# Softfront Holdings: 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29期(2025/04/01－2026/03/31) (S100YNI3)
> Page: https://vizora.meequs.com/en/company/softfront-holdings
> Retrieved: 2026-09-30T21:37:03.530Z

## Company

Softfront Holdings, founded in 1997, is a company in Cloud & Data Centers listed on TSE Growth. It has 52 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Softfront Holdings |
| Ticker | 2321 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2321.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区九段南四丁目8番19号 (2025年11月15日から本社所在地 東京都千代田区九段南一丁目4番5号が上記のように移転しております。) |
| Representative (per filing) | 代表取締役社長 時慧 |
| Founded | Apr 1997 |
| Share capital | ¥888.5M |
| Employees (consolidated) | 52 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.softfront.co.jp (https://www.softfront.co.jp/) |
| Corporate number | 4430001024067 |
| EDINET | E05297 |
| Industries (Vizora) | Cloud & Data Centers, Software & SaaS, Electric Power & Gas |

> Profile source: annual securities report (S100YNI3, filed 2026-06-30). As of filing

## Key points (generated from figures)

- About 88% of Softfront Holdings's sales come from communication platform segment, with AIDC segment making up much of the rest.
- It lost about ¥12 for every ¥100 of sales at the operating level.
- Revenue changed +16.6% from the prior year, operating profit -511.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥960.1M |  |
| Operating income | -¥117.9M | Margin -12.3% |
| Net income | -¥99.5M | Margin -10.4% |
| Free cash flow | -¥284.6M |  |
| Largest business | communication platform segment | of segment revenue 87.7% |
| Employees (consolidated) | 52 |  |
| EPS | ¥1.2 |  |
| Diluted EPS | ¥0.99 |  |
| Book value per share | ¥33.47 |  |
| Equity ratio | 76.0% |  |
| Shares outstanding | 51,987,399 |  |
| Shareholders | 5,621 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 77.0% | Cash ÷ revenue 177.5% |
| Vs. industry median margin | -24.7 pp | Software & SaaS |
| ROA | -5.1% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.5× its level five years ago
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 77% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥310102000 | ¥960060000 | +209.6% |
| Operating income | ¥29824000 | ¥-117888000 | -495.3% |
| Operating margin | 9.6% | -12.3% | -21.9 pp |
| Employees | 16 people | 52 people | +225.0% |
| Cash and equivalents | ¥217172000 | ¥1704431000 | +684.8% |

### 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 → コミュニケーション・プラットフォーム関連事業 | 87.7% |
| 新設・再編 → AIデータセンター関連事業 | 12.3% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 960 | 100.0% | S100YNI3 |
| Cost of revenue | 541 | 56.3% | S100YNI3 |
| Gross profit | 419 | 43.7% | S100YNI3 |
| SG&A | 537 | 56.0% | S100YNI3 |
| Operating income | -118 | -12.3% | S100YNI3 |
| Ordinary income | -112 | -11.6% | S100YNI3 |
| Pretax income | -97 | -10.1% | S100YNI3 |
| Income tax | 7 | 0.7% | S100YNI3 |
| Net income | -104 | -10.8% | S100YNI3 |
| Net income attributable to owners | -99 | -10.4% | S100YNI3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 56 |
| Operating income | -12 |
| (Ref.) Net income | -10 |

### Margin funnel

Gross margin 43.7% → Operating margin -12.3% → Net margin -10.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 824 | 960 | 136 | +16.6% |
| Gross profit | 408 | 419 | 11 | +2.8% |
| Operating income | 29 | -118 | -147 | -511.2% |
| Net income attributable to owners | -81 | -99 | -18 | — |
| Operating cash flow | 61 | -220 | -281 | -462.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 291 | -159 | -54.6% | -193 | -169 | -182 | S100LS0U |
| FY ending Mar 2021 | 310 | 30 | 9.6% | 54 | 47 | 3 | S100OMIQ |
| FY ending Mar 2022 | 378 | -18 | -4.7% | -29 | 9 | -44 | S100R8DL |
| FY ending Mar 2023 | 764 | -52 | -6.8% | -59 | -45 | -124 | S100TS3A |
| FY ending Mar 2024 | 890 | -164 | -18.5% | -317 | 65 | 33 | S100W9FI |
| FY ending Mar 2025 | 824 | 29 | 3.5% | -81 | 61 | — | S100YNI3 |
| FY ending Mar 2026 | 960 | -118 | -12.3% | -99 | -220 | -285 | S100YNI3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.5M |
| Operating income per employee (consolidated) | -¥2.3M |
| Net income per employee (consolidated) | -¥1.9M |

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) | 46 | 48 | 52 | 48 | 52 |
| Average salary (parent company) | ¥5.7M | ¥5.3M | ¥5.8M | ¥5.6M | ¥5.8M |
| Average age (parent company) | 44.7 years | 46.5 years | 42.4 years | 45.1 years | 46.2 years |
| Average tenure (parent company) | 11.6 years | 9.0 years | 6.2 years | 7.2 years | 5.6 years |

Year over year: Employees (consolidated) +8.3% · Revenue (consolidated) +16.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| communication platform segment | 842 | 87.7% | 51 | 6.1% |
| AIDC segment | 118 | 12.3% | -17 | -14.7% |
| Other | — | 0.0% | -5 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| communication platform segment | 100.0% | 6.1% |
| AIDC segment | — | -14.7% |
| Other | — | — |

Loss-making segment (excluded from profit shares): AIDC segment -17 JPY mn

Loss-making segment (excluded from profit shares): Other -5 JPY mn

Segment → industry: AIDC segment → Cloud & Data Centers / communication platform segment → Software & SaaS / Other → Electric Power & Gas

## 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 | -220 | -22.9% | S100YNI3 |
| Capital expenditure | 65 | 6.7% | S100YNI3 |
| Free cash flow | -285 | -29.6% | 算出 |
| Investing cash flow | -77 | -8.0% | S100YNI3 |
| Financing cash flow | 582 | 60.6% | S100YNI3 |
| Change in cash | 285 | 29.7% | S100YNI3 |
| Cash and equivalents | 1,704 | 177.5% | S100YNI3 |

## 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 | 293 | 157 | 206 | 1,419 | 1,704 | S100TS3A, S100W9FI, S100YNI3 |
| Total assets | 820 | 773 | 515 | 1,707 | 2,214 | S100R8DL, S100TS3A, S100W9FI, S100YNI3 |
| Net assets | 556 | 495 | 172 | 1,289 | 1,871 | S100TS3A, S100W9FI, S100YNI3 |
| Share capital | 10 | 10 | 22 | 612 | 889 | S100R8DL, S100TS3A, S100W9FI, S100YNI3 |
| Property, plant and equipment | 7 | 7 | — | — | 20 | S100R8DL, S100TS3A, S100YNI3 |
| Intangible assets excluding goodwill | 326 | 318 | 46 | 38 | 55 | S100R8DL, S100TS3A, S100W9FI, S100YNI3 |
| Goodwill | 210 | 174 | — | — | — | S100R8DL, S100TS3A |
| Investment securities | 42 | 42 | 42 | 42 | 42 | S100R8DL, S100TS3A, S100W9FI, S100YNI3 |
| Current assets | 428 | 397 | 436 | 1,626 | 2,040 | S100R8DL, S100TS3A, S100W9FI, S100YNI3 |
| Current liabilities | 87 | 112 | 188 | 250 | 151 | S100R8DL, S100TS3A, S100W9FI, S100YNI3 |
| Long-term borrowings | 20 | 9 | — | — | — | S100R8DL, S100TS3A |
| Total liabilities | 264 | 277 | 344 | 418 | 342 | S100R8DL, S100TS3A, S100W9FI, S100YNI3 |
| Non-controlling interests | 71 | 70 | 39 | 58 | 54 | S100R8DL, S100TS3A, S100W9FI, S100YNI3 |
| Equity attributable to owners of parent | 483 | 424 | 131 | 1,230 | 1,683 | S100R8DL, S100TS3A, S100W9FI, S100YNI3 |
| Retained earnings | 91 | 32 | -285 | -366 | -466 | S100R8DL, S100TS3A, S100W9FI, S100YNI3 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R8DL, S100TS3A, S100W9FI, S100YNI3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 77% | S100YNI3 |
| Property, plant and equipment | 1% | S100YNI3 |
| Intangibles and goodwill | 2% | S100YNI3 |
| Investment securities | 2% | S100YNI3 |
| Other assets | 18% | S100YNI3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 15% | S100YNI3 |
| Equity | 85% | S100YNI3 |

### 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 | 820 | 773 | 515 | 1,707 | 2,214 |
| Equity | 556 | 495 | 172 | 1,289 | 1,871 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 293 | 157 | 206 | 1,419 | 1,704 |

## 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) | 2.0% | S100YNI3 |
| Fixed assets ÷ total assets | 0.9% | S100YNI3 |
| Goodwill ÷ parent equity | — | —, S100YNI3 |

### 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) | 77.0% |
| Cash ÷ revenue | 177.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -120 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.7% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -3.5% | —× | — | S100R8DL |
| 2023 | — | —× | -7.5% | —× | — | S100TS3A |
| 2024 | — | —× | -49.2% | —× | — | S100W9FI |
| 2025 | — | —× | -7.3% | —× | — | S100YNI3 |
| 2026 | — | —× | -5.1% | —× | — | S100YNI3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| FUTU SECURITIES INTERNATIONAL（HONG KONG）LIMITED （常任代理人：moomoo証券株式会社） | Major shareholder | 20.4% | 2026-03-31 |
| POTUS HELIOS FUND VCC-POTUS HELIOS FUND 7 （常任代理人：東海東京証券株式会社） | Major shareholder | 12.9% | 2026-03-31 |
| JHY Development LPF （常任代理人：リーディング証券株式会社） | Major shareholder | 11.1% | 2026-03-31 |
| 株式会社デジタルフォルン | Major shareholder | 8.7% | 2026-03-31 |
| GCL Nihon株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| Plunkett Capital Holdings Limited （常任代理人：リーディング証券株式会社） | Major shareholder | 3.0% | 2026-03-31 |
| KGI ASIA LIMITED-CLIENT ACCOUNT （常任代理人：香港上海銀行東京支店） | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社オセアグループ | Major shareholder | 2.4% | 2026-03-31 |
| REGROWTH有限責任事業組合 | Major shareholder | 1.8% | 2026-03-31 |
| PAN LIHUI （常任代理人：リーディング証券株式会社） | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/04/01－2026/03/31) | S100YNI3 | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNI3,, |
| 有価証券報告書－第28期(2024/04/01－2025/03/31) | S100W9FI | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9FI,, |
| 有価証券報告書－第27期(2023/04/01－2024/03/31) | S100TS3A | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS3A,, |
| 有価証券報告書－第26期(2022/04/01－2023/03/31) | S100R8DL | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8DL,, |
| 有価証券報告書－第25期(令和3年4月1日－令和4年3月31日) | S100OMIQ | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMIQ,, |
| 有価証券報告書－第24期(令和2年4月1日－令和3年3月31日) | S100LS0U | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS0U,, |

## 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).