Asterisk Inc.
6522・Growth Market・Electric Appliances
Business
Asterisk Inc. is a fabless company that independently develops and sells the "AsReader" series of automatic identification devices—including barcode readers, RFID readers, and infrared communication readers—that connect to iPhone and Android devices. The company provides DX solutions combining hardware and software to B-to-B customers across a wide range of industries, including manufacturing, logistics, retail, healthcare, vending machines, and apparel. Founded in 2006, the company listed on the Tokyo Stock Exchange Mothers market (now the Growth Market) in September 2021. It has four subsidiaries in Japan and overseas, with a track record of operations in the United States, China, and Europe. Consolidated net sales for the fiscal year ended August 2025 were ¥1,666 million.
Business Model
Main revenue comes from shot-type (one-time) sales of the AsReader Series, with a replacement cycle of roughly 4-5 years expected. In addition, the company is expanding recurring revenue streams, including the annual maintenance contract "AsReader Care Select," the inventory management app "AsReader Apps," monthly billing for the facial recognition smart lock "AsReader GoMA," and the subscription for the expiration date management app "SdcO." In FY2025 (ending August 2025), recurring revenue accounted for approximately 11.3% of consolidated net sales. The company also utilizes corporate sales channels developed through collaboration with domestic carriers such as SoftBank.
Company Strengths
The company has a proven track record of deployment across a wide range of industries, including manufacturing, logistics, retail, healthcare, vending machines, and apparel. Starting with the delivery of RFID readers to a domestic automobile manufacturer in 2014, it has accumulated adoption cases across multiple industries, including personal home delivery for a major transportation company, three-point verification at a university-affiliated hospital, and RFID for convenience stores and drugstores.
Through strengthened collaboration with SoftBank, sales to SoftBank in FY2025 (ending August 2025) reached ¥361 million (2.2 times the previous fiscal year), growing into a major customer accounting for 21.7% of consolidated net sales. Sales opportunities for the AsReader Series have expanded in conjunction with the domestic carrier's promotion of corporate smartphone sales.
The company holds a development, manufacturing, and sales license agreement with Apple Inc. (signed in 2012) and develops products that seamlessly support both iOS and Android. In FY2025 (ending August 2025), it newly developed and launched the USB Type-C compatible, ultra-thin, battery-less barcode reader "AsReader SLIM" and a high-performance battery-less RFID reader.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥2,407 million in FY2022 and has since remained sluggish, with cumulative revenue for Q3 of FY2026 (ending August 2026) reaching ¥1,184 million (down 9.2% year on year). This was primarily due to a sharp decline of 32.9% year on year in the System Integration Business. On the other hand, gross profit improved to ¥519 million (versus ¥509 million in the same period of the previous year), and the operating loss narrowed to ¥41 million (versus ¥46 million in the same period of the previous year). The recognition of ¥36 million in foreign exchange gains helped compress the ordinary loss to ¥11 million. The full-year earnings forecast (revenue of ¥2,291 million, operating profit of ¥117 million) remains unchanged; however, as of the cumulative Q3 stage, the progress rate against the revenue forecast stands at 51.7%, and operating profit/loss remains in the red, meaning the forecast is premised on a concentration of results in Q4. The lack of large-scale orders received by the U.S. subsidiary, along with risks from U.S. tariffs and exchange rate fluctuations, are external factors heightening uncertainty regarding performance.
Growth Strategy
Aiming for profitability through three pillars: carrier collaboration, large overseas orders, and expansion of stock revenue
Reorganized the sales structure from the previous regional format (Eastern Japan/Western Japan) to one centered on product specialization such as barcode and RFID. Aims to achieve revenue and profit growth by improving staff product knowledge and technical proposal capabilities, thereby strengthening sales activities aligned with customer needs.
Expanding the lineup of monthly subscription-based products such as SdcO (an app for managing best-by and expiration dates) and Count Pipe (Steel Pipe Counting App). Anticipates utilization across a wide range of industries including retail, and positions these as future growth drivers.
Negotiations for several large-scale deals are ongoing at the U.S. subsidiary, but as of the cumulative third quarter, none have resulted in orders received or shipments. U.S. tariff policy, Middle East conditions, and foreign exchange volatility risks are making the outlook difficult, so the company is strengthening sales support from headquarters to secure large-scale orders.
In addition to continuing sales of the facial recognition terminal "AsReader GoMA," the company is promoting the development and commercialization of AI cameras. It also continues to operate a demonstration store for facial recognition checkout, and aims to develop new markets through its AI Business Division. Development costs continue to be incurred.
Continuing development toward the sale of new products utilizing linear motor technology. Also focusing on developing and expanding new solutions utilizing the proprietary 2D Code "AsCode," and advancing the efficiency of sales activities and improvement of profitability, primarily in the domestic market.
Last updated: July 17, 2026