40% YoY Increase in Revenue and 23% YoY
Decrease in Net Loss
TOKYO, Feb. 18,
2025 /PRNewswire/ -- PicoCELA Inc. ("PicoCELA" or
the "Company,") (Nasdaq: PCLA), a Tokyo-based provider of enterprise wireless
mesh solutions, today announced its financial results for the
fiscal year ended September 30,
2024.
Recent Operational Highlights:
40%
year-over-year ("YoY") growth in revenue, which was
primarily caused by a 34% YoY increase in the
Company's enterprise wireless Wi-Fi equipment
business, while the Company's supplemental businesses of
software-as-a-service and maintenance service also grew by
69% YoY. The Company's revenue growth in sales of its
enterprise Wi-Fi equipment was due to recovery of its
equipment production from the supply chain disruption caused by the
shortage of Wi-Fi chips, which was a result of the
sharp growth in the demand for Wi-Fi chips in the
post-COVID-19 recovery of the global economy.
Management Commentary
"This past year was a
pivotal year for PicoCELA to resume its growth track,"
said chief executive officer and founder, Hiroshi Furukawa, Ph.D. "We
achieved record revenue, and this is a good indication that the
recognition of our technology and our products has been growing in
the Japanese market. We are also hoping that our recent initial
public offering on Nasdaq in the U.S. securities
market will help increase global recognition of
PicoCELA."
Fiscal Year 2024 Financial Results:
Revenue increased by 40% to $5.5 million (¥784,403 thousand) for the fiscal
year ended September 30, 2024,
compared to $3.9 million (¥559,521
thousand) for the prior fiscal year. The increase was primarily due
to increased revenue from product equipment.
Cost of revenue increased by 24.5% to $2.5 million (¥361,202 thousand) for the fiscal
year ended September 30, 2024,
compared to $2.0 million (¥290,090
thousand) for the prior fiscal year, reflecting the higher direct
costs associated with the higher revenue during the fiscal year
ended September 30, 2024.
Selling, general, and administrative expenses were
$6.1 million (¥870,385 thousand) for
the fiscal year ended September 30,
2024, compared to $6.3 million
(¥897,965 thousand) for the prior fiscal year. The decrease was
primarily due to efficient marketing spending.
Net loss was $3.4 million
(¥479,921 thousand) for the fiscal year ended September 30, 2024, compared to $4.4 million (¥633,956 thousand) for the prior
fiscal year. The decrease was primarily due to an increase in the
aforementioned revenue.
As of September 30, 2024, cash
and cash equivalents were $3.2
million (¥456,775 thousand). Upon the closing of the
Company's recent initial public offering on January 17, 2025, PicoCELA received net proceeds
of US$5.0 million (¥716,250
thousand).
* (Conversion Rate ¥143.25 – USD $1.00)
For more information regarding PicoCELA's financial results,
including financial tables, please see the Company's Form 20-F
(File No. 001-42470) for the year ended September 30, 2024 filed with the U.S. Securities
and Exchange Commission (the "SEC"). The Company's SEC filings can
be found on the SEC's website at https://www.sec.gov/.
About PicoCELA Inc.
PicoCELA is a Tokyo-based provider of enterprise wireless
mesh solutions, specializing in the manufacturing, installation,
and services of mesh Wi-Fi access point
devices. PicoCELA Backhaul Engine, the Company's
proprietary patented wireless mesh communication technology
software, eliminates the need for extensive LAN cabling and enables
flexible and easy installation of Wi-Fi network
devices. PicoCELA also offers a cloud portal
service, PicoManager, which allows users to monitor
connectivity and communication traffic, as well as install
edge-computing software on the Company's PCWL
mesh Wi-Fi access points.
Cautionary Note Regarding Forward-Looking
Statements
Statements in this press release about
future expectations, plans, and prospects, as well as any other
statements regarding matters that are not historical facts, may
constitute "forward-looking statements" within the meaning of The
Private Securities Litigation Reform Act of 1995. The words
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "plan," "potential," "predict," "project,"
"should," "target," "will," "would," and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Actual
results may differ materially from those indicated by such
forward-looking statements as a result of various important
factors, including: the uncertainties related to market conditions,
and other factors discussed in the "Risk Factors" section of our
SEC filings. Any forward-looking statements contained in this press
release speak only as of the date hereof, and the Company
specifically disclaims any obligation to update any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
PicoCELA Investor Contact
global@picocela.com
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SOURCE PicoCELA Inc.
