EARTH INFINITY CO. LTD.
7692・Standard Market・Electric Power & Gas
Business
Earth Infinity Co., Ltd. was established in 2002 (formerly Neo International Co., Ltd.). Starting from the manufacture and sale of electronic breakers, the company entered the Retail Electricity business in 2016 and the Retail Gas business in 2019, becoming a comprehensive energy service company. Its primary customers are general households and mid-tier segments such as small factories, shops, and restaurants (low-voltage and high-voltage), while intentionally excluding large extra-high-voltage customers. The company has a supply network covering all 9 power areas nationwide and has built a stock-type revenue model that accumulates contracts, primarily through customer acquisition via agencies. It listed on the Tokyo Stock Exchange in October 2020 (currently the Standard Market). In April 2024, its industry classification was changed from Retail to Electric Power and Gas.
Business Model
In the Energy Business, the company acquires households and middle-income customers through agencies, generating stock-type recurring revenue by accumulating monthly sales from continuous electricity and gas supply contracts. Bundled sales of electricity and gas aim to raise revenue per customer and reduce contract cancellations. Power procurement combines outsourced demand-supply management to Power Next Corporation with JEPX market transactions, and incorporates a risk-hedging function that passes cost fluctuations through to rates via the company's own fuel cost adjustment charge. The Electronic Equipment Business manufactures and sells Electronic Breakers (electronic circuit breakers) on a fabless basis, securing revenue mainly from replacement demand among existing customers.
Company Strengths
To address JEPX price surge risk, the company introduced a proprietary fuel cost adjustment charge that reflects power market procurement costs in electricity rates. This mechanism was developed based on lessons learned from recording an operating loss of ¥420 million due to market price surges in FY2022, and it has contributed to revenue stabilization, achieving operating profit of ¥697 million and segment profit of ¥1,104 million in FY2025 (ending March 2025).
As a result of significantly strengthening customer acquisition through agencies, the Energy Business achieved net sales of ¥6,637 million (up 36.9% year on year) and segment profit of ¥1,104 million (up 77.2% year on year) in FY2025 (ending March 2025). Combined with cancellation prevention through bundled electricity and gas sales, the company is building a continuous revenue base.
The Electronic Breaker, which obtained a patent (Patent No. 4457379) in 2010, is a proprietary technology that minimizes contracted capacity while enabling maximum electricity usage within JIS standards, reducing customers' basic electricity charges. While keeping manufacturing costs low through a fabless approach, the company continues to capture replacement demand from existing customers.
ENVALITH's Perspective
Performance Trend
Revenue has followed an expansionary trend: ¥3,754 million in FY2021 → ¥4,583 million in FY2022 → ¥5,242 million in FY2023 → ¥5,000 million in FY2024 → ¥6,725 million in FY2025. In FY2022, an operating loss of ¥420 million was recorded due to a sharp surge in electricity market prices (an external factor), but earnings stabilized after the introduction of the company's own fuel cost adjustment charge. In FY2025, both revenue and operating profit reached record highs. For the cumulative nine months of FY2026 (through Q3), revenue was ¥5,580 million (up 8.2% year on year), operating profit was ¥640 million (up 7.7% year on year), and quarterly net profit was ¥420 million (up 17.9% year on year), maintaining a trend of increased revenue and profit. While the gross profit margin improved to 36.8%, an increase in SG&A expenses has been restraining the growth in operating profit. Progress against the full-year forecast (revenue of ¥8,002 million, operating profit of ¥819 million) is proceeding smoothly.
Growth Strategy
Expansion of energy contract volume through strengthened agency network and mid- to long-term investment in renewable energy development
Promoting the development of a flexible and efficient sales structure leveraging agencies. In the cumulative nine months of FY2026 (ending March 2026), Energy Business revenue increased 7.8% year on year and segment profit increased 9.8% year on year, with results reflected numerically and continued expansion of the customer base confirmed.
A proprietary fuel cost adjustment charge that reflects JEPX market procurement costs in electricity rates has already been introduced. This mitigates the impact on earnings even during periods of price surges, enabling stable business operations. It functions as a permanent risk management framework informed by lessons learned from the loss recorded in the fiscal year ended March 2022.
Strengthening acquisition of new Electronic Breaker (New/Wholesale Sales) projects, achieving results that exceeded budget with revenue of ¥93 million (up 42.5% year on year) and segment profit of ¥30 million (up 31.3% year on year) in the cumulative nine months of FY2026 (ending March 2026). The company is also working to maintain profit margins through a shift toward wholesale-centered sales.
As a company contributing to the realization of a sustainable society, the company positions investment in renewable energy development as part of its mid- to long-term growth strategy. At present, disclosure of specific numerical targets and progress remains limited, and continued attention to future disclosures is warranted.
Last updated: July 17, 2026