INFORICH INC.
9338・Growth Market・Services
Business
INFORICH Inc., guided by its mission "Bridging Beyond Borders," launched CHARGESPOT, Japan's first mobile battery sharing service, in April 2018. The company operates 59,784 domestic battery stands (as of end-December 2025) across all 47 prefectures at convenience stores, train stations, commercial facilities, airports, and stadiums, commanding roughly 80% of the domestic market share by number of installed units. Overseas, the company operates directly in Hong Kong, mainland China, Taiwan, Australia, and Italy, and through franchises in Thailand, Singapore, and Macau, with the global directly-operated unit count reaching 81,205. In addition, the company is nurturing a third business pillar: a platform business encompassing Marketing Solutions (Corporate Ad Space Sales) leveraging digital signage on battery stands (including CheerSPOT) and the fully private Baby Care Room "mamaro." The core user base consists of consumption-oriented young people in their teens to thirties who go out frequently.
Business Model
By lending Battery Stands (with Digital Signage) to host locations free of charge in principle, the company lowers the barrier to installation and accumulates time-based charges from users (starting at ¥165 for the first 30 minutes). The payback period per mobile battery unit is extremely short, at approximately 20 days, and a network effect is at work whereby higher installation density raises rental utilization rates. Because the revenue source is the accumulation of small charges from users, dependence on any specific major customer is low. In parallel, the company is also developing a platform model that monetizes the CHARGESPOT (Mobile Battery Sharing) business infrastructure as a secondary revenue stream, by selling the Digital Signage attached to the Battery Stands as advertising space to corporate clients through Marketing Solutions (Corporate Ad Space Sales).
Company Strengths
As of the end of December 2025, the company had installed 59,784 units domestically, giving it a domestic market share of approximately 80% on an installed-unit basis. This high market share functions as a barrier to entry, creating an "Unregulated Monopoly" state in which increased installation density, combined with network effects that raise rental utilization rates, makes it difficult for competitors to catch up.
The payback period per mobile battery unit was approximately 20 days as of the end of December 2025, continuing to shorten from approximately 29 days at the end of 2022, confirming improved capital efficiency accompanying service expansion. The mainstay Battery Stand model (S10-A) also achieves payback in approximately 88 days.
A consolidated subsidiary in Guangzhou, China, handles R&D, internalizing the enhancement of Battery Stand and mobile battery functionality. The company has built a system that enables agile development and rollout of products tailored to market needs, including ticket-vending-machine models, vending-machine models, and contactless-payment-compatible models, achieving low-cost localization for each region.
ENVALITH's Perspective
Performance Trend
Revenue expanded more than threefold over four years, from ¥4,389 million in FY2022 to ¥7,682 million in FY2023, ¥10,701 million in FY2024, and ¥14,432 million in FY2025. Q1 FY2026 revenue reached ¥4,052 million (up 35.0% year-on-year), indicating accelerating growth. Meanwhile, operating profit peaked at ¥2,054 million in FY2025 after rising from ¥1,662 million in FY2024, but the full-year FY2026 forecast calls for operating profit of ¥1,192 million (down 41.9% year-on-year), a substantial profit decline. This is mainly attributable to increased goodwill amortization associated with overseas subsidiarization and expanded upfront investment. Q1 ordinary income improved sharply, rising 115.2% year-on-year to ¥361 million, aided by the disappearance of the ¥83 million foreign exchange loss recorded in the same period of the prior year. As external factors, sluggish growth in real wages amid price increases and concerns over a global economic slowdown are affecting the domestic consumption environment, but the structurally high demand for smartphone charging continues to support service usage.
Growth Strategy
Leveraging stable growth of domestic CHARGESPOT as a foundation, the company is pursuing overseas M&A/subsidiarization and Platform monetization in a three-pronged approach
In Q1 FY2026, the company achieved 60,548 units (+764 units versus the end of the previous quarter). Usage accelerated, with monthly active users up 30.9% year-on-year and monthly rentals up 36.2% year-on-year. The company will continue aggressive installation while simultaneously pursuing higher rental utilization rates through increased installation density and enhanced advertising media value.
In January 2026, the company completed the acquisition of Thailand (CHARGESPOT THAILAND, 49% stake acquired and consolidated). As a subsequent event, the company resolved to complete subsidiarization of Singapore (T-Gaia Asia Pacific, 100% stake acquisition) and Australia (Ezycharge Australasia, additional acquisition of the remaining 49% stake) within Q2 FY2026. This will accelerate agile strategic investment through direct involvement and improve profitability.
In Q1 FY2026, the Platform segment achieved sales of ¥204 million and segment operating profit of ¥15 million, turning profitable. CheerSPOT continued to see growth in participating artists and campaign implementations, and advertising placements on signage within mamaro also progressed. The company will continue to enhance its value as an advertising medium by leveraging its domestic installation base of over 60,000 units.
On March 31, 2026, the tender offer by BCJ-102 Co., Ltd. was completed, and the company's shares are scheduled to be delisted on June 16, 2026. Going private will enable the company to build a framework for aggressive investment in overseas expansion and the Platform business over the medium to long term, unconstrained by short-term market valuations.
Last updated: July 17, 2026