Fibergate Inc.
9450・Standard Market・Information & Communication
Business
Fiber Gate Inc. is a communications service company founded in 2000 and listed in 2018. The corporate group consists of 7 companies, with its core business being the Home Use Business (83% of net sales), which provides an "unlimited free internet" service for owners of residential complexes. The company also operates the Business Use Business, offering free Wi-Fi for corporations and facilities as well as building commercial network infrastructure, along with a Real Estate Business and a Renewable Energy Business. Its distinguishing feature is a vertically integrated model that handles everything end-to-end, from in-house development of communication equipment (via its Taiwanese subsidiary) to installation, operation, and support. Consolidated net sales for FY2025 (ended June 2025) were ¥13,070 million. The company is listed on the Tokyo Stock Exchange Standard Market (following a market segment change in July 2025).
Business Model
The core of revenue is monthly recurring revenue (stock revenue) based on long-term contracts with property owners. By internalizing everything from in-house development and manufacturing of communication equipment (via its Taiwan subsidiary) to fiber-optic line installation, Wi-Fi setup, maintenance, and call center support, the company suppresses external procurement costs while directly reflecting customer needs in its business strategy. In recent years, the expanded adoption of the equipment outright-sale method has increased first-year costs, while the company is advancing a structural transformation expected to improve the profit margin of future stock revenue and reduce the tax burden through suppression of depreciable assets.
Company Strengths
From communication equipment development and manufacturing (Taiwan subsidiary Feibo Wangtong Technology Co., Ltd.) to fiber-optic line installation, Wi-Fi setup, operation and maintenance, and multilingual call center support, the company completes all processes within its own group. This achieves reductions in outsourcing costs and rapid reflection of customer needs in the business, serving as a differentiating factor from competitors.
Recurring revenue from long-term contracts for free internet services targeting apartment buildings continues to accumulate steadily, with Home Use Business net sales for FY2025 (ended June 2025) reaching ¥10,864 million (up 4.6% year on year). The effect of accumulated stock revenue continues, forming a stable revenue base that accounts for over 83% of total company net sales.
As of the end of FY2025 (ended June 2025), the equity ratio stood at 53.1% (improved from 44.3% at the previous fiscal year-end), and net assets were ¥6,502 million (up 11.4% from the previous fiscal year-end). Long-term borrowings (including current portion) decreased by ¥1,296 million, compressing total liabilities to ¥5,641 million. Operating cash flow was solid at ¥3,156 million, and the stability of the financial base has been enhanced.
ENVALITH's Perspective
Performance Trend
Cumulative revenue for the first nine months of FY2026 (ending June 2026) was ¥10,361 million (up 5.5% year on year), maintaining an increasing-revenue trend. However, operating profit came to ¥1,486 million (down 2.3% year on year), ordinary profit ¥1,466 million (down 3.0% year on year), and quarterly net profit attributable to owners of the parent ¥996 million (down 2.7% year on year), with each profit line falling below the same period of the previous year. Looking at the trend over the past five fiscal years, operating profit recorded levels in the ¥2,300 million range in FY2023 and FY2024, before falling sharply to ¥1,958 million in FY2025. The full-year forecast for FY2026 remains at a similarly low level of ¥2,000 million. External factors include continued cost increases due to rising prices, while a structural downtrend in profit margin, driven by changes in customer composition (an increase in outright-sale deals), continues. Rising upfront investment costs in the renewable energy business are also weighing on profits.
Growth Strategy
Transition to a next-generation infrastructure model through the vertically integrated 'Telecomenergy' strategy combining telecommunications and renewable energy
The company continues to expand stock-type revenue through steady accumulation of installations in rental properties, while working to raise average revenue per customer through focused sales efforts on cross-sell products such as Network Camera and target areas including Communication Services for Medical, Nursing Care, and Schools. The revenue growth effect from Free Wi-Fi Service projects also contributes to boosting profit levels.
Centered on OGL, the company has welcomed PDI (Solar EPC, made a subsidiary in August 2025, acquisition consideration of ¥50 million) and Smart Green (made a subsidiary in April 2026, acquisition consideration of ¥250 million) into the group, building a framework capable of providing integrated design, construction, and maintenance services for solar power generation. The company will accelerate expansion into areas with high demand for stable energy supply, such as hospitals and factories.
Under the new slogan 'Lead The "Telecomenergy"', the company leverages its existing customer base of approximately 50,000 buildings receiving communication services to provide solar panels and storage batteries together with communication services as an integrated package. By appealing to the value of self-sufficient infrastructure during disasters and contributing to carbon offsetting, the company aims to establish a new revenue source for apartment complexes and corporate customers.
Effective July 1, 2025, the sales structure was reorganized from a business-based to a regional-based structure, integrating the 'Home Use Business' and 'Business Use Business' into the 'Communications Business'. This aims to improve efficiency in region-focused sales activities and to unify cross-selling efforts between communications and energy.
Last updated: July 17, 2026