NEW
YORK and TOKYO,
Nov. 17,
2023 /PRNewswire/ - Pixie Dust Technologies,
Inc. (Nasdaq: PXDT) (the "Company"), a Japanese technology
company focused on commercializing innovative products and
materials utilizing proprietary wave technology, today announced
its financial results for the fiscal year ended April 30, 2023.
Recent Operational Highlights
- Held a Bell Ringing Ceremony on August
25, 2023 at the Nasdaq MarketSite Tower in New York City to commemorate the Company's
recent IPO.
- Announced the development of an acoustic metamaterial sound
insulation product that allows air to pass while blocking out
sound. The application can be used in various fields such as air
conditioning, building materials, furniture and fixtures, railways,
construction work, and automobiles.
- Launched the public sales of the following products:
- SonoRepro, an at-home scalp care device that uses ultrasonic
waves to stimulate the scalp. SonoRepro was jointly developed by
the Company and Angfa Co., Ltd.
- kikippa, an acoustic stimulation device functioning as a
speaker that utilizes our technology to implement period-equivalent
amplitude modulation to daily speech, such as television or radio
broadcasts. kikippa was jointly developed by the Company and
Shionogi & Co., Ltd.
- VUEVO, a series of products which can display the direction and
content of a speaker's speech by using a wireless microphone and
dedicated software application for real-time conversation
visualization.
Fiscal Year Financial Results
The Company's audited financial statements for the fiscal
year ended April 30, 2023 and the
related notes, and related management's discussion and analysis of
the Company's financial condition and results of operations can be
found in the Company's Annual Report on Form 20-F filed with the
SEC, a copy of which can also be found on the Company's website.
The Company's functional currency and reporting currency is the
Japanese yen (which we refer to as "JPY" or "¥"). The terms
"dollar," "USD," "US$" or "$" refer to U.S. dollars, the legal
currency of the United States.
Convenience translations included in this annual report of Japanese
yen into U.S. dollars have been made at the exchange rate of
¥135.99 = US$1.00, which was the
foreign exchange rate on April 28,
2023 as reported by the Board of Governors of the Federal
Reserve System. All figures are expressed in Japanese Yen and
United States dollars unless
otherwise stated.
- Total Revenue increased by 10.8% from approximately
¥636.3 million in the fiscal year ended April 30, 2022 to approximately ¥704.7 million
($5.2 million) in the fiscal year
ended April 30, 2023, primarily due
to increases in product revenue of ¥182.9 million, partially offset
by a decrease in commissioned research and development of ¥67.2
million and a decrease in revenue from solution
service.
- Product Sales were approximately ¥182.9 million
($1.3 million) in the fiscal year
ended April 30, 2023, representing a
100% increase from the prior year. The increase was primarily
attributable to the sales of SonoRepro, which was launched in
November 2022, and to a lesser
degree, sales of iwasemi, which was launched in July 2022.
- Services Sales declined to ¥521.8 million ($3.8 million) in the fiscal year ended
April 30, 2023 from ¥636.3 million
($4.7 million) in the prior year. The
decline was primarily due to lower demand for COVID-19 related
magickiri service which analyzed the movement of air and people in
a room and provided advice on ventilation for commercial customers.
Since April 2023, there have been no
outstanding contracts for magickiri, and the Company no longer
generates revenue from this service.
- Research and Development Expenses remained relatively
flat for the year ended April 30,
2023 compared to the prior year and is primarily affected by
selection and concentration of development products.
- Selling, General and Administrative Expenses increased
to ¥1.9 billion ($13.6 million) in
the fiscal year ended April 30, 2023
from ¥833.0 million ($6.1 million) in
the prior year, due to increases in advertising expenses related to
new products and marketing fees, and fees and expenses associated
with the Company's recent IPO and Nasdaq listing.
- Other Income increased to ¥43.8 million ($322,000) in the fiscal year ended April 30, 2023 from ¥13.0 million ($96,000) in the prior year, primarily due to the
receipt of insurance proceeds in 2023 related to a claim for losses
that occurred in the year ended April 30,
2022, partially offset by a decrease in subsidy income.
- Net Loss was ¥2.0 billion ($14.5 million) in the fiscal year ended
April 30, 2023 compared to ¥1.1
billion ($8.2 million) in the prior
year.
- As of April 30, 2023, the Company
had ¥2.1 billion ($15.7 million) in
cash and cash equivalents compared to ¥1.8 billion ($13.2 million) as of April
30, 2022, which were held and used for working capital
purposes. The Company's cash and cash equivalents generally consist
of cash on hand, demand deposits, and time deposits maintained at
various financial institutions.
Forward-Looking Statements
Certain statements contained in this press release are
"forward-looking statements" made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements reflect the Company's current
expectations or beliefs concerning future events and actual events
may differ materially from current expectations. Any such
forward-looking statements are subject to various risks and
uncertainties, including the strength of the economy, changes to
the market for securities, political or financial instability and
other factors which are set forth in the Company's Annual Report on
Form 20-F for the year ended April 30,
2023 filed with the SEC (File No. 001-41749), and in all
filings with the SEC made by the Company subsequent to the filing
thereof. The Company does not undertake to publicly update or
revise its forward-looking statements, whether as a result of new
information, future events or otherwise.
About Pixie Dust Technologies, Inc.
Pixie Dust Technologies, Inc. is a Japanese technology company
focused on commercializing innovative products and materials
utilizing proprietary wave technology. The Company is currently
focusing on two areas of product development: (1) "Personal Care
& Diversity", where wave control technology is applied to
mechanobiology and intervention/assistance in vision, hearing, and
touch, and (2) "Workspace & Digital Transformation," where
metamaterials (technology that creates properties through structure
rather than material) and solutions to commercial design problems,
such as in offices or construction sites, are applied.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/pixie-dust-technologies-inc-announces-fiscal-year-2023-financial-results-301991558.html
SOURCE Pixie Dust Technologies