KIYO Learning Co.,Ltd.
7353・Growth Market・Services
Business
KIYO Learning Co.,Ltd. operates under the mission of "innovating learning and unlocking the unlimited potential everyone possesses," with its core businesses being the individual-focused online qualification course service "STUDYing" and the corporate employee training cloud service "AirCourse." As of the end of December 2025, STUDYing offered 38 courses, targeting business professionals as its primary customers. On the corporate side, the company serves 1,175 contracted companies (as of the end of December 2025), ranging from small and medium-sized enterprises to large corporations. The company has further expanded its offerings with the direct recruiting service "STUDYing Career," the corporate generative AI service "AirCourse AI Knowledge," and the publishing business "STUDYing Publishing," evolving into a platform company that comprehensively supports individual career development and corporate human capital utilization.
Business Model
In the B2C STUDYing business, free members are acquired through advertising and converted into paying members. Since course fees are recognized as revenue on a pro-rata basis over the course period, cash-basis sales (¥4,568 million in FY2025, ending December 2025) serve as a leading indicator. The B2B AirCourse offering uses a SaaS billing model based on the number of users, with volume discounts accommodating clients ranging from small and medium-sized enterprises to large corporations. A low-cost operating structure and a fully digital sales system underpin high profitability.
Company Strengths
Based on the vast amount of learning history and score data accumulated since service launch, the company has developed and patented functions such as AI Proficiency Score, AI Learning Plan, and AI Question Review. It has also sequentially released generative AI-powered functions such as AI Learning Navi, AI Master Teacher, and AI Subtitles, aiming to differentiate itself from competitors.
Content production, sales, and operations are highly automated and labor-saving through digital technology, enabling course offerings at lower prices compared to conventional classroom-based schools. The EC-based sales structure, which requires no sales staff, provides a structure that suppresses cost increases relative to sales growth.
The number of contracted companies for AirCourse increased by 247 companies year on year, from 928 companies at the end of December 2024 to 1,175 companies at the end of December 2025. The number of unlimited-access courses also expanded by 205 courses during the same period, from 1,081 courses to 1,286 courses, with the strengthened competitiveness in both content and product driving customer acquisition.
ENVALITH's Perspective
Performance Trend
Revenue expanded 2.2x over five fiscal years, from ¥2,263 million in FY2021 to ¥5,031 million in FY2025. Cumulative Q1 FY2026 revenue was ¥1,270 million (up 14.6% year on year), continuing the growth trend. Operating profit recorded a loss of ¥183 million in FY2022, then recovered and expanded to ¥136 million in FY2023, ¥213 million in FY2024, and ¥304 million in FY2025. Cumulative Q1 FY2026 operating loss was ¥251 million, an improvement of ¥61 million from the ¥312 million loss in the same period of the prior year. As an external environment factor, rising demand for learning DX and reskilling is driving market expansion. The full-year forecast of revenue of ¥5,800 million and operating profit of ¥400 million (up 31.6% year on year) remains unrevised. The equity ratio declined slightly to 30.0% (from 32.1% at the end of the previous fiscal year).
Growth Strategy
Accelerating platformization through AI, expanded courses, corporate strengthening, and peripheral business development
Rolled out a nationwide TV commercial campaign using "AI Shikaku Partner" (AI Qualification Partner) as the brand message. Aims to differentiate from competitors by deepening personalized learning optimization features through support for generative AI and the latest AI models.
Offered 38 courses as of the end of March 2026. Promoting stronger investment in courses for difficult qualifications and enhanced sales of single-year courses with shorter study periods, aiming to grow accrual-basis revenue and profit.
As of the end of March 2026, the number of contracted companies reached 1,240 (up 65 companies year-on-year) and the number of unlimited-access courses reached 1,325 (up 39 courses year-on-year). Strengthening responsiveness to diverse corporate needs, including MBA and information security.
Expanding adoption as a service that improves corporate operational efficiency and productivity through the development and expansion of task-specific prompt templates, integration with knowledge-sharing functions, and support for the latest AI models.
Launched the publishing business "STUDYing Publishing" in January 2026. Proposing a new self-study style combining "books × AI × online," aiming to strengthen brand recognition through bookstores and expand customer touchpoints.
Registrants are increasing, centered on STUDYing users and qualification holders. Expanding transactions with companies with hiring needs and staffing agencies, resulting in an increasing number of successful career change cases.
Last updated: July 17, 2026