ENVALITH
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Basic Inc.

519A・Growth Market・Information & Communication

株式会社ベーシック logo
Basic Inc.519A

Business

Basic Inc. operates under the philosophy of "not solving business growth through headcount," supporting workflow DX in corporate front-office domains (marketing, sales, customer success, etc.). Its core products are two pillars: "ferret One," a BtoB marketing workflow tool, and "formrun," a form-based workflow tool. Backed by its business-creation capability, having developed over 50 businesses since its founding in 2004, the company listed on the Tokyo Stock Exchange Growth Market in March 2026. As of the end of December 2025, ferret One had over 500 paying corporate customers and formrun had over 5,000 paying corporate customers, with cumulative users exceeding 500,000. The company benefits from structural tailwinds including the domestic SaaS market's CAGR of over 10% and labor shortages driven by the declining birthrate and aging population.

Business Model

Revenue is broadly divided into subscription-type (monthly billing) and solution-type (implementation support and operational consulting). In FY2025 (ending December 2025), subscription-type net sales amounted to the equivalent of ¥1,746,746 million (in thousand-yen units: ¥1,746,746 thousand), accounting for 76.76% of total net sales and forming a stable recurring revenue base. The solution-type business functions as a growth driver that boosts customer LTV and promotes usage retention, showing strong growth of 30.12% year on year. The expansion of MRR is treated as the most important KPI, with the number of paying customers, average revenue per customer, and churn rate monitored accordingly.

Company Strengths

Subscription-type net sales in FY2025 (ending December 2025) totaled ¥1,746,746 thousand (76.76% of net sales). This ratio has remained high, at 75.67% in FY2023 (ending December 2023) and 77.68% in FY2024 (ending December 2024), with stable recurring revenue from monthly billing enhancing the predictability of cash flow.

Both ferret One and formrun continue to see net customer growth, with new user acquisitions exceeding cancellations. As of the end of December 2025, ferret One had over 500 paying customers and formrun had over 5,000 paying customers. Cumulative users have exceeded 500,000, forming a customer asset base that serves as the foundation for cross-selling and upselling.

In FY2025 (ending December 2025), the company achieved net sales of ¥2,275,636 thousand (up 24.93% year on year), while compressing selling, general and administrative expenses to ¥1,554,057 thousand (down 2.61% year on year). Through reductions in advertising expenses and outsourcing costs, the company turned around from an operating loss of ¥184,361 thousand in the previous period to an operating profit of ¥270,468 thousand.

ENVALITH's Perspective

For Q1 of FY2026 (ending December 2026), net sales of ¥615 million and operating profit of ¥103 million represent progress rates of 22.5% and 23.0%, respectively, against the full-year forecast (net sales of ¥2,734 million and operating profit of ¥450 million). The Q1 operating margin of 16.8% slightly exceeds the full-year forecast margin of 16.5%, indicating a high degree of consistency with the plan from a profitability perspective as well. While the inability to make year-on-year comparisons warrants attention, this can be assessed as a solid start for the company's first quarterly disclosure.

Q1 quarterly net income was limited to ¥14 million, due to the recording of ¥14 million in listing-related expenses as non-operating expenses, in addition to ¥66 million in income tax adjustments (including the reversal of deferred tax assets). The listing-related expenses are a one-time cost limited to Q1, and it is appropriate to assess the company's underlying earnings power based on operating profit of ¥103 million. Future trends in deferred tax asset movements warrant continued attention.

Regarding workrun / AIBOW, which began full-scale provision in January 2026, the Q1 financial results summary did not disclose specific KPIs (such as number of paying customers or ARR), making it impossible to quantitatively confirm its revenue contribution. As an external environment factor, the growing demand for operational efficiency driven by the rapid advancement of AI could serve as a tailwind for the compound strategy, but given the current high dependence on the two existing products, the pace at which the new product gains traction will be key to medium-term growth. Continuous monitoring alongside trends among competing SaaS providers is warranted.

Growth Strategy

Pursuing sustainable growth through three axes: organic growth, compound strategy, and deepening relationships with major clients

Expanding the scope of usage among existing customers through enhancements to the sales and support structure and functional expansion. Improvement in customer unit price was confirmed in Q1 of FY2026 (ending December 2026), with ongoing improvement in revenue efficiency driven by higher net retention.

As a form-based workflow management tool, the number of paid members continues to increase. Growth in paid membership was also confirmed in Q1 of FY2026 (ending December 2026), contributing to expansion of the customer base. Maintaining a trend of new acquisitions exceeding cancellations remains important.

Official provision of workrun / AIBOW began in January 2026. The company aims to improve LTV and acquire new customers through the integration of multiple products in the front-office DX domain. As of Q1, no specific revenue contribution has been disclosed, and the initiative remains in an early-stage rollout.

Listed on the TSE Growth Market on March 25, 2026. Secured net assets of ¥1,456 million and cash of ¥1,340 million through a public offering. Aims to leverage the increased brand recognition from the listing to strengthen customer acquisition and hiring, accelerating growth investment.

Last updated: July 17, 2026