ENVALITH
株式会社pluszero logo

pluszero Inc.

5132・Growth Market・Information & Communication

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株式会社pluszero logo
pluszero Inc.5132

Business

pluszero Inc. was established in 2018 (its predecessor, automate Inc., was founded in 2017) and is listed on the Growth Market of the Tokyo Stock Exchange as an AI-specialized IT company. Guided by its vision of "expanding human potential," the company operates a single segment delivering solutions that integrate AI at their core with IoT, robotics, natural language processing, hardware, and other technologies. Its primary customers are major companies in the manufacturing and information/communications industries. The company has built a business portfolio combining a project-based model (98.5% of revenue), which provides one-stop support from identifying management challenges through design, development, and maintenance/operation, with a service-based model that offers licenses and services based on its proprietary AEI technology. A source of the company's competitiveness is its pool of highly skilled personnel, of whom 81% are engineers and more than 48% hold a graduate degree or higher.

Business Model

In the project-based (AI/DX solution) segment that accounts for the majority of revenue, the company secures continuous revenue from manufacturing and information/communications industry clients through contract and quasi-delegation agreements, maintaining a high gross margin of 58.5% (FY2025 ending October 2025). This profit is reinvested into AEI research and development, and the company employs a two-tier revenue model that expands high-growth revenue (AEI-related revenue ratio of 23.6%) through licensing, API provision, and SaaS deployment of virtual staffing-related technology.

Company Strengths

Revenue increased for four consecutive fiscal periods, from ¥726 million in FY2022 (ending October 2022) to ¥1,546 million in FY2025 (ending October 2025). The gross profit margin remained at a high level of 58.5% in FY2025 (ending October 2025) (up from 57.6% in the prior period). Growth in high-value-added projects, including AEI-related revenue, has contributed to margin improvement, and the reinvestment cycle into R&D is functioning effectively.

The company has obtained a patent (Patent No. 6951004) for the core technology of "AEI (Artificial Elastic Intelligence)"—independently defined as a fourth-generation AI—covering N4, PSF data, and personalized summarization. PCT applications have also been completed for the United States, the EU, and China, and the company is advancing the establishment of competitive advantage through its intellectual property strategy.

As of October 2025, 81% of employees are AI/IT engineers, and those with a graduate degree or higher account for more than 48% of all employees. A "cross-disciplinary" team combining humanities and science backgrounds, centered around project managers, addresses a diverse range of AI projects, enabling rapid adaptation to technological innovation.

ENVALITH's Perspective

Against the full-year forecast for FY2026 (ending October 2026) of net sales of ¥2,010 million and operating profit of ¥743 million, interim results came to net sales of ¥851 million (progress rate of 42.4%) and operating profit of ¥312 million (progress rate of 42.0%). Compared to the progress rate in the same period of the prior year (51.5% for net sales and 56.1% for operating profit), reliance on the second half has increased, and accumulation of contract volume and expansion of service-type revenue in the second half will be key to achieving the full-year targets. There is no revision to the earnings forecast at this time, and the company continues to maintain its forecast.

Interim gross profit expanded to ¥528 million (up 12.3% year on year), while selling, general and administrative expenses increased at a pace exceeding the sales growth rate, rising to ¥216 million (from ¥180 million in the same period of the prior year, up 20.0%). Additionally, a valuation loss on investment securities of ¥10 million was recorded as an extraordinary loss, and the growth rate of interim net income (+3.3%) fell below the growth rate of operating profit (+7.5%). Amid a tailwind from rising AI demand in the market environment, cost control and improvement in the quality of earnings will continue to warrant attention.

Based on a resolution of the Board of Directors in March 2026, the company acquired 55,400 shares of treasury stock (at an acquisition cost exceeding ¥124 million), resulting in a net outflow of ¥113 million in financing activities cash flow. The stance of pursuing shareholder returns through treasury stock acquisition while maintaining a no-dividend policy is commendable. On the other hand, investing activities are also expanding, with expenditure on software acquisition of ¥107 million (compared to ¥72 million in the same period of the prior year), and balancing investment in AEI commercialization with shareholder returns will be a focal point of capital allocation going forward. Continued attention to risks related to the small-scale organization and customer concentration also remains necessary.

Growth Strategy

Building on stable growth in the project-based business, the company aims to accumulate high-growth revenue through the commercialization and licensing expansion of AEI technology

Started offering the highly reliable AI agent for call centers, "miraio," in the interim period of FY2026 (ending March 2026). The company provides service-type offerings such as licensing using AEI, support for launching related businesses and services, and provision of API-ized AEI core technology, and is progressively advancing the commercialization of its R&D.

For part of the virtual staffing business, having determined that future revenue generation is assured, the company capitalized a portion of its core technologies N4 and PSF. Software and software-in-progress expanded to ¥308 million at the end of the interim period (¥248 million at the end of the previous fiscal year), reflecting the ongoing transition of the technology toward the commercialization stage.

The number of contracts and other metrics have grown steadily, driven mainly by solution provision to customers in the information and communications and manufacturing industries. Using cash flow generated from the project-based business as a funding source, the company maintains an autonomous business cycle of continued investment in AEI R&D and service-type offerings. The company targets full-year sales of ¥2,010 million for FY2026 (ending March 2026) (forecast).

Based on a resolution of the Board of Directors in March 2026, the company acquired 55,400 shares of treasury stock (acquisition cost of approximately ¥125 million), implementing shareholder returns through treasury stock buybacks while maintaining its no-dividend policy. At the same time, expenditures for software acquisition increased to ¥107 million (¥72 million in the same period of the previous year), and R&D investment also expanded, reflecting efforts to balance growth investment with shareholder returns.

Last updated: July 17, 2026