ENVALITH
株式会社Birdman logo

Birdman Inc.

7063・Growth Market・Services

Official website
株式会社Birdman logo
Birdman Inc.7063

Business

Birdman Inc. has adopted the mission of "creating a society that supports dreams," and operates two business segments: the MX Business (Marketing Transformation Business) and the EX Business (Entertainment Transformation Business). In the MX Business, the company internalizes SP Service, PR Service, Creative Service, digital marketing, and other functions, providing corporate clients with an end-to-end, one-stop solution spanning consulting through execution. In the EX Business, the company handles management and production of next-generation artists and creators, concert and event planning, fan club operations, digital content distribution, and other activities. The consolidated subsidiary LIVE-ad Inc. is responsible for the EX Business, while the equity-method affiliate Beijing Ito Trading Co., Ltd. supports cross-border branding. The company listed on the Tokyo Stock Exchange Mothers market in 2019 and transitioned to the Growth market in 2022.

Business Model

The MX Business is an order-based business model that internalizes functions such as advertising, PR, creative, and digital, thereby eliminating multi-tiered outsourcing structures and achieving cost benefits and rapid response for clients. The key management indicator is the profit margin calculated as (Revenue - Outsourcing Costs) / Revenue, prioritizing improvement in project profit margins over revenue scale. The EX Business aims for a composite revenue model comprising live event income, merchandise sales, fan club income, digital content sales, and other sources. Synergies between the two businesses (such as tie-up projects incorporating entertainment elements) are also positioned as a revenue source.

Company Strengths

The company has internalized consulting, advertising, PR, creative, and digital technology functions, eliminating the multi-layered structure ranging from prime contractor to subcontractors. This structure enables both rapid response to clients and cost advantages simultaneously. The company recorded net sales of ¥4,484 million in the fiscal year ended June 2023.

The company possesses proposal capabilities not found at other companies, such as tie-up planning combining the digital marketing expertise of the MX Business with the artist and event assets of the EX Business. The synergy between the two businesses is also explicitly positioned as a pillar of the growth strategy in the company's management policy.

The company fell into negative net worth in the previous consolidated fiscal year, but through the issuance of new shares and stock acquisition rights via a third-party allotment, common stock and capital surplus each increased by ¥1,206,767 thousand. As a result, total net assets of ¥255,036 thousand were secured as of the end of the fiscal year ended June 2025, bringing the company into compliance with the listing maintenance standard (net asset value).

ENVALITH's Perspective

For the nine months ended (July 2025 to March 2026), net sales were ¥243 million (up 7.5% year on year), a modest increase, while the company posted an operating loss of ¥386 million, an ordinary loss of ¥769 million, and a quarterly net loss attributable to owners of the parent of ¥707 million. Non-operating expenses, including a provision for allowance for doubtful accounts of ¥308 million and capital increase-related expenses of ¥41 million, significantly widened the ordinary loss. Aria Audit Corporation also explicitly noted material uncertainty regarding the going concern assumption in its interim review report. Countermeasures are still being implemented or considered, and the uncertainty has not been resolved.

The full-year earnings forecast for FY2026 (ending June 2026), revised on May 15, 2026, calls for net sales of ¥369 million. Against the nine-month cumulative actual result of ¥243 million, the progress rate is approximately 66%. This means ¥126 million in sales must be recorded in the remaining single quarter. The delayed recovery in orders in the MS Business and the significant decline in sales in the EX Business (down 76.1% year on year) have continued, and the company itself has stated that the contribution of new businesses (renewable energy, livestreamer management, and live commerce) to current-period results is minor. The difficulty of achieving the full-year forecast is high.

In the renewable energy business, progress is being made in stages, with the grid-connected storage battery project (Sakaiminato City, Tottori Prefecture) scheduled to commence operation in April 2026, and construction on the Yuza Town, Yamagata Prefecture project scheduled for September to November 2026. For sales contribution from the following consolidated fiscal year onward, the company expects approximately ¥430 million annually from the storage battery operation and approximately ¥20 million annually from the Yamagata project; however, both are estimates based on reference to other companies' cases and market track records, and their feasibility has not been confirmed. The number of shares issued and outstanding increased approximately 65%, from 20,427,500 shares at the end of the previous fiscal year to 33,720,200 shares, and dilution of existing shareholders' interests continues.

Growth Strategy

Building a multi-layered revenue portfolio through entry into the renewable energy business and leveraging the TikTok ecosystem

The company will own the storage battery facility in Sakaiminato City, Tottori Prefecture (AC capacity 1,999.9kW) in-house and enter the supply-demand adjustment market. Revenue contribution of approximately ¥430 million per year is expected from the following consolidated fiscal year onward. The Yuza Town, Yamagata Prefecture project (construction scheduled September–November 2026, operation start November 2026) is also being pursued in parallel.

The company acquired development land and rights for a grid-connected storage battery in Wakasa Town, Fukui Prefecture in April 2026, and negotiations with a prospective buyer have already reached broad agreement. Gross profit of at least ¥20 million is expected in the following consolidated fiscal year. The policy is to repeat this same business model.

The company entered into a distribution agreement dated May 1, 2026 with the Japanese subsidiary of Pylontech, a world-leading BESS supplier. It acquired domestic resale rights for industrial and residential storage battery systems and is promoting sales to corporations and investors. It holds a conditional six-month exclusive supply right.

As a fundamental restructuring of the EX Business, the company is shifting from a flow-based outsourcing model to a stock-based proprietary IP model. In partnership with KIRINZ (a primary TikTok LIVE agency), the company operates a livestreamer agency as a secondary agency. First-year special expenses are planned at ¥145 million in outsourcing fees, ¥50 million in personnel expenses, and ¥100 million in advertising expenses.

As a new area within the MS Business, the company has launched a live commerce business utilizing TikTok Shop and other platforms. By combining the company's marketing and content production capabilities with MoldBreaking's creator/influencer management, it is building an integrated e-commerce support model spanning from branding to sales.

Due to delays in formulating the new business plan, orders have continued to significantly underperform initial expectations. Through the expansion of the live commerce domain via the business alliance with MoldBreaking concluded on March 19, 2026, and the full-scale resumption of order-taking activities as progress is made in securing operating funds, the company aims to move away from gross losses (cumulative ¥25 million through Q3 of the current fiscal year).

Last updated: July 17, 2026