BALMUDA Inc.
6612・Growth Market・Electric Appliances
Home Appliances Business
Fabless single-segment business planning and selling design-focused home appliances
| Period | Current | Previous | Change |
|---|---|---|---|
| Sales (cumulative Q1 FY2026) | ¥1,775 million | ¥2,184 million (Q1 FY2025) | ↓ |
| Operating loss (cumulative Q1 FY2026) | -¥267 million | -¥280 million (Q1 FY2025) | ↑ |
| Ordinary loss (cumulative Q1 FY2026) | -¥283 million | -¥300 million (Q1 FY2025) | ↑ |
| Quarterly net loss attributable to owners of parent (cumulative Q1 FY2026) | -¥284 million | -¥301 million (Q1 FY2025) | ↑ |
| Gross profit margin (cumulative Q1 FY2026) | 35.2% | 30.8% (Q1 FY2025) | ↑ |
| Sales (full year, FY ending December 2025) | ¥10,115 million | ¥12,455 million (FY ended December 2024) | ↓ |
| Operating income/loss (full year, FY ending December 2025) | -¥866 million | ― | ↓ |
| Total assets (end of March 2026) | ¥3,762 million | ¥4,659 million (end of December 2025) | ↓ |
| Net assets (end of March 2026) | ¥2,527 million | ¥2,810 million (end of December 2025) | ↓ |
| Equity ratio (end of March 2026) | 67.2% | 60.3% (end of December 2025) | ↑ |
| Full-year forecast for FY ending December 2026 - Sales | ¥10,500 million (+3.8% year-on-year) | ¥10,115 million (actual, FY ended December 2025) | ↑ |
| Full-year forecast for FY ending December 2026 - Operating income | ¥30 million | -¥866 million (actual, FY ended December 2025) | ↑ |
Business Details
BALMUDA is a fabless manufacturer that plans, designs, and develops air conditioning-related, kitchen-related, and other lifestyle appliances, outsourcing manufacturing to external factories. Its primary markets are Japan (domestic) and South Korea, while expansion into North America and Europe is being strengthened. Consolidated subsidiary BALMUDA Europe GmbH handles sales in Europe, and BALMUDA North America, Inc. handles advertising and sales promotion in the United States. As a medium- to long-term strategy, the company has set forth "evolution into a global brand," promoting a shift toward a business model premised on a global customer base.
Recent Overview
Q1 sales down 18.7% year-on-year, but profit/loss improved and gross margin rose by 4.4 points
Sales in Q1 FY2026 (January to March) were ¥1,775 million (down 18.7% year-on-year). Domestic sales declined significantly to ¥1,100 million (down 30.0% year-on-year) due to sluggish consumer sentiment amid rising prices, while overseas sales grew, with North America reaching ¥149 million (up 28.4% year-on-year) and other regions reaching ¥244 million (up 47.2% year-on-year). Gross profit margin improved to 35.2% (up 4.4 points year-on-year) due to reduced manufacturing costs and appropriate pricing. SG&A expenses were also reduced by ¥59 million year-on-year (personnel costs down ¥19 million, advertising expenses down ¥36 million), resulting in an operating loss of ¥267 million (an improvement of ¥12 million from the ¥280 million loss in the same period of the prior year). Full-scale shipments of the Sailing Lantern and The Clock have begun from Q2 onward, and the full-year forecast (sales of ¥10,500 million, operating income of ¥30 million) remains unchanged. Material uncertainty regarding the going concern assumption continues to exist, and discussions are ongoing with the financial institution regarding the continued use of the overdraft facility.
Key Products
Growth Drivers
- Start of Sailing Lantern (developed jointly with LoveFrom) shipments in April 2026: capturing global demand through sales in more than 10 countries including the United States, various European countries, South Korea, and Japan
- Start of The Clock shipments in April 2026: garnered over 1,000 pre-orders following the announcement, accelerating the global brand strategy through rollout in the United States, South Korea, and Japan
- Continued improvement in gross profit margin: achieved 35.2% in Q1 FY2026 (up 4.4 points year-on-year) through reduced manufacturing costs and appropriate pricing
- Sales expansion in North America and other regions: overseas sales on a growth trajectory in Q1 FY2026, with North America up 28.4% year-on-year and other regions up 47.2% year-on-year
- Optimization of SG&A expenses: achieved a cost reduction of ¥59 million year-on-year through reductions in personnel costs and advertising expenses
- Transition to a business structure less susceptible to external environmental changes through global rollout of new products that differ from existing lifestyle appliances
Risks
- Material uncertainty regarding the going concern assumption: the company recorded a large net loss in the previous period, breached financial covenants under its overdraft agreement, and continues to experience negative operating cash flow; final agreement with the financial institution regarding continued use of the overdraft facility has not yet been reached
- Prolonged weakness in domestic consumer sentiment: strengthening thrift consciousness due to rising prices continues to affect the mainstay Japanese market (Q1 FY2026 sales of ¥1,100 million, 62% of the total)
- Risk that sales plans for new products (Sailing Lantern and The Clock) may not be achieved: countermeasures are still being implemented, and depending on changes in the business environment, sufficient profit improvement effects may not be obtained
- U.S. tariff policy risk: could affect plans to expand sales channels in North America; the company was forced to revise its sales channel expansion plans in 2025 due to this factor
- Cost increase risk from yen depreciation: because of the fabless model, overseas manufacturing costs are directly affected by exchange rate fluctuations
- Dependence on specific regions and customers: Japan and South Korea account for the majority of sales, and the risk of sales concentration among specific customers continues
Last updated: March 25, 2026