# monoAI technology: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第13期(2025/01/01－2025/12/31) (S100XVWV)
> Page: https://vizora.meequs.com/en/company/monoai-technology
> Retrieved: 2026-09-30T20:25:58.850Z

## Company

monoAI technology, founded in 2013, is a company in Software & SaaS listed on TSE Growth. It has 126 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | monoAI technology Co.,Ltd. |
| Ticker | 5240 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5240.T) |
| Listing | TSE Growth |
| Head office | 兵庫県神戸市中央区三宮町一丁目8番1号 さんプラザ3階34号室 |
| Representative (per filing) | 代表取締役社長 山下 真輝 |
| Founded | Jan 2013 |
| Share capital | ¥50M |
| Employees (consolidated) | 126 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | December |
| Website | monoai.co.jp (https://monoai.co.jp/) |
| Corporate number | 3011101065465 |
| EDINET | E38157 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XVWV, filed 2026-03-31). As of filing

## Key points (generated from figures)

- monoAI technology brought in ¥980.9M in revenue.
- It lost about ¥40 for every ¥100 of sales at the operating level.
- Revenue changed -31.4% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥980.9M |  |
| Operating income | -¥390.8M | Margin -39.8% |
| Net income | -¥336.2M | Margin -34.3% |
| Free cash flow | -¥145.7M |  |
| Employees (consolidated) | 126 |  |
| EPS | ¥-27.41 |  |
| Book value per share | ¥99.81 |  |
| Equity ratio | 86.5% |  |
| Shares outstanding | 12,264,800 |  |
| Shareholders | 5,606 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 81.9% | Cash ÷ revenue 118.1% |
| Vs. industry median margin | -52.3 pp | Software & SaaS |
| ROA | -20.4% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 82% of total assets
- FY2025, operating loss is 40 per ¥100 of revenue

## What changed in 4 years

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1291305000 | ¥980881000 | -24.0% |
| Operating income | ¥-136288000 | ¥-390792000 | — |
| Operating margin | -10.6% | -39.8% | -29.3 pp |
| Employees | 111 people | 126 people | +13.5% |
| Cash and equivalents | ¥787374000 | ¥1158903000 | +47.2% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 981 | 100.0% | S100XVWV |
| Cost of revenue | 643 | 65.6% | S100XVWV |
| Gross profit | 337 | 34.4% | S100XVWV |
| SG&A | 728 | 74.2% | S100XVWV |
| Operating income | -391 | -39.8% | S100XVWV |
| Ordinary income | -382 | -39.0% | S100XVWV |
| Pretax income | -332 | -33.8% | S100XVWV |
| Income tax | 4 | 0.4% | S100XVWV |
| Net income | -336 | -34.3% | S100XVWV |
| Net income attributable to owners | -336 | -34.3% | S100XVWV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 74 |
| Operating income | -40 |
| (Ref.) Net income | -34 |

### Margin funnel

Gross margin 34.4% → Operating margin -39.8% → Net margin -34.3%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,429 | 981 | -448 | -31.4% |
| Gross profit | 461 | 337 | -124 | -26.8% |
| Operating income | -282 | -391 | -109 | — |
| Net income attributable to owners | -586 | -336 | 249 | — |
| Operating cash flow | -479 | -110 | 369 | — |
| Free cash flow | -548 | -146 | 403 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 1,291 | -136 | -10.6% | -182 | -115 | -122 | S100QIWE |
| FY ending Dec 2022 | 1,451 | 71 | 4.9% | 72 | -160 | -204 | S100T600 |
| FY ending Dec 2023 | 1,244 | -174 | -14.0% | -203 | -184 | -251 | S100VJ22 |
| FY ending Dec 2024 | 1,429 | -282 | -19.7% | -586 | -479 | -548 | S100XVWV |
| FY ending Dec 2025 | 981 | -391 | -39.8% | -336 | -110 | -146 | S100XVWV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥7.8M |
| Operating income per employee (consolidated) | -¥3.1M |
| Net income per employee (consolidated) | -¥2.7M |

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) | 111 | 124 | 145 | 144 | 126 |
| Average salary (parent company) | — | ¥4.3M | ¥4.3M | ¥5.2M | ¥4.8M |
| Average age (parent company) | — | 30.2 years | 33.1 years | 34.1 years | 34.6 years |
| Average tenure (parent company) | — | 3.5 years | 3.6 years | 4.5 years | 5.0 years |

Year over year: Employees (consolidated) -12.5% · Revenue (consolidated) -31.4%

## 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 | -110 | -11.2% | S100XVWV |
| Capital expenditure | 36 | 3.6% | S100XVWV |
| Free cash flow | -146 | -14.8% | 算出 |
| Investing cash flow | 44 | 4.5% | S100XVWV |
| Financing cash flow | -47 | -4.8% | S100XVWV |
| Change in cash | -113 | -11.5% | S100XVWV |
| Cash and equivalents | 1,159 | 118.1% | S100XVWV |

## 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 | 787 | 1,387 | 912 | 1,272 | 1,159 | S100T600, S100VJ22, S100XVWV |
| Total assets | 977 | 1,731 | 1,487 | 1,875 | 1,415 | S100QIWE, S100T600, S100VJ22, S100XVWV |
| Net assets | 310 | 1,261 | 1,146 | 1,560 | 1,224 | S100T600, S100VJ22, S100XVWV |
| Share capital | 74 | 513 | 558 | 1,058 | 50 | S100QIWE, S100T600, S100VJ22, S100XVWV |
| Property, plant and equipment | 40 | 18 | 11 | 2 | — | S100QIWE, S100T600, S100VJ22, S100XVWV |
| Intangible assets excluding goodwill | 0 | 31 | 256 | — | — | S100QIWE, S100T600, S100VJ22 |
| Goodwill | — | — | 192 | — | — | S100VJ22 |
| Current assets | 916 | 1,631 | 1,141 | 1,799 | 1,348 | S100QIWE, S100T600, S100VJ22, S100XVWV |
| Current liabilities | 460 | 304 | 267 | 264 | 154 | S100QIWE, S100T600, S100VJ22, S100XVWV |
| Long-term borrowings | 170 | 152 | 70 | 23 | 14 | S100QIWE, S100T600, S100VJ22, S100XVWV |
| Total liabilities | 667 | 470 | 342 | 315 | 191 | S100QIWE, S100T600, S100VJ22, S100XVWV |
| Equity attributable to owners of parent | 310 | 1,260 | 1,146 | 1,560 | 1,224 | S100QIWE, S100T600, S100VJ22, S100XVWV |
| Retained earnings | -1,140 | -1,068 | -1,272 | -1,857 | -336 | S100QIWE, S100T600, S100VJ22, S100XVWV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 82% | S100XVWV |
| Other assets | 18% | S100XVWV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100XVWV |
| Equity | 86% | S100XVWV |

### 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 | 977 | 1,731 | 1,487 | 1,875 | 1,415 |
| Equity | 310 | 1,261 | 1,146 | 1,560 | 1,224 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 787 | 1,387 | 912 | 1,272 | 1,159 |

### 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) | 81.9% |
| Cash ÷ revenue | 118.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 226 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| 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 | — | —× | -18.6% | —× | — | S100QIWE |
| 2022 | 4.9% | 1.07× | 5.3% | 1.72× | 9.1% | S100T600 |
| 2023 | — | —× | -12.6% | —× | — | S100VJ22 |
| 2024 | — | —× | -34.8% | —× | — | S100XVWV |
| 2025 | — | —× | -20.4% | —× | — | S100XVWV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 本城 嘉太郎 | Major shareholder | 18.0% | 2025-12-31 |
| 大日本印刷株式会社 | Major shareholder | 14.6% | 2025-12-31 |
| 株式会社ロータス | Major shareholder | 10.0% | 2025-12-31 |
| 中嶋 謙互 | Major shareholder | 2.8% | 2025-12-31 |
| セン コン | Major shareholder | 2.7% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.6% | 2025-12-31 |
| 成澤 理恵 | Major shareholder | 2.5% | 2025-12-31 |
| DBS BANK LTD. 700104 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.4% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 1.6% | 2025-12-31 |
| 株式会社イグニス | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第13期(2025/01/01－2025/12/31) | S100XVWV | 2026-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVWV,, |
| 有価証券報告書－第12期(2024/01/01－2024/12/31) | S100VJ22 | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ22,, |
| 有価証券報告書－第11期(2023/01/01－2023/12/31) | S100T600 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T600,, |
| 有価証券報告書－第10期(2022/01/01－2022/12/31) | S100QIWE | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIWE,, |

## 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).