# PowerX, Inc: 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5期(2025/01/01－2025/12/31) (S100Y7SQ)
> Page: https://vizora.meequs.com/en/company/powerx
> Retrieved: 2026-09-30T18:34:50.149Z

## Company

PowerX, founded in 2021, is a company in Batteries listed on TSE Growth. It has 179 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PowerX, Inc. |
| Ticker | 485A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/485A.T) |
| Listing | TSE Growth |
| Head office | 岡山県玉野市田井六丁目9番1号(上記は登記上の本店所在地であり、実際の業務は下記の場所で行っております。) |
| Representative (per filing) | 取締役 代表執行役社長CEO 伊藤 正裕 |
| Founded | Mar 2021 |
| Share capital | ¥4.63B |
| Employees (consolidated) | 179 |
| Average salary (parent only) | ¥11.9M |
| Fiscal year end | December |
| Website | power-x.jp (https://power-x.jp/) |
| Corporate number | 7010401159056 |
| EDINET | E40934 |
| Industries (Vizora) | Batteries, Electric Power & Gas |

> Profile source: annual securities report (S100Y7SQ, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Batteries (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.8 | 8 |
| Profitability | 18.8 | 8 |
| Efficiency | 81.3 | 8 |

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 89% of PowerX's sales come from BESS business, with EVCS business and Electric power business making up much of the rest.
- It lost about ¥4 for every ¥100 of sales at the operating level.
- Revenue changed +213.4% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥19.3B |  |
| Operating income | -¥677M | Margin -3.5% |
| Net income | -¥1.65B | Margin -8.5% |
| Free cash flow | ¥62M |  |
| Largest business | BESS business | of segment revenue 88.6% |
| Employees (consolidated) | 179 |  |
| EPS | ¥-45.61 |  |
| Book value per share | ¥176.83 |  |
| Equity ratio | 23.7% |  |
| Shares outstanding | 36,353,600 |  |
| Shareholders | 8,270 |  |
| Average salary (parent only) | ¥11.9M | Filing company only |
| Cash ratio | 28.4% | Cash ÷ revenue 38.6% |
| Vs. industry median margin | -10.7 pp | Batteries |
| ROA | -8.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 99% of positive segment profit
- FY2025, cash is 28% of total assets

## What changed in 1 years

| Metric | FY ending Dec 2024 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6161000000 | ¥19306000000 | +213.4% |
| Operating income | ¥-4942000000 | ¥-677000000 | — |
| Operating margin | -80.2% | -3.5% | +76.7 pp |
| Employees | 155 people | 179 people | +15.5% |
| Cash and equivalents | ¥1244000000 | ¥7454000000 | +499.2% |

### Change in segment revenue mix

Span: FY ending Dec 2024 → 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 |
| --- | ---: |
| BESS事業 → BESS事業 | 67.3% |
| EVCS事業 → EVCS事業 | 6.0% |
| EVCS事業 → 事業再編・廃止 | 20.5% |
| 電力事業 → 電力事業 | 5.5% |
| 電力事業 → 事業再編・廃止 | 0.9% |
| 新設・再編 → BESS事業 | 21.3% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| BESS business | — | — | ¥17102000000 | 22.6% | 2 |
| EVCS business | — | — | ¥1149000000 | -36.9% | 2 |
| Electric power business | — | — | ¥1054000000 | 3.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,306 | 100.0% | S100Y7SQ |
| Cost of revenue | 14,073 | 72.9% | S100Y7SQ |
| Gross profit | 5,232 | 27.1% | S100Y7SQ |
| SG&A | 5,909 | 30.6% | S100Y7SQ |
| Operating income | -677 | -3.5% | S100Y7SQ |
| Ordinary income | -1,796 | -9.3% | S100Y7SQ |
| Pretax income | -2,278 | -11.8% | S100Y7SQ |
| Income tax | -631 | -3.3% | S100Y7SQ |
| Net income | -1,646 | -8.5% | S100Y7SQ |
| Net income attributable to owners | -1,646 | -8.5% | S100Y7SQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 31 |
| Operating income | -4 |
| (Ref.) Net income | -9 |

### Margin funnel

Gross margin 27.1% → Operating margin -3.5% → Net margin -8.5%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,161 | 19,306 | 13,145 | +213.4% |
| Gross profit | 1,546 | 5,232 | 3,686 | +238.4% |
| Operating income | -4,942 | -677 | 4,265 | — |
| Net income attributable to owners | -8,013 | -1,646 | 6,367 | — |
| Operating cash flow | -6,971 | 1,369 | 8,340 | — |
| Free cash flow | -8,319 | 62 | 8,381 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2024 | 6,161 | -4,942 | -80.2% | -8,013 | -6,971 | -8,319 | S100Y7SQ |
| FY ending Dec 2025 | 19,306 | -677 | -3.5% | -1,646 | 1,369 | 62 | S100Y7SQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥107.9M |
| Operating income per employee (consolidated) | -¥3.8M |
| Net income per employee (consolidated) | -¥9.2M |

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

| History | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 155 | 179 |
| Average salary (parent company) | — | ¥11.9M |
| Average age (parent company) | — | 39.7 years |
| Average tenure (parent company) | — | 1.8 years |

Year over year: Employees (consolidated) +15.5% · Revenue (consolidated) +213.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| BESS business | 17,102 | 88.6% | 3,870 | 22.6% |
| EVCS business | 1,149 | 6.0% | -424 | -36.9% |
| Electric power business | 1,054 | 5.5% | 35 | 3.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| BESS business | 88.6% | 99.1% | 10.5 | 22.6% |
| EVCS business | 6.0% | — | — | -36.9% |
| Electric power business | 5.5% | 0.9% | -4.6 | 3.3% |

Loss-making segment (excluded from profit shares): EVCS business -424 JPY mn

Segment → industry: EVCS business → Batteries / BESS business → Batteries / Electric power business → Electric Power & Gas

## 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 | 1,369 | 7.1% | S100Y7SQ |
| Capital expenditure | 1,307 | 6.8% | S100Y7SQ |
| Free cash flow | 62 | 0.3% | 算出 |
| Investing cash flow | -1,466 | -7.6% | S100Y7SQ |
| Financing cash flow | 6,306 | 32.7% | S100Y7SQ |
| Change in cash | 6,209 | 32.2% | S100Y7SQ |
| Cash and equivalents | 7,454 | 38.6% | S100Y7SQ |

## 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 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 1,244 | 7,454 | S100Y7SQ |
| Total assets | 10,830 | 26,236 | S100Y7SQ |
| Net assets | 1,670 | 6,648 | S100Y7SQ |
| Share capital | 9,089 | 4,634 | S100Y7SQ |
| Property, plant and equipment | 4,365 | 4,948 | S100Y7SQ |
| Intangible assets excluding goodwill | 55 | 74 | S100Y7SQ |
| Current assets | 6,226 | 20,197 | S100Y7SQ |
| Current liabilities | 5,547 | 16,833 | S100Y7SQ |
| Short-term borrowings | 2,693 | 4,000 | S100Y7SQ |
| Long-term borrowings | 3,325 | 2,000 | S100Y7SQ |
| Total liabilities | 9,160 | 19,587 | S100Y7SQ |
| Equity attributable to owners of parent | 1,431 | 6,165 | S100Y7SQ |
| Retained earnings | -16,707 | -1,659 | S100Y7SQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100Y7SQ |
| Property, plant and equipment | 19% | S100Y7SQ |
| Intangibles and goodwill | 0% | S100Y7SQ |
| Other assets | 53% | S100Y7SQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 75% | S100Y7SQ |
| Equity | 25% | S100Y7SQ |
| Other liabilities | 0% | S100Y7SQ |

### Balance sheet history

| Metric | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: |
| Total assets | 10,830 | 26,236 |
| Equity | 1,670 | 6,648 |
| Interest-bearing debt | — | — |
| Cash | 1,244 | 7,454 |

## 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) | 25.6% | S100Y7SQ |
| Fixed assets ÷ total assets | 18.9% | S100Y7SQ |
| Goodwill ÷ parent equity | — | —, S100Y7SQ |

### 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) | 28.4% |
| Cash ÷ revenue | 38.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 3,015 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.8% |
| Investing CF relative to operating CF | 107.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | — | —× | -74.0% | —× | — | S100Y7SQ |
| 2025 | — | —× | -8.9% | —× | — | S100Y7SQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社FAROUT | Major shareholder | 13.0% | 2025-12-31 |
| アキュメン株式会社 | Major shareholder | 8.8% | 2025-12-31 |
| 今治造船株式会社 | Major shareholder | 6.0% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.0% | 2025-12-31 |
| 日本瓦斯株式会社 | Major shareholder | 3.1% | 2025-12-31 |
| 伊藤忠商事株式会社 | Major shareholder | 2.5% | 2025-12-31 |
| Spiral Capital Japan Fund2号投資事業有限責任組合 | Major shareholder | 2.1% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 2.1% | 2025-12-31 |
| NOMURA INTERNATIONAL PLC A/C JAPAN FLOW(常任代理人 野村證券株式会社) | Major shareholder | 2.1% | 2025-12-31 |
| 持田 昌典 | Major shareholder | 1.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第5期(2025/01/01－2025/12/31) | S100Y7SQ | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7SQ,, |

## 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).