Pixie Dust Technologies(US:PXDT) Prnewswire·2024-08-22 20:15Core Viewpoint - Pixie Dust Technologies, Inc. reported significant growth in total revenue and product sales for the fiscal year ended April 30, 2024, despite ongoing operating losses and a decrease in service sales [3]. Financial Results - Total Revenue increased by 40.9% from ¥704,712 thousand in FY 2023 to ¥993,021 thousand ($6,303 thousand) in FY 2024, driven by a rise in product revenue [3]. - Product Sales surged to ¥523,154 thousand ($3,320 thousand) in FY 2024, marking a 186.0% increase from the previous year, attributed to new product launches [3]. - Services Sales fell to ¥469,867 thousand ($2,983 thousand) in FY 2024 from ¥521,763 thousand in FY 2023, primarily due to resource reallocation towards product sales [3]. - Research and Development Expenses decreased by 25.3% from ¥686,557 thousand in FY 2023 to ¥512,997 thousand ($3,256 thousand) in FY 2024, reflecting a shift in focus towards product commercialization [3]. - Selling, General and Administrative Expenses rose by 16.2% from ¥1,856,056 thousand in FY 2023 to ¥2,155,860 thousand ($13,684 thousand) in FY 2024, mainly due to increased marketing and personnel costs [3]. - Other income, net increased by 47.4% from ¥43,798 thousand in FY 2023 to ¥64,567 thousand ($409 thousand) in FY 2024, driven by foreign exchange gains [3]. - The company incurred a net loss of ¥1,974,536 thousand ($12,534 thousand) for FY 2024, with an accumulated deficit of ¥6,356,788 thousand ($40,350 thousand) as of April 30, 2024 [3]. - Cash and cash equivalents decreased from ¥2,135,513 thousand in FY 2023 to ¥1,607,763 thousand ($10,205 thousand) in FY 2024, indicating a need for working capital management [3]. Company Overview - Pixie Dust Technologies, Inc. focuses on commercializing innovative products and materials using proprietary wave technology, with two main areas of product development: Personal Care & Diversity and Workspace & Digital Transformation [5].