JENOBA CO.,LTD.
5570・Growth Market・Information & Communication
Business
GENOVA, Inc. is a specialized company that distributes, in real time, data correcting the meter-level errors that occur in GNSS satellite positioning such as GPS down to centimeter-level accuracy. Utilizing approximately 1,300 electronic reference points (GEONET) installed nationwide by the Geospatial Information Authority of Japan, the company provides network-type RTK-GNSS services via the Virtual Reference Station (VRS) method and the Electronic Reference Point method. Its main customers are operators in six fields: surveying, land and house surveying, ICT civil engineering, IT agriculture, drones, and aerial surveying. Since starting its business in 2002, the company has built a nationwide correction information distribution infrastructure that is nearly the only one of its kind in Japan, and listed on the Tokyo Stock Exchange Growth Market in April 2023.
Business Model
The majority of revenue (¥1,331 million in FY2025 (ending September 2025), 97.4% of total) is composed of the data distribution service, which offers multiple pricing structures including pay-per-use, flat-rate, and annual contract plans. In addition to initial registration fees, this creates a stock-type structure in which recurring contract revenue accumulates. The remainder consists of Communication Equipment Sales (¥35 million). Capital expenditures are mainly limited to server capacity enhancement, achieving a high-profitability model with low marginal costs. The operating profit margin reached 56.6% in FY2025 (ending September 2025).
Company Strengths
Adopts the VRS method, which automatically selects the three nearest points from among approximately 1,300 GEONET points operated by the Geospatial Information Authority of Japan based on the observation location. The industry's highest-level density of electronic reference points enables the provision of high-precision, low-variance correction data. The distributed data conforms to the "Geodetic Datum 2024" and guarantees quality directly usable for public surveying.
Net sales continued to grow, from ¥1,206 million in FY2023 (ended September 2023) to ¥1,265 million in FY2024 (ended September 2024) to ¥1,367 million in FY2025 (ended September 2025). Operating profit also expanded from ¥651 million to ¥695 million to ¥774 million, with an operating margin of 56.6% in FY2025 (ended September 2025). Net income attributable to owners of parent likewise rose from ¥444 million to ¥482 million to ¥543 million, marking record highs for three consecutive fiscal periods.
The number of contracts for the real-time data distribution service at fiscal year-end increased 26.4% over five years, from 7,393 in the 21st fiscal period (September 2021) to 9,348 in the 25th fiscal period (September 2025). Managed as a single key management indicator, the steady accumulation of contracts is supported by expanding use across multiple fields, including surveying, ICT-based civil engineering, and IT-based agriculture.
ENVALITH's Perspective
Performance Trend
Revenue maintained an increasing trend, moving from ¥1,206 million in FY2023 → ¥1,265 million in FY2024 → ¥1,367 million in FY2025 → ¥715 million in the interim period of FY2026 (ending March 2026, six months ended September 2026) (up 4.8% year on year), though the growth rate is showing a decelerating trend. Operating profit secured an increase at ¥406 million in the interim period (up 3.3% year on year), but cost of sales rose 20.7% year on year due to server replacement and increased merchandise procurement, causing the gross profit margin to decline from 83.5% to 81.0%. A reduction in SG&A expenses (from ¥176 million to ¥174 million) provided some support. As an external factor, rising market interest rates and increased interest income from held investment securities expanded non-operating income from ¥4 million to ¥9 million, resulting in ordinary profit of ¥415 million (up 4.3% year on year), a growth rate exceeding that of operating profit. The equity ratio improved to 89.6%, maintaining a high level of financial soundness.
Growth Strategy
Continued expansion of the number of contracts and usage time by establishing brand recognition in six core fields and capturing policy-linked demand
Riding the tailwind of the expansion of mandatory 3D data utilization targets under the Ministry of Land, Infrastructure, Transport and Tourism's "i-Construction / Infrastructure DX Promotion Consortium," the company aims to capture demand for ICT construction machinery adoption and 3D machine guidance among small and medium-sized construction businesses, thereby expanding the number of users and usage time.
Against the backdrop of support for the introduction of auto-steering agricultural machinery and pesticide-spraying drones under the Ministry of Agriculture, Forestry and Fisheries' "Smart Agriculture Comprehensive Promotion Project," the company is promoting the expansion of contracts in the IT agriculture field, accompanied by increased procurement of related products such as Communication Equipment Sales (CP Trans MJW, etc.). A slight increase in product procurement was confirmed during the interim period, indicating that increased demand is materializing.
Against the backdrop of national resilience policy, the promotion of GNSS-based crustal movement monitoring and infrastructure monitoring by the Disaster Prevention DX Promotion Working Group, and institutional development toward expanded implementation of Level 4 autonomous driving, the company aims to expand usage into new fields beyond surveying and ICT civil engineering.
During the interim period of FY2026 (ending September 2026), the company implemented a server replacement (an increase of ¥24 million in property, plant and equipment) and software acquisition (an increase of ¥72 million in intangible assets). Acquisition of investment securities (¥100 million) also continued, aiming to improve service quality and diversify the financial base.
Last updated: July 17, 2026