Note: This is an English translation of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
〔Under Japanese GAAP〕
Registered Company Name: V-Technology Co., Ltd.
Code Number: 7717, Tokyo Stock Exchange URL: https://www.vtec.co.jp
Representative: Shigeto Sugimoto (President & CEO)
Contact: Mssahiro ONO(Leader of IR Group) TEL: 045-338-1980
Planned Date for Submission of the Semi-annual securities report: November 13, 2025 Supplementary materials for the financial statements: Yes
Briefing session on financial results: Yes
Planned Date for Start of Dividend Payment: December 5, 2024
November 12, 2025
(Amounts less than one million yen have been omitted.)
- Business Performance(April 1, 2024 through September 30, 2024)
- Consolidated Results of Operations
Six months ended September 30, 2024
Six months ended September 30, 2025
Amount
YoY(%)
Amount
YoY(%)
Net sales (Millions of Yen)
22,345
＋81.2
19,744
△11.6
Operating profit or loss(△) (Millions of Yen)
△136
—
△370
—
Ordinary profit or loss(△) (Millions of Yen)
△275
—
△406
—
Net profit or loss(△) attributable to owners of the parent (Millions of Yen)
△218
—
△239
—
Net profit per share (Yen)
△22.81
—
△25.33
—
- Consolidated Financial Position
As of March 31 ,2025
As of September 30, 2025
Total assets(Millions of Yen)
73,201
71,688
Net assets(Millions of Yen)
33,581
33,258
Equity ratio(％)
45.8
46.3
*Reference: Shareholders’ equity (Millions of Yen)
33,500
33,172
- Consolidated Results of Operations
- Dividends
Year ended March 31 2025
Year ending March 31 2026
FY2026 Forecast
1Q-end dividends per share (Yen)
—
—
—
2Q-end dividends per share (Yen)
40.00
40.00
—
3Q-end dividends per share (Yen)
—
—
Year-end dividends per share (Yen)
40.00
40.00
Anual dividends per share (Yen)
80.00
80.00
Note: Revision of dividend forecast from the most recently announced dividend forecast is None.
- Forecast for the Fiscal Year ending March 31, 2026 (April 1, 2025 through March 31, 2026)
Amounts | YoY(％) | |
Net sales (Millions of Yen) | 56,000 | 21.3 |
Operating profit (Millions of Yen) | 4,500 | 147.0 |
Ordinary profit (Millions of Yen) | 4,200 | 122.1 |
Net profit attributable to owners of the parent (Millions of Yen) | 2,700 | 237.3 |
Net profit per share (Yen) | 285.71 | — |
Note: Revision of the forecast from the most recently announced dividend forecast is None.
Changes in significant subsidiaries during the Six months ended(April 1, 2025 through September 30, 2025) : None.
Application of Special Accounting Methods for Preparation of the 1sthalf Consolidated Financial Statements: None
Changes in accounting policies, Changes in accounting estimates, or Restatement
Changes in accounting policies due to changes in accounting standards: None
Changes other than “i.” above: None
Changes in accounting estimates: None
Restatements: None
Number of Shares Outstanding (Common stock)
Items | As of | Number of shares | As of | Number of shares |
① Number of shares outstanding at end of year (Including treasury stock) | September 30, 2025 | 10,057,600 | March 31, 2025 | 10,057,600 |
② Number of treasury shares at end of year | September 30, 2025 | 604,286 | March 31, 2025 | 607,386 |
③ Average number of shares outstanding | September 30, 2025 | 9,451,144 | June 30, 2025 | 9,594,354 |
The forward-looking statements in this document, including earnings forecasts, are based on information currently available to the Company and certain assumptions that the Company believes to be reasonable. Actual results may differ materially from these statements due to a variety of factors.
Refer to page 3, "1. Qualitative Information on Quarterly Results (3) Explanation of Forward-Looking Statements" for the assumptions used and precautions regarding the use of earnings forecasts and more information.
- Qualitative Information on Quarterly Results（１）Explanation of Business Results
During the first half of the consolidated accounting period, During the second quarter of the fiscal year ending March 2026, the global economic outlook remained uncertain due to changes in U.S. foreign policy and trade/tariff policies, as well as heightened tensions between the United States and China.
Concerns about an economic slowdown in the U.S. are intensifying. In China, the effects of economic stimulus measures have been limited, and amid persistently low inflation, the economic recovery has slowed slightly. The European economy showed variation by country and region but maintained positive growth overall. For Japan's economy, concerns exist regarding sluggish exports due to U.S. tariff policies and a decline in housing investment.
As for the consolidated business results of V Technology group (herein after “the group” or “the company”) for the first half of the current fiscal year, net sales amounted to 19,744 million yen (22,345 million in same period last year, hereinafter figures in brackets() refer to the same period of the previous year), and operating loss amounted to 370 million yen (operating loss 136 million), Ordinary loss was 406 million(ordinary loss 275 million yen), Net loss attributable to owners of the parent amounted to 239 million(net loss of 218 million yen).
Orders received by the Group in the first half of the recent consolidated fiscal year totaled 17,351 million yen(17,561 million yen ). As a result, the order backlog at the first half of the recent consolidated fiscal year under review amounted to 41,271 million yen (32,316 million yen).
Segment results are as follows.
(FPD Equipment Business)
In the FPD equipment business, capital expenditures related to flat panel displays generally progressed as planned, with some exceptions.
Under these circumstances, orders received in the Group's FPD equipment business during the current first quater of the fiscal year ending March 31, 2026 totaled 9,304million yen (10,484 million yen in the same period of the previous year), with an order backlog of 24,216 million yen (14,147 million yen in the same period of the previous year), net sales amounted to 9,895 million yen (16,237 million yen in the same period of the previous year), and operating loss was 309 million yen (operating profit 107 million yen in the same period of the previous year).
(Semiconductor and Photomask Equipment Business)
In the semiconductor and photomask equipment business, there were no major changes in related capital investments, and operations proceeded largely as planned.
Under these circumstances, orders received by the Group in the semiconductor and photomask equipment business during the current first quarter of the fiscal year ending march 31 2026 totaled 7,346 million yen (6,374 million yen in the same period of the previous year), and the order backlog totaled 17,055 million yen (18,168 million yen in the same period of the previous year), net sales amounted to 9,148 million yen (5,406 million yen in the same period of the previous year), and operating profit was 46 million yen (operating loss 74 million yen in the same period of the previous year).
- Explanation of Financial Condition
#1 Condition of Assets, Liabilities & Net assets
(Assets)
Total assets at the end of the first half of the current fiscal year decreased by 1,532 million yen from the end of the last last fiscal year to 71,668 million yen. This was mainly due to a decrease in “Cash and deposits” of 6,719 million yen, and an increase in “Work in progress” of 2,838, "Notes and accounts receivable" of 1,811 million yen.
(Liabilities)
Total liabilities at the end of the first half of the current fiscal year year increased by 1,209 million yen from the end of the last last fiscal year to 38,409 million yen. This was mainly due to a decrease of 2,087 million yen in “Long-term borrowings”, and an increases of 854 million yen in "Advance payment “.
(Net assets)
Net assets decreased by 323 million yen from the end of the last fiscal year to 33,258 million yen. This was mainly due to a decrease of 624 million yen in "Retained earnings " and an increase of 213 million yen in “Foreign currency translation adjustment”
#2 Condition of Cash flows
Cash and cash equivalents ('funds') at the end of the first half of financial year increased by 6,743 million compared to the same period of the previous financial year, to 19,381 million. The status of each cash flow is as follows.
(Cash flows from operating activities)
Net cash used by operating activities was 3,734 million yen (compared to 3,033 million yen provided in the same period of the previous year). The main factors contributing to the cash outflow were an increase in “Inventory” of 2,606 million yen and an increase in “Trade receivables” of 1,651 million yen. The main factor contributing to the cash inflow was an increase in “Advance payment” of 843 million yen.
(Cash flows from investing activities)
Net cash used in investing activities was 702 million yen (versus 747 million yen used the previous period) . The main use of funds was 819 million yen in expenditure associated with the acquisition of “Tangible fixed assets”.
(Cash flows from financing activities)
Net cash used by financing activities was 2,337 million yen (versus 3,444 million yen provided the previous period) . The main use of funds was 2,505 million jpy in a net decrease of “long-term borrowings”.
- Explanation of Forward-Looking Statements
There is no change to the consolidated earnings forecast for the fiscal year ending March 2026 as stated in the “Summary of Financial Results for the Fiscal Year Ended March 2025” announced on May 13, 2025.
- Explanation of Financial Condition
- Consolidated Financial Statements and Major Notes
(Millions of yen)
As of March 31, 2025 As of September 30, 2025
Assets
Current assets | ||
Cash and deposits | 26,671 | 19,952 |
Notes and accounts receivable - trade | 19,786 | 21,598 |
Electronically recorded monetary claims - operating | 265 | 211 |
Merchandise and finished goods | 679 | 625 |
Work in process | 10,707 | 13,545 |
Raw materials and supplies | 4,109 | 3,961 |
Other | 3,500 | 3,349 |
Allowance for doubtful accounts | △327 | △225 |
Total current assets | 65,392 | 63,018 |
Non-current assets | ||
Property, plant and equipment | 3,859 | 4,443 |
Intangible assets | ||
Goodwill | 525 | 425 |
Other | 186 | 160 |
Total intangible assets | 712 | 586 |
Investments and other assets | 3,235 | 3,619 |
Total non-current assets | 7,808 | 8,649 |
Total assets | 73,201 | 71,668 |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 4,918 | 5,031 |
Electronically recorded obligations - operating | 3,330 | 3,160 |
Short-term borrowings | ※１ 1,295 | ※１ 1,868 |
Current portion of long-term borrowings | 5,691 | 5,273 |
Income taxes payable | 660 | 357 |
Advances received | 5,037 | 5,892 |
Provision for product warranties | 695 | 521 |
Other provisions | 532 | 529 |
Other | 2,100 | 2,442 |
Total current liabilities | 24,263 | 25,078 |
Non-current liabilities | ||
Long-term borrowings | 14,254 | 12,167 |
Retirement benefit liability | 503 | 533 |
Asset retirement obligations | 173 | 151 |
Provisions | 353 | 376 |
Other | 71 | 101 |
Total non-current liabilities | 15,356 | 13,330 |
Total liabilities | 39,619 | 38,409 |
Net assets | ||
Shareholders' equity | ||
Share capital | 2,847 | 2,847 |
Capital surplus | 2,503 | 2,503 |
Retained earnings | 29,512 | 28,888 |
Treasury shares | △2,479 | △2,467 |
Total shareholders' equity | 32,384 | 31,772 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 30 | 100 |
Foreign currency translation adjustment | 1,085 | 1,299 |
Total accumulated other comprehensive income | 1,115 | 1,400 |
Non-controlling interests | 81 | 85 |
Total net assets | 33,581 | 33,258 |
Total liabilities and net assets | 73,201 | 71,668 |
Six months ended September 30, 2024
(Millions of yen)
Six months ended September 30, 2025
Net sales 22,345 19,744
Cost of sales 17,196 15,231
Gross profit 5,148 4,512
Selling, general and administrative expenses ※ 5,284 ※ 4,882
Operating loss △136 △370
Non-operating income
Interest and dividend income 30 31
Foreign exchange gains － 19
Penalty income 48 －
Other 54 64
Gain on donation － 83
Non-operating expenses
Total non-operating income 133 198
Share of loss of entities accounted for using equity
method
154
135
Interest expenses 49 86
Other 2 12
Foreign exchange losses 65 －
Ordinary loss △275 △406
Total non-operating expenses 272 234
Gain on sale of non-current assets 58 43
Extraordinary income
Total extraordinary income 58 59
Gain on sale of golf club membership － 15
Loss on sale of non-current assets － 0
Extraordinary losses
Impairment losses 0 7
Loss on retirement of non-current assets 0 9
Loss before income taxes △217 △364
Total extraordinary losses 1 17
Income taxes - deferred △51 △408
Income taxes - current 146 273
Loss △312 △230
Total income taxes 95 △134
Loss attributable to owners of parent △218 △239
Profit (loss) attributable to non-controlling interests △94 9
(Millions of yen)Six months ended September 30, 2024
(Millions of yen)
Six months ended September 30, 2025
Loss △312 △230
Valuation difference on available-for-sale securities △225 70
Other comprehensive income
Share of other comprehensive income of entities
accounted for using equity method
△17
11
Foreign currency translation adjustment △154 202
Comprehensive income | △710 | 53 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | △611 | 44 |
Total other comprehensive income △397 284
Comprehensive income attributable to non-controlling interests
9
△99