ENVALITH
株式会社ピクセラ logo

PIXELA CORPORATION

6731・Standard Market・Electric Appliances

Official website
株式会社ピクセラ logo
PIXELA CORPORATION6731

Business

株式会社ピクセラは1982年設立のパソコン周辺機器・デジタルAV機器メーカー。東京証券取引所スタンダード市場上場。

長年の主力であったTVチューナー事業（Xitシリーズ等）から、子会社A-Stageが展開するウェルネス家電ブランド「Re・De」と、ポイ活アプリ「エブリポイント」・スマートリング等を組み合わせた「ウェルネス・ヘルスケア×Web3」戦略へ事業構造を転換中。AV関連事業と家電事業の2セグメントを報告セグメントとし、主要顧客は国内一般消費者・法人（ホテル・病院等）・海外家電メーカー。

2025年9月期の連結売上高は1,001百万円。

Business Model

Historically, the main source of revenue was one-time sales of hardware such as TV tuners and IoT devices as standalone units. The company is now shifting toward a diversified revenue model comprising D2C/EC sales of Re・De brand products, monthly subscription fees for BIZmode/pipipco software, royalties from the TV capture SDK, advertising and affiliate revenue from the point-program app "EveryPoint," and OEM contract manufacturing. Fundraising relies on the exercise of stock acquisition rights and bond issuance, and the company's capacity to generate funds internally remains limited.

Company Strengths

The electric pressure cooker "Re・De Pot" has sold a cumulative total of 110,000 units since its launch in 2020. The Re・De brand's share of Home Appliances Business revenue expanded to 58.9% in FY2025 (ending September 2025) (up from 40.7% in the prior period). The hair dryer "Re・De Hairdry" achieved sales of ¥126 million (up 79.8% year on year), demonstrating the brand's momentum.

TV capture-related products for PCs recorded stable revenue of ¥157 million in FY2025 (ending September 2025) (up 1.6% year on year). Software royalties from BIZmode and pipipco increased 166.2% year on year to ¥8 million. The company maintains an in-house development structure covering both software and hardware, supported by 21 R&D staff out of 32 total employees.

In July 2025, the company signed an exclusive distribution agreement for the "Re・De" brand with Taiwan's LASKO International Limited, Inc. (contract term of one year, automatically renewable). From FY2026 (ending September 2026), the company will begin rollout through major home appliance retailers and e-commerce sites in Taiwan, with a goal of expanding into five key Asian regions—Taiwan, South Korea, China, Singapore, and Hong Kong—by 2027.

ENVALITH's Perspective

For the interim period of FY2026 (ending March 2026), operating loss was ¥654 million (versus ¥406 million in the same period of the prior year), and interim net loss attributable to owners of the parent was ¥740 million (versus ¥435 million in the same period of the prior year), with losses expanding significantly. The company has recorded operating losses for 8 consecutive periods and negative operating cash flow for 12 consecutive periods through the previous fiscal year, and material doubt has been noted regarding its ability to continue as a going concern. The full-year earnings forecast remains undetermined, cited as "difficult to reasonably estimate." The funding structure, which relies on stock acquisition rights and bonds issued to EVO FUND, carries inherent dilution risk and represents the most significant concern for investment decisions.

Sales in the Home Appliances Business reached ¥337 million (versus ¥246 million in the same period of the prior year, up 36.9% year on year), achieving substantial revenue growth. Improvements in product competitiveness were confirmed, including the Re・De brand's 78.9% share of the mix and a 145.5% increase in the beauty and personal care appliance category. However, due to front-loaded strategic marketing expenses—such as TV commercials tied to major sporting events—and sales promotion expenses including the introduction of large-scale exhibition displays, the Home Appliances Business segment loss expanded to approximately 3.3 times the prior-year level, reaching ¥287 million (versus ¥87 million in the same period of the prior year). While the company explains that on a monthly basis, improvement has progressed to a level that covers SG&A expenses, the timing of full-year profit and loss improvement remains unclear.

The "Wellness/Healthcare × Web3" strategy is envisioned around EveryPoint, WellthVerse, and Re・De Ring (Smart Ring), but its revenue contribution at present remains minor. Other sales within the AV-Related Business (point-program initiatives, wellness, software maintenance, etc.) amounted to only ¥20 million (up 32.2% year on year). SG&A expenses increased 65% from ¥523 million in the same period of the prior year to ¥864 million, continuing a structure in which SG&A expenses substantially exceed gross profit of ¥209 million. External headwinds—including geopolitical risk, rising raw material costs, and intensifying competition with global brands in the e-commerce market—pose risks that could lengthen the timeframe required for these initiatives to become profitable.

Growth Strategy

Four pillars: deepening the wellness home appliance brand, expanding mass retailer channels, Asia expansion, and building a Web3 ecosystem

Continuing new product development in the premium and wellness segment. Launched Re・De Hairdry+ (April 2026) and Re・De DuoClear IPL (IPL Beauty Device) (March 2026), among others. The beauty and hair care appliance category is growing rapidly, with net-of-rebate sales of ¥123 million (up 145.5% year on year), and the funding announced in February 2026 will be directly allocated to "strengthening beauty and hair care related products and this business area."

Re・De Ring (Smart Ring) began sales at all Yodobashi Camera stores from April 2026, with dedicated fixtures used to convey the brand's world view. PoiTele (Point-Program-Linked TV) is planned for rollout at major mass retailers from the third quarter (negotiations ongoing). The company aims to establish a position in the recording and viewing solutions market amid major players' withdrawal from the recorder business.

Under an exclusive distribution agreement with LASKO International Limited, Inc., Re・De Hairdry (Hair Dryer) has obtained BSMI certification, with shipment decided for June 2026 and production already underway. Re・De Pot (Electric Pressure Cooker) is undergoing BSMI certification application. The company aims to expand into five key Asian regions—Taiwan, South Korea, China, Singapore, and Hong Kong—by 2027, with proposals for additional lineup expansion also underway.

Linking Re・De Ring's activity and condition data with EveryPoint (Point-Program App) and WellthVerse to build an ecosystem that visualizes and rewards user behavior through points. Combined with PoiTele (Point-Program-Linked TV)'s viewing point reward function, the company aims to establish a data-driven recurring revenue base that goes beyond hardware sales. Revenue contribution remains limited at this time.

Negotiations have begun with multiple companies to offer the next-generation tuner technology developed for PoiTele (Point-Program-Linked TV) as an OEM to major home appliance manufacturers. Inquiries for hotel STBs and the LTE-Compatible IoT Products (USB Dongle / SIM-Free Home Router) PIX-MT110 are increasing, with an improving sales trend. For the EWBS-Compatible Overseas STB / Hotel STB, receiver-side demand is expected once transmitter-side infrastructure is completed. The company is accelerating its structural shift from reliance on standalone hardware toward software and maintenance/operation revenue.

Last updated: July 17, 2026