GLOE Inc.
9565・Growth Market・Services
Business
GLOE, Inc. (formerly Welplayed Izest) operates under the mission of "making people and society HAPPY through games," running businesses specialized in the esports and gaming-adjacent domain. Founded in 2015, the company listed on the Tokyo Stock Exchange Growth Market in November 2022. In addition to the parent company, the group consists of three consolidated subsidiaries: en-zin Co., Ltd. (event planning and operation), Haishin Gijutsu Kenkyusho Co., Ltd. (influencer marketing), and 28 Co., Ltd. (design, video production, and system development). Its main customers are domestic and overseas corporate clients, including game makers, and it provides one-stop services ranging from esports event planning and operation to game marketing solutions.
Business Model
Revenue is structured around two pillars: "Esports Event Services" (56.8% of revenue composition) and "Agency Services" (41.2% of revenue composition). The former undertakes event planning and operations commissioned by game makers and others, while the latter provides multi-layered marketing solutions including casting, sponsor brokerage, influencer marketing, community marketing, and SNS marketing. Both are order-based project businesses, with the revenue base underpinned by named/repeat orders leveraging accumulated know-how and industry networks.
Company Strengths
As the only listed company in Japan specializing in the esports and gaming peripheral field, the company listed on the Tokyo Stock Exchange Growth Market in November 2022. Its roughly 10-year track record of specializing in esports event operations since its founding in 2015, along with its industry network, functions as a barrier to entry.
Leveraging its strength in event planning and operation grounded in a deep understanding of the community characteristics of each game title, the company has continued to win designated orders for domestic promotional support from overseas game makers. Esports Event Services revenue in the 10th fiscal period expanded steadily to ¥1,614 million (up 24.1% year on year).
The company made Haishin Gijutsu Kenkyusho Co., Ltd. a wholly owned subsidiary in June 2024 and Kabushiki Kaisha 28 in February 2025, expanding its services into influencer marketing, design, video production, and system development. Agency Services revenue reached ¥1,170 million in the 10th fiscal period (up 22.0% year on year).
ENVALITH's Perspective
Performance Trend
Revenue for the first half of FY2026 (ending June 2026) (November 2025 to April 2026) was ¥1,544 million (up 41.9% year on year), a record high for the cumulative second quarter. Operating profit was ¥63 million (versus an operating loss of ¥85 million in the same period last year), ordinary profit was ¥64 million (versus an ordinary loss of ¥85 million in the same period last year), and net income attributable to owners of the parent for the interim period was ¥16 million (versus an interim net loss of ¥86 million in the same period last year), representing a significant improvement in earnings. Strengthened management of project profitability and the elimination of one-time costs contributed to the improvement in profit. Financial condition also improved, with total assets of ¥1,435 million and an equity ratio of 34.7% (versus 29.7% at the end of the previous fiscal year). However, the full-year earnings forecast remains unchanged, projecting an operating loss of ¥112 million and a net loss of ¥131 million, with costs expected to be concentrated in the final two months of the fiscal year. Over the past five fiscal years, the operating margin has ranged from 0% to the 8% level, and the company has not yet achieved structurally high profitability.
Growth Strategy
Strengthening the revenue base through expansion of recurring services, cultivation of a new platform, and diversification of the customer base
In addition to expanding orders through strengthened relationships with key clients, the company is promoting expansion into customer segments beyond traditional domestic game developers, such as VTuber agencies and local governments. In the interim period of FY2026 (ending March 2026), sales of this service grew significantly, up 39.9% year on year, demonstrating that the customer diversification strategy is bearing fruit.
The company is pursuing a strategy of expanding recurring services such as community management to improve the continuity and predictability of earnings. In the interim period of FY2026 (ending March 2026), sales of this service increased 22.5% year on year, marking progress in reducing reliance on one-off projects.
Following the full launch of the platform, revenue contribution began in the interim period of FY2026 (ending March 2026). In addition to order-based revenue, the platform is being cultivated as a new platform-type revenue source, contributing to sales growth in Agency Services. Expanding the number of users and advertisers going forward will be key to scaling up revenue.
In January 2026, the company changed its fiscal year-end from the end of October to the end of June, and is currently transitioning to the new structure over an 8-month transitional period. The full-year earnings forecast maintains a loss outlook, with an operating loss of ¥112 million and net loss of ¥131 million. Thorough cost management, building on the strong performance in the interim period, remains a challenge. Achieving profitability under a normal 12-month fiscal year from the following period onward is the medium-term goal.
Last updated: July 17, 2026