Liberaware Co.,ltd. · TSE:218A
Liberaware Co.,ltd — Q3 FY7/2026 Earnings Presentation
92 slides from Liberaware Co.,ltd's earnings presentation, Jun 12, 2026
Slide 1: FY 2026/7 Third Quarter Financial Results Presentation Materials
FY 2026/7 Third Quarter Financial Results Presentation Materials Liberaware Co., Ltd. Securities Code: 218A June 12, 2026 IBIS
Slide 2: INDEX
INDEX 01 Financial Results Summary 02 Company Overview and Competitive Advantages 03 Growth Strategy Summary 04 Fiscal Year Ending July 2026 Third Quarter Financial Results 05 Fiscal Year Ending July 2026 Revision of Financial Forecast 06 Fiscal Year Ending July 2026 Third Quarter Growth Strategy Pr
Slide 3: Financial Results Summary
01 Financial Results Summary 3
Slide 4: Financial Results Summary: Continued Revenue Growth but Gross Profit Margin Declined
Financial Results Summary: Continued Revenue Growth but Gross Profit Margin Declined; Growth Investment Strengthened • W hile this quarter continued to f ocus on growth strategy activities f or medium - to long -term growth, net sales reached a record high on a quarterly basis, w ith 519 million yen
Slide 5: Status of Subsidies Related to the SBIR Program
Financial Results Summary: Status of Subsidies Related to the SBIR Program • The status of subsidies f or projects currently being promoted under the SBIR program is as f ollows: • Af ter the review is completed and the subsidy amount is determined, it will be recorded as Non -Operating Income (subs
Slide 6: Moving Toward Scaling Up and Market Consolidation After the Expansion Phase
Financial Results Summary: Moving Toward the Stage of Scaling Up and Market Consolidation After the Expansion Phase Following the expansion phase in the fiscal year ending July 2025, demand driven by social issues, policy trends, and market growth continuedin the 3Q results for the fiscal year endin
Slide 7: Internal Investigation of Unit 3 Containment Vessel at Fukushima Daiichi
Financial Results Topics Nuclear Power Plant Drone Investigation Internal Investigation of Unit 3 Containment Vessel at Fukushima Daiichi Nuclear Power Plant Conducted • Following Unit 1, successf ully conducted internal investigation of Unit 3 containment vessel using our proprietary micro -drones
Slide 8: Progress in Demonstration Research and Capital Alliances for Sewer Drones
Financial Results Topics Sewer Drone Investigation Progress in Demonstration Research and Capital Alliances Toward the Popularization of Drones in Sewer Investigations • Promoting the demonstration of drone utilization in sewer pipe investigations through selection f or MLIT -related projects • Syne
Slide 9: Progress in Overseas Market Development
Financial Results Topics Status of Overseas Expansion Progress in Overseas Market Development through Subsidy Projects, Exhibitions, and Inbound Collaboration • Utilizing public support systems such as the Ministry of Economy, Trade and Industry (METI) and JICA to promote market develo pment in Sout
Slide 10: Company Overview and Competitive Advantages
02 Company Overview and Competitive Advantages 10
Slide 11: Liberaware is a domestic drone and robotics company that supports social safety
Liberaware is a domestic drone and robotics company that supports social safety Products and Services Company Hardware LAPIS Software Name Liberaware Co., Ltd. LAPIS IBIS/IBIS2 TORINOS SPARROW Established August 22, 2016 Under development Representative Director Hongkyu Min Indoor / narrow space For
Slide 12: Competitive Advantage: Engineers / Technical Capabilities / Track Record / Co-creation
Competitive Advantage: Engineers / Technical Capabilities / Track Record / Business Model x Co-creation Strategy • The advantage of Liberaware Co., Ltd. lies not only in its technological development capabilit ies, track record, and business model, but also in its ability to build a system that cont
Slide 13: Breaking through entry barriers by multiplying technology x co-creation
Breaking through entry barriers by multiplying technology x co-creation — forming a difficult-to-imitate advantage • Chosen f or technology and track record, acquiring "implementation models" through co -creation, superiority cycles through data accumulation and standardization, creating a structure
Slide 14: Growth Strategy Summary
03 Growth Strategy Summary 14
Slide 15: Maintaining high growth rate while growth strategy realization drives exponential growth
Maintaining high growth rate while growth strategy realization drives exponential growth • Following the establishment of the indoor drone market, we expect growth that maintains past growth rates along with the grow th of the drone market • •In the short to medium term, while maintaining a high org
Slide 16: Growth Strategy - SUMMARY
Growth Strategy - SUMMARY Creating a safe society Data Business Domain Expansion for everyone Next-Generation IBIS ✓ Construction DX Business (SBIR) ✓ Expanding spatial data business domain in line with IBIS evolution ✓ Increased Added Value through AI ✓ Expanded Application Range through Diagnosis/
Slide 17: Growth Image—All Growth Strategies Target Large-Scale Markets
Growth Image—All Growth Strategies Target Large-Scale Markets with Growth Potential Image of Accumulation of Various Market Potential of Various Growth Strategies Growth Strategies SOM TAM ✓ The indoor drone market has just opened and is (Domestic Railway (Railway Operators a market that will expand
Slide 18: FY7/2026 Third Quarter Financial Results Report
04 FY7/2026 Third Quarter Financial Results Report 18
Slide 19: Q3 Financial Results Highlights
Q3 Financial Results Highlights • Net sales f ell short of expectations as services other than drone sales were sluggish, despite strong drone sales due to the launch of the domestic distributor system. • Gross prof it margin decreased due to the impact of low -margin projects. Due to the strengthen
Slide 20: Q3 Business Highlights
Q3 Business Highlights • Implemented numerous activities, including business development f or f urther sales channel expansion in the sewerage sector an d f or IBIS, as well as important technology development projects • W hile growth strategies f or f uture growth are progressing steadily, some are
Slide 21: Financial Results Report for the Third Quarter: Financial Report
Financial Results Report for the Third Quarter of the Fiscal Year Ending July 2026 <Financial Report> 21
Slide 22: Detailed Business Performance
Business / Financial Indicators Detailed Business Performance • In the cumulative 3Q of FY7/2026, net sales increased by +24% year -over-year due to the growth of existing businesses. Following the achievement of prof itability in FY7/2025, we accelerated investment in personnel and R&D f or busines
Slide 23: Revenue excluding drone sales
Business / Financial Indicators Year-over-Year Comparison of Drone Sales and Revenue Excluding Drone Sales • Drone sales were sluggish at 40.5 sets, but the pipeline is building up, and the level is suf f icient to achieve the f ull -year f orecast. • Recurring revenue as a percentage of revenue exc
Slide 24: Quarterly Trends of Various KPIs Related to Recurring Revenue
Business / Financial Indicators Quarterly Trends of Various KPIs Related to Recurring Revenue • Various KPIs showed no major movements, and the accumulation of recurring revenue was limited. • The repeat rate f or inspection/data processing services was comparable to the same period of the previous
Slide 25: Various Profit Indicators
Business / Financial Indicators Various Profit Indicators • Although the gross prof it margin decreased due to the impact of spot low -margin projects, it is at a level that can be improved toward the f ull year. • Selling, general and administrative expenses have a strong f ixed cost element, but w
Slide 26: Net Sales by Business Segment/Service Category
Detailed Financial Indicators Net Sales by Business Segment/Service Category (Year-over-Year Comparison) • W hile drone sales were strong, inspection solutions continued to struggle this quarter, resulting in a year -over-year decrease. Drone Business Digital Twin Business Solution Development Busin
Slide 27: Trends in Net Sales and Operating Income (Loss) (Quarterly)
Detailed Financial Indicators Trends in Net Sales and Operating Income (Loss) (Quarterly) • Net Sales: Third quarter net sales reached a record high on a quarterly basis, up 42% year -over-year • Operating Income (Loss) excluding SBIR R&D expenses: Loss expanded as f ixed costs could not be absorbed
Slide 28: Trends in Gross Profit Margin and Gross Profit (Quarterly)
Detailed Financial Indicators Trends in Gross Profit Margin and Gross Profit (Quarterly) • Gross Prof it Margin has remained stable at over 40% since FY7/2024 2Q, demonstrating the high prof itability of our business • Although it f ell below 40% this quarter due to the impact of low -margin project
Slide 29: Trends in SG&A Expenses (Excluding R&D Expenses)
Detailed Financial Indicators Trends in SG&A Expenses (Excluding R&D Expenses) (Quarterly) • Our SG&A expenses overall have strong f ixed -cost elements, and we achieved scale expansion through minimal investment until the middle of FY7/2025 • Conf irming the potential f or monetization through exis
Slide 30: Trends in R&D Expenses (Quarterly)
Detailed Financial Indicators Trends in R&D Expenses (Quarterly) • SBIR projects started f rom the second half of FY7/2024, and expenses increased signif icantly in 3Q FY7/2025 due to overlappin g system deliveries, etc. • In the current 3Q, expenses also increased signif icantly due to overlapping
Slide 31: Trends in Number of Customers and Major Industry Customers
Other Indicators Trends in Number of Customers and Number of Major Industry Customers • New customers are increasing steadily, and many existing customers continue to use our services • Many major industry players use our services, and we aim f or industry -standard positioning by expanding use case
Slide 32: Balance Sheet (Comparison with Previous Fiscal Year-End)
Financial Indicators Balance Sheet (Comparison with Previous Fiscal Year-End) • Cash and deposits were spent in advance due to the time lag between SBIR R&D expenditures and the receipt of subsidies • Reduced f inancial burden by repaying interest -bearing debt Change from (Unit: Million yen) End of
Slide 33: Number of Officers and Employees (As of April 30, 2026)
Other Indicators Number of Officers and Employees (As of April 30, 2026) • W e continue to actively recruit engineers who support our technology and promote projects that f orm the basis of various grow th strategies. • W e are also strengthening personnel on the business and corporate sides in acco
Slide 34: Net Sales by Quarter
Business / Financial Indicators Net Sales by Quarter • Net sales f orecasts by service are explained in the section on revised earnings f orecasts. FY7/2024 FY7/2025 FY7/2026 FY7/2026 (Unit: Million yen) Full-year (Actual totals are rounded down to the nearest million Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 35: Financial Results Report for the Third Quarter: Activity Report
Financial Results Report for the Third Quarter of the Fiscal Year Ending July 2026 <Activity Report> 35
Slide 36: Institutional Design for Sewer Drone Popularization Taking Shape
Business Rollout Sewer Drone Inspection Related Institutional Design for Sewer Drone Popularization Taking Shape; We Are Leading Implementation • MLIT presented more specif ic popularizat ion measures and utilizat ion schemes f or sewer pipe drones • Ahead of this, we have collaborated with core ind
Slide 37: Social Implementation of Drone Inspection Accelerates Following Sewerage Act Amendment
Business Rollout Sewer Drone Inspection Related Social Implementation of Drone Inspection and Diagnosis Accelerates Following Sewerage Act Amendment • The importance of inspecting and diagnosing sewer pipes is expected to increase f urther due to the amendment of the Sewerage Act aimed at strengthen
Slide 38: Two Projects Selected for MLIT Water and Sewage Technology Development Program
Business Rollout Sewer Drone Inspection Related Two Projects Selected for MLIT Water and Sewage Technology Development Program • Selected f or two stages of the water and sewage technology development program: the research stage and the practical applicat ion stage • Promoting the standardization of
Slide 39: Demonstration of Sewer Pipe Degradation Diagnosis Using Drones
Business Rollout Sewer Drone Inspection Related Demonstration of Sewer Pipe Degradation Diagnosis Using Drones ⁄ Expanding Business Opportunities in the Sewerage DX Field • Demonstrated degradation diagnosis in sewer pipes using technology jointly developed with Nippon Hume and Prof essor Hiroaki M
Slide 40: Establishing Status as Standard Equipment through Accumulation of Case Studies
Business Rollout Sewer Drone Inspection Related Short- to Medium-Term: Establishing Status as Standard Equipment for Infrastructure Inspection through Accumulation of Case Studies • Accumulate numerous case studies through collaboration with core industry companies, industry groups, and local govern
Slide 41: Business alliances with major companies and local governments are accelerating
Business Rollout Co-creation with Partner Companies Business alliances with major companies and local governments toward commercialization and social implementation are accelerating • In the last three months, initiatives leading to commercialization and social implementation have progressed one af
Slide 42: Evolving into a Data Platform Company Centered on LAPIS
Product Rollout Software Product Evolving into a Data Platform Company Centered on the Spatial iPaaS Platform "LAPIS" • Strengthening "LAPIS," which has been provided as an image analysis tool, into a spatial iPaaS* platf orm that supports on -site DX • Aggregating spatial data acquired not only f r
Slide 43: First Industry-Specific Solution Utilizing LAPIS: Construction Progress Management
Product Rollout Software Product First Industry-Specific Solution Utilizing LAPIS: "Construction Progress Management Support Service" • National project "Solution Development f or Improving Operational Ef f iciency at Construction Sites" conducted jointly with KDD I SmartDrone and Obayashi Corporati
Slide 44: South Korea: S-OIL (ACE Plantech) Introduces IBIS2
Overseas Expansion South Korea South Korea: S-OIL (ACE Plantech) Introduces IBIS2 • S-OIL, a major South Korean energy company under the ARAMCO Group, introduced IBIS2 through its inspection partner ACE Plantech. • In addition, business promotion is ongoing to establish the market through business a
Slide 45: JR East Group DRONE DX CHAMPIONSHIP 2026 Held
Other "JR East Group DRONE DX CHAMPIONSHIP 2026" Held • This event was hosted by the JR East Group, f eaturing content such as a drone race competition using IBIS2 in collaboration w ith CalTa. • Following last year's success, the event generated signif icant excitement, broadly promoting our techni
Slide 46: FY7/2026 Revision of Financial Results Forecast
05 FY7/2026 Revision of Financial Results Forecast 46
Slide 47: Full-year Net Sales Forecast Revised to 1.7 Billion Yen - 1.9 Billion Yen
Revision of Earnings Forecast Full-year Net Sales Forecast Revised to 1.7 Billion Yen - 1.9 Billion Yen • Due to delays in the launch of new areas and the loss of sales opportunities resulting f rom sales and business development ac tivities f or mid- to long -term growth in the f irst half , we exp
Slide 48: Main Factors for Revision of Net Sales and Future Measures
Revision of Earnings Forecast Main Factors for Revision of Net Sales and Future Measures Inspection Solution and New Business Area - New Business Area - Digital Twin Business Torinosu - Overseas - Main Factors for Revision Main Factors for Revision Main Factors for Revision Al t h o u g h o r d e r
Slide 49: Other Factors for Revision
Revision of Earnings Forecast Other Factors for Revision 01 Gross Profit Margin Gross profit is expected to fall below the initial forecast due to changes in the sales mix ✓ While an increase in high-margin drone sales is expected, certain low-margin projects have occurred, and the Gross Profit Marg
Slide 50: Revision of Full-Year Consolidated Business Performance Forecast
Revision of Earnings Forecast Revision of Full-Year Consolidated Business Performance Forecast for FY7/2026 • Although net sales are expected to increase f or the f ull year, the f ull -year business perf ormance f orecast has beenrevised downward based on progress through 3Q, due to lost sales oppo
Slide 51: Net Sales Forecast by Service
Revision of Earnings Forecast Net Sales Forecast by Service Drone Business Digital Twin Solution Development New Areas Business Business Inspection solution Product provision service D u e t o m a n y f r e e s e we r Drone sales increased steadily. Due to a decrease in W hile projects continued fro
Slide 52: Growth Strategy Progress FY7/2026 3rd Quarter
06 Growth Strategy Progress FY7/2026 3rd Quarter 52
Slide 53: Accelerating continuous growth by expanding business domains with co-creation
FY26/7 Accelerating continuous growth by expanding business domains with co-creation as the core axis and enhancing added value of existing services • Promoting f unctional enhancement of core products and solution development through co -creation to create sources of growth poten tial • Strengtheni
Slide 54: Industry Expansion through Deepening into Major Industries and New Areas
FY7/26 Expansion of Existing Service Application Range Industry Expansion through Deepening into Major Industries and Expansion into New Areas • Expand use cases by co -creating with industry leaders to understand needs, and aim f or deepening and horizontal expansion within each company. • Develop
Slide 55: Railway Environment-Specific Drone: National Project Participation
FY7/26 Railway Environment-Specific Drone National Project Participation: Drone Solution Development for Railway Inspection • Development of drone solutions compatible with the railway environment to solve labor shortages and saf ety issues in the rail way business, • which started in April 2024 (Su
Slide 56: Drone Solution Image for Railway Inspection
FY7/26 Railway Environment-Specific Drone Drone Solution Image for Railway Inspection • Establish a solution that provides end -to-end support f or railway inspections, f rom work requests to drone f light and 3D modelin g, replacing the maintenance tasks daily perf ormed by workers at railway sites
Slide 57: Market Potential of Drone Solutions for Railway Inspections
FY7/26 Railway Environment-Specific Drone Market Potential of Drone Solutions for Railway Inspections • Even when limited to domestic railway operators, the SOM f or this service is estimated at approximately 200 billion yen TAM, SAM, and SOM for this service*123 TAM (Total Addressable Market) SAM S
Slide 58: Participation of Multiple Railway Operators in the Railway SBIR Project
FY7/26 Railway Environment-Specific Drone Participation of Multiple Railway Operators in the Railway SBIR Project • Currently, six railway operators are participating in this project • Five out of the six JR Group companies are participating, including three f rom Honshu plus JR Kyushu and JR Shikok
Slide 59: Progress in Demonstration of Elemental Technologies for Autonomous Control
FY7/26 Railway Environment-Specific Drone Progress in Demonstration of Elemental Technologies for Autonomous Control • Developing and verif ying elemental technologies unique to railway environments, such as f light control using rail recognition and behavior when crossing railroad tracks Rail Recog
Slide 60: Expansion of Testing and Evaluation Infrastructure
FY7/26 Railway Environment-Specific Drone Expansion of Testing and Evaluation Infrastructure to Accelerate Development • Newly established anechoic chamber in addition to test site and wind tunnel f acilities • Strengthen verif ication capabilities f or aircraf t, communications, and operations assu
Slide 61: Public Sector Demand and Policy Support Boost Unmanned Aerial Vehicles in Japan
Reprinted from FY7/26 2Q Trends of the Japanese Government Demand in the Public Sector and Expansion of Policy Support Boost the Introduction of Unmanned Aerial Vehicles in Japan • Potential tailwind f or companies promoting "domestic drones" • Support f or domestic production x Increase in public d
Slide 62: Appendix (1) Company overview, etc.
07 Appendix (1) Company overview, etc. 62
Slide 63: Company Overview (Liberaware)
Company Overview (Liberaware) Company Liberaware Co., Ltd. Name CEO Hongkyu Min Established August 22, 2016 Director Kohei Hayashi Number of 143 employees *Excluding non-executive directors, including temporary Employees employees and dispatched workers (as of the end of April 2026) CFO Junya Ichika
Slide 64: Related Company Overview (CalTa)
Related Company Overview (CalTa) Company CalTa Co., Ltd. Name Established July 1, 2021 Location Takanawa Sengakuji Ekimae Building 9F, 2-18-10 Takanawa, Minato-ku, Tokyo ・Inspection, survey, and surveying services using drones, etc., data processing Business and analysis services Description ・Provis
Slide 65: Management team
Management team • A diverse management team f rom various industries leads the organization and business Representative Director Hongkyu Min ü Completed Master's Program in Engineering, Graduate School of Engineering, Chiba Institute of Technology (Master's degree) ü At Chiba University, participate
Slide 66: Social Issue: Aging of Facilities
Social Issue: Aging of Facilities • W ith the aging of inf rastructure and f acilities, the need f or maintenance is increasingly growing Infrastructur Facilities Equipment e Factories and commercial facilities Many aging facilities Road bridges over 50 years old over 50 years old Require high-frequ
Slide 67: Policy Trends
Policy Trends • The government is also f ocusing on supporting drone -related startups, and policy trends such as deregulation of inspection -related operations and strengthening of overtime regulations are tailwinds f or the popularization of drone use Support for drone Analog regulations (*2) Grac
Slide 68: Social Issue: Declining Labor Population and Productivity Improvement
Social Issue: Declining Labor Population and Productivity Improvement • By 2030, there will be a shortage of 6.44 million workers, and wages are expected to exceed 2,000 yen per hour, necessitating improvements in labor productivity Labor population Hourly wage 1,835 yen 2,096 yen Total population o
Slide 69: MISSION VISION
MISSION Create a society where safety is accessible to all So that the social infrastructure supporting people‘s lives continues to be taken for granted, we clarify the various risks lurking in social infrastructure such as commercial facilities, transportation facilities, and plants through free th
Slide 70: Business Model: IBIS and LAPIS
Business Model • Providing DX solutions f or inf rastructure f acilities using hardware technologies such as drones and sof tware technologies suc h as processing, handling, and managing captured images and videos Hardware Software Confined space inspection drone Confined space data analysis technol
Slide 71: Business Model
Business Model • Providing three businesses and various services using drones and digital twins 01 Drone Business (Hardware) 02 Digital Twin Business (Software) Product Provision Data Processing and Inspection Solution Digital twin platform Service Analysis Service Inspecting facilities and Sale and
Slide 72: Composition ratio by business
Composition ratio by business • The Drone Business accounts f or approximately 60% of the total. The Digital Twin Business has contributed to revenue within t wo years of f ull-scale launch Solution Development Business Drone Business ✓Nuclear power plant drone survey project ✓Development of drones
Slide 73: Hardware: About the confined space inspection drone IBIS2
Hardware: About the confined space inspection drone "IBIS2" • IBIS is an industrial compact drone suitable f or inspection, survey, and measurement in "narrow, dark, and hazardous" environ ments • As an in-house developed domestically produced drone, Liberaware Co., Ltd. has independently developed
Slide 74: Digital Twin Business: Data Processing and Analysis Service
Digital Twin Business: Overview of Data Processing and Analysis Service • Using the sof tware "LAPIS", which incorporates Liberaware Co., Ltd.'s three -dimensional conversion technology, processing and an alysis of videos acquired through inspections are perf ormed • •Data analysis based on customer
Slide 75: Digital Twin Platform TRANCITY Overview
Digital Twin Platform " TRANCITY" Overview • Enables 3D modeling and point cloud data generation f rom videos captured by drones or smartphones ⇒ Improves ef f iciency of construction work and maintenance operations • •Developed based on LAPIS image processing technology, and the platf orm is provid
Slide 76: Strengths and Competitive Advantages
Strengths and Competitive Advantages • Achieving No.1 in indoor inspection usage through hardware and sof tware strengths and strong business relationships with majo r corporations Cumulative Number of Client Companies 1 2 3 Hardware Technology Data Technology Business with Major More than 430 Advan
Slide 77: Strengths (Hardware): Domestically produced small industrial drones
Strengths and competitive advantages (Hardware): Development of domestically produced small industrial drones • Capable of f lying in non -GPS environments, world's smallest class* as an industrial aircraf t, enabling inspection and survey of areas dif f icult f or other companies to inspect • Build
Slide 78: Strengths (Software): 3D Digitization Technology for Harsh Environments
Strengths and Advantages (Software): 3D Digitization Technology for Harsh Environments • Liberaware Co., Ltd. possesses 3D digitization technology f or "narrow, dark, and harsh" spaces that are dif f icult f or other c ompanies to handle • Liberaware Co., Ltd. provides BIM* conversion services f or
Slide 79: IBIS2 is suitable for narrow, dark, harsh, and dangerous environments
"IBIS2" is suitable for "narrow, dark, harsh, and dangerous" environments • Indoor conf ined space inspection drones are suitable f or a wide range of environments, and can replace environments that are dif f icult f or people to work in Narrow environments Harsh environments With proprietary flight
Slide 80: Launch of Automatic Patrol Camera TORINOS
Launch of Automatic Patrol Camera "TORINOS" • As the second robot product f ollowing "IBIS2," expanding the target area f rom "conf ined spaces" to "patrol of vast f acilities " • Automating patrol inspections of vast f acilities to simultaneously achieve f acility maintenance DX and labor -saving I
Slide 81: Differentiation between TORINOS and IBIS
Differentiation between TORINOS and IBIS: High-difficulty indoor inspections and regular patrols • TORINOS f ills the indoor inspection areas that IBIS cannot f ully cover, expanding the indoor inspection and patrol areas comp rehensively in a "complementary relationship" • IBIS2 is f or "high -dif
Slide 82: Market potential of rail cameras for inspection purposes
Market potential of rail cameras for inspection purposes • Within the surveillance camera and system market, rail cameras establish a unique position by capturing the untapped domain of automatic patrol • Focusing on growth segments such as electric power, underground infrastructure, and data center
Slide 83: Revenue Model
Revenue Model • By accumulating high gross margin drone sales and recurring service revenue with improving gross margin as the number of proj ects increases, Liberaware Co., Ltd. will achieve prof itability • In the medium to long term, Liberaware Co., Ltd. aims to achieve prof itability with recurr
Slide 84: Impact of R&D Expenses and Subsidies on Segment Income
Impact of Research and Development Expenses and Subsidies on Segment Income • Going f orward, substantial SBIR -related research and development expenses will be recorded over multiple years, resulting in an expected operating def icit during that period; however, since these research and developmen
Slide 85: Appendix (2) Medium- to Long-Term Growth Strategy
07 Appendix (2) Medium- to Long-Term Growth Strategy 85
Slide 86: Growth strategy - SUMMARY
Growth strategy - SUMMARY Establishing overwhelming superiority through the evolution of core products Acquiring new growth engines through co-creation Overseas expansion of Made-in-Japan 86
Slide 87: Growth Strategy - Roadmap
Growth Strategy - Roadmap • In the short term, expand business by enhancing existing services, improving added value, and developing new devices and solu tions • In the medium to long term, launch next -generation IBIS and sof tware, as well as railway environment -specif ic drones, to acquire new g
Slide 88: Achieve non-linear growth through core product evolution and railway-specific solutions
Medium to Achieve non-linear growth through the evolution of core products and long term the deployment of railway-specific solutions • Release of new drones and more advanced data analysis engines • Paradigm shif t in inspection and patrol operations through the launch of railway -specif ic solutio
Slide 89: Next-generation product development of hardware and software
Medium Term Evolution of core products Next-generation product development of hardware and software • Expand the usage areas of Liberaware Co., Ltd.'s products by introducing new devices and sof tware New product development Usage area expansion Next-generation IBIS Data center monitoring Instrument
Slide 90: National project participation: Drone solutions for railway industry inspection
Medium Term Acquisition of growth engines National project participation: Development of drone solutions for railway industry inspection • Selected f or the theme "Technology development and demonstration contributing to the ef f iciency and labor -saving of railway f aci lity maintenance and manage
Slide 91: National project participation: Drone solutions for railway industry inspection
Medium Term Acquisition of growth engines National project participation: Development of drone solutions for railway industry inspection • Research and development costs are covered by subsidies (100% subsidy rate), aiming to enter a market with high potential • In addition to JR East, which knows t
Slide 92: Notes on This Document
Notes on This Document • Forward-looking statements such as earnings forecasts contained in this document (including, but not limited to, our business plans, market size, competitive situation, industry information, and growth potential) are based on our judgment and available information as of the