ENVALITH
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Livesense Inc.

6054・Standard Market・Services

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株式会社リブセンス logo
Livesense Inc.6054

Business

Livesense Inc. is an internet media company established in 2006. It operates the part-time job listing site "Mach Baito," the job-change review site "Tenshoku Kaigi," the job-change service for IT engineers "Tenshoku Draft," the real estate information service "IESHIL," the interview optimization cloud service "batonn," and other services. Its main customers are companies posting job listings (BtoB), and it supports recruitment and transaction completion by providing information to job seekers, those considering a job change, and prospective real estate buyers/sellers (BtoC). The company is listed on the Standard Market of the Tokyo Stock Exchange (transitioned in October 2023). Its business consists of a single segment.

Business Model

The company provides job listings, reviews, and scouting services free of charge to job seekers and career changers, and earns advertising fees and recruitment success fees from hiring companies through the job seekers it attracts. "Mach Baito" generates revenue mainly from job advertisement listing fees, "Tenshoku Kaigi" from corporate advertising and recruitment support, and "Tenshoku Draft" from salary-disclosure scouting and recruitment agency fees. Mach Baito accounts for the majority of sales, with advertising expenses and personnel costs forming the main cost structure.

Company Strengths

Tenshoku Kaigi, the job-change review site, achieved sales of ¥1,180 million (up 12.5% year on year) in FY2025 (ending December 2025). The company continued to increase revenue through both new customer acquisition and budget expansion among existing customers, demonstrating stable growth even as Mach Baito experienced declining revenue.

Cash and cash equivalents stood at ¥3,639 million at the end of FY2025 (ending December 2025). The ratio of cash to total assets is high, and interest-bearing debt balance is extremely low (following repayment of long-term borrowings), leaving the company with financial flexibility that can be allocated to business investment and M&A.

Tenshoku Draft, the job-change service for IT engineers, recorded sales of ¥594 million (up 4.8% year on year) in FY2025 (ending December 2025). Through rebranding to strengthen brand messaging, the release of new content, and enhanced promotion of recruitment referral services, the company achieved a higher hiring decision rate and an increase in the number of users of its recruitment referral service.

ENVALITH's Perspective

Consolidated net sales for Q1 FY2026 (ending December 2026) were ¥981 million, down 37.8% year on year. Due to the shift in policy toward prioritizing profitability at Mach Baito, revenue from the service plunged 49.8% year on year to ¥450 million. The company itself has disclosed that it expects to fall short of the sales target set for the final year of the medium-term management plan (FY2027), putting it in a position where a fundamental review of the growth scenario is needed.

The operating loss for Q1 FY2026 (ending December 2026) was ¥51 million, improving from ¥100 million in the same period of the prior year. Adjusted EBITDA also narrowed to a loss of ¥49 million from ¥93 million a year earlier. However, the cumulative earnings forecast through Q2 still projects net sales of ¥2,300 million and an operating loss of ¥200 million, indicating a substantial loss is still expected. The lack of transparency is notable given that the company has withheld its full-year earnings forecast, citing the difficulty of making a reasonable estimate for the full year.

The Real Estate Services segment posted a loss of ¥8 million in Q1 FY2026 (ending December 2026), compared with a profit of ¥18 million in the same period of the prior year. The main cause was the absence of settlements in the IESHIL buy-and-resell business. In addition, the ¥38 million in license income from a business transfer recorded in the same period of the prior year did not recur this period, resulting in a structure where the improvement in ordinary income/loss is smaller than the improvement in operating income/loss. It should also be noted that trends in the real estate market, as an external environment factor, directly affect the profitability of the IESHIL business.

Growth Strategy

Aiming for quarterly profitability through profitability improvement and progress on the medium-term management plan

Promoting changes in terms and reduction of low-profitability listings. In Q1 FY2026 (ending March 2026), the streamlining of low-profitability listings was completed, and advertising expenses were reduced by 59.6% year-on-year. Although sales declined, HR services segment profit improved by +41.5% year-on-year. However, the segment is expected to fall short of the sales target in the medium-term plan.

Tenshoku Kaigi is expanding an AI Q&A feature based on user reviews, while Tenshoku Draft is enhancing real-time resume feedback functionality. Differentiation is being pursued by combining AI with the accumulated assets of each business. Tenshoku Kaigi continues to see revenue growth of +15.3% and Tenshoku Draft of +29.2%.

Based on the medium-term management plan, the company is transitioning to a two-segment structure of HR and real estate, and promoting strengthening and expansion in each domain. New business development, including M&A, is also being considered. It has been disclosed that the FY2027 sales target is expected to fall short of the medium-term plan, suggesting that the plan will be revised.

Last updated: July 17, 2026