Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥1,101, the stock trades at a trailing P/E ratio of 79.5x. Average trailing P/E is 21x in the Wireless Telecom industry in Japan. Total returns to shareholders of 27% over the past year. Reported Earnings • May 20
Full year 2026 earnings released: EPS: JP¥13.93 (vs JP¥7.82 in FY 2025) Full year 2026 results: EPS: JP¥13.93 (up from JP¥7.82 in FY 2025). Revenue: JP¥12.4b (up 38% from FY 2025). Net income: JP¥631.0m (up 79% from FY 2025). Profit margin: 5.1% (up from 3.9% in FY 2025). Aankondiging • May 15
Soracom, Inc., Annual General Meeting, Jul 29, 2026 Soracom, Inc., Annual General Meeting, Jul 29, 2026. Aankondiging • May 09
Soracom, Inc. to Report Fiscal Year 2026 Results on May 15, 2026 Soracom, Inc. announced that they will report fiscal year 2026 results on May 15, 2026 Aankondiging • Apr 08
Soracom Inc Expands Professional Services to North America Soracom, Inc. had announced the availability of Soracom Professional Services in North America, offering startup and enterprise customers direct access to Soracom’s solutions architecture expertise across software and middleware development, connectivity design, billing platform integration, and cloud infrastructure. Soracom Professional Services has supported customers in Japan since 2019, drawing on deep experience across the full lifecycle of IoT deployments. Soracom Professional Services engagements apply leading practices across the full IoT stack, from device integration and firmware through connectivity management, billing platform integration, data pipeline architecture, cloud application integration, and AI-driven automation, with Soracom’s programmable platform as the backbone. The team advises across industries including smart energy, fleet and logistics, retail and point of sale, healthcare devices, and video analytics. Soracom’s approach to professional services aligns with the company’s track record of delivering production-ready integrations with emerging technologies, from cloud-native infrastructure to AI. Soracom Flux, the platform’s AI and GenAI workflow automation layer, enables customers to build intelligent, event-driven applications directly on top of connectivity data, a capability Soracom Professional Services teams apply in production deployments. Soracom Query brings natural-language analytics to IoT operations, allowing engineering and operations teams to interrogate device behavior, connectivity performance, and billing data with no technical experience required. Professional Services engagements are now available to North America-based customers for new deployments, architecture reviews of existing deployments, and ongoing deployment management support across their global operations. Engagements are scoped to customer need, from focused architecture workshops to end-to-end program support. Aankondiging • Mar 03
Soracom Opens Pre-Orders For SGP.32-Compatible Connectivity Hypervisor Soracom announced opening of pre-orders for Connectivity Hypervisor, its SGP.32-compatible capability for dynamic remote management and switching of multiple operator profiles, including third-party MNO profiles, on a single IoT eSIM. Connectivity Hypervisor positions Soracom as an orchestration layer, enabling IoT devices to activate on a Soracom profile and dynamically switch to the most appropriate local or use-case-specific carrier profile based on deployment region, regulatory requirement, or application need. The platform supports multi-profile management across Soracom and third-party MNO profiles, single-SKU global device deployment, dynamic switching for permanent roaming regulation compliance, and built-in Soracom profile fallback for uninterrupted service. Soracom's SGP.32-compatible infrastructure, including eUICC, eIM, and SM-DP+ components, has been in active testing since mid-2025. Pre-orders are now open for deployments with long device lifecycles — such as automotive, utilities, asset tracking, and healthcare — where provider changes, permanent roaming restrictions, VoLTE requirements, or carrier-specific plan limitations may arise over time or across geographies. Commercial availability is timed to MNO ecosystem readiness and standard availability. Soracom has already conducted live SGP.32 validation through an automotive field deployment, including dynamic profile provisioning using Connectivity Hypervisor infrastructure. Where most SGP.32 implementations focus on connectivity switching, Soracom's Connectivity Hypervisor is designed as a platform orchestration layer, managing profiles across operators, including profiles issued by third-party MNOs, from a single unified control plane. This approach enables IoT deployments to remain operationally independent of any single carrier, reducing logistics complexity, supporting compliance with permanent roaming regulations, and providing a migration path as regional carrier SGP.32 support expands. Soracom representatives will be available at Mobile World Congress 2026 in Barcelona for briefings on Connectivity Hypervisor and SGP.32 deployment planning. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,014, the stock trades at a trailing P/E ratio of 44.8x. Average trailing P/E is 21x in the Wireless Telecom industry in Japan. Total loss to shareholders of 10% over the past year. Reported Earnings • Feb 15
Third quarter 2026 earnings released: EPS: JP¥6.10 (vs JP¥4.61 loss in 3Q 2025) Third quarter 2026 results: EPS: JP¥6.10 (up from JP¥4.61 loss in 3Q 2025). Revenue: JP¥3.43b (up 69% from 3Q 2025). Net income: JP¥276.2m (up JP¥484.1m from 3Q 2025). Profit margin: 8.0% (up from net loss in 3Q 2025). The move to profitability was driven by higher revenue. New Risk • Nov 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 47% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (47% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.6% average weekly change). Reported Earnings • Nov 15
Second quarter 2026 earnings released: EPS: JP¥2.66 (vs JP¥4.61 loss in 2Q 2025) Second quarter 2026 results: EPS: JP¥2.66 (up from JP¥4.61 loss in 2Q 2025). Revenue: JP¥2.76b (up 36% from 2Q 2025). Net income: JP¥120.5m (up JP¥328.4m from 2Q 2025). Profit margin: 4.4% (up from net loss in 2Q 2025). Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 5.1% growth forecast for the Wireless Telecom industry in Japan. Aankondiging • Oct 25
Soracom, Inc. to Report Q2, 2026 Results on Nov 12, 2025 Soracom, Inc. announced that they will report Q2, 2026 results on Nov 12, 2025 Reported Earnings • Aug 15
First quarter 2026 earnings released: EPS: JP¥2.48 (vs JP¥0.75 in 1Q 2025) First quarter 2026 results: EPS: JP¥2.48 (up from JP¥0.75 in 1Q 2025). Revenue: JP¥2.23b (down 10% from 1Q 2025). Net income: JP¥112.0m (up 286% from 1Q 2025). Profit margin: 5.0% (up from 1.2% in 1Q 2025). Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Wireless Telecom industry in Japan. Aankondiging • Aug 13
Soracom Expands AI Capabilities with New GenAI Tools for Network Management, Workflow Automation, and Video Analysis Soracom, Inc. announced two new platform services that leverage GenAI capabilities to accelerate IoT development and support video analysis use cases. Additionally, Soracom announced that Soracom Query, an AI integration service designed to let customers analyze and visualize their IoT network data, has transitioned from early access status to full release. These announcements build on Soracom's existing GenAI capabilities and confirm Soracom's commitment to making it easy for customers to apply advanced GenAI tools to their IoT networks and device data as they build new connected experiences in the real world today. Soracom Query lets customers freely explore their IoT network and connection data to handle everything from isolating rogue SIMs to understanding underlying usage patterns. Instead of developing SQL queries manually, Soracom Query lets IoT network managers ask questions in natural language and generate data visualizations. Soracom Query is now available in general release, with options ranging from lightweight trial option to full Enterprise service including extensive BI tool integration. Soracom Flux App Templates builds on Soracom Flux, Soracom's low-code IoT application builder. Flux makes it easy to create custom applications that integrate multiple data sources with leading cloud-based GenAI engines, including OpenAI, Google Gemini, Microsoft Azure AI, and Amazon Bedrock. Soracom FluxApp Templates makes it easy for even non-technical product managers and external SIs to automatically generate workflows based on a customizable library of fundamental IoT use cases. Soracom Flux Video Analysis makes it possible to share video data from connected devices through the Soracom cloud for analysis by AI models like Amazon Bedrock and Google Gemini. This enhancement unlocks new possibilities for advanced IoT applications, such as using motion detection as a trigger to analyze video for compliance with work or security procedures. Aankondiging • Jul 16
Soracom, Inc. to Report Q1, 2026 Results on Aug 14, 2025 Soracom, Inc. announced that they will report Q1, 2026 results on Aug 14, 2025 Reported Earnings • Jun 29
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥7.82 (down from JP¥12.58 in FY 2024). Revenue: JP¥8.99b (up 13% from FY 2024). Net income: JP¥352.0m (down 27% from FY 2024). Profit margin: 3.9% (down from 6.1% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 19%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 4.8% growth forecast for the Wireless Telecom industry in Japan. Aankondiging • May 14
Soracom, Inc., Annual General Meeting, Jun 25, 2025 Soracom, Inc., Annual General Meeting, Jun 25, 2025. Aankondiging • Mar 28
Soracom, Inc. to Report Fiscal Year 2025 Results on May 14, 2025 Soracom, Inc. announced that they will report fiscal year 2025 results on May 14, 2025 Aankondiging • Mar 03
Soracom Showcase Next-Generation Connected Car Demonstration with AECC at Mobile World Congress 2025 Soracom, Inc. announced its participation in the AECC (Automotive Edge Computing Consortium) showcase within the "Demonstration Area" of the GSMA Open Gateway at Mobile World Congress 2025 (MWC 2025), which will be held from March 3-6, 2025. AECC is an industry-wide consortium that defines new network requirements for connected car data communication and promotes technological innovations necessary for next-generation mobility. At MWC 2025, AECC will showcase four automotive use cases at the GSMA Open Gateway demonstration, including a proof-of-concept (PoC) demonstration on next-generation network architecture for connected vehicles, jointly developed by Soracom and Toyota Motor Corporation. AECC's exhibition at MWC 2025 and the "Statement of Requirements" defining the network functions required for future connected mobility, were announced on February 26, 2025. In this announcement, AECC President and Chair Dr. Ryokichi Onishi highlighted the need for scalable, interoperable, and programmable 5G services to meet increasing data demands across priority use cases such as intelligent driving, high-definition mapping and teleoperation. Automotive OEMs face the critical challenge of ensuring a secure connection between vehicles and their backend telematics systems. At MWC 2025, the showcased solution ensures a seamless experience by leveraging network capabilities exposed by interoperable telecommunications APIs like those facilitated by AECC in its contribution to the Linux Foundation's CAMARA project. Connection security is preserved by using the Embedded Universal Integrated Circuit Card (eUICC) as an authentication token. This PoC demonstrates that vehicles in operation can stay connected with multiple connectivity options available at each occasion and work for the lifetime of a car even if the communication technology changes over time. This innovative solution ensures automotive manufacturers can maintain uninterrupted connectivity, enabling future-proof, secure telematics services for their customers. New Risk • Feb 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 7.4% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. This is currently the only risk that has been identified for the company. Aankondiging • Jan 23
Soracom, Inc. Announces Commercial Availability of iSIM Technologies and Modules Soracom Inc. announced the commercial launch of its integrated SIM technology (iSIM) as well as an iSIM-compatible cellular module built off of the Murata Type 1SC. This offering marks Soracom's third SIM format, with the connectivity solution also offering card-type SIMs as well as chip-type eSIMs, each of which grants users access to Soracom's best-in-class cellular IoT connectivity platform. The commercial launch of iSIM technologies has been in the works since July 2021 and has been brought about due to key partnerships with IoT chipset developer Sony Semiconductor Israel Ltd., iSIM module manufacturer Murata, and iSIM Security solutions provider Kigen. Kigen's Secure iSIM Operating System provides robust secure authentication services ensuring reliable out-of-the-box connectivity for commercial iSIM applications. iSIM technology integrates the functions of the communication module and SIM into a single chip (SoC: System-on-Chip). This enables IoT device manufacturers to create more compact, lightweight and more power-efficient devices, as fewer physical components are required. Designing connected devices with a single, integrated solution for both the communication module and the SIM reduces procurement, logistics, and storage costs. It also contributes to reduced environmental impact throughout the device manufacturing and sales lifecycle. The "Type 1SC" module from Murata Manufacturing Co. Ltd. comes pre-installed with Soracom's plan01s subscription, allowing users to seamlessly connect to cellular networks worldwide. By utilizing Soracom's subscription container feature, these modules can access other Soracom data plans, such as the optimized for LPWAN planX3. Regardless of their selected plan, users will also gain access to Soracom's suite of connectivity tools that cover everything from data and device security to remote provisioning services and cloud integration. With a commitment to the highest quality and end-to-end security approach, the company's Altair all-inclusive cellular IoT chipsets offer long battery life and fast time to market. Sony Semiconductor Israel provides low-power and cost-efficient chipsets for a range of industrial and consumer IoT applications such as trackers, smart meters, smart labels, mHealth, wearables, and vehicle telematics. The company's cellular IoT chipsets are commercially deployed on the world's most advanced cellular networks. New Risk • Jan 12
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 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 High level of non-cash earnings (35% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported March 2024 fiscal period end). Share price has been volatile over the past 3 months (6.4% average weekly change). Aankondiging • Jan 03
Soracom, Inc. to Report Q3, 2025 Results on Feb 13, 2025 Soracom, Inc. announced that they will report Q3, 2025 results on Feb 13, 2025 New Risk • Nov 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.0% average weekly change). High level of non-cash earnings (35% accrual ratio). Aankondiging • Oct 03
Soracom, Inc. (TSE:147A) completed the acquisition of 51% stake in Cariot Co., Ltd. from FLECT Co., Ltd. (TSE:4414). Soracom, Inc. (TSE:147A) signed a letter of intent to acquire 51% stake in Cariot Co., Ltd. from FLECT Co., Ltd. (TSE:4414) on July 26, 2024. A cash consideration will be paid by Soracom, Inc. As part of consideration, an undisclosed value is paid towards common equity of Cariot Co., Ltd.
The expected completion of the transaction is October 1, 2024.
As of June 30, 2024, Cariot Co., Ltd reported total revenue of ¥250 million.
Soracom, Inc. (TSE:147A) completed the acquisition of 51% stake in Cariot Co., Ltd. from FLECT Co., Ltd. (TSE:4414) on October 1, 2024. Aankondiging • Sep 28
Soracom, Inc. to Report Q2, 2025 Results on Nov 07, 2024 Soracom, Inc. announced that they will report Q2, 2025 results on Nov 07, 2024 Aankondiging • Jun 22
Soracom, Inc. to Report Q1, 2025 Results on Aug 14, 2024 Soracom, Inc. announced that they will report Q1, 2025 results on Aug 14, 2024 Reported Earnings • May 12
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: JP¥12.58 (up from JP¥1.82 in FY 2023). Revenue: JP¥7.93b (up 26% from FY 2023). Net income: JP¥485.0m (up JP¥415.0m from FY 2023). Profit margin: 6.1% (up from 1.1% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Wireless Telecom industry in Japan. Aankondiging • Mar 27
Soracom, Inc. has completed an IPO in the amount of ¥9.400611 billion. Soracom, Inc. has completed an IPO in the amount of ¥9.400611 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 6,071,500
Price\Range: ¥870
Discount Per Security: ¥65.25
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 4,733,800
Price\Range: ¥870
Discount Per Security: ¥65.25
Transaction Features: Sponsor Backed Offering Board Change • Mar 26
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Outside Director Gen Isayama was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.