Bleach,Inc.
9162・Growth Market・Services
Business
Bridge, Inc. upholds "Illuminate the World" as its management philosophy, providing Revenue-Share Digital Marketing Support primarily to internet mail-order companies dealing in cosmetics, daily necessities, and foods with function claims, as well as beauty salons and financial services companies. Its core business is the "Sharing-based Integrated Marketing Business," which internalizes everything from marketing strategy development to ad production and operation, maximizing results through high-speed PDCA cycles. The company listed on the TSE Growth Market in July 2023. In March 2025, it established consolidated subsidiary Aurum Tech, expanding into the sales infrastructure support domain as well. It targets a broad customer base including small and medium-sized enterprises with latent marketing needs.
Business Model
The Company receives no upfront fees or consulting fees from client companies; instead, it receives compensation calculated by multiplying the number of newly acquired users by an agreed-upon revenue-share unit price. Since advertising expenses are borne entirely by the Company, ROAS (revenue ÷ advertising expenses) and advertising profit (revenue − advertising expenses) are managed as key profitability indicators. In FY2025 (ended June 2025), ROAS was 125%, and advertising profit was ¥3,385,047 thousand (+46.6% year on year). By internalizing marketing functions, the Company achieves high-speed PDCA cycles and maintains a structure that maximizes profitability through concentrated investment in core products.
Company Strengths
The company has internalized nearly all functions of marketing strategy development, ad production, and ad operations. Through extensive A/B testing and rapid PDCA cycles, it continuously improves acquisition efficiency, and by accumulating data and know-how internally, it has built a mechanism for self-reinforcing marketing capabilities. ROAS for FY2025 (ended June 2025) was 125% (improved from 120% in the previous period).
The number of core products with monthly sales of ¥10 million or more increased from 15 in the previous period to 20 in the current period. A-rank products (monthly sales of ¥100 million or more) averaged 4.3 items, and the number of products in all ranks, including B, C, and D, increased, reducing dependence on specific products. Advertising profit reached ¥3,385,047 thousand, a 46.6% increase year-on-year.
Client companies can receive marketing support under risk-free terms with zero upfront costs and pre-determined CPA. This enables access to a broad range of customers, including small and medium-sized enterprises that lack ample budgets, with the 102,555 companies in Japan with annual sales between ¥100 million and under ¥10 billion serving as a potential customer base.
ENVALITH's Perspective
Performance Trend
Revenue for the nine-month cumulative period of 3Q FY2026 (ending June 2026) was ¥12,597 million (down 0.5% year on year), essentially flat with a slight decline. Cost of sales increased to ¥11,336 million (from ¥10,921 million in the same period of the prior year), and the cost of sales ratio deteriorated to 90.0% (from 86.3% in the same period of the prior year), causing gross profit to shrink to ¥1,260 million (from ¥1,739 million in the same period of the prior year). SG&A expenses also increased to ¥1,458 million (from ¥1,368 million in the same period of the prior year), and the company fell into an operating loss of ¥197 million (versus an operating profit of ¥370 million in the same period of the prior year). Looking at the trend over the past five fiscal years, after peaking in FY2023 with revenue of ¥16,377 million and operating profit of ¥2,173 million, the company recorded a substantial loss in FY2024 (operating loss of ¥368 million), then returned to profitability in FY2025 (operating profit of ¥436 million), but has once again entered a loss phase in FY2026. Cash and deposits decreased by ¥1,801 million from ¥8,899 million at the end of the previous fiscal year to ¥7,098 million, reflecting continued cash outflows due to upfront investments. The full-year earnings forecast remains undetermined.
Growth Strategy
Rebuilding the earnings base along four pillars: expanding core products, developing new genres, leveraging AI, and supporting sales infrastructure
Through expansion into new genres such as finance, online medical consultation, and recruitment placement, the number of core products generating a monthly average revenue share of ¥10 million or more is being increased while reducing dependence on specific customers and products. In the cumulative nine months of Q3, dependence on Earl Inc. declined year on year, and diversification is progressing gradually.
Against the backdrop of a market environment characterized by expanding use of performance-based advertising, the company is diversifying its marketing methods by utilizing a variety of advertising media, including SNS advertising, video advertising, and e-commerce mall operations. It aims to maximize advertising effectiveness by accelerating the PDCA cycle through the use of ad delivery data.
By improving the productivity of ad production through generative AI and accelerating the PDCA cycle using ad operation data, the company is promoting higher productivity per marketer and maximizing advertising effectiveness. This is combined with expanded new graduate hiring and strengthened marketer training programs to improve the efficiency of human capital investment.
As the general distributor of JOVS Brand IPL Beauty Devices, the company has established a direct online mall sales system and launched a new product in January 2026. It is expanding support for multiple manufacturers centered on the beauty, health, and lifestyle domains. In the cumulative nine months of Q3, the segment posted a loss of ¥52 million, and achieving profitability is the next point for evaluation.
Last updated: July 17, 2026