Caster Co. Ltd.
9331・Growth Market・Services
Business
CASTER Inc. was founded in 2014 and listed on the Tokyo Stock Exchange Growth Market in October 2023. Centered on the BPaaS Business, which includes core offerings such as the "CASTER BIZ" series and "My Assistant," the company operates a service in which remote workers across Japan handle corporate back-office operations (secretarial, accounting, labor affairs, recruiting, etc.) online on behalf of client companies. More than 80% of its clients are small and medium-sized enterprises (SMEs) with 300 or fewer employees, and by developing a micro-lot market starting from ¥25,000 per month, the company aims to penetrate the SME and sole-proprietor segment, which has traditionally been difficult to serve through conventional BPO. As of the end of August 2025, the cumulative number of companies that have adopted the service totaled approximately 5,800 (on a standalone basis). Under Other Businesses, the company also engages in EC support, staffing services, and the development of generative AI-based products.
Business Model
Client companies use the service under a monthly contract (approximately ¥130,000 per month for the 30-hour plan; from ¥25,000 per month for micro-lot plans), with remote workers (fronts and casts) employed or contracted by the company handling the outsourced tasks. The company's proprietary automated matching system efficiently assigns casts, and a fully remote operating structure with no fixed office enables low-cost operations. In FY2025 (ending August 2025), the company maintained favorable unit economics, with an LTV/CAC ratio of 700% and a CAC payback period of 3.9 months.
Company Strengths
The churn rate for FY2025 (ended August 2025) was 3.6% (continuing improvement from 4.0% in FY2023), with an LTV/CAC ratio of 700% and a CAC payback period of 3.9 months. The high customer retention rate underpins the stability of recurring revenue, and optimization of advertising allocation significantly reduced CAC from ¥710,000 in the previous period to ¥390,000.
Since its founding in 2014, the company has practiced full remote work, with 98.5% of employees working fully remotely as of the end of August 2025. Its recruiting capability, free from geographic constraints, combined with a proprietary task-matching platform and direction system, has enabled full remote operation at scale across a large organization. The company has also obtained ISMS certification and the Privacy Mark.
The company offers My Assistant (from ¥25,000 per month) targeting the micro-lot market of ¥40,000 per month or less, capturing small-scale customers including sole proprietors. The number of active client companies in FY2025 (ended August 2025) increased to 1,316 (from 1,192 in the previous period), with cumulative adoption reaching approximately 5,800 companies.
ENVALITH's Perspective
Performance Trend
Revenue followed an increasing trend from ¥4,179 million in FY2023 to ¥4,440 million in FY2024 and ¥4,588 million in FY2025, but turned to a decline in the cumulative nine months of FY2026 (ending August 2026), coming in at ¥3,359 million (down 2.6% year-on-year). The main cause was the impact of a large-scale cancellation in the recruiting domain. On the other hand, profitability improved significantly. As a result of reducing SG&A expenses by ¥365 million year-on-year, the company recorded operating profit of ¥35 million (versus an operating loss of ¥362 million in the same period of the previous year). All three segments recorded profits. The full-year forecast calls for revenue of ¥4,416 million (down 3.7% year-on-year) and operating profit of ¥10 million. As for the external environment, rising personnel costs and prices are increasing companies' cost burdens, which supports demand for outsourcing, while uncertainty about the outlook also poses a risk of making clients more cautious in their decision-making.
Growth Strategy
Strategic investment in AI Tech Business funded by profits from BPaaS/HR businesses, balancing a stable profit base with growth areas
Continuing CAC optimization, cost of sales optimization, and SG&A expense reduction, with the highest priority placed on generating stable profit in the BPaaS Business. Segment profit for the cumulative nine months of FY2026 (ending March 2026) [note: fiscal year end August] reached ¥630 million (up 38.4% year on year), fulfilling its role as a revenue base.
In addition to profitability-focused operation of My Assistant, new products such as AI Reskilling Training and AI implementation support are being launched into the market. Segment profit for the cumulative nine months of FY2026 (ending August 2026) turned positive at ¥37 million. Inquiries are steadily increasing, but monetization is still in the ramp-up phase.
AI Reskilling Training is being conducted for all employees by Caster Tech Japan (formerly LUVO; renamed in September 2025). Subject to satisfying grant requirements and other conditions, there is a possibility of receiving subsidies of up to ¥94 million, which is not currently reflected in the full-year earnings forecast.
The development organization in Vietnam is operating stably, improving the speed and flexibility of service development across business lines. This is contributing to optimizing new product development costs in the AI Tech Business and strengthening the competitiveness of the group as a whole.
In addition to revising the earnings forecast announced in October 2025, the medium-term management plan has been withdrawn. The roles of the BPaaS/HR businesses (revenue base) and the AI Tech Business (growth investment area) have been clarified, and optimization of the business portfolio is being advanced through segment reorganization.
Last updated: July 17, 2026