ENVALITH
株式会社Fusic logo

Fusic Co., Ltd.

5256・Growth Market・Information & Communication

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株式会社Fusic logo
Fusic Co., Ltd.5256

Business

Fusic Co., Ltd. (Fukuoka City) is a single-segment IT company that combines advanced technologies such as cloud (mainly AWS), AI, and IoT to support clients' DX promotion. Founded in 2003, it was simultaneously listed on the TSE Growth Market and the Fukuoka Stock Exchange Q-Board in March 2023. The company operates three services: its core "Cross Technology Service" (system development and consulting), the stock-type revenue "MSP Service" (cloud maintenance and operation, AWS resale), and SaaS-type "other services" (the 360-degree evaluation tool "360 (Sanrokumaru)" and the school communication service "sigfy"). The company has built a track record in advanced technology centered on universities, local governments, and regional companies, constructing an ecosystem that contributes to DX promotion across society as a whole.

Business Model

Approximately 54% of revenue comes from Cross Technology Service (contracted development and consulting centered on quasi-delegation contracts), approximately 38% from MSP Service (recurring revenue from AWS resale and maintenance/operations), and approximately 8% from SaaS-type products (360 (Sanrokumaru) and sigfy). By primarily handling prime contracts and providing one-stop support ranging from concept planning to development and support for in-house operations, the company achieves substantial technical accumulation and deeper customer relationships. While MSP Service forms a stable revenue base, rising per-client unit prices in Cross Technology Service are driving improvement in profit margins.

Company Strengths

The company holds in-house expertise across a broad range of technologies including cloud, AI, IoT, quantum computing, and UI/UX, and its strength lies in its "technology integration capability" to combine the optimal technologies to address client challenges. It was the first company in Kyushu to receive AWS Advanced Consulting Partner certification (2013), and has since obtained multiple partner certifications including SORACOM and Google Cloud.

The 360-degree feedback tool "360 (Sanrokumaru)" has been adopted by over 1,000 companies, government offices, and educational institutions cumulatively. The school communication service "sigfy" is used by high schools, junior high schools, elementary schools, kindergartens, and nurseries nationwide. Both products have obtained ISO/IEC 27001 and 27017 security certifications, ensuring reliability.

Revenue grew for three consecutive fiscal periods, from ¥1,532 million in FY2023 to ¥1,798 million in FY2024 to ¥1,952 million in FY2025. Operating profit expanded over the same period, from ¥161 million to ¥207 million to ¥271 million, with the FY2025 operating profit margin reaching 13.9% (an improvement of approximately 2.4pt year-on-year). The growth in gross profit (+16.0%) exceeded the growth in cost of sales (+4.2%), reflecting an improving profit structure.

ENVALITH's Perspective

For the cumulative nine months of FY2026 (ending June 2026), net sales reached ¥1,781 million (up 22.1% year on year), maintaining high growth. However, selling, general and administrative expenses increased 57.8%, from ¥370 million to ¥584 million, causing operating profit to plunge to ¥130 million (down 41.5% year on year). This reflects a management decision to position the current fiscal year as a "year of investment," and gross profit continued to expand steadily to ¥714 million (up 20.4% year on year). Determining the timing at which the investment effects will translate into profit will be the core of the investment decision.

The full-year forecast for FY2026 (ending June 2026) calls for net sales of ¥2,353 million (up 20.6% year on year), against which operating profit is forecast at ¥9 million (down 96.4% year on year) and net income at ¥17 million (down 91.2% year on year), showing an extremely large divergence between revenue growth and profit. Although this represents an upward revision from the initial plan, earnings per share is expected to remain at just ¥13.50, meaning PER-based valuation is difficult to apply at this stage. The timing of the shift to a recovery phase for upfront investment and the normalization of the cost structure will be key to the stock's valuation.

At the end of the third quarter, shares of affiliated companies amounting to ¥155,688 thousand were newly recorded, confirming that the M&A strategy has entered an execution phase. Entry into the space industry-related software market has also been explicitly identified as a priority investment action, but details such as the business content of the investee, the timing of profit contribution, and goodwill are not disclosed in the earnings report. As an external factor, the strong growth trend in the domestic public cloud market is a tailwind, but at this stage of insufficient disclosure regarding the actual status of the M&A and new business, quantitative assessment of investment risk is difficult, and close attention should be paid to additional information disclosure.

Growth Strategy

Transitioning to group management through four pillars: AI-Native transformation, entry into the space industry, product rebuilding, and M&A

Advancing a comprehensive overhaul of the development process leveraging generative AI (Claude, etc.) and substantially expanding headcount. Revenue from Cross Technology Service is trending well above the same period of the previous year, also contributing to a rise in average customer unit price. This is also a main driver of the increase in SG&A expenses, and quantifying the investment effect remains a task going forward.

The Tokyo Branch, opened in January 2026, has secured personnel well-versed in AWS resale, leading to significant growth in MSP resale revenue. This has been the main driver behind the upward revision of full-year revenue forecasts compared to the initial plan, confirming the immediate effectiveness of the branch investment. Continued focus remains on expanding the customer base at the Tokyo location.

Entry into the space industry-related software market has been positioned as a key priority investment action, with advertising investment being accelerated. Specific revenue contributions and deal sizes have not been disclosed in the financial results report, and the materialization of the investment effect must await future disclosures.

The 360-degree evaluation tool "360 (Sanrokumaru)" continues to gain new customers and expand usage among existing customers, while sigfy is trending well above the same period of the previous year in revenue due to an increase in the number of municipalities adopting it. Advertising investment for product rebuilding is being accelerated, and the accumulation of SaaS recurring revenue continues.

As of the end of the third quarter, ¥155,688 thousand in shares of affiliated companies was newly recorded, confirming that the M&A strategy has moved into the execution phase. Details of the business content of the investee and the timing of revenue contribution have not been disclosed, and future disclosures will be an important factor in investment decisions.

Last updated: July 17, 2026