NCXX Group Inc.
6634・Standard Market・Electric Appliances
Business
NCXX Group, Inc. traces its roots to a communications equipment manufacturer founded in 1984 and is now a holding company comprising 11 consolidated subsidiaries and 2 equity-method affiliates, 14 companies in total. Its business domains span four segments: (1) Metaverse & Digital Content Business (e-book & digital distribution services, Commission Platform), (2) IoT-Related Business (Agricultural ICT), (3) Crypto Assets & Blockchain Business (Zaif exchange, Web3 Consulting), and (4) Solutions Business (food supply, SES (System Engineering Service) Business). Led by the February 2025 consolidation of the NCXX Digital Group (including Zaif) as a subsidiary, the company continues to pursue ongoing restructuring of its business portfolio through M&A. It plans to change its corporate name to JN Group, Inc. in March 2026, and is currently in a transitional period of group restructuring.
Business Model
The largest revenue pillar is the Solutions Business (net sales of ¥1,820 million), but the strategic focus areas are the Crypto Assets & Blockchain Business (net sales of ¥727 million, operating profit of ¥157 million) and the Digital Content Business (net sales of ¥583 million). In the crypto asset business, recurring-type revenue is being built up through Zaif's trading fees, staking, and installment savings services, while the Digital Content Business combines e-book distribution with fee-based revenue from the commission platform Skeb. The Solutions Business secures stable revenue through a recurring-type model for food ingredient supply combined with SES (System Engineering Service) Business and Contract Development Business. Goodwill amortization associated with M&A is weighing on operating income/loss, but on an EBITDA basis, the company has secured a surplus of ¥38 million.
Company Strengths
Zaif is a long-established crypto asset exchange operator that has offered services since 2016. In FY2025 (ending November 2025), it recorded net sales of ¥727 million and operating profit of ¥157 million, achieving a turnaround from an operating loss of ¥98 million in the previous period. The company is expanding differentiated services such as Zaif Prime Desk (large-lot OTC), staking (with yen-denominated payout support), and Zaif Card (BTC reward rate of up to 1.2%).
Skeb, a commission service operated by Skeb Inc., surpassed a cumulative 3.82 million registered users as of December 2025, growing into one of Japan's largest commission platforms. The offline event "Cho Meta Fes," held in May 2025, attracted a cumulative total of over 10,000 visitors. Net sales rose 84.0% year on year to ¥583 million.
KSP operates as a total supplier of food ingredients and consumables for restaurant chains and nursing care facilities, adopting a stock-type model that continuously builds up along two axes: number of client companies and product sales volume. In FY2025 (ending November 2025), the company secured stable earnings with net sales of ¥1,820 million (up 116.9% year on year) and operating profit of ¥73 million (up 23.8% year on year).
ENVALITH's Perspective
Performance Trend
Revenue fell sharply from ¥4,848 million in FY2021 to ¥802 million in FY2023, before recovering: ¥2,130 million in FY2024 → ¥3,562 million in FY2025 → full-year FY2026 forecast of ¥4,383 million (up 23.1% year on year). For the first half of FY2026 (ending November 2026), revenue was ¥1,500 million (up 15.8% year on year). However, on the profitability side, valuation losses on self-held crypto assets and an equity-method investment loss of ¥811 million, both stemming from the external factor of the weak crypto asset market, pushed the ordinary loss up to ¥1,422 million, a sharp deterioration from ¥54 million in the same period of the prior fiscal year. EBITDA also fell into negative territory, from ¥56 million in the prior-year interim period to ¥-463 million. Operating losses have now continued for five consecutive periods, and a significant improvement in the second half will be essential to achieve the forecasted full-year swing to profitability.
Growth Strategy
Positioning Zaif and Skeb as growth drivers, transforming the earnings structure through M&A and business selection and focus
In May 2026, VRChat account login integration was launched, expanding reach to the VR segment with a total user base of approximately 10 million. "Chou Meta Fes 2026" attracted approximately 20,000 attendees, exceeding expectations. The company aims to increase requests against the backdrop of registered users surpassing 3.96 million.
Completed the return process associated with the delisting of three currencies (MV, ROND, DEP), reducing operating costs. Service differentiation is being advanced through the addition of a crypto asset selection function to the Zaif Card, among other measures. However, valuation losses on self-held crypto assets significantly impaired interim results, and a recovery in market conditions (an external factor) is a precondition for profitability.
KSP is leveraging its trading company function to strengthen bidirectional transactions and cross-selling, aiming to expand the transaction value per client. JN Soft has secured a long-term, large-scale contract development project (scheduled for delivery in June 2027), and continues to expand ASTERIA Warp-related projects. The SES (System Engineering Service) Business is fundamentally overhauling its sales structure to improve turnover speed.
At the ordinary general meeting of shareholders in February 2026, a reduction of capital reserves of ¥2,013 million and a transfer of ¥4,741 million from other capital surplus to retained earnings brought forward were implemented to compensate for accumulated losses. In May 2026, a third-party allotment of shares, including a debt-equity swap, and a capital reduction without consideration were carried out to improve the soundness of the financial structure.
Last updated: July 17, 2026