ENVALITH
株式会社アイビス logo

ibis inc.

9343・Growth Market・Services

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株式会社アイビス logo
ibis inc.9343

Business

Ibis Inc. is a mobile technology-focused IT company founded in 2000. In its core Mobile Business, it operates its self-developed paint app "ibisPaint" in over 200 countries and regions worldwide, boasting cumulative downloads of 520.52 million (with an overseas ratio of 93.9%) and 40.07 million MAU. In its Solutions Business, it provides contract development and engineer dispatch services with a team of 254 IT engineers. In January 2025, it made Techno-Speech, a venture originating from Nagoya Institute of Technology, a wholly owned subsidiary, adding the AI Singing Voice Synthesis Business as a third pillar. The company listed on the TSE Growth Market in March 2023. For FY2025 (ending December 2025), consolidated net sales were ¥5,005 million, with operating profit of ¥1,202 million.

Business Model

The Mobile Business acquires global users through a "core features free" strategy, monetizing across three pillars: in-app advertising (via SSP), premium membership subscriptions (monthly/annual), and paid apps. In FY2025 (ending December 2025), app billing revenue of ¥1,472,557 thousand exceeded app advertising revenue of ¥1,349,597 thousand for the first time, indicating a progressing shift toward recurring revenue. The Solutions Business secures stable revenue through contract development (a mix of flow and stock revenue) and IT engineer dispatch (staffing fees). The AI Singing Voice Synthesis Business operates on two pillars: voice library billing and BtoB contract development/licensing.

Company Strengths

"ibisPaint" has maintained the No. 1 position worldwide in the App Store's "Graphics & Design" category for seven consecutive years from 2019 to 2025 (according to data.ai by Sensor Tower). It boasts an overwhelming user base with cumulative downloads of 520.52 million, MAU of 40.07 million, and an overseas ratio of 93.9%, reaching an active user share of 88.6% against five direct competing apps.

The number of premium members increased 71.4% from 232,053 (end of 2024) to 397,640. In-app purchase revenue exceeded in-app advertising revenue for the first time, and a stock-type revenue base that is not affected by the advertising market conditions is being established. The Mobile Business segment boasts an extremely high segment profit margin of 53.0% (profit of ¥1,500,796 thousand).

Following the release of the Windows version in June 2022 and the Mac version in August 2025, support for all devices—Windows, Mac, iOS, and Android—has been achieved. With the addition of "ibisPaint Edu for Android" for educational institutions, support for both iOS and Android has also been completed. The foundation for a full-scale entry into the professional creator market has been established, creating a structure that enables scaling up of subscription growth.

ENVALITH's Perspective

In 1Q FY2026, the company achieved growth exceeding 20% across all key metrics: net sales of ¥1,460 million (up 25.7% year-on-year), operating profit of ¥373 million (up 22.1% year-on-year), and net profit of ¥278 million (up 33.7% year-on-year). Progress rates against full-year guidance (net sales of ¥5,454 million and operating profit of ¥1,355 million) stood at 26.8% and 27.5%, respectively, indicating generally solid progress. There has been no revision to earnings guidance, and the company has maintained its full-year plan unchanged. The fact that subscription revenue exceeded in-app advertising revenue for the first time can be evaluated as an important milestone signaling a qualitative improvement in the revenue structure.

In-app advertising revenue came to ¥303 million (down 14.6% year-on-year), marking a decline for the second consecutive period, affected by fluctuations in the advertising market and downward pressure on eCPM due to adjustments in delivery algorithms. As for external factors, a weaker yen boosts the yen-converted value of overseas subscription revenue, while changes in advertising unit prices depend on the decisions of platform operators. The high foreign-currency dependency, with overseas sales accounting for 78.2% of total sales, implies a high sensitivity to exchange rate movements, and it should be noted that a stronger yen could become a headwind to earnings.

The AI Singing Voice Synthesis segment posted net sales of ¥30 million against a segment loss of ¥19 million, with continued losses attributable to goodwill amortization (¥11 million) and amortization of technology-related assets (¥3 million) pressuring profitability. Comparison with the same period of the previous year is difficult since the business was not within the scope of consolidation at that time, but expanding the user base of the VoiSona business and stabilizing license revenue from BtoB contract development will be key to achieving profitability. It should also be noted as a risk that the purchase price allocation (PPA) for Zeroichi Start Co., Ltd. has not yet been finalized, and the amount of intangible asset amortization may change once it is determined.

Growth Strategy

Growth acceleration driven by four pillars: full-scale subscription enhancement, professional market development, AI singing voice synthesis cultivation, and transition to an SIer-type solutions model

Through a new advertising investment model and contract promotion measures, net new subscriptions in Q1 FY2026 (ending March 2026) reached 50,368 (a quarterly record). The number of premium members expanded to 448,008 (up 63.5% year-on-year), and subscription revenue surpassed app advertising revenue for the first time, achieving a stabilization of the revenue structure.

Ver.14.0.0 (released March 31, 2026) added printing/publishing support features such as CMYK output and monochrome 2-tone output, expanding functionality for professional users. The company continues multi-device expansion alongside the PC version, aiming to increase per-user revenue among premium members and acquire new user segments.

In Technospeech's VoiSona business, the voice library continues to be expanded (2 additions in Q1 FY2026, with 3 more in advance orders for the next quarter). The company is developing overseas markets through iOS version rollout, multilingual support (6 languages), and Japanese-Chinese bilingual support. Building a path to profitability remains a challenge amid the burden of technology-related asset and goodwill amortization.

Effective April 1, 2026, the company absorbed Zeroichi Start through a merger, integrating no-code development, business consulting, and SEO expertise. Contract Development Business revenue reached a quarterly record in Q1 FY2026 (¥251 million, up 105.1% year-on-year), and the acquisition of high-value-added, upstream-process projects is accelerating.

Last updated: July 17, 2026