Writeup .Co.,Ltd.
6580・Growth Market・Services
Business
Write Up Co., Ltd. upholds the corporate philosophy of "making every small and medium-sized enterprise nationwide profitable," and focuses on comprehensive management support for small, medium, and micro enterprises utilizing internet-related technologies. In its core AI Solutions Business, in addition to the existing platform of J Consul, J System, and JD Net linked with subsidy and grant utilization support, the company operates in five areas: AI Utilization Training, AI Agent Package, AI SaaS, AI Operation Outsourcing (BPO), and AI Development Support. It leverages regional financial institutions, large and mid-sized companies, and local governments as sales channels to reach small and medium-sized enterprises nationwide. In the Content Business, the company undertakes email and web marketing planning and production on a contract basis for large and mid-sized companies. Founded in 2002, the company listed on the Tokyo Stock Exchange Mothers market (now the Growth Market) in 2018.
Business Model
In the AI Solutions Business, the Company provides J System, JD Net, and other offerings to partner companies such as regional financial institutions, large and mid-sized enterprises, and local governments, adopting an indirect sales model in which partners resell to their own customers. By combining this with support for utilizing subsidies and grants, the Company lowers the adoption barriers for SMEs with limited financial resources, generating composite revenue from consulting, IT products, and AI SaaS. The Content Business complements this with stable revenue through a contracted-work model conducted both directly and via agencies.
Company Strengths
J Consul provides guidance on the utilization of government and municipal public support programs in collaboration with various licensed professionals, building a unique proposal model that lowers DX investment barriers for SMEs with limited financial resources. This mechanism differentiates the company from simple IT product sales, and has maintained the AI Solutions Business segment profit margin at 21.9% (FY2026 (ending March 2026)).
In addition to the nationwide SME collaborative network through JD Net, the company has established an indirect sales system utilizing regional financial institutions, large and mid-sized enterprises, and local governments as partner companies. Dependence on sales to specific customers is low, and it has been confirmed in the securities report that no single customer accounts for 10% or more of total sales.
At the end of FY2026 (ending March 2026), the equity ratio was 86.9% (74.5% in the prior period), and cash and deposits stood at ¥2,581 million. The company maintains a financial structure with no interest-bearing debt, funding working capital and capital expenditures entirely with its own funds. This financial capacity enables agile responses to external growth opportunities, including M&A.
ENVALITH's Perspective
Performance Trend
Revenue trended sharply as follows: ¥2,778 million in FY2022 (ending March 2022) → ¥2,225 million in FY2023 (ending March 2023) (sharp decline) → ¥2,776 million in FY2024 (ending March 2024) (recovery) → ¥4,004 million in FY2025 (ending March 2025) (rapid expansion) → ¥3,529 million in FY2026 (ending March 2026) (pullback). The revenue decline in FY2026 (ending March 2026) was mainly due to weak performance at consolidated subsidiary AKARI and a shortfall versus expectations in the existing core services. The operating profit margin fell from 18.0% (previous period) to 13.3% (current period). In terms of the external environment, rising prices and uncertainty over US trade policy may have dampened investment appetite among small and medium-sized enterprises. For FY2027 (ending March 2027), the company forecasts revenue of ¥4,600 million and operating profit of ¥705 million, anticipating a V-shaped recovery.
Growth Strategy
Aiming for a V-shaped recovery in FY2027 (ending March 2027) through expanded orders in the 5 AI domains and recovery of existing services
Strengthening the framework for providing integrated support from corporate talent development to business automation and operational implementation, centered on 5 domains: AI Utilization Training, AI Agent Package, AI SaaS, AI Operation Outsourcing (BPO), and AI Development Support. In FY2026 (ending March 2026), automation support in the sales and HR fields performed well, and orders expanded steadily.
Recovery of sales for existing core services, which fell short of expectations in FY2026 (ending March 2026), is a precondition for achieving the FY2027 (ending March 2027) forecast. The company aims to capture demand by continuing new service development that responds to changing customer needs and strengthening proposals through its partner company network.
Turning around AKARI, whose weak performance was a factor in the overall decline in revenue and profit in FY2026 (ending March 2026), is an urgent priority. Goodwill has already been fully impaired, eliminating the risk of additional impairment, but concrete measures to make the business profitable are still required.
In an environment where geopolitical risk, the impact of U.S. trade policy, and persistently high raw material and energy prices are severely affecting the management of small and medium-sized enterprises, the company expects demand for management support services to grow. It plans to continue developing new services that respond to changing customer needs and further strengthen management support for small and medium-sized enterprises.
Last updated: July 19, 2026