PIXIE DUST TECHNOLOGIES, INC.

CIK:0001962845|SEC Filings

Statements of Operations ¥ in Thousands, $ in Thousands	12 Months Ended
Statements of Operations ¥ in Thousands, $ in Thousands	Apr. 30, 2024 JPY (¥) ¥ / shares shares	Apr. 30, 2024 USD ($) $ / shares shares	Apr. 30, 2023 JPY (¥) ¥ / shares shares	Apr. 30, 2022 JPY (¥) ¥ / shares shares
Revenue:
Total revenue	¥ 993,021	$ 6,303	¥ 704,712	¥ 636,265
Costs and Expenses:
Research and development	512,997	3,256	686,557	694,072
Selling, general and administrative expenses	2,155,860	13,684	1,856,056	833,305
Total costs and expenses	3,000,759	19,047	2,685,253	1,733,981
Loss from operations	(2,007,738)	(12,744)	(1,980,541)	(1,097,716)
Interest expense	(31,365)	(199)	(28,748)	(24,777)
Other income, net	64,567	409	43,798	13,025
Loss before income taxes	(1,974,536)	(12,534)	(1,965,491)	(1,109,468)
Income tax expense
Net loss	¥ (1,974,536)	$ (12,534)	¥ (1,965,491)	¥ (1,109,468)
Weighted-average shares outstanding used to compute net loss per share, basic (in Shares)	14,359,123	14,359,123	6,771,025	6,000,000
Net loss per share attributable to common stockholders, basic (in Yen per share and Dollars per share) \| (per share)	¥ (137.51)	$ (0.87)	¥ (290.28)	¥ (184.91)
Services
Revenue:
Total revenue	¥ 469,867	$ 2,983	¥ 521,763	¥ 636,265
Costs and Expenses:
Total cost	45,474	289	65,605	206,604
Products
Revenue:
Total revenue	523,154	3,320	182,949
Costs and Expenses:
Total cost	¥ 286,428	$ 1,818	¥ 77,035

Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
Statements of Cash Flows ¥ in Thousands, $ in Thousands	Apr. 30, 2024 JPY (¥)	Apr. 30, 2024 USD ($)	Apr. 30, 2023 JPY (¥)	Apr. 30, 2022 JPY (¥)
Cash flows from operating activities:
Net loss	¥ (1,974,536)	$ (12,534)	¥ (1,965,491)	¥ (1,109,468)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	189,718	1,204	110,576	75,182
Stock-based compensation	3,577	23	65,537
Foreign exchange remeasurement gains	(34,611)	(220)
Change in fair value of warrants liabilities	(21,614)	(137)
Asset retirement obligation accretion	1,864	12	715	599
Other	(17)	0	34	311
Changes in operating assets and liabilities:
Accounts receivable - trade	(46,101)	(293)	(116,108)	(67,236)
Inventories	(35,661)	(226)	(99,814)	(17,674)
Consumption tax refund	24,468	155	(96,428)	(38,485)
Prepaid expenses and other current assets	78,135	496	(104,037)	22,197
Operating lease right-of-use assets, net	124,551	791	56,147	(283,840)
Other assets	(35,584)	(226)	3,496	(13,037)
Accounts payable	(271,102)	(1,721)	422,999	9,969
Accrued expenses and other current liabilities	(43,319)	(275)	(27,568)	42,663
Operating lease liabilities	(49,970)	(317)	(63,500)	303,493
Net cash used in operating activities	(2,090,202)	(13,268)	(1,813,442)	(1,075,326)
Cash flows from investing activities:
Purchases of property and equipment	(172,878)	(1,097)	(80,360)	(70,484)
Proceeds from sales of property and equipment	69	0
Purchases of intangible assets	(11,102)	(70)	(8,924)	(4,218)
Net cash used in investing activities	(183,911)	(1,167)	(89,284)	(74,702)
Cash flows from financing activities:
Proceeds from borrowings			250,000	250,000
Repayments of borrowings	(13,332)	(85)	(5,555)	(300,000)
Repayments of finance lease liabilities	(15,039)	(95)	(14,315)	(4,766)
Payments of offering costs	(240,900)	(1,529)	(158,957)	(65,344)
Proceeds from issuance of convertible preferred stock, net			2,171,103
Proceeds from issuance of common stock upon initial public offering - net of underwriting discounts and commissions	1,949,941	12,377
Proceeds from issuance of common stock upon exercise of stock option	31,082	197
Net cash (used in) provided by financing activities	1,711,752	10,865	2,242,276	(120,110)
Effect of exchange rate changes on cash and cash equivalents	34,611	220
Net (decrease) increase in cash and cash equivalents	(527,750)	(3,350)	339,550	(1,270,138)
Cash and cash equivalents at beginning of year	2,135,513	13,555	1,795,963	3,066,101
Cash and cash equivalents at end of year	1,607,763	10,205	2,135,513	1,795,963
Supplemental disclosures of cash flows information:
Interest	31,365	199	28,748	24,777
Non-cash investing and financing activities:
Operating lease right-of-use assets obtained in exchange for lease liabilities	488,916	3,103	9,573	347,445
Reduction of operating lease right-of-use asset related to remeasurement of lease liability			947,390
Property and equipment acquired under finance leases			3,996	47,147
Purchases of property and equipment included in accounts payable	2,422	15	4,299	2,258
Purchases of intangible assets included in accounts payable			496	1,970
Change in estimate for asset retirement obligations			10,158
Asset retirement obligation incurred	82,440	523		5,526
Conversion of convertible preferred stock to common stock			1,089,380
Offering costs included in accounts payable, accrued expenses and other current liabilities	¥ 1,411	$ 9	¥ 38,387	¥ 9,680

Balance Sheets ¥ in Thousands, $ in Thousands	Apr. 30, 2024 JPY (¥)	Apr. 30, 2024 USD ($)	Apr. 30, 2023 JPY (¥)
Current assets:
Cash and cash equivalents	¥ 1,607,763	$ 10,205	¥ 2,135,513
Accounts receivable - trade	244,993	1,555	198,892
Inventories	158,780	1,008	123,119
Deferred offering costs			260,689
Consumption tax refund	120,284	764	144,752
Prepaid expenses and other current assets	103,315	656	181,450
Total current assets	2,235,135	14,188	3,044,415
Property and equipment, net	576,868	3,662	507,778
Intangible assets, net	19,256	122	14,068
Operating lease right-of-use assets, net	410,411	2,605	46,046
Other assets	140,931	894	105,347
Total assets	3,382,601	21,471	3,717,654
Current liabilities:
Accounts payable	243,511	1,546	549,449
Accrued expenses and other current liabilities	96,182	610	147,315
Current portion of operating lease liabilities	105,230	668	56,527
Current portion of long-term borrowings	13,332	85	1,013,332
Total current liabilities	458,255	2,909	1,766,623
Deferred tax liabilities	831	5	831
Long-term borrowings, net of current portion	1,007,781	6,397	21,113
Operating lease liabilities, net of current portion	396,199	2,515	5,956
Other liabilities	94,038	597	24,705
Total liabilities	1,957,104	12,423	1,819,228
Commitments and contingencies (Note 11)
Stockholders’ equity:
Common stock, no par value; 52,142,400 shares authorized; 13,035,600 shares issued and outstanding at April 30, 2023, and 14,869,067 shares issued and outstanding at April 30, 2024	50,647	321	100,000
Additional paid-in capital	7,731,638	49,077	6,180,678
Accumulated deficit	(6,356,788)	(40,350)	(4,382,252)
Total stockholders’ equity	1,425,497	9,048	1,898,426
Total liabilities and stockholders’ equity	¥ 3,382,601	$ 21,471	¥ 3,717,654