# AI,Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第23期(2025/04/01－2026/03/31) (S100YGJY)
> Page: https://vizora.meequs.com/en/company/ai
> Retrieved: 2026-09-30T19:41:59.051Z

## Company

AI, founded in 2003, is a company in Software & SaaS listed on TSE Standard. It has 114 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AI,Inc. |
| Ticker | 4388 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4388.T) |
| Listing | TSE Standard |
| Head office | 東京都文京区西片一丁目15番15号 |
| Representative (per filing) | 代表取締役社長 廣飯 伸一 |
| Founded | Apr 2003 |
| Share capital | ¥100M |
| Employees (consolidated) | 114 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Website | www.ai-j.jp (https://www.ai-j.jp/) |
| Corporate number | 8010001127602 |
| EDINET | E34052 |
| Industries (Vizora) | Software & SaaS, Streaming |

> Profile source: annual securities report (S100YGJY, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 84.3 | 105 |
| Profitability | 23.8 | 145 |
| Cash conversion | 21.5 | 128 |
| Efficiency | 31.4 | 145 |
| Financial strength | 87.5 | 4 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 64% of AI's sales come from Voice-related business, with Digital Marketing and Liver management business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +24.5% from the prior year, operating profit -7.8%.

## Company structure

- Segment revenue mix: Voice-related business 63.9%、Digital Marketing 32.3%、Liver management business 3.9%
- Revenue → net income: ¥1850060000 → ¥112216000
- Net income → operating cash flow: ¥112216000 → ¥76921000（difference ¥-35295000）
- Main uses of operating cash flow: CapEx ¥26938000 / dividends ¥310000 / buybacks ¥81176000
- Change in cash: ¥-612045000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.85B |  |
| Operating income | ¥100.6M | Margin 5.4% |
| Net income | ¥111M | Margin 6.0% |
| Free cash flow | ¥50M |  |
| Largest business | Voice-related business | of segment revenue 63.9% |
| Employees (consolidated) | 114 |  |
| EPS | ¥18.2 |  |
| Book value per share | ¥386.22 |  |
| Equity ratio | 87.0% |  |
| Shares outstanding | 6,304,298 |  |
| Treasury shares | 202,100 |  |
| Shareholders | 5,748 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 38.3% | Net cash ¥915.7M · Cash ÷ revenue 52.8% |
| Vs. industry median margin | -7 pp | Software & SaaS |
| ROE | 4.9% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 261.9× dividends
- FY2026, one segment accounts for 87% of positive segment profit
- FY2026, cash is 38% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥887565000 | ¥1850060000 | — |
| Operating income | ¥288198000 | ¥100554000 | — |
| Operating margin | 32.5% | 5.4% | -27 pp |
| Employees | 44 people | 114 people | — |
| Cash and equivalents | ¥1101358000 | ¥976906000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 音声事業 | 63.9% |
| 新設・再編 → CRM事業 | 32.3% |
| 新設・再編 → ライバーマネジメント事業 | 3.9% |

Segment revenue source references: 3 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Voice-related business | — | — | ¥1127810000 | 9.3% | 2 |
| Digital Marketing | — | — | ¥569751000 | 2.8% | 2 |
| Liver management business | — | — | ¥68283000 | -7.2% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,850 | 100.0% | S100YGJY |
| Cost of revenue | 874 | 47.3% | S100YGJY |
| Gross profit | 976 | 52.7% | S100YGJY |
| SG&A | 875 | 47.3% | S100YGJY |
| Operating income | 101 | 5.4% | S100YGJY |
| Ordinary income | 79 | 4.3% | S100YGJY |
| Pretax income | 107 | 5.8% | S100YGJY |
| Income tax | -5 | -0.3% | S100YGJY |
| Net income | 112 | 6.1% | S100YGJY |
| Net income attributable to owners | 111 | 6.0% | S100YGJY |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 47 |
| SG&A | 47 |
| Operating income | 6 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 52.7% → Operating margin 5.4% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +24.5%; Core profit growth: -7.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.32×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,486 | 1,850 | 364 | +24.5% |
| Gross profit | 749 | 976 | 227 | +30.2% |
| Operating income | 109 | 101 | -8 | -7.8% |
| Net income attributable to owners | -16 | 111 | 127 | — |
| Operating cash flow | 102 | 77 | -25 | -24.4% |
| Free cash flow | 60 | 50 | -10 | -16.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 819 | 274 | 33.4% | 173 | 217 | 209 | S100LL47 |
| FY ending Mar 2021 | 888 | 288 | 32.5% | 215 | 181 | 169 | S100OAWF |
| FY ending Mar 2022 | 757 | 112 | 14.8% | 84 | 131 | 122 | S100R0YJ |
| FY ending Mar 2023 | 634 | 20 | 3.1% | 16 | 18 | 13 | S100TO5L |
| FY ending Mar 2024 | 735 | 82 | 11.1% | 110 | 170 | 168 | S100TO5L |
| FY ending Mar 2025 | 1,486 | 109 | 7.3% | -16 | 102 | 60 | S100YGJY |
| FY ending Mar 2026 | 1,850 | 101 | 5.4% | 111 | 77 | 50 | S100YGJY |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.2M |
| Operating income per employee (consolidated) | ¥882.1K |
| Net income per employee (consolidated) | ¥973.3K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 51 | 53 | 56 | 110 | 114 |
| Average salary (parent company) | ¥4.7M | ¥4.3M | ¥4.9M | ¥5.4M | ¥5.3M |
| Average age (parent company) | 35.2 years | 35.0 years | 35.8 years | 42.8 years | 42.8 years |
| Average tenure (parent company) | 5.2 years | 5.8 years | 6.6 years | 8.8 years | 9.1 years |

Year over year: Employees (consolidated) +3.6% · Revenue (consolidated) +24.5%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Voice-related business | 1,128 | 63.9% | 104 | 9.3% |
| Digital Marketing | 570 | 32.3% | 16 | 2.8% |
| Liver management business | 68 | 3.9% | -5 | -7.2% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Voice-related business | 63.9% | 86.8% | 22.9 | 9.3% |
| Digital Marketing | 32.3% | 13.2% | -19.1 | 2.8% |
| Liver management business | 3.9% | — | — | -7.2% |

Loss-making segment (excluded from profit shares): Liver management business -5 JPY mn

Segment → industry: Digital Marketing → Software & SaaS / Voice-related business → Software & SaaS / Liver management business → Streaming

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 77 | 4.2% | S100YGJY |
| Capital expenditure | 27 | 1.5% | S100YGJY |
| Free cash flow | 50 | 2.7% | 算出 |
| Investing cash flow | -418 | -22.6% | S100YGJY |
| Financing cash flow | -271 | -14.7% | S100YGJY |
| Dividends paid | 0 | 0.0% | S100YGJY |
| Share buyback | 81 | 4.4% | S100YGJY |
| Change in cash | -612 | -33.1% | S100YGJY |
| Cash and equivalents | 977 | 52.8% | S100YGJY |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,179 | 1,237 | 575 | 1,589 | 977 | S100TO5L, S100YGJY |
| Total assets | 1,355 | 1,394 | 1,710 | 2,960 | 2,548 | S100R0YJ, S100TO5L, S100YGJY |
| Net assets | 1,280 | 1,191 | 1,301 | 2,518 | 2,223 | S100TO5L, S100YGJY |
| Share capital | 151 | 151 | 100 | 100 | 100 | S100R0YJ, S100TO5L, S100YGJY |
| Property, plant and equipment | 18 | 13 | 11 | 31 | 49 | S100R0YJ, S100TO5L, S100YGJY |
| Intangible assets excluding goodwill | 8 | 8 | 44 | 564 | 585 | S100R0YJ, S100TO5L, S100YGJY |
| Goodwill | — | — | — | 510 | 566 | S100YGJY |
| Investment securities | 2 | 2 | — | 0 | — | S100R0YJ, S100TO5L, S100YGJY |
| Current assets | 1,313 | 1,359 | 702 | 2,122 | 1,855 | S100R0YJ, S100TO5L, S100YGJY |
| Current liabilities | 73 | 201 | 304 | 356 | 269 | S100R0YJ, S100TO5L, S100YGJY |
| Short-term borrowings | — | 150 | 110 | 10 | 10 | S100TO5L, S100YGJY |
| Long-term borrowings | — | — | — | 9 | 6 | S100YGJY |
| Bonds | — | — | 105 | 75 | 45 | S100TO5L, S100YGJY |
| Interest-bearing debt | — | — | — | 94 | 61 | 算出 |
| Total liabilities | 75 | 202 | 409 | 442 | 325 | S100R0YJ, S100TO5L, S100YGJY |
| Non-controlling interests | — | — | — | 161 | 5 | S100YGJY |
| Equity attributable to owners of parent | 1,280 | 1,191 | 1,301 | 2,357 | 2,218 | S100R0YJ, S100TO5L, S100YGJY |
| Retained earnings | 1,122 | 1,121 | 1,230 | 1,215 | 1,326 | S100R0YJ, S100TO5L, S100YGJY |
| Treasury stock | -200 | -287 | -287 | -363 | -137 | S100R0YJ, S100TO5L, S100YGJY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100YGJY |
| Property, plant and equipment | 2% | S100YGJY |
| Intangibles and goodwill | 45% | S100YGJY |
| Other assets | 15% | S100YGJY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 3% | 算出 |
| Other liabilities | 10% | S100YGJY |
| Equity | 87% | S100YGJY |
| Other liabilities | 0% | S100YGJY |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,355 | 1,394 | 1,710 | 2,960 | 2,548 |
| Equity | 1,280 | 1,191 | 1,301 | 2,518 | 2,223 |
| Interest-bearing debt | — | — | — | 94 | 61 |
| Cash | 1,179 | 1,237 | 575 | 1,589 | 977 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 2.7% | S100YGJY |
| Fixed assets ÷ total assets | 1.9% | S100YGJY |
| Goodwill ÷ parent equity | 25.5% | S100YGJY |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 38.3% |
| Cash ÷ revenue | 52.8% |
| Net cash (cash − interest-bearing debt) | ¥915.7M |
| Net debt ÷ operating cash flow | -11.90× |
| Cash conversion (operating CF ÷ operating income) | 76.5% |
| Cash vs. profit gap | -34 JPY mn (of net income -30.7%) |
| Shareholder returns / net income | 73.4% |
| Shareholder returns / FCF | 163.0% |
| Shareholder payments — dividends / net income | 0.3% |
| Shareholder payments — dividends / FCF | 0.6% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 543.0% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 11.1% | 0.56× | 6.2% | 1.06× | 6.5% | S100R0YJ |
| 2023 | 2.6% | 0.46× | 1.2% | 1.11× | 1.3% | S100TO5L |
| 2024 | 14.9% | 0.47× | 7.1% | 1.25× | 8.8% | S100TO5L |
| 2025 | — | —× | -0.5% | —× | — | S100YGJY |
| 2026 | 6.0% | 0.67× | 4.0% | 1.20× | 4.9% | S100YGJY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 廣飯 伸一 | Major shareholder | 14.4% | 2026-03-31 |
| 株式会社ソルクシーズ | Major shareholder | 4.1% | 2026-03-31 |
| 吉田 大介 | Major shareholder | 3.4% | 2026-03-31 |
| 吉田 大志 | Major shareholder | 2.5% | 2026-03-31 |
| 亀井 佳代 | Major shareholder | 2.4% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 1.5% | 2026-03-31 |
| 和田 章 | Major shareholder | 0.9% | 2026-03-31 |
| 吉田 昭 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/04/01－2026/03/31) | S100YGJY | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGJY,, |
| 有価証券報告書－第22期(2024/04/01－2025/03/31) | S100VYKL | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYKL,, |
| 有価証券報告書－第21期(2023/04/01－2024/03/31) | S100TO5L | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO5L,, |
| 有価証券報告書－第20期(2022/04/01－2023/03/31) | S100R0YJ | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0YJ,, |
| 有価証券報告書－第19期(令和3年4月1日－令和4年3月31日) | S100OAWF | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAWF,, |
| 有価証券報告書－第18期(令和2年4月1日－令和3年3月31日) | S100LL47 | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL47,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).