Linkers Corporation
5131・Growth Market・Information & Communication
Business
Linkers Inc. is a platform company operating under the mission of "Changing the World Through Matching," supporting innovation promotion for manufacturing companies. It consists of two segments: the Business Matching Business, which includes the technology exploration service "Linkers Sourcing," the application development service "Linkers Marketing," and the SaaS for financial institutions "Linkers for BANK"; and the Research Business, centered on "Linkers Research," a technology research service specialized offering handled by the consolidated subsidiary Linkers OI Research Institute. Its main customers are major manufacturing companies (ordering companies), mid-sized and small-to-medium manufacturing companies nationwide (candidate contractor companies), and regional financial institutions. The company listed on the Tokyo Stock Exchange Growth Market in October 2022.
Business Model
In its proprietary matching services (Linkers Sourcing / Marketing), the company earns flow-type revenue by collecting a base usage fee at the project search stage, plus success fees from ordering companies upon meetings and deal closures. Meanwhile, in the SaaS-based "LFB," the company builds up stock-type revenue through implementation support fees at the time of adoption and monthly usage fees. The Research Business (Linkers Research) operates on a pay-per-use basis, billing based on the contract amount upon acceptance of deliverables. While the stock-revenue base continues to expand (cumulative 50 institutions), the flow-type revenue faces the challenge of a declining number of domestic search cases.
Company Strengths
As of the end of July 2025, the cumulative number of candidate company accounts on Linkers Sourcing reached 20,572. Through a proprietary search process combining a nationwide network of industry coordinators with AI matching, the company has achieved a deal conversion rate of approximately 53.1% (average for August 2022 to July 2024). This has established a differentiated foundation capable of handling niche projects as well.
The cumulative number of institutions using the SaaS product LFB for financial institutions and business corporations reached 50 as of the end of July 2025. Recurring revenue from monthly usage fees is expanding steadily, and the number of business discussions generated within institutions using LFB increased significantly to 32,586 in Q4 FY2025 (ending July 2025), up substantially from 20,194 in Q1 FY2024 (ending July 2024).
The company obtained ISO/IEC 27001 (Information Security Management System) certification in March 2018 and the Privacy Mark (JIS Q 15001) certification in December 2018. In its matching platform business, which handles a large volume of confidential information such as pre-disclosure business strategies and product plans, the company has established an information management system essential for gaining customer trust.
ENVALITH's Perspective
Performance Trend
Cumulative revenue for the first nine months of FY2026 (ending March 2026) was ¥1,087 million (up 1.6% year-on-year), a modest increase, while selling, general and administrative expenses rose to ¥1,171 million (from ¥1,028 million in the same period of the previous year), causing operating loss to expand sharply to ¥464 million (from ¥279 million in the same period of the previous year). By segment, the Business Matching Business deteriorated, with revenue of ¥742 million (down 8.8% year-on-year) and a segment loss of ¥510 million, while the Research Business turned profitable, with revenue of ¥345 million (up 34.6%) and segment profit of ¥46 million. The full-year forecast has been revised to revenue of ¥1,340 million and an operating loss of ¥683 million (a widening of the loss compared with the previous fiscal year). Regarding the external environment, uncertainty over U.S. trade policy and geopolitical risks are making companies more cautious in their investment decisions, contributing to longer lead times for securing new orders. Looking at the trend over the past five fiscal years, the company posted operating profit in FY2022 and FY2023 (¥65 million and ¥86 million, respectively), but has continued to post losses that have widened since FY2024.
Growth Strategy
Revenue diversification through strengthening the sales organization, expanding LFB, and developing the new product Linkers TX
The company increased sales personnel by 10 compared to the same quarter of the previous year and implemented revisions to various KPIs and changes to sales process management. However, it takes a certain period for newly hired personnel to become fully productive, and as of the cumulative third quarter, sufficient effects of sales recovery have not yet materialized.
The company aims to acquire new client institutions while securing stable monthly usage fees from its existing base of 49 cumulative client institutions. However, due to increased caution in compliance verification among prospective adopters, triggered by the misconduct of the former representative director, new adoptions in the current third quarter remained at zero.
The company is engaged in development and sales promotion activities for Linkers TX, a new product distinct from its existing services. Development investment is being recorded as an upfront expense, and the full-year earnings forecast incorporates expected costs including this new product development investment.
In response to commoditization driven by the spread of generative AI, the company is shifting toward higher-value-added customized research and strengthening field sales support. In the cumulative third quarter, the number of research projects reached 230 (up 21% year on year), and segment profit turned positive at ¥46 million.
The company is strengthening its customer success operations with the aim of improving satisfaction among existing customers and expanding continued transactions. Monthly usage fees from existing LFB client institutions have generally remained solid, showing a certain effect in curbing churn.
Last updated: July 17, 2026