InfoRich Inc. reported a sharp rise in profits as the Japanese mobile battery rental company expanded its presence across Asia and raised prices.
Net profit jumped 256% to ¥893.8 million ($6 million) in the nine months through September, while revenue increased 39% to ¥7.47 billion. The Tokyo-based company’s operating profit more than quadrupled to ¥1.11 billion.
The strong performance came as InfoRich grew its ChargeSPOT battery-sharing network to 63,848 stations, including 45,293 in Japan. Monthly active users reached 1.49 million, with Japanese customers accounting for 962,000 of the total.
The company completed key acquisitions to accelerate international growth, buying out its Taiwanese franchise operator ChargeSpot Digital Service in September. The deal added 8,700 stations and over 200,000 monthly users in Taiwan.
Despite the expansion, domestic growth showed signs of slowing in the third quarter due to extreme summer heat and typhoons that reduced foot traffic. The company offset this by implementing price increases in July.
InfoRich maintained its full-year forecast for revenue of ¥10 billion and net profit of ¥1.51 billion. The company is developing an advertising platform using digital signage on its charging stations as part of its medium-term growth strategy.
The battery rental provider’s total assets nearly doubled to ¥15.5 billion, largely due to acquisitions. However, its equity ratio declined to 26% from 35% at the end of 2023 as debt increased to fund expansion.
