BALMUDA Inc.
6612・Growth Market・Electric Appliances
Business
BALMUDA Inc. is a fabless manufacturer that plans, designs, develops, and sells household appliances such as air conditioning, kitchen, and lighting products, guided by its corporate philosophy of "creating wonderful methods that have never existed anywhere through exceptional creativity and the best science and technology, to be of service to people." While the company does not own its own factories and outsources manufacturing, it produces in-house the promotional content essential for conveying its product concepts. With Japan as its core market, the company has expanded into South Korea, North America, and Europe, recording net sales of ¥10,115 million in FY2025 (ending December 2025). Its mainstay segment is kitchen-related products (net sales of ¥7,975 million), with representative products including the steam toaster "BALMUDA The Toaster". The company listed on the TSE Mothers market (now the Growth market) in 2020, and currently positions its evolution into a global brand as a mid- to long-term strategy.
Business Model
By outsourcing manufacturing, the company keeps fixed costs down while selling differentiated products at premium price points, leveraging its distinctive design and technology. Domestically, products are marketed through home appliance mass retailers and the company's own flagship stores, while overseas expansion proceeds via sales distributors. The company places importance on overseas sales ratio and gross profit margin as key management indicators, achieving a gross profit margin of 32.7% (up 1.5 percentage points year on year) in FY2025 (ending December 2025). It recorded R&D expenses of ¥557 million and capital expenditures of ¥308 million, continuing to invest in maintaining product competitiveness.
Company Strengths
The GreenFan, launched in 2010, entered the fan market—where products typically sold for a few thousand yen—at a price point in the ¥30,000 range, creating the "DC fan" category. The steam toaster BALMUDA The Toaster won the Good Design Award Gold Award. Proprietary technology and design have enabled sales in the high-price segment, maintaining a gross profit margin of 32.7% in FY2025 (ending December 2025).
The company does not own its own factories and outsources manufacturing under a fabless model. Capital expenditures in FY2025 (ending December 2025) were limited to ¥308 million (mainly ¥203 million for molds and tools/jigs), and total fixed assets stood at ¥687 million, maintaining a lightweight asset structure. The company externalizes manufacturing risk while accumulating in-house expertise in development, design, and quality assurance.
In September 2025, the company announced "Sailing Lantern," a product co-developed with LoveFrom, led by Sir Jony Ive, who served as Apple's CDO. Pre-orders began in the United States, various European countries, South Korea, and Japan, with shipments to more than 10 countries set to begin in spring 2026. Through this collaboration with a world-renowned designer, the company aims to enhance brand recognition in the global market.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥18,379 million in FY2021 and has declined for five consecutive years, shrinking to ¥10,115 million in FY2025. Revenue in 1Q FY2026 was ¥1,775 million (down 18.7% year on year), continuing the decline, but gross profit margin improved to 35.2% (up 4.4 percentage points year on year), and operating loss, ordinary loss, and net loss all narrowed compared with the same period of the previous year. As an external factor, sluggish domestic consumer sentiment amid price increases has directly hit domestic sales (down 30.0% year on year), while overseas, expansion of the product lineup has been effective, driving growth in North America and other regions. For the full year, the company forecasts revenue of ¥10,500 million and a return to operating profit of ¥30 million, making the contribution of new products from 2Q onward essential.
Growth Strategy
Evolution into a global brand: driving both worldwide rollout of new products and improvement of the earnings structure
A portable LED lantern co-developed with LoveFrom, founded by Apple's former CDO. Sales are planned in more than 10 countries including the U.S., various European countries, South Korea, and Japan, with shipments beginning sequentially from April 2026. As a premium product distinct from existing home appliances, it aims to capture global demand.
A premium clock product machined from a solid block of aluminum. Following its announcement in March 2026, reservation-only sales limited to the online store and brand shops received orders for over 1,000 units. Shipments will begin sequentially from April 2026, with plans to expand domestic sales channels as well as launch in the U.S. and South Korea going forward.
Continuing to improve the gross profit margin through manufacturing cost reductions and appropriate pricing. Achieved 35.2% in Q1 FY2026 (up 4.4 percentage points year on year). SG&A expenses were reduced by ¥59 million year on year through cuts in personnel costs and advertising expenses, narrowing the operating loss by ¥12 million year on year.
Following a breach of financial covenants, the company is in discussions with its lending financial institutions regarding continued use of the overdraft facility. Securing this financing method is an urgent priority essential to stable business operations and the rollout of new products. As of the end of Q1 FY2026, a final agreement had not yet been reached.
Last updated: July 17, 2026