NEW
YORK and TOKYO,
Aug. 22,
2024 /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, 2024.
Fiscal Year Financial Results
The Company's audited financial statements for the fiscal
year ended April 30,
2024 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 conversions
provided in this press release of Japanese yen into U.S. dollars
have been made at the exchange rate of
¥157.54 US$1.00, which was the
foreign exchange rate on April 30,
2024 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 40.9% from ¥704,712 thousand
in the fiscal year ended April 30,
2023 to ¥993,021 thousand ($6,303
thousand) in the fiscal year ended April 30, 2024, primarily due to increases in
product revenue of ¥340,205 thousand, partially offset by a
decrease in commissioned research and development of ¥23,433
thousand with the remaining decrease being predominately due to
decreases in solution service.
- Product Sales were ¥523,154 thousand ($3,320 thousand) in the fiscal year ended
April 30, 2024, representing a 186.0%
increase from the prior year. This increase is primarily attributed
to the sales of the following products: kikippa (launched in
April 2023), SonoRepro (launched in
November 2022) and iwasemi (launched
in July 2022).
- Services Sales declined to ¥469,867 thousand
($2,983 thousand) in the fiscal year
ended April 30, 2024 from ¥521,763
thousand in the prior year. This decline in services is primarily
due to our decision to reallocate resources to product sales.
- Research and Development Expenses declined by 25.3% from
¥686,557 thousand in fiscal year 2023 ended April 30, 2023 to ¥512,997 thousand ($3,256 thousand) in the fiscal year ended
April 30, 2024. This decline is
primarily due to a shift in focus from the research and development
of kikippa and VUEVO to product commercialization.
- Selling, General and Administrative Expenses increased
by 16.2% from ¥1,856,056 thousand for the fiscal year ended
April 30, 2023 to ¥2,155,860 thousand
($13,684 thousand) for the fiscal
year ended April 30, 2024, mainly due
to increases in marketing promotion expenses and personnel costs
for sales and marketing staff as we expand our marketing and sales
efforts for our products, with the remaining increase related to
rent expense and depreciation expenses in connection with
transferring to our new headquarters.
- Our other income, net increased by 47.4% from ¥43,798
thousand for the fiscal year ended April 30,
2023 to ¥64,567 thousand ($409
thousand) for the fiscal year ended April 30, 2024, primarily due to an increase in
foreign exchange remeasurement gains on cash held in U.S. dollars
as a result of the receipt of the net proceeds from the initial
public offering of our ADSs, as well as a gain related to the
change in fair value of warrants liability, partially offset by a
decrease in insurance proceeds. During the year ended April 30, 2023, we received insurance proceeds
related to a claim for losses that occurred in the year ended
April 30, 2022. There were no such
proceeds during the year ended April 30,
2024.
- Net loss. We have incurred significant operating losses
to date and negative cash flows since our inception. We incurred
net loss of ¥1,965,491 thousand for the year ended April 30, 2023, and ¥1,974,536 thousand
($12,534 thousand) for the year ended
April 30, 2024. As of April 30, 2024, we had an accumulated deficit of
¥6,356,788 thousand ($40,350
thousand). Our primary use of capital resources has been to
conduct research and development activities, expand our marketing
and sales efforts for our products, organize and staff our Company,
develop our business plan, secure related intellectual property
rights, and raise capital.
- Our principal sources of liquidity were cash and cash
equivalents totaling ¥2,135,513 thousand as of April 30, 2023 and ¥1,607,763 thousand
($10,205 thousand) as of April 30, 2024, which were held and used for
working capital purposes. Our cash and cash equivalents are
comprised of cash on hand, demand deposits, and time deposits
maintained at various financial institutions.
Forward-Looking Statements
Certain statements contained in this press release, including
those that express a belief, expectation or intention, as well as
those that are not statements of historical fact, are
forward-looking statements. These forward-looking statements may
include projections and estimates concerning our possible or
assumed future results of operations, financial condition, business
strategies and plans, market opportunity, competitive position,
industry environment, and potential growth opportunities. In some
cases, you can identify forward-looking statements by terms such as
"may", "will", "should", "believe", "expect", "could", "intend",
"plan", "anticipate", "estimate", "continue", "predict", "project",
"potential", "target," "goal" or other words that convey the
uncertainty of future events or outcomes. You can also identify
forward-looking statements by discussions of strategy, plans or
intentions. We have based these forward-looking statements on our
current expectations and assumptions about future events. While our
management considers these expectations and assumptions to be
reasonable, because forward-looking statements relate to matters
that have not yet occurred, they are inherently subject to
significant business, competitive, economic, regulatory and other
risks, contingencies and uncertainties, most of which are difficult
to predict and many of which are beyond our control. These and
other important factors, including, among others, those discussed
in our most recent annual report for the fiscal year ending
April 30, 2024, filed under cover of
Form 20-F with U.S. Securities and Exchange Commission, under the
headings "Risk Factors","Operating and Financial Review and
Prospects", and "Business Overview" may cause our actual results,
performance or achievements to differ materially from any future
results, performance or achievements expressed or implied by the
forward-looking statements in this annual report. Some of the
factors that could cause actual results to differ materially from
those expressed or implied by the forward-looking statements in
this press release include our expectations regarding our revenue,
expenses, and other operating results.
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.
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SOURCE Pixie Dust Technologies