S Science Company, Ltd.
5721・Standard Market・Nonferrous Metals
Business
S-Science Co., Ltd. (renamed S-Script Energy Co., Ltd. in April 2026) is a TSE Standard Market-listed company originating from nickel ingot and nickel salts sales business founded in 1946. It currently centers on three core segments—Nickel Business, Real Estate Business, and Crypto Asset Business—while the Education Business and Smart DX Solutions Business were discontinued in FY2026 (ending March 2026). In February 2026, the company reorganized its structure into four divisions—"Treasury Business," "Advisory Business," "Grid Business," and "Metal Real Estate Business"—and also decided to enter the grid-connected storage battery business, advancing a fundamental transformation of its business structure. Major customers include Asahi Sun Industry Co., Ltd. and Kotaba Co., Ltd. (Nickel), and Kigakuen Co., Ltd. and IFR Co., Ltd. (Real Estate).
Business Model
In the Nickel Business, the company secures stable gross profit through a trading company-type model that purchases ingots and salts and sells them to existing customers. In the Real Estate Business, it combines the sale of held properties (FY2026 (ending March 2026) net sales of ¥824 million, gross margin of approximately 59%) with rental income (¥40 million in real estate rental income recorded under non-operating income). The Crypto Asset Business operates and invests in crypto assets, with a structure in which valuation gains/losses and sales gains/losses are recorded as non-operating income/expenses. Additionally, the company plans to acquire and operate two grid-connected storage battery facilities (each 2MW/8MWh), aiming to build a new revenue source as a grid business.
Company Strengths
The company maintained ongoing business relationships with Asahi Sangyo Co., Ltd. and Kotaba Co., Ltd., securing net sales of ¥616 million and segment profit of ¥30 million through increased sales volume even under low LME nickel price levels. Segment profit remained stable at ¥30 million in both FY2024 (ended March 2024) and FY2026 (ending March 2026), demonstrating sales capability that offsets price fluctuations through volume.
In FY2026 (ending March 2026), the company sold two properties held for sale (¥412 million to Kigakuen Co., Ltd. and ¥404 million to IFR Co., Ltd.), achieving net sales of ¥824 million and gross profit of approximately ¥488 million (gross margin of approximately 59%). Segment profit in the Real Estate Business reached ¥428 million, generating the majority of the company's total gross profit of ¥560 million.
Net assets at the end of FY2026 (ending March 2026) stood at ¥4,701 million (up ¥1,830 million year on year), with an equity ratio of 82.6%. The capital base was significantly strengthened through a capital increase (financing activities cash flow of +¥4,604 million). With total liabilities of ¥966 million against net assets approximately 4.9 times that amount, financial leverage remains low, preserving room for investment in new businesses.
ENVALITH's Perspective
Performance Trend
Revenue recovered approximately 2.3-fold from ¥634 million in FY2025 (ended March 2025) to ¥1,441 million in FY2026 (ending March 2026). This was mainly due to a sharp expansion in Real Estate Business revenue, from ¥8 million to ¥824 million. Operating loss improved from ¥292 million to ¥146 million. However, a cryptocurrency valuation loss of ¥1,864 million (original figures in thousands of yen) was recorded under non-operating expenses, resulting in an ordinary loss of ¥2,524 million and a net loss for the period of ¥2,530 million, the largest loss in the past five fiscal periods. Cash flow figures were operating CF of ¥350 million (restated), investing CF of -¥5,214 million, and financing CF of ¥4,604 million (restated), with the acquisition of crypto assets significantly weighing down investing activities.
Growth Strategy
Building a diversified revenue base across nickel, real estate, and DX operations, centered on cryptocurrency and AI data center investments
In FY2026 (ending March 2026), the company acquired ¥5,000 million in crypto assets, positioning crypto asset investment as a core business. The corporate name change (to S-Script Energy) also reflects this strategic shift. However, a valuation loss of ¥1,864 million has arisen, and market volatility risk has materialized.
In FY2026 (ending March 2026), the Real Estate Business recorded net sales of ¥824 million and gross profit of approximately ¥488 million (gross margin of approximately 59%), establishing itself as the revenue pillar accounting for the majority of consolidated gross profit. Ongoing challenge is the continuous generation of Real Estate Sales deals going forward.
By resolution of the Board of Directors on April 20, 2026, the company entered into a business alliance agreement and agreed to partially subscribe to stock acquisition rights issued by SDS Holdings, Inc. (total investment amount of approximately ¥1.4 billion). The purpose is to create growth opportunities through collaboration in the crypto asset field and the AI data center-related field. The impact on financial position and business results has not yet been determined.
The company aims to expand market share by developing new customers while maintaining continuous transaction relationships with major customers. In FY2026 (ending March 2026), Nickel Business net sales were ¥616 million, a slight decrease from the previous fiscal year (¥626 million). Maintenance as a stable core revenue source is required.
The IoT/DX solutions business, launched in August 2024, remains minor with net sales of ¥692 thousand in FY2026 (ending March 2026). The company aims to increase customer unit value through integrated proposals combining IoT devices with core system integration, but the timing of monetization remains unclear.
Last updated: July 19, 2026