New Risk • May 13
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 6x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-JP¥590m free cash flow). Revenue has declined by 31% over the past year. Shareholders have been substantially diluted in the past year (over 6x increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Revenue is less than US$5m (JP¥545m revenue, or US$3.5m). Market cap is less than US$100m (US$10.6m market cap). Board Change • Apr 30
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. 1 highly experienced director. 2 independent directors (3 non-independent directors). President, CEO & Representative Director Hiroshi Furukawa is the most experienced director on the board, commencing their role in 2008. Independent Director Yoshinari Noguchi was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. お知らせ • Jan 31
PicoCELA Inc. announced delayed 20-F filing On 01/30/2026, PicoCELA Inc. announced that they will be unable to file their next 20-F by the deadline required by the SEC. New Risk • Dec 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (US$7.35m market cap). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Revenue is less than US$5m (JP¥759m revenue, or US$4.9m). New Risk • Dec 12
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.18m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (US$9.18m market cap). Minor Risk Revenue is less than US$5m (JP¥759m revenue, or US$4.9m). New Risk • Oct 07
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: JP¥759m (US$5.0m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (29% average weekly change). Minor Risks Revenue is less than US$5m (JP¥759m revenue, or US$5.0m). Market cap is less than US$100m (US$16.4m market cap). Reported Earnings • Sep 30
First half 2025 earnings released: JP¥13.37 loss per share (vs JP¥44.67 loss in 1H 2024) First half 2025 results: JP¥13.37 loss per share (improved from JP¥44.67 loss in 1H 2024). Revenue: JP¥252.6m (down 9.3% from 1H 2024). Net loss: JP¥316.2m (flat on 1H 2024). New Risk • Sep 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (31% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Market cap is less than US$100m (US$15.2m market cap). お知らせ • May 28
PicoCELA Inc. has completed a Follow-on Equity Offering in the amount of $1.83 million. PicoCELA Inc. has completed a Follow-on Equity Offering in the amount of $1.83 million.
Security Name: American Depositary Shares
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 6,100,000
Price\Range: $0.3
Discount Per Security: $0.021 お知らせ • May 02
PicoCELA Inc. announced that it has received ¥199.999955 million in funding from Nikken Lease Kogyo Co., Ltd. On April 30, 2025, PicoCELA Inc., closed the transaction. お知らせ • Mar 14
PicoCELA Inc. has filed a Follow-on Equity Offering. PicoCELA Inc. has filed a Follow-on Equity Offering.
Security Name: American Depositary Shares
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 6,100,000 New Risk • Mar 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$77.3m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 18
Full year 2024 earnings released: JP¥44.49 loss per share (vs JP¥89.51 loss in FY 2023) Full year 2024 results: JP¥44.49 loss per share (improved from JP¥89.51 loss in FY 2023). Revenue: JP¥784.4m (up 40% from FY 2023). Net loss: JP¥479.9m (loss narrowed 24% from FY 2023). Board Change • Jan 16
No independent directors There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. 2 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). CEO & Director Hiroshi Furukawa is the most experienced director on the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors.