ENVALITH
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MicroAd, Inc.

9553・Growth Market・Services

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株式会社マイクロアド logo
MicroAd, Inc.9553

Business

MicroAd, Inc. operates under the vision of "Redesigning The Future Life," developing a Data Platform Business (Single Segment) that solves corporate marketing challenges through the power of data and technology. Its flagship product, UNIVERSE, analyzes consumer behavior data collected from 225 external data partners using proprietary AI, providing marketing solutions specialized for 19 industries including automotive, food, healthcare, and BtoB. With approximately 920 advertising agencies as sales channels, the number of active accounts reached 8,222 in FY2025 (ending September 2025), up 121.3% year on year. Revenue stood at ¥15,670 million, with the company serving domestic and overseas companies and media as its main customers.

Business Model

Revenue is structured around two axes: Data Product Service (net sales of ¥6,991 million, gross margin of approximately 35%) and Consulting Service (net sales of ¥8,679 million, gross margin of approximately 25%). The former is an increasing-returns model based on account issuance and ad delivery fees on the UNIVERSE platform, while the latter is a labor-intensive model based on reselling other companies' advertising services and supporting media companies in maximizing advertising revenue. The structure is such that the accumulation of data assets serves as the source of competitive advantage.

Company Strengths

Collects and aggregates consumer behavior data from 225 external data partners, deploying industry-specific products across 19 sectors including automotive (IGNITION), food (Pantry), medical (IASO), and BtoB (Shirareru). While diversifying dependence on specific companies and industries, the company continuously refines its industry-specific AI models.

The number of UNIVERSE active accounts (order count) for FY2025 (ending September 2025) reached 8,222, achieving 121.3% year-on-year growth. Sales personnel reinforcement through new graduate hiring in April 2024 contributed substantially throughout FY2025, driving significant expansion in key KPIs. A transaction network with approximately 920 advertising agencies underpins the sales foundation.

Through operational efficiency and cost reduction initiatives leveraging generative AI, the cost of sales ratio improved by 0.9 percentage points, from 70.2% in the previous fiscal year to 69.3% in FY2025 (ending September 2025). Gross profit for the Data Product Service segment rose 15.8% year-on-year to ¥2,605 million, confirming the improvement in profitability through concrete figures.

ENVALITH's Perspective

Net income attributable to owners of the parent for the interim period of FY2026 (ending March 2026) surged to ¥592 million from ¥27 million in the same period a year earlier, but extraordinary income included a gain on step acquisition of ¥41,955 thousand and a gain on negative goodwill of ¥85,115 thousand, meaning one-off factors boosted net income. On the other hand, an extraordinary loss of ¥101,285 thousand from disposal of fixed assets was also recorded. The 84.0% year-on-year increase on an ordinary income basis is closer to the underlying performance, but if similar extraordinary gains do not occur in the second half onward, growth in net income could slow.

The full-year forecast for FY2026 (ending March 2026) has been revised to net sales of ¥17,788 million (up 13.5% year on year), operating income of ¥1,024 million (up 67.1% year on year), and net income of ¥678 million (up 247.6% year on year). Interim operating income of ¥777 million reached 75.9% of the full-year forecast, indicating a high progress rate. However, the key to achieving the full-year targets in the second half will be trends in selling, general and administrative expenses (costs related to new graduate hiring and branch expansion) and non-operating expenses such as foreign exchange losses (¥42,511 thousand recorded in the interim period) and losses on investments under the equity method (¥31,754 thousand in the same period).

At the end of the interim period of FY2026 (ending March 2026), total assets stood at ¥10,700 million (up ¥1,551 million from the end of the previous fiscal year), while total liabilities were ¥6,702 million (up ¥1,450 million), with liabilities growing at a faster pace than assets. Interest-bearing debt expanded, with short-term borrowings of ¥2,817,600 thousand and long-term borrowings of ¥619,940 thousand, and the equity ratio declined from 38.2% to 36.8%. Operating cash flow improved to ¥371 million, but an increase in trade receivables (¥769,359 thousand) is straining cash flow, and if the growth strategy continues to rely on borrowing, ongoing verification of financial soundness will be necessary.

Growth Strategy

Growth acceleration driven by a three-pronged approach: UNIVERSE expansion, connection to other companies' platforms, and new overseas business

The company continues to strengthen its sales workforce through new graduate hiring and expand regional offices, organizing sales teams optimized for each customer segment. Data Product Service revenue for the interim period reached ¥5,462 million (up 12.3% year on year), with gross profit of ¥2,002 million (up 21.6% year on year), showing steady expansion. Growth in active accounts is driving revenue growth.

In addition to its own advertising platform, the company began connecting UNIVERSE data to major third-party SNS and video platforms starting in FY2025 (ending September 2025). From FY2026 (ending September 2026), revenue from these connections will be disclosed as Data Product Service revenue, with further revenue expansion expected as the scope of data utilization broadens.

In addition to its Taiwan-centered Overseas Consulting Service, the company launched an IP tie-in merchandise business for VTubers and other IP through IPmixer Inc. starting in FY2025 (ending September 2025). It also made PT. Mahakarya Adi Indonesia a consolidated subsidiary, strengthening its overseas business foundation. Gross profit for the Consulting Service segment overall achieved high growth of 33.1% year on year.

The company continues to implement operational efficiency and cost reduction measures utilizing generative AI and other technologies, aiming to improve sales efficiency and cost ratios. The operating margin for the interim period of FY2026 (ending September 2026) reached 8.1% (a significant improvement from 4.3% in the same period of the previous year), demonstrating the effectiveness of these measures. The company continues to pursue these initiatives toward achieving full-year operating profit of ¥1,024 million (operating margin of 5.8%).

Last updated: July 17, 2026