# eole Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第25期(2025/04/01－2026/03/31) (S100YS79)
> Page: https://vizora.meequs.com/en/company/eole
> Retrieved: 2026-09-30T20:30:40.560Z

## Company

eole, founded in 2001, is a company in Cloud & Data Centers listed on TSE Growth. It has 83 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | eole Inc. |
| Ticker | 2334 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2334.T) |
| Listing | TSE Growth |
| Head office | 東京都港区西新橋1丁目6番11号 |
| Representative (per filing) | 代表取締役社長 瀧野 諭吾 |
| Founded | Apr 2001 |
| Share capital | ¥2.76B |
| Employees (consolidated) | 83 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Website | www.eole.co.jp (https://www.eole.co.jp/) |
| Corporate number | 3010901015200 |
| EDINET | E33595 |
| Industries (Vizora) | Cloud & Data Centers, Crypto & Blockchain, HR & Staffing, Advertising |

> Profile source: annual securities report (S100YS79, filed 2026-07-24). As of filing

## Five-axis industry profile

Primary industry: Cloud & Data Centers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 30 | 5 |
| Cash conversion | 87.5 | 4 |
| Efficiency | 90 | 5 |

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 71% of eole's sales come from AIdatacenter, with internetmedia and Crypto Assets making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +299.0% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥14.2B |  |
| Operating income | ¥211.5M | Margin 1.5% |
| Net income | -¥528.2M | Margin -3.7% |
| Free cash flow | ¥879.2M |  |
| Largest business | AIdatacenter | of segment revenue 71.5% |
| Employees (consolidated) | 83 |  |
| EPS | ¥-15.38 |  |
| Book value per share | ¥85.06 |  |
| Equity ratio | 31.6% |  |
| Shares outstanding | 41,023,920 |  |
| Treasury shares | 47,400 |  |
| Shareholders | 9,803 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 11.9% | Cash ÷ revenue 9.2% |
| Vs. industry median margin | -3.8 pp | Cloud & Data Centers |
| ROA | -4.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 29 points

## 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 | ¥1439034000 | ¥14159835000 | — |
| Operating income | ¥-295204000 | ¥211483000 | — |
| Operating margin | -20.5% | 1.5% | +22 pp |
| Employees | 84 people | 83 people | — |
| Cash and equivalents | ¥421012000 | ¥1308149000 | — |

### 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 → インターネットメディア事業 | 28.2% |
| 新設・再編 → AIデータセンター事業 | 71.5% |
| 新設・再編 → 暗号資産関連事業 | 0.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| AIdatacenter | — | — | ¥10120000000 | 4.2% | 2 |
| internetmedia | — | — | ¥3994263000 | -3.3% | 2 |
| Crypto Assets | — | — | ¥45572000 | -171.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,160 | 100.0% | S100YS79 |
| Cost of revenue | 9,572 | 67.6% | S100YS79 |
| Gross profit | 4,588 | 32.4% | S100YS79 |
| SG&A | 4,376 | 30.9% | S100YS79 |
| Operating income | 211 | 1.5% | S100YS79 |
| Ordinary income | -506 | -3.6% | S100YS79 |
| Pretax income | -522 | -3.7% | S100YS79 |
| Income tax | 4 | 0.0% | S100YS79 |
| Net income | -527 | -3.7% | S100YS79 |
| Net income attributable to owners | -528 | -3.7% | S100YS79 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 31 |
| Operating income | 1 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 32.4% → Operating margin 1.5% → Net margin -3.7%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,549 | 14,160 | 10,611 | +299.0% |
| Gross profit | 1,020 | 4,588 | 3,567 | +349.6% |
| Operating income | -20 | 211 | 232 | — |
| Operating cash flow | -18 | 910 | 928 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,844 | 27 | 1.4% | 1 | 191 | 55 | S100LKZI |
| FY ending Mar 2021 | 1,439 | -295 | -20.5% | -631 | -250 | -389 | S100O93D |
| FY ending Mar 2022 | 2,086 | -40 | -1.9% | -147 | 1 | -71 | S100R2PJ |
| FY ending Mar 2023 | 3,564 | 55 | 1.5% | 37 | 126 | 12 | S100TQKG |
| FY ending Mar 2024 | 3,818 | 42 | 1.1% | 37 | 95 | -184 | S100W74X |
| FY ending Mar 2025 | 3,549 | -20 | -0.6% | -493 | -18 | — | S100W74X |
| FY ending Mar 2026 | 14,160 | 211 | 1.5% | -528 | 910 | 879 | S100YS79 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥170.6M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | -¥6.4M |

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) | 77 | 90 | 112 | 100 | 83 |
| Average salary (parent company) | ¥5.2M | ¥5.9M | ¥5.6M | ¥5.4M | ¥5.3M |
| Average age (parent company) | 33.3 years | 33.1 years | 35.9 years | 35.9 years | 35.2 years |
| Average tenure (parent company) | 5.3 years | 4.9 years | 4.1 years | 5.1 years | 5.0 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| internetmedia | 3,994 | 28.2% | -133 | -3.3% |
| AIdatacenter | 10,120 | 71.5% | 422 | 4.2% |
| Crypto Assets | 46 | 0.3% | -78 | -171.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| internetmedia | 28.2% | — | — | -3.3% |
| AIdatacenter | 71.5% | 100.0% | 28.5 | 4.2% |
| Crypto Assets | 0.3% | — | — | -171.1% |

Loss-making segment (excluded from profit shares): internetmedia -133 JPY mn

Loss-making segment (excluded from profit shares): Crypto Assets -78 JPY mn

Segment → industry: AIdatacenter → Cloud & Data Centers / Crypto Assets → Crypto & Blockchain / internetmedia → HR & Staffing / internetmedia → Advertising

## 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 | 910 | 6.4% | S100YS79 |
| Capital expenditure | 31 | 0.2% | S100YS79 |
| Free cash flow | 879 | 6.2% | 算出 |
| Investing cash flow | -3,643 | -25.7% | S100YS79 |
| Financing cash flow | 3,665 | 25.9% | S100YS79 |
| Change in cash | 932 | 6.6% | S100YS79 |
| Cash and equivalents | 1,308 | 9.2% | S100YS79 |

## 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 | 392 | 458 | 258 | 376 | 1,308 | S100TQKG, S100W74X, S100YS79 |
| Total assets | 752 | 1,449 | 1,337 | 1,047 | 11,001 | S100R2PJ, S100TQKG, S100W74X, S100YS79 |
| Net assets | 438 | 692 | 804 | 311 | 3,499 | S100TQKG, S100W74X, S100YS79 |
| Share capital | 771 | 877 | 915 | 915 | 2,763 | S100R2PJ, S100TQKG, S100W74X, S100YS79 |
| Property, plant and equipment | — | 18 | 20 | 15 | 21 | S100TQKG, S100W74X, S100YS79 |
| Intangible assets excluding goodwill | — | 259 | 457 | 40 | 50 | S100TQKG, S100W74X, S100YS79 |
| Goodwill | — | 144 | 114 | — | — | S100TQKG, S100W74X |
| Investment securities | — | — | 60 | 50 | 1,356 | S100W74X, S100YS79 |
| Current assets | 737 | 1,153 | 765 | 920 | 9,535 | S100R2PJ, S100TQKG, S100W74X, S100YS79 |
| Current liabilities | 313 | 758 | 533 | 596 | 7,391 | S100R2PJ, S100TQKG, S100W74X, S100YS79 |
| Short-term borrowings | — | — | — | 40 | 40 | S100W74X, S100YS79 |
| Long-term borrowings | — | — | — | 140 | 100 | S100W74X, S100YS79 |
| Total liabilities | 313 | 758 | 533 | 736 | 7,503 | S100R2PJ, S100TQKG, S100W74X, S100YS79 |
| Non-controlling interests | — | — | — | — | 2 | S100YS79 |
| Equity attributable to owners of parent | 437 | 687 | 800 | 306 | 3,473 | S100R2PJ, S100TQKG, S100W74X, S100YS79 |
| Retained earnings | -1,046 | -1,009 | -972 | -1,466 | -1,994 | S100R2PJ, S100TQKG, S100W74X, S100YS79 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R2PJ, S100TQKG, S100W74X, S100YS79 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YS79 |
| Property, plant and equipment | 0% | S100YS79 |
| Intangibles and goodwill | 1% | S100YS79 |
| Investment securities | 12% | S100YS79 |
| Other assets | 75% | S100YS79 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 68% | S100YS79 |
| Equity | 32% | S100YS79 |

### 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 | 752 | 1,449 | 1,337 | 1,047 | 11,001 |
| Equity | 438 | 692 | 804 | 311 | 3,499 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 392 | 458 | 258 | 376 | 1,308 |

## 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) | 0.1% | S100YS79 |
| Fixed assets ÷ total assets | 0.2% | S100YS79 |
| Goodwill ÷ parent equity | — | —, S100YS79 |

### 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) | 11.9% |
| Cash ÷ revenue | 9.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 430.2% |
| Cash vs. profit gap | 1,438 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 400.4% |

## 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 | — | —× | -19.6% | —× | — | S100R2PJ |
| 2023 | 1.0% | 3.24× | 3.3% | 1.96× | 6.5% | S100TQKG |
| 2024 | 1.0% | 2.74× | 2.6% | 1.87× | 4.9% | S100W74X |
| 2025 | — | —× | -41.4% | —× | — | S100W74X |
| 2026 | — | —× | -4.8% | —× | — | S100YS79 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 吉田直人 | Major shareholder | 13.7% | 2026-03-31 |
| 投資事業有限責任組合JAIC-Web3ファンド | Major shareholder | 10.8% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社五六 | Major shareholder | 3.4% | 2026-03-31 |
| ダイナミックソリューショングループ株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| 日本アジア投資株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 財部美瑛 | Major shareholder | 2.5% | 2026-03-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 山地智功 | Major shareholder | 1.7% | 2026-03-31 |
| 滝野一征 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第25期(2025/04/01－2026/03/31) | S100YS79 | 2026-07-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YS79,, |
| 有価証券報告書－第24期(2024/04/01－2025/03/31) | S100W74X | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W74X,, |
| 有価証券報告書－第23期(2023/04/01－2024/03/31) | S100TQKG | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQKG,, |
| 有価証券報告書－第22期(2022/04/01－2023/03/31) | S100R2PJ | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2PJ,, |
| 有価証券報告書－第21期(令和3年4月1日－令和4年3月31日) | S100O93D | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O93D,, |
| 有価証券報告書－第20期(令和2年4月1日－令和3年3月31日) | S100LKZI | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKZI,, |

## 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).