (R2Engine, SX Score, SkyFox, etc.) that generalize the resulting know-how. Its main clients are centered on the finance and payments industry, including SB Payment Service (16.7% of sales), TIS (12.2%), and JCB (10.7%). The company listed on the TSE Growth Market in April 2022, and in October 2025 it made Break's Inc. a subsidiary, transitioning to a consolidated management structure.

Business Model

The company adopts a two-stage structure in which it accumulates know-how by grasping and solving client issues through Analytics Consulting, then generalizes and commercializes the resulting insights as AI products for broader sales. Each AI product consists of flow income from initial deployment and stock income from maintenance and operations, forming a continuous revenue base. For FY2025 (ending December 2025), net sales were ¥1,436 million, gross profit margin was 40.3%, and operating profit margin was 11.9%.

Company Strengths

The company has established a system for rapidly advancing from basic research to practical social implementation by bringing in university professors specializing in machine learning, deep learning, and statistical analysis as technical advisors. It holds multiple patents, including for a fraud detection engine (July 2023), SkyFoxHR (August 2023), the AI learning system AxisPLUS (April 2025), and an automatic feed intake determination AI (August 2025).

The company has entered into capital and business alliances with Exeo Group, SB Payment Service, TIS, and Miroku Jyoho Service. Its top three customers (SB Payment Service, ¥239,563 thousand; TIS, ¥175,148 thousand; JCB, ¥154,070 thousand) account for approximately 39.6% of net sales, establishing stable business relationships with major corporations.

The number of employees increased approximately 2.3-fold, from 35 in FY2022 (ending March 2022) to 80 in FY2025 (ending December 2025). The company regards employee headcount as an indicator directly linked to sales growth, and continues to acquire highly skilled talent through the use of recruitment media and agencies as well as by strengthening direct recruiting efforts.

ENVALITH's Perspective

Revenue of ¥440 million in Q1 FY2026 (ending December 2026) represents a 23.2% progress rate against the full-year forecast of ¥1,900 million. Operating profit of ¥46 million represents 23.3% against the full-year forecast of ¥200 million, which is broadly in line with plan even after accounting for seasonality. The full-year forecast sets high growth targets of +32.3% YoY in revenue and +16.9% YoY in operating profit, making accumulation over the remaining three quarters the key focus.

Against Q1 cost of sales of ¥265 million, gross profit was ¥175 million (gross margin of 39.8%), and after deducting SG&A expenses of ¥128 million, the operating margin came to 10.6%. A structure in which cost increases from enhanced hiring efforts continue to constrain profit margins persists, and improving margins through expanding the recurring revenue ratio of AI products will be key to medium-term investment decisions. As an external factor, while the AI demand market environment remains a tailwind, intensifying competition for hiring data science talent continues to be noted as a cost-increasing pressure.

At the end of Q1, against total assets of ¥1,277 million, net assets stood at ¥1,007 million, with an equity ratio of 78.8% (improved from 76.3% at the previous fiscal year-end). The company maintains a financial structure that is effectively near debt-free, with only ¥30 million in short-term borrowings, giving it sufficient capacity for growth investments such as M&A and talent investment. On the other hand, cash and deposits of ¥493 million account for 38.6% of total assets, which is also a point at which proactive capital utilization measures may be called into question from a capital efficiency perspective.

Growth Strategy

Aiming for sustainable growth through a three-pronged approach: expansion of the stock-type business, strengthening of human resources, and strategic alliances

Positioning the increase in new hires and the reduction in employee turnover as the top-priority initiatives to expand project handling capacity and ensure organizational scalability. Securing talent is a direct bottleneck for revenue growth, and the continued implementation of recruitment-strengthening measures is a precondition for achieving the full-year forecast.

Promoting adoption initiatives for each AI product centered on "R2Engine" within the AI Products business, accelerating the shift from flow-type revenue to stock-type revenue. Continuation of these initiatives was confirmed in the first quarter as well, and efforts toward revenue stabilization are underway.

Based on the business alliance agreement concluded on May 8, 2026, the two companies will jointly promote the strengthening and new development of products and services utilizing technologies such as generative AI, AI agents, and high-precision forecasting. The impact on the financial statements for FY2026 (ending December 2026) is expected to be limited, but the initiative aims to enhance corporate value over the medium to long term.

Deepening collaboration with existing strategic capital and business alliance partners to promote upselling through an end-to-end service spanning from Analytics Consulting to AI product adoption. Also considering joint business development through support for client companies' AX (AI Transformation) initiatives.

Last updated: July 17, 2026