# GLAD CUBE Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2025/01/01－2025/12/31) (S100XV2A)
> Page: https://vizora.meequs.com/en/company/glad-cube
> Retrieved: 2026-09-30T19:00:12.390Z

## Company

Glad Cube, founded in 2007, is a company in IT Services & System Integration listed on TSE Growth. It has 106 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GLAD CUBE Inc. |
| Ticker | 9561 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9561.T) |
| Listing | TSE Growth |
| Head office | 大阪府大阪市中央区瓦町二丁目4番7号 |
| Representative (per filing) | 代表取締役CEO 金島 弘樹 |
| Founded | Jan 2007 |
| Share capital | ¥372.9M |
| Employees (consolidated) | 106 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | December |
| Website | corp.glad-cube.com (https://corp.glad-cube.com/) |
| Corporate number | 9120001129165 |
| EDINET | E37979 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Internet Services & Apps, Advertising |

> Profile source: annual securities report (S100XV2A, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 11 | 86 |
| Efficiency | 26.2 | 86 |

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 85% of Glad Cube's sales come from Marketing DX business, with Technology business making up much of the rest.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed +12.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.76B |  |
| Operating income | -¥33.7M | Margin -1.9% |
| Net income | -¥31.7M | Margin -1.8% |
| Free cash flow | -¥35.8M |  |
| Largest business | Marketing DX business | of segment revenue 85.2% |
| Employees (consolidated) | 106 |  |
| EPS | ¥-0.49 |  |
| Book value per share | ¥88.73 |  |
| Equity ratio | 33.0% |  |
| Shares outstanding | 8,433,540 |  |
| Shareholders | 1,918 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 63.0% | Cash ÷ revenue 78.1% |
| Vs. industry median margin | -14.4 pp | Software & SaaS |
| ROA | -1.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 63% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1215796000 | ¥1755413000 | — |
| Operating income | ¥291763000 | ¥-33683000 | — |
| Operating margin | 24.0% | -1.9% | -25.9 pp |
| Employees | 94 people | 106 people | — |
| Cash and equivalents | ¥1169882000 | ¥1370213000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2021 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| SaaS事業 → 事業再編・廃止 | 35.5% |
| マーケティングソリューション事業 → 事業再編・廃止 | 55.7% |
| SPAIA事業 → 事業再編・廃止 | 8.8% |
| 新設・再編 → マーケティングDX事業 | 85.2% |
| 新設・再編 → テクノロジー事業 | 14.8% |

Segment revenue source references: 5 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,755 | 100.0% | S100XV2A |
| Cost of revenue | 522 | 29.7% | S100XV2A |
| Gross profit | 1,233 | 70.3% | S100XV2A |
| SG&A | 1,267 | 72.2% | S100XV2A |
| Operating income | -34 | -1.9% | S100XV2A |
| Ordinary income | -38 | -2.1% | S100XV2A |
| Pretax income | -38 | -2.2% | S100XV2A |
| Income tax | -7 | -0.4% | S100XV2A |
| Net income | -32 | -1.8% | S100XV2A |
| Net income attributable to owners | -32 | -1.8% | S100XV2A |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 30 |
| SG&A | 72 |
| Operating income | -2 |
| (Ref.) Net income | -2 |

### Margin funnel

Gross margin 70.3% → Operating margin -1.9% → Net margin -1.8%
Derived from reported figures (DERIVED).

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,559 | 1,755 | 196 | +12.6% |
| Gross profit | 1,221 | 1,233 | 12 | +1.0% |
| Operating income | -267 | -34 | 233 | — |
| Operating cash flow | -5 | -25 | -20 | — |
| Free cash flow | -63 | -36 | 27 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 1,216 | 292 | 24.0% | 202 | 400 | 385 | S100QHO2 |
| FY ending Dec 2022 | 1,481 | 461 | 31.1% | 297 | 210 | 162 | S100T4BK |
| FY ending Dec 2023 | 1,523 | 142 | 9.3% | 59 | -149 | -204 | S100VHXM |
| FY ending Dec 2024 | 1,559 | -267 | -17.1% | -629 | -5 | -63 | S100VHXM |
| FY ending Dec 2025 | 1,755 | -34 | -1.9% | -32 | -25 | -36 | S100XV2A |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.6M |
| Operating income per employee (consolidated) | -¥317.8K |
| Net income per employee (consolidated) | -¥298.7K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 94 | 98 | 141 | 121 | 106 |
| Average salary (parent company) | — | ¥4.3M | ¥4.7M | ¥5.5M | ¥5.4M |
| Average age (parent company) | — | 32.3 years | 33.3 years | 34.2 years | 34.2 years |
| Average tenure (parent company) | — | 3.0 years | 2.5 years | 3.6 years | 4.2 years |

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marketing DX business | 1,496 | 85.2% | 528 | 35.3% |
| Technology business | 259 | 14.8% | -309 | -119.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Marketing DX business | 85.2% | 100.0% | 14.8 | 35.3% |
| Technology business | 14.8% | — | — | -119.1% |

Loss-making segment (excluded from profit shares): Technology business -309 JPY mn

Segment → industry: Technology business → IT Services & System Integration / Marketing DX business → Software & SaaS / Technology business → Internet Services & Apps / Marketing DX business → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -25 | -1.4% | S100XV2A |
| Capital expenditure | 11 | 0.6% | S100XV2A |
| Free cash flow | -36 | -2.0% | 算出 |
| Investing cash flow | -11 | -0.6% | S100XV2A |
| Financing cash flow | -255 | -14.5% | S100XV2A |
| Change in cash | -291 | -16.6% | S100XV2A |
| Cash and equivalents | 1,370 | 78.1% | S100XV2A |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,170 | 2,158 | 1,739 | 1,661 | 1,370 | S100T4BK, S100VHXM, S100XV2A |
| Total assets | 1,964 | 2,908 | 3,224 | 2,571 | 2,174 | S100QHO2, S100T4BK, S100VHXM, S100XV2A |
| Net assets | 451 | 1,317 | 1,377 | 750 | 718 | S100T4BK, S100VHXM, S100XV2A |
| Share capital | 85 | 370 | 371 | 372 | 373 | S100QHO2, S100T4BK, S100VHXM, S100XV2A |
| Property, plant and equipment | 15 | 15 | 19 | 32 | 27 | S100QHO2, S100T4BK, S100VHXM, S100XV2A |
| Intangible assets excluding goodwill | 43 | 71 | 319 | 69 | 59 | S100QHO2, S100T4BK, S100VHXM, S100XV2A |
| Goodwill | — | — | 246 | — | — | S100VHXM |
| Investment securities | — | — | 87 | 84 | 82 | S100VHXM, S100XV2A |
| Current assets | 1,835 | 2,765 | 2,572 | 2,309 | 1,921 | S100QHO2, S100T4BK, S100VHXM, S100XV2A |
| Current liabilities | 1,287 | 1,158 | 1,167 | 1,265 | 1,063 | S100QHO2, S100T4BK, S100VHXM, S100XV2A |
| Short-term borrowings | — | — | — | 100 | — | S100VHXM |
| Long-term borrowings | 226 | 293 | 579 | 495 | 346 | S100QHO2, S100T4BK, S100VHXM, S100XV2A |
| Bonds | — | 140 | 100 | 60 | 20 | S100T4BK, S100VHXM, S100XV2A |
| Interest-bearing debt | — | — | — | 655 | — | 算出 |
| Total liabilities | 1,513 | 1,591 | 1,846 | 1,821 | 1,457 | S100QHO2, S100T4BK, S100VHXM, S100XV2A |
| Equity attributable to owners of parent | 451 | 1,317 | 1,377 | 750 | 721 | S100QHO2, S100T4BK, S100VHXM, S100XV2A |
| Retained earnings | 290 | 587 | 646 | 17 | -15 | S100QHO2, S100T4BK, S100VHXM, S100XV2A |
| Treasury stock | — | — | — | -0 | -0 | S100VHXM, S100XV2A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 63% | S100XV2A |
| Property, plant and equipment | 1% | S100XV2A |
| Intangibles and goodwill | 3% | S100XV2A |
| Investment securities | 4% | S100XV2A |
| Other assets | 29% | S100XV2A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100XV2A |
| Equity | 33% | S100XV2A |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,964 | 2,908 | 3,224 | 2,571 | 2,174 |
| Equity | 451 | 1,317 | 1,377 | 750 | 718 |
| Interest-bearing debt | — | — | — | 655 | — |
| Cash | 1,170 | 2,158 | 1,739 | 1,661 | 1,370 |

## 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) | 1.5% | S100XV2A |
| Fixed assets ÷ total assets | 1.2% | S100XV2A |
| Goodwill ÷ parent equity | — | —, S100XV2A |

### 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) | 63.0% |
| Cash ÷ revenue | 78.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 7 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 16.6% | 0.62× | 10.3% | 4.35× | 44.8% | S100QHO2 |
| 2022 | 20.1% | 0.61× | 12.2% | 2.76× | 33.6% | S100T4BK |
| 2023 | 3.9% | 0.50× | 1.9% | 2.28× | 4.4% | S100VHXM |
| 2024 | — | —× | -21.7% | —× | — | S100VHXM |
| 2025 | — | —× | -1.5% | —× | — | S100XV2A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ゴールドアイランド | Major shareholder | 46.2% | 2025-12-31 |
| 金島 弘樹 | Major shareholder | 17.4% | 2025-12-31 |
| MICイノベーション４号投資事業有限責任組合 | Major shareholder | 4.5% | 2025-12-31 |
| 山地 智功 | Major shareholder | 3.0% | 2025-12-31 |
| 金島 由樹 | Major shareholder | 2.3% | 2025-12-31 |
| 畝田 友希 | Major shareholder | 2.1% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 1.3% | 2025-12-31 |
| 新妻 晋 | Major shareholder | 0.6% | 2025-12-31 |
| 上田 博康 | Major shareholder | 0.5% | 2025-12-31 |
| 鶴原 真央 | Major shareholder | 0.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/01/01－2025/12/31) | S100XV2A | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV2A,, |
| 有価証券報告書－第18期(2024/01/01－2024/12/31) | S100VHXM | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHXM,, |
| 有価証券報告書－第17期(2023/01/01－2023/12/31) | S100T4BK | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4BK,, |
| 有価証券報告書－第16期(2022/01/01－2022/12/31) | S100QHO2 | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHO2,, |

## 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).