INTER ACTION Corporation
7725・Prime Market・Precision Instruments
Business
InterAction Corporation was established in 1992 and is listed on the Prime Market of the Tokyo Stock Exchange as a precision equipment manufacturer. In its core IoT-related Business, the company develops, manufactures, and sells Light Source Devices for Inspection and Hitomi Modules used in the manufacturing process of CCD and CMOS image sensors, with major customers including Sony Semiconductor Manufacturing and other high-end image sensor manufacturers in Japan and overseas. In its Industry 4.0 Promotion Business, the company handles Precision Vibration Isolation Equipment, Gear Testing Machines, AI Image Processing Devices, and other products, deployed for the display, automotive, and robotics industries. The Environment & Energy Business (Drying & Deodorizing Equipment for rotary printing presses) was discontinued in July 2025 following the transfer of the subsidiary's shares. The company operates its business through a group structure comprising nine subsidiaries in Japan and overseas.
Business Model
In the IoT-related Business, the company captures capital expenditure demand from image sensor manufacturers, producing and selling Light Source Devices for Inspection and Hitomi Modules on a made-to-order basis, both of which require advanced optical design technology. In FY2025 (ended May 2025), the segment profit margin was extremely high at 50.8%, with technological entry barriers underpinning profitability. In the Industry 4.0 Promotion Business, the company manufactures and sells Precision Vibration Isolation Equipment, Gear Testing Machines, and other products, and is also aiming to provide data solution services in addition to the equipment itself. Image sensor-related products account for approximately 60% of net sales, giving the business a structure in which performance is heavily influenced by the timing of customers' capital expenditures.
Company Strengths
In FY2025 (ended May 2025), the IoT-related Business segment achieved a segment profit margin of 50.8% (net sales of ¥3,830 million, segment profit of ¥1,947 million). Light Source Devices for Inspection and the Hitomi Module, which require advanced optical design technology, have high technical barriers to entry, and the company has secured a high share among major customers including Sony Semiconductor Manufacturing.
As of the end of FY2025 (ended May 2025), net assets stood at ¥11,765 million, with liabilities of ¥1,891 million against total assets of ¥13,656 million, indicating high financial soundness. Cash and cash equivalents reached ¥9,070 million, substantially exceeding the balance of interest-bearing debt (short-term borrowings of ¥440 million plus long-term borrowings of ¥308 million). A commitment line agreement of ¥5,000 million has also been concluded.
In FY2025 (ended May 2025), the Industry 4.0 Promotion Business achieved net sales of ¥2,060 million (up 14.2% year on year) and segment profit of ¥265 million (up 1,459.5% year on year), marking a sharp recovery. In addition to strong performance in Precision Vibration Isolation Equipment, new businesses are taking concrete shape, including the completion of a platform product for the AI Image Processing Device and the commercialization of a vibration monitoring application.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥7,755 million in FY2024 (ended May 2024), then declined sharply for two consecutive periods to ¥6,669 million in FY2025 (ended May 2025) (down 14.0% year on year) and ¥4,822 million in FY2026 (ended May 2026) (down 27.7% year on year). Operating profit also fell sharply, from ¥1,578 million in FY2024 to ¥1,419 million in FY2025 to ¥703 million in FY2026, with operating margin declining from 21.3% to 14.6%. The main cause was an external factor: adjustment in the capital expenditure cycle of a major domestic customer (an image sensor manufacturer), which led to a substantial decline in domestic sales compared to the previous period. On the other hand, sales to overseas customers remained strong, and orders received in the IoT-related Business surged to ¥4,566 million in FY2026 (ended May 2026), up 84% year on year. For FY2027 (ending May 2027), the company forecasts revenue of ¥7,212 million and operating profit of ¥1,599 million, supported by an order backlog of ¥3,028 million underpinning the expected earnings recovery. It should also be noted that R&D expenses surged from ¥59 million in FY2025 to ¥191 million in FY2026, putting some downward pressure on profit due to investment for future growth.
Growth Strategy
New medium-term management plan to enhance business resilience through deepening IoT engagement, new customer development, and strengthening Industry 4.0 initiatives
Capturing capital expenditure demand associated with new customer development by major overseas customers for image sensor-equipped product manufacturing. Order intake in the IoT-related Business for FY2026 (ending May 2026) surged to ¥4,566 million (up 84% year on year), with order backlog rapidly increasing to ¥2,646 million; segment sales for FY2027 (ending May 2026) are expected to reach ¥5,100 million. The company will advance development of a wide-ranging lineup of equipment to strengthen its capability to respond to new customers.
Major domestic customers are considering introducing advanced processes to accommodate larger and higher-density image sensors, as well as building image sensor production lines for physical AI applications such as automotive and robotics, and a medium- to long-term recovery in capital expenditure demand is anticipated. Domestic sales declined sharply in FY2026 (ending May 2026), but the company will closely monitor the concretization of customers' capital expenditure plans.
In FY2026 (ending May 2026), sales of both Precision Vibration Isolation Equipment and Gear Testing Machine were sluggish, resulting in segment profit falling to ¥102 million (down 61.3% year on year). However, for FY2027 (ending May 2026), the company expects a recovery in Precision Vibration Isolation Equipment amid favorable conditions in the semiconductor industry, and increased revenue from Gear Testing Machine driven by continued inquiries for the new roughness testing machine. Segment sales are forecast at ¥2,102 million.
The company is advancing development of new Semiconductor-related Measurement Products within the Industry 4.0 Promotion Business, with R&D expenses surging from ¥59 million in FY2025 (ending May 2025) to ¥191 million in FY2026 (ending May 2026). The aim is to diversify revenue by capturing new demand. While this represents a factor increasing SG&A expenses in the short term, it is positioned as an investment that will strengthen the medium- to long-term revenue base.
On July 2, 2025, the company transferred all shares of Air Gases Technos Co., Ltd., divesting the Environment & Energy Business. This has established a structure concentrating management resources on the two segments of the IoT-related Business and the Industry 4.0 Promotion Business. A loss on sale of subsidiary shares of ¥79 million was recorded as an extraordinary loss, but transparency in finance and management improved following the deconsolidation.
Last updated: July 17, 2026