NEW
YORK and TOKYO,
Feb. 12,
2024 /PRNewswire/ - Pixie Dust Technologies,
Inc. (NasdaqCM: PXDT) (the "Company"), a Japanese technology
company focused on commercializing innovative products and
materials utilizing proprietary wave technology, reported financial
results for the six months ended October 31,
2023.
Recent Operational
Highlights
- Introduced a one-time purchase model for its proprietary
speaker kikippa, in addition to the current recurring subscription
model
- Announced Company-sponsored experiment on the SonoRepro™
product, conducted by Dr. Akinobu
Miyata, Director of Miyata Medical Clinic, in collaboration
with the Japan Clinical Trial Association
- Exhibited at CES 2024 held in Las
Vegas, NV and received the Innovation Award for its iwasemi™
RC-α product
- Announced collaborative research agreement with Tohoku
University School of Medicine for the purpose of developing and
commercializing certain non-pharmaceutical skin disease treatments
using wave control technology
- Awarded the 2023 Good Design Award for the kikippa speaker
Six Months Ended October 31, 2023 Financial Results
The Company's financial statements for the six months ended
October 31, 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 Form 6-K 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 herein of Japanese yen into U.S. dollars have
been made at the exchange rate of ¥151.46 = US$1.00, which was the foreign exchange rate on
October 31, 2023 as reported by the
Board of Governors of the Federal Reserve System. All figures are
expressed in Japanese yen and U.S. dollars unless otherwise
stated.
- Total Revenue increased by 88.6% from approximately
¥158.6 million ($1.0 million) for the
six months ended October 31, 2022 to
¥299.1 million ($2.0 million) for the
six months ended October 31, 2023.
The increase was primarily due to increases in product sales
revenue, partially offset by decreases in revenue from commissioned
research and development and revenue from membership service.
- Product Sales were approximately ¥225.7 million
($1.5 million) in the six months
ended October 31, 2023, representing
a ¥188.9 million ($1.2 million)
increase from the same period in the prior year. The increase was
attributable to the launches and sales of the following products:
SonoRepro (launched in November
2022), kikippa (launched in April
2023), and iwasemi (launched in July
2022).
- Services Sales declined to ¥73.4 million ($0.5 million) in the six months ended
October 31, 2023 from ¥121.9 million
($0.8 million) in the same period in
the prior year. The decline was primarily due to the decrease in
commissioned research and a shift in focus from the research and
development of kikippa and other products to product
commercialization.
- Research and Development Expenses decreased by
17.6% from ¥339.3 million ($2.2
million) in the six months ended October 31, 2022 to ¥279.4 million ($1.8 million) for the six months ended
October 31, 2023. The decrease was
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 63.3% from ¥643.9 million ($4.3
million) for the six months ended October 31, 2022 to ¥1.1 billion ($6.9 million) for the six months ended
October 31, 2023. The increase was
primarily due to increases in advertising and marketing expenses
for new products, rent expense in connection with the Company's new
headquarters and depreciation expenses.
- Other Income increased significantly from ¥0.1 million
for the six months ended October 31,
2022 to ¥41.4 million ($0.3
million) for the six months ended October 31, 2023. The increase was primarily due
to the increase of foreign exchange gains as a result of the
receipt of the net proceeds from the initial public offering of the
Company's common shares in U.S. dollars during the six months ended
October 31, 2023.
- Net Loss was ¥1.2 billion ($7.6
million) in the six months ended October 31, 2023 compared to ¥885 million
($5.8 million) in the same period in
the prior year.
- As of October 31, 2023, the
Company had ¥2.4 billion ($16.0
million) in cash and cash equivalents, compared to ¥2.1
billion ($15.7 million) as of
April 30, 2023, 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 prospectus that
forms a part of the Registration Statement on Form F-1 (File No.
333-272476), as amended, 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-reports-first-half-fiscal-year-2024-financial-results-302058339.html
SOURCE Pixie Dust Technologies