ENVALITH
ぷらっとホーム株式会社 logo

PLAT'HOME CO.,LTD.

6836・Standard Market・Electric Appliances

Official website
ぷらっとホーム株式会社 logo
PLAT'HOME CO.,LTD.6836

Business

PLAT'HOME CO.,LTD. is a network equipment and IoT specialist manufacturer founded in 1993 and listed in 2000. Based on Linux and other open-source technologies, the company consists of two segments: the Network Business, which develops, manufactures, and sells Micro Servers, the Network Appliance EasyBlocks, IoT Gateways, and other products, and the Web3 Business, which leverages the company's proprietary RWA tokenization technology, ThingsToken. Its main customers are primarily corporate clients served through information distribution trading companies such as Daiwabo Information System (31.9% of sales), Itec Hankyu Hanshin (13.2%), and SBC&S (11.1%). Guided by its mission of "realizing a free and secure connected world," the company is promoting a business transformation from hardware to software and services.

Business Model

In the Network Business, the company manufactures and sells high-value-added appliances based on its proprietary Micro Server, pursuing a model that accumulates stock-type revenue through long-term support services. In FY2026 (ending March 2026), the Network Business recorded net sales of ¥1,264 million and segment profit of ¥260 million. In the Web3 Business, the company is advancing the practical application of ThingsToken through demonstration projects with the Ministry of Agriculture, Forestry and Fisheries and others, recording net sales of ¥34 million from application development and technical support, among other activities. The company invested ¥89 million in research and development, and is building the technological foundation for future commercialization.

Company Strengths

Since its founding in 1993, the company has continued product development centered on open-source technologies including Linux. After obtaining a patent related to blockchain-based IoT data transactions in 2020, it acquired two additional patents, bringing its total to three or more. It has developed ThingsToken, a proprietary RWA tokenization technology, aiming to differentiate itself through Web3 applications in non-financial domains.

The company has conducted technology proof-of-concept trials with major corporations such as Hitachi, Ltd. (biometric authentication integration), SKY Perfect JSAT Corporation (data center applications), and Hitachi Industrial Equipment Systems and Hitachi Global Life Solutions (Kuradashi Namazake sake service). It also received a demonstration project commissioned by the Ministry of Agriculture, Forestry and Fisheries, recording a subsidy of ¥15 million. Its track record of collaboration with major corporations underpins the credibility of commercialization.

The company maintains an established sales channel, with Daiwabo Information System (31.9%), Itec Hankyu Hanshin (13.2%), and SBC & S (11.1%) together accounting for 56.2% of net sales. The Network Business order backlog stood at ¥327,036 thousand (as of the end of FY2026 (ending March 2026)), securing a certain degree of order visibility.

ENVALITH's Perspective

On a non-consolidated basis, the company achieved sales of ¥1,298 million (up 11.3% year on year), operating profit of ¥13 million (turning positive from an operating loss of ¥46 million in the prior period), and net income of ¥23 million (up 98.3% year on year). On a consolidated basis, it recorded operating profit of ¥12 million, ordinary profit of ¥26 million, and net income of ¥22 million. The return to operating profitability for the first time in five periods was driven by increased sales of Network Appliance EasyBlocks and Micro Server, with tailwinds from a surge in data center investment and rising DX demand amid expanding AI demand as an external factor. However, the Web3 Business posted a segment loss of ¥41 million, and the sustainability of the earnings structure, including the allocation of company-wide expenses, remains a key focus going forward.

Operating cash flow for FY2026 (ending March 2026) was significantly negative at ¥-140 million. The main cause was a ¥215 million increase in inventories (holding ¥358 million in raw materials at period-end), reflecting a build-up of advance inventory in anticipation of surging raw material prices and tight semiconductor supply. As external factors, tight supply of general-purpose semiconductors and persistently high memory prices continue, and investors should closely monitor the risk of inventory valuation losses and potential cash flow pressure. The trend in cash and deposits, which stood at ¥212 million (down from ¥355 million at the start of the period), will be an important indicator to watch.

The consolidated earnings forecast for FY2027 (ending March 2027) is ambitious, projecting sales of ¥1,570 million (up 20.9% year on year), operating profit of ¥60 million (up 375.1% year on year), and net income of ¥50 million (up 121.0% year on year). In addition to Network Business sales of ¥1,440 million (up 13.9%), the forecast incorporates a sharp expansion in Web3 Business sales to ¥130 million (up 272.2%). The Web3 Business is in a transitional phase from the proof-of-concept stage to commercialization, and there is considerable uncertainty regarding the certainty and timing of revenue recognition. An increase in SG&A expenses is also anticipated, and it should be noted that achieving the ¥60 million operating profit target is premised on both businesses progressing as planned.

Growth Strategy

Continued sales expansion in the Network Business and commercialization of the Web3 Business as dual growth pillars

Promoting market penetration of EasyBlocks through exhibitions, online seminars, and expanded online advertising. Positioning network appliances, which combine dedicated software and services with hardware, as a growth area, and aiming to build up recurring service revenue. Targeting Network Business sales of ¥1,440 million (+13.9% year on year) in FY2027 (ending March 2027).

Leveraging the results of the Ministry of Agriculture, Forestry and Fisheries demonstration project (spanning three fiscal years from FY2024 (ending March 2024) to FY2026 (ending March 2026)) to promote commercialization of Web3 technology, including application to large-scale logistics systems. Building on the track record of technology demonstrations with Hitachi, Ltd., SKY Perfect JSAT Corporation, and others, aiming to expand the business through an alliance strategy. Targeting Web3 Business sales of ¥130 million (+272.2% year on year) in FY2027 (ending March 2027).

Establishing a structure to operate and develop the Web3 Business through the subsidiary Things Revolution Co., Ltd., established in July 2025. Promoting an alliance strategy with business partners having strengths in various fields across the broad Web3 domain, aiming to expand the scale of the business.

Accelerating the transition to a software/service-centric business model in both the Network Business and the Web3 Business. Strengthening the long-term usage model, including support services for network appliances, and generating software/service revenue in the Web3 Business, to solidify the service revenue base across the group as a whole.

Considering fundraising to enhance and strengthen the financial base as needed for business transformation and expansion. Currently debt-free with cash and deposits of ¥212 million, but securing funding remains a challenge if negative operating cash flow due to inventory buildup continues.

Last updated: July 19, 2026