Abalance
Public · 1 known investors
Tokyo-listed Abalance Corporation manufactures and sells solar panels and runs green energy, construction machinery and IT businesses.
Also known as Abalance Corporation · Abalance株式会社 · Realcom Inc. · リアルコム株式会社 · 株式会社リアルコミュニケーションズ
Investors · 1
Company profile
researched Aug 2026Abalance Corporation (Abalance株式会社) is a Japanese company headquartered at Tennozu First Tower, Higashi-Shinagawa 2-2-4, Shinagawa-ku, Tokyo. It was established on 17 April 2000 as Real Communications Inc., renamed Realcom Inc. in February 2001, and adopted the Abalance name in March 2017. The group reports across an Information Technology segment (license sales of its Knowledge Market product, system integration, operation and maintenance), a Construction Equipment Sales segment (domestic and export trading of construction machinery), and a Green Energy segment covering solar panel and component trading, power plant construction and solar power generation. Solar panel manufacturing has become the dominant revenue line, complemented by a photocatalyst business.
The group is organised as a holding company over subsidiaries and affiliates including WWB Corporation (100%), VALORS Corporation (Burrows/バローズ, 95%), Burrows Engineering, PV Repower, WWB Thang Long, Fuji Solar Corporation, TOYO Company Limited, Vietnam Sunergy Joint Stock Company, VSUN JAPAN, Abit Corporation, Japan Photocatalyst Center Corporation, Win Power Limited and power generation companies such as Joyo Power, Toyo Power and Yojo Power. Meiji Machine became an equity-method affiliate in March 2022 following a tender offer. Shigeto Yanase serves as Representative Director and President, while Junsei Ryu is chairman and the largest shareholder with about 24.6% of shares.
For the fiscal year ended 31 March 2026 the group reported consolidated net sales of ¥120.169 billion, operating profit of ¥13.928 billion, ordinary profit of ¥12.497 billion and net income of ¥9.936 billion, with consolidated net assets of ¥52.285 billion, total assets of ¥168.904 billion and 3,198 consolidated employees. Capital stock stood at ¥2.766 billion and shares outstanding at 19,033,193."]
Founding story
The company was incorporated on 17 April 2000 as 株式会社リアルコミュニケーションズ to develop and sell software and provide consulting, focusing on enterprise content management and knowledge management solutions before renaming to Realcom in 2001. The Abalance name, adopted in 2017, is explained by the company as combining "A" for Ace, All and Action with "balance" denoting harmony among group businesses and stakeholders.
Business model
Abalance operates as a holding company whose subsidiaries manufacture and sell solar panels and cells, trade construction machinery, develop and construct power plants, retain and operate generation assets for electricity sales (stock-type revenue), and supply IT software, system integration and photocatalyst products.
Revenue comes from product sales (solar panels and cells, construction machinery, photocatalyst products), power plant construction and sales, recurring electricity sales from retained generation assets, and software licences with system integration, operation and maintenance services.
Traction
Consolidated FY2026 (year ended March 2026) net sales reached ¥120.169 billion, up 91.3% year on year, with operating profit of ¥13.928 billion (up 445.7%) and profit attributable to owners of the parent of ¥7.7 billion, returning to profit; consolidated headcount was 3,198 as of 31 March 2026.
Latest developments
In January 2026 the TSE designated Abalance as a Security on Special Alert and levied a listing contract violation penalty over internal control deficiencies, and the stock was removed from the JPX-Nikkei Mid and Small Cap Index in February 2026. On 31 July 2026 it was designated as a supervision issue (under examination), and on 25/26 August 2026 the exchange decided to delist the shares from the Standard Market effective 26 September 2026. The company has run equity buyback tranches announced in 2026, withdrew full-year guidance, disclosed material uncertainty about going concern and US import detentions, and its April 2026 message from President Shigeto Yanase apologises for governance failings and describes rebuilding of the management structure under third-party and verification committee reports.
▸Full profile — market position, technology, go-to-market, geography, history, risks & controversies
Market position
The company is classified in renewable energy equipment and services, and is tracked alongside solar and energy equipment peers including Trina Solar, Sungrow, Siemens Energy, Array Technologies and Fluence Energy; solar panel manufacturing generated ¥207 billion of segment sales in FY2023 before falling to ¥64.35 billion in FY2025.
Abalance combines upstream cell and module manufacturing across three production regions (Vietnam, Ethiopia and the United States) with downstream power plant development, ownership and operation, plus adjacent construction machinery, IT and photocatalyst businesses; Ethiopian-made cells are positioned as comparatively advantaged for US import tariffs and the Texas plant's output is stated to qualify for US tax incentives.
Technology
Core offerings include crystalline solar cells and modules produced by group companies in Vietnam (Vietnam Sunergy, TOYO Solar), Ethiopia and Texas in the United States, grid-scale battery storage projects in Hokkaido, photocatalytic titanium oxide coatings and ceramics, and enterprise information-sharing/knowledge management software (Knowledge Market) plus SharePoint-related solutions and workflow tooling.
Go-to-market
Sales are made through group operating companies and dedicated distribution subsidiaries (for example a Japanese sales base for Vietnam Sunergy panels), direct supply to overseas developers and external cell customers, and group-led power plant development and construction projects.
Buyers include large-scale solar developers in the United States, panel and cell customers in Asia (notably India), European and South American markets, Japanese construction machinery purchasers, and Japanese enterprises for IT and knowledge management solutions.
Geography
Headquartered in Tokyo with manufacturing and sales operations in Vietnam, Ethiopia and Texas (United States), a Japanese sales channel for Vietnam-made panels, and reported sales across North America, Asia, Europe, South America and Japan; North America accounted for ¥144 billion of FY2025 sales and Asia ¥47.08 billion.
History
Founded in April 2000 as 株式会社リアルコミュニケーションズ, the company became Realcom Inc. in 2001, selling knowledge management and information-sharing software such as REALCOM KnowledgeMarket EnterpriseSuite and AskMe Enterprise, and later SharePoint-related solutions and imported Nintex Workflow. It began US operations in 2006 with Realcom Technology Inc. in Silicon Valley and listed on the Tokyo Stock Exchange Mothers market on 19 September 2007. The January 2008 acquisition of AskMe (US/India) underperformed after the financial crisis, producing goodwill write-offs and negative net worth; overseas operations were divested by June 2011, and the TSE placed the shares in a delisting grace period on market-capitalisation grounds. In September 2011 the company announced entry into the smart grid/solar business and made construction machinery and solar panel firm WWB Corporation a wholly owned subsidiary through a share exchange in November 2011, after which WWB shareholder and executive Junsei Ryu became the largest shareholder. The shares were designated under supervision in 2015 and released in September 2016 after meeting criteria equivalent to new listing standards. The company renamed itself Abalance and acquired Burrows in March 2017; in 2018 an affiliate, FUJI SOLAR, acquired shares of Vietnam Sunergy Company Limited and the listing moved to TSE Second Section; in January 2019 it acquired photocatalyst firm Kon Corporation (now Japan Photocatalyst Center), established VSUN JAPAN in March 2019 and Abit Corporation in October 2019.
Risks & controversies
Reported risks and controversies include the January 2026 Security on Special Alert designation and pending September 2026 delisting for inadequate internal controls; restatements arising from accounting for consigned-material (paid-supply) transactions and third-party investigation; withdrawal of earnings guidance and material uncertainty regarding going concern; US customs detentions of products shipped from Vietnam and Ethiopia and exposure to US anti-dumping/countervailing duties and tax-incentive policy; falling global panel prices; foreign exchange and interest-rate exposure; potential Vietnamese tax deductibility disputes; a 2015 lawsuit against a former representative director whose defamation damages claim was dismissed in December 2018; and the May 2024 arrest, June 2024 indictment and March 2025 conviction (2 years 6 months suspended for 4 years, ¥2.5m fine, ¥103.07m confiscation) of a former executive officer for insider trading ahead of disclosure of a Vietnamese plant expansion.
Compiled by commissioned research from 6 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
▸Research sources · 6
primary sources listed
- Abalance - Wikipediaja.wikipedia.org · web
6 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Abalance do?
- Tokyo-listed Abalance Corporation manufactures and sells solar panels and runs green energy, construction machinery and IT businesses.
- Who are Abalance's investors?
- Abalance's investors include Globis Capital Partners.