Micware's FY2026 results show steady but modest revenue growth of 3.7% with strong margin expansion and 20.4% net income growth. The recent Nasdaq IPO provides $26.2M in gross proceeds to fund the DynaPlanet 3D platform, with commercialization expected in FY2027. Monitor the July 1 earnings call for any FY2027 guidance and updates on DynaPlanet's commercial launch timeline. The stock has limited trading history since its May 2026 IPO, so price discovery is still ongoing.
Price Chart
Executive Summary
Micware reported fiscal year 2026 (ended Feb 28, 2026) results with revenue of JPY21.9 billion (US$140.3M), up 3.7% YoY, and net income attributable to ordinary shareholders of JPY1.6 billion (US$10.3M), up 20.4% YoY. The company also completed its Nasdaq IPO in May 2026, raising $26.2M in gross proceeds, and announced the renaming of its DynaPlanet project (formerly DSMM) with commercialization expected in FY2027.
Key Facts
- Revenue of JPY21.9B (US$140.3M) for FY2026, up 3.7% YoY from JPY21.1B
- Net income attributable to ordinary shareholders of JPY1.6B (US$10.3M), up 20.4% YoY from JPY1.3B
- Operating profit of JPY2.4B (US$15.1M), up 9.4% YoY
- Gross profit margin expanded to 36.8% from 35.0% YoY
- Basic EPS of JPY28.58 (US$0.18) vs JPY25.49 in FY2025
- Completed Nasdaq IPO on May 15, 2026, raising $26.2M in gross proceeds (including full over-allotment)
- DynaPlanet (formerly DSMM) commercialization anticipated in FY2027
- Cash and cash equivalents of JPY8.3B (US$52.9M) as of Feb 28, 2026
- R&D expenses increased 45.3% YoY to JPY1.5B, driven by DynaPlanet investment
Financial Impact
Revenue of US$140.3M (+3.7% YoY), net income attributable to ordinary shareholders of US$10.3M (+20.4% YoY), operating profit of US$15.1M (+9.4% YoY), gross margin expanded to 36.8% from 35.0%
Risk Factors
- Revenue growth of only 3.7% YoY is modest, with software development services growing just 2.0%
- R&D expenses increased 45.3% YoY to JPY1.5B, driven by DynaPlanet investment, pressuring near-term margins
- DynaPlanet commercialization not expected until FY2027, with no current revenue contribution
- Significant related-party revenue concentration (66.9% of total revenue from related parties)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001829126-26-007064 |
| Document: micware_ex99-2.htm | 0001829126-26-007064 |
| Document: micware_6k.htm | 0001829126-26-007064 |
| Document: 0001829126-26-007064-index-headers.html | 0001829126-26-007064 |
| Document: 0001829126-26-007064-index.html | 0001829126-26-007064 |
| Document: 0001829126-26-007064.txt | 0001829126-26-007064 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 24, 2026 4w ago | 6-K | $1.75 | awaiting T+60 | — | $1.51 (−13.43%) |
Sep 15, 2026 6w ago | Press Release | $1.97 | awaiting T+60 | — | $1.51 (−23.10%) |
Sep 9, 2026 6w ago | 6-K | $1.41 | awaiting T+60 | — | $1.51 (+7.45%) |
Sep 3, 2026 7w ago | 6-K | $1.40 | awaiting T+60 | — | $1.51 (+8.21%) |
Aug 7, 2026 11w ago | 6-K | $1.41 | awaiting T+60 | — | $1.51 (+7.45%) |
Aug 7, 2026 11w ago | Press Release | $1.41 | awaiting T+60 | — | $1.51 (+7.45%) |
Aug 6, 2026 11w ago | Press Release | $1.49 | awaiting T+60 | — | $1.51 (+1.68%) |
Jul 10, 2026 15w ago | 6-K | $3.36 $1.57 | ▼ −53.42% | ▼ −56.06% | $1.51 (−54.91%) |
Jun 30, 2026 17w ago | 6-K | $3.75 $1.75 | ▼ −53.33% | ▼ −56.21% | $1.51 (−59.60%) |
Jun 30, 2026 17w ago | 20-F | $3.75 $1.75 | ▼ −53.33% | ▼ −56.21% | $1.51 (−59.60%) |
US Market Status
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