Japanese mobile game developer enish Inc. is banking on two new titles to reverse years of financial decline, as the company reported a negative 61% return on equity in its latest earnings disclosure.
The Tokyo-based firm posted a net loss of ¥134 million ($900,000) in its most recent quarter, extending a pattern of losses since its 2012 public debut. Despite mounting red ink, enish outlined plans for two summer 2025 game launches that management hopes will stabilize operations.
The development pipeline includes “Jansho Evolive,” an online mahjong game, and “Seiyuu Doubutsu-en Voice Full,” a puzzle title featuring voice actors. Both projects target Japanese mobile gaming trends where voice acting and traditional games maintain appeal.
Financial metrics reveal a troubling picture, with return on assets at negative 22% and gross margins underwater at negative 15%. Market capitalization has contracted to approximately ¥3.5 billion ($23.5 million).
enish disclosed that multiple additional titles remain in development beyond the announced pair, contributing to elevated costs without confirmed revenue streams. The company provided no release timelines for these unannounced projects.
Separately, enish announced intentions to purchase ¥100 million ($670,000) worth of Bitcoin, citing blockchain technology alignment with its gaming strategy. The cryptocurrency investment timing drew criticism given operational struggles.
Whether two new titles can offset years of declining performance remains questionable for shareholders, as previous launches have failed to generate sustainable profitability.
