GLAD CUBE Inc.
9561・Growth Market・Services
Business
Gladcube Inc. was founded in 2007 and listed on the TSE Growth Market in 2022. Under its vision of "delivering smiles and joy to people around the world," the company develops its businesses based on AI-driven data analysis and digital technology. In its core Marketing DX Business, the company provides Internet Advertising Management Agency and consulting services centered on its in-house developed SaaS "SiTest," supporting a wide range of clients from large corporations to small and medium-sized enterprises. In the Technology Business, the company operates the sports AI analysis media "SPAIA," develops the AI avatar video service "AvaTwin," and is advancing development of "STABLE GENIUS," an AI prediction system for the US horse racing market. Net sales for the consolidated fiscal year were ¥1,755 million (up 12.1% year on year).
Business Model
In the Marketing DX Business, an integrated model combining SiTest's subscription revenue (SaaS) with advertising management agency services (flow-type) has been adopted. Customer unit value is improved through mutual lead-sharing—cross-selling advertising to SaaS customers and proposing SaaS to advertising customers. This segment achieves a high segment profit margin of 35.3%. The Technology Business is currently in an advance investment phase, positioning subscription billing from SPAIA Keiba, contract development, and future SaaS-type business expansion as revenue sources.
Company Strengths
The Marketing DX Business has established an integrated growth model based on mutual lead-sharing between SaaS and advertising. In the fiscal year under review, this segment recorded sales of ¥1,496 million, segment profit of ¥528 million, and a segment profit margin of 35.3%, maintaining a high level. Cross-selling starting from SiTest is contributing to higher revenue per customer.
The company has continuously launched new products responding to the generative AI era, including SiTest AI Diagnosis, SiTest Engage, LLMOA, and AvaTwin. It has also expanded its sales channels through partnerships with external parties, such as starting a sales collaboration for AvaTwin with Pronexus Inc. in October 2025.
The total number of SPAIA members expanded to 152,393 (up 14,020 year on year). SPAIA Keiba has maintained a paid membership conversion rate of 20.34%, forming a stable subscription-based revenue base. The data usage licensing agreement with JRA System Service is also being continuously renewed.
ENVALITH's Perspective
Performance Trend
Over the past five fiscal years, revenue has continued to grow moderately, from ¥1,481 million in FY2022 to ¥1,755 million in FY2025. Operating profit deteriorated from ¥461 million in FY2022 to ¥(267) million in FY2024, but the loss narrowed to ¥(34) million in FY2025. In Q1 (single quarter) of FY2026 (ending December 2026), revenue was ¥502 million and operating profit was ¥36 million, securing profitability and confirming a trend toward improved earnings. As an external factor, domestic internet advertising expenditure exceeded ¥4 trillion for the first time in 2025 and surpassed 50.2% of total advertising expenditure, indicating a favorable demand environment for the Marketing DX Business. The full-year forecast is conservatively set at revenue of ¥1,762 million (up 0.4% year on year) and operating profit of ¥3 million; given the Q1 progress, there is room for upside, while the risk of expanded investment in the Technology Business remains inherent.
Growth Strategy
Pursuing growth along three axes: expansion of SaaS AI functionality, deployment of AvaTwin, and entry into the US horse racing market
Launched "SiTest AI Diagnosis (beta version)," which uses generative AI to automatically propose website improvement measures. By automating and accelerating the analysis and diagnosis process previously handled by consultants, the company supports web marketing decision-making at client companies, aiming to increase customer unit price and curb churn.
Focused on the full-scale rollout of AvaTwin, an AI solution that supports DX in human capital management and IR activities. The company is capturing demand for enhanced IR information disclosure primarily among listed companies, as well as AI utilization needs in the recruitment and HR domains, driving expansion of its service scope and brand awareness.
Leveraging the SPAIA overall membership base of 150,437 members, the company continues to improve the data analysis accuracy of its horse racing prediction AI and renew its UI/UX. It aims to expand its user base, including paid members, and deepen subscription revenue. Efforts also continue to strengthen the real-time analysis system for various sports data through DRAGON DATA CENTER.
Developing STABLE GENIUS for the US horse racing market, which is projected to be worth approximately ¥27.3 trillion by 2030. Through monetization after development completion, the company aims to recover its upfront investment in the Technology Business and establish a new revenue pillar.
Deepening collaboration with partner companies such as major agencies and tool vendors to expand order intake in a manner that complements the company's own sales structure. Through an integrated support system covering everything from video production to SNS management, the company maximizes synergies across media channels and contributes to improving clients' ROAS.
Last updated: July 17, 2026