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Overview

Mirrativ,Inc.

Mirrativ, Inc. operates Japan's largest smartphone game streaming platform 'Mirrativ,' which enables anyone to easily broadcast gameplay using only a smartphone, featuring 3D avatar functionality ('Emomo') and proprietary 'Live Gaming' technology that allows viewers to interact directly with ongoing gameplay. The company generates revenue primarily through in-app coin purchases (94% of consolidated sales in FY2025, comprising avatar/ranking and live gaming) and advertising, serving over 5 million cumulative streamers with approximately 30% of active users participating as broadcasters. Beyond the Mirrativ app, the company operates a streamer platform business including 'Buikyasu' (a VTuber casting platform for brand promotions), 'CastCraft' (a streaming support tool for YouTube/Twitch/TikTok creators), and 'Rock on V' (VTuber live music events), expanding its ecosystem to support streamers across all major global platforms.

Market Cap

¥8.25B

US$52.6M

¥4.99B

US$31.8M

Stock¥487▼-2.99%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

13.4

LTM EV/EBIT

14.3

LTM PER

11.2

LTM PBR

2.1

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-49.1%pt

Dec 18, 25 – Oct 23, 26StockTOPIX

1Aug 17, 26Q2 FY2026/12 earnings announced

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

89%

EquityD/E 0.13xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 69.0%

as of 2026-06-30 · Source: Annual Securities Report

Junichi AKAGAWA

14.70%

Custody Bank of Japan, Ltd. (Trust Account)

13.45%

Globis 5th Fund Investment Business Limited Partnership

10.50%

SBI SECURITIES Co., Ltd.

6.39%

ANRI 3 Investment Business Limited Partnership

5.89%

Technology Ventures 4 Investment Business Limited Partnership

5.34%

Globis Fund V, L.P. (Standing Proxy: Globis Capital Partners & Co., Ltd.)

4.48%

YJ 3 Investment Business Limited Partnership

4.12%

JAFCO SV 5 Shared Investment Business Limited Partnership

2.33%

Global Brain 7 Investment Business Limited Partnership

1.77%

Management

7 officers

Junichi AKAGAWA

Representative Director, CEO

Apr 2006 Joined DeNA Co., Ltd. Apr 2012 Executive Officer, Head of CEO Office, DeNA Co., Ltd. Feb 2018 Established Emomo Co., Ltd. (now the Company), Representative Director Jun 2019 Representative Director, CEO, the Company (current) Dec 2024 Director, Aiblade Co., Ltd. (current)

1983-06-10

Toshihiko SUYAMA

Director, CFO, Head of Corporate Division

Apr 2007 Joined Roland Berger Ltd. Apr 2009 Joined DeNA Co., Ltd. Apr 2014 Joined Recruit Marketing Partners Co., Ltd. Jan 2017 Joined Medical Note Inc. Jun 2018 Director, Medical Note Inc. Jan 2020 Joined Site Visit Inc. (now Free Inc.) Mar 2020 Director, Site Visit Inc. Nov 2021 Joined the Company Dec 2021 Head of Corporate Division, the Company (current) Mar 2022 Director, CFO, the Company (current) Dec 2024 Director, Aiblade Co., Ltd. (current)

1984-09-26

Kohei AOKI

Outside Director

Sep 2002 Joined Japan Elevator Service Co., Ltd. (now Japan Elevator Service Holdings Co., Ltd.) Nov 2005 Joined Nihon Lifts Engineering Co., Ltd. Feb 2006 Co-founder and Director, Elevator Communications Co., Ltd. Sep 2006 Established Classico Inc., Representative Director (current) Mar 2023 Outside Director, the Company (current)

1972-08-08

Nobunori USAMI

Outside Director

Apr 1996 Joined Tohmatsu Consulting Co., Ltd. (now Deloitte Tohmatsu Consulting LLC) Oct 1999 Representative Director and CEO, Axive.com Co., Ltd. (now CARTA HOLDINGS, Inc.) Sep 2002 Director, CyberAgent, Inc. Dec 2005 Chairman and CEO, CARTA HOLDINGS, Inc. Jan 2019 Director, Cyber Communications Inc. Jul 2019 Outside Director, Fringe81 Inc. (now Unipos Inc.) Sep 2021 Outside Director, I-Style Co., Ltd. (current) Jan 2023 Representative Director, General Incorporated Association Japan Internet Point Council (current) Jan 2024 Representative Director, President and Executive Officer, CARTA HOLDINGS, Inc. Mar 2026 Outside Director, the Company (current)

1972-10-12

Nobuhiro SUZUKI

Full-time Audit & Supervisory Board Member

Apr 2000 Joined East Japan Telegraph and Telephone Co. (NTT East) Feb 2011 Joined Azusa Audit Corporation (Ernst & Young ShinNihon LLC) Aug 2012 Registered as Certified Public Accountant Apr 2013 Opened Nobuhiro Suzuki CPA Office, Principal (current) Jul 2016 Full-time Audit & Supervisory Board Member, Wagokoro Co., Ltd. Dec 2018 Outside Audit & Supervisory Board Member, Vertex Inc. (current) Sep 2019 Outside Audit & Supervisory Board Member, S-FIT Co., Ltd. (current) Apr 2020 Full-time Audit & Supervisory Board Member, Land-Ho Co., Ltd. Mar 2024 Full-time Audit & Supervisory Board Member, the Company (current) Dec 2024 Audit & Supervisory Board Member, Aiblade Co., Ltd. (current)

1975-04-26

Yoshio AKIMOTO

Audit & Supervisory Board Member

Apr 2000 Registered as Attorney at Law Apr 2000 Joined Asahi Law Offices (now Nishimura & Asahi) Aug 2005 Joined Schulte Roth & Zabel Oct 2011 Joined GREE, Inc. Oct 2014 Partner, Shinju Law Office Oct 2016 Supervisory Officer, SIA Private Investment Corporation (now One Private Investment Corporation) (current) Nov 2017 Partner, Haraguchi Sogo Law Office (now Eiwa Law Office) (current) Jan 2018 Outside Audit & Supervisory Board Member, Netgenzaibank Co., Ltd. (now Founders Startups Inc.) Apr 2018 Outside Audit & Supervisory Board Member, JOYCOIN Co., Ltd. Jul 2018 Outside Audit & Supervisory Board Member, Gifty Inc. (current) Jan 2019 Outside Audit & Supervisory Board Member, Netch Co., Ltd. May 2019 Outside Audit & Supervisory Board Member, Zaisan Net Co., Ltd. (now Global Zet Inc.) Mar 2020 Outside Audit & Supervisory Board Member, the Company Aug 2022 Outside Audit & Supervisory Board Member, Onsite Inc. Jan 2023 Outside Audit & Supervisory Board Member, Mediphone Inc. (current) Jun 2023 Outside Director (Audit and Supervisory Committee Member), Founders Startups Inc. (current) Jun 2023 Outside Audit & Supervisory Board Member, Ferragamo Japan Co., Ltd. (current) Jul 2025 Outside Audit & Supervisory Board Member, Franchise Business Incubation Co., Ltd.

1972-12-30

Yoko NAITO

Audit & Supervisory Board Member

Apr 2001 Joined Meiko National Securities Co., Ltd. (now SMBC Nikko Securities Inc.) Dec 2004 Joined Shin Nihon & Co. (now EY ShinNihon LLC) Sep 2011 Registered as Certified Public Accountant Sep 2018 Full-time Audit & Supervisory Board Member, Free Inc. Oct 2018 Part-time Audit & Supervisory Board Member, Free Finance Lab Inc. (now Free Inc.) Apr 2021 Part-time Audit & Supervisory Board Member, Site Visit Inc. (now Free Inc.) Sep 2021 Director (Audit and Supervisory Committee Member, full-time), Free Inc. Sep 2022 Part-time Audit & Supervisory Board Member, AIQ Inc. (current) Mar 2024 Outside Audit & Supervisory Board Member, the Company (current) Oct 2025 Joined NearMe Inc.

1978-10-31

Large Shareholding Reports

ITOCHU Technology Ventures Corporation

2026-07-21

5.35%→3.34%

Akira KATAYAMA

2026-07-09

14.27%

ANRI Inc.

2026-07-08

6.24%→0.00%

Resona Asset Management Co., Ltd.

2026-03-02

9.74%→10.83%

Resona Asset Management Co., Ltd.

2026-02-06

8.74%→9.74%

Resona Asset Management Co., Ltd.

2026-01-09

8.74%

ANRI Inc.

2025-12-25

6.20%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Globis Fund Five, (GP), Company Limited

2025-12-25

4.49%

ANRI

2025-12-25

6.20%→6.24%

ITOCHU Technology Ventures Corporation

2025-12-25

5.35%

Globis Capital Partners & Co.

2025-12-24

11.35%

Shunichi AKAGAWA

2025-12-23

17.94%

Annual report (as of 2026-06-30): 14.70%

ANRI Inc.

2025-12-22

6.20%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-08-14

Semi-Annual Securities Report

Period: Jan 2026 – Dec 2026

Mirrativ,Inc.

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Mirrativ,Inc.

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