ENVALITH
monoAI technology株式会社 logo

monoAI technology Co.,Ltd.

5240・Growth Market・Information & Communication

Official website
monoAI technology株式会社 logo
monoAI technology Co.,Ltd.5240

Business

monoAI technology Inc. develops the XR Business centered on its virtual space sharing technology platform "XR CLOUD," leveraging large-scale communication technology and AI technology cultivated through online game development. The company provides services in three categories—Metaverse Service, XR Event Service, and XR Peripheral Services—supporting DX across a wide range of industries including manufacturing, education, government, and real estate. The company listed on the Tokyo Stock Exchange Growth Market in December 2022. Net sales for FY2025 (ending December 2025) were ¥981 million. Major customers include large enterprises such as Dai Nippon Printing, Pulse, Odd Number, and Sony Group. From FY2026, the company has expanded its business domain by launching external sales of its "Industrial AX" solutions centered on its proprietary AI agent platform "monoAI Agent."

Business Model

The company's main revenue comes from upfront one-time revenue from OEM provision and customization development of XR CLOUD, combined with recurring revenue such as platform license fees and operating fees, forming a composite model. In the XR Event Service, packaging enables short lead times and low costs, aiming for high profitability. Since February 2026, the company has also begun offering the AI agent "SuperCat," aiming to build up subscription-type revenue.

Company Strengths

The company possesses proprietary technology capable of supporting real-time simultaneous connections for tens of thousands of users across the entire virtual space, and up to 1,000 users within a single area. Its cloud rendering technology provides high-quality experiences on low-spec devices without requiring installation, serving as a key technical differentiator versus competitors.

In May 2024, the company entered into a capital and business alliance with Dai Nippon Printing Co., Ltd. (DNP). Leveraging DNP's extensive network and sales capabilities, the company aims to accelerate new customer acquisition. In FY2025 (ending December 2025), DNP accounted for 20.13% of net sales (¥197,411 thousand), making it the company's largest customer.

DNP's "DNP Ibasho-zukuri Platform," which utilizes XR CLOUD, was selected for the Tokyo Metropolitan Government's "Virtual Learning Platform (VLP)," among other advances in social implementation in the education and government sectors. The company also has a track record of deployment at major corporations such as Honda Motor Co., Ltd., Aeon Retail, and Mitsui Fudosan.

ENVALITH's Perspective

Revenue for Q1 of FY2026 (ending December 2026) fell sharply by 67.8% year on year to ¥133 million (versus ¥415 million in the same period last year), while the operating loss widened significantly to ¥143 million (versus a loss of ¥8 million in the same period last year). Gross profit remained limited at ¥30 million, far from sufficient to absorb SG&A expenses of ¥173 million, and this structural imbalance persists. The revenue vacuum during the launch phase of the new service (Industrial AX Solutions) following the wind-down of unprofitable businesses is directly impacting the numbers, and the timeline for recovery represents the greatest uncertainty.

The full-year forecast for FY2026 (ending December 2026) calls for revenue of ¥858 million and an operating loss of ¥267 million, but Q1 actual revenue of ¥133 million represents only 15.6% of the full-year forecast. Management describes progress as "generally in line with plan," but ¥725 million in revenue must be accumulated over the remaining three quarters. If order growth and deal size expansion for Industrial AX Solutions do not proceed as planned, the risk of the full-year forecast falling short remains high.

As of the end of March 2026, cash and deposits stood at a healthy ¥1,016 million, and financial soundness was maintained with an equity ratio of 87.4% and a current ratio of 958.5%. However, if the pace of quarterly net losses of ¥144 million continues, net assets of ¥1,079 million would be depleted in roughly two years by calculation. While the material event related to the going concern assumption has been formally resolved, continued monitoring is warranted regarding the possibility of capital measures (such as a capital increase) should the delay in achieving profitability become prolonged.

Growth Strategy

Revenue recovery and early operating profitability through external sales of Industrial AX Solutions and collaboration with DNP

External sales of Industrial AX Solutions centered on the in-house developed AI agent platform "monoAI Agent" commenced from the first quarter of FY2026 (ending December 2026). The company aims to improve gross profit margin through high value-added services and achieve a recovery in the top line. Revenue in the first quarter remained at ¥133 million, with full-scale earnings contribution still to come.

Restructuring of unprofitable businesses, thorough in-house production, and SG&A expense reduction implemented in FY2025 (ended December 2025) have provided a certain degree of clarity in establishing an earnings base. SG&A expenses were reduced from ¥186 million in the same period of the previous year to ¥173 million in the current period; however, the operating loss widened due to the sharp decline in revenue, making it essential to pursue both cost reduction and revenue recovery in tandem.

Under the return of Representative Director and President Kataro Honjo, the company aims to renew its organizational sales and marketing structure and promote larger-scale deals in order to establish a stable earnings structure. Leveraging sales channels through the capital and business alliance with Dai Nippon Printing and the Open Metaverse Network is a key pathway toward scaling up deal sizes.

Last updated: July 17, 2026