ENVALITH
株式会社AViC logo

AViC Co., Ltd.

9554・Growth Market・Services

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株式会社AViC logo
AViC Co., Ltd.9554

Business

AViC Co., Ltd. is a single-segment company operating a Digital Marketing Business centered on internet advertising (performance-based advertising) and SEO Consulting Service. The company began full-scale operations in 2018 under current President and Representative Director Sogo Ichihara, and listed on the Tokyo Stock Exchange Growth Market in 2022. In addition to direct transactions with clients, the company also conducts indirect transactions via major comprehensive advertising agencies, serving a wide customer base ranging from enterprise companies to mid-sized firms. For FY2025 (ended September 2025), net sales were ¥2,681 million and operating profit was ¥725 million. The company is also expanding into the creator economy field and the Chinese market through subsidiarization and joint venture establishment.

Business Model

The company purchases advertising inventory from media operators, adds consulting value for clients, and resells it, earning both media fees and consulting fees. In the SEO Consulting Service, revenue is derived mainly from consulting fees and article content production fees. Productivity has been enhanced through in-house developed tools and human resource development via enablement projects, achieving per-employee productivity of ¥29,460 thousand in FY2025 (ended September 2025).

Company Strengths

For FY2025 (ending September 2025), net sales were ¥2,681 million (up 38.6% year on year), operating income was ¥725 million (up 62.3% year on year), and the operating margin was approximately 27%. Profit growth exceeded sales growth, with economies of scale and productivity improvements contributing to margin improvement.

The company has developed in-house tools for advertising effect simulation/monitoring and SEO keyword analysis, significantly improving the efficiency of data collection, analysis, and measure planning. Of the ¥28,865 thousand in capital expenditures for FY2025 (ending September 2025), ¥9,044 thousand was invested in in-house developed tools, with ongoing functional enhancements being implemented.

In May 2024, the company established a joint venture, ADK AViC Performance Design Co., Ltd., with ADK Marketing Solutions Inc. Sales to ADK Digital Communications expanded from ¥108,045 thousand in the previous period to ¥290,054 thousand in the current period (10.8% of net sales), accelerating the acquisition of enterprise customers via major agencies.

ENVALITH's Perspective

Revenue for the interim period of FY2026 (ending September 2026) expanded sharply, up 68.8% year-on-year, but this was mainly attributable to the consolidation contribution from Spica Co., Ltd. (two months, from February to March 2026). Meanwhile, the recognition of goodwill of ¥1,183 million (amortized equally over 11 years) caused goodwill amortization expense to surge from ¥9 million in the same period of the previous year to ¥44 million. The growth rate of operating profit (up 39.4%) fell well short of the growth rate of revenue, and the slowdown in the pace of profit growth following the M&A may continue going forward.

As a result of taking out a long-term loan of ¥1,500 million from Mizuho Bank to fund the acquisition of Spica Co., Ltd., the equity ratio declined from 58.5% at the end of the previous fiscal year to 45.6% at the end of the interim period, and interest-bearing debt increased significantly. The loan agreement with Mizuho Bank includes financial covenants requiring the maintenance of net assets (at least 75% of the level at the end of the immediately preceding fiscal year) and avoidance of operating losses for two consecutive fiscal years, which warrants attention as it could constrain financial flexibility in the event of a business downturn.

The full-year forecast for FY2026 (ending September 2026) was revised upward to revenue of ¥4,008 million (up 49.5% year-on-year) and operating profit of ¥1,127 million (up 55.6% year-on-year). Progress through the interim period was generally solid, with revenue progress at 46.3% and operating profit progress at 42.1% relative to the full-year forecast. However, the outcome of the contingent consideration for the acquisition of Spica Co., Ltd. (an additional payment of up to ¥300 million if revenue of ¥2,000 million is achieved) and the fact that the purchase price allocation (PPA) has not yet been finalized may affect the amount of goodwill and amortization expense going forward, and continued monitoring is warranted.

Growth Strategy

Three-pronged strategy combining enterprise client development, human resource development, and inorganic growth, with the addition of the liver management business.

Capture demand for digital marketing among large enterprises through the joint venture with ADK Marketing Solutions Inc. Enterprise projects command higher unit prices and greater continuity, contributing to earnings stability.

Selling, general and administrative expenses surged 90.2% year-on-year (from ¥349 million to ¥664 million), reflecting continued aggressive investment in recruitment and talent development. Strengthening the supply structure is essential to sustaining revenue growth.

In January 2026, the Company made Spica Co., Ltd., a certified TikTok LIVE premium agency, a wholly owned subsidiary for ¥1,500 million. Consolidation began from February 2026. The Company aims to leverage synergies with its existing video marketing business and expand into live commerce. Goodwill of ¥1,183 million is being amortized equally over 11 years. Purchase price allocation (PPA) has not yet been completed.

Implementing data analysis capabilities and KPI management know-how into proprietary tools to enhance the quality of advertising operations. Also promoting the introduction of data-driven methods into Spica's liver discovery and production processes.

Last updated: July 17, 2026