NEW YORK and TOKYO, Aug. 22, 2024 /PRNewswire/ - Pixie Dust Technologies, Inc. (NASDAQ:PXDT) (the "Company"), a Japanese technology company focused on commercializing innovative products and materials utilizing proprietary wave technology, today announced its financial results for the fiscal year ended April 30, 2024.
Fiscal Year Financial Results
The Company's audited financial statements for the fiscal year ended April 30, 2024 and the related notes, and related management's discussion and analysis of the Company's financial condition and results of operations can be found in the Company's Annual Report on Form 20-F filed with the SEC, a copy of which can also be found on the Company's website. The Company's functional currency and reporting currency is the Japanese yen (which we refer to as "JPY" or "¥"). The terms "dollar," "USD," "US$" or "$" refer to U.S. dollars, the legal currency of the United States. Convenience conversions provided in this press release of Japanese yen into U.S. dollars have been made at the exchange rate of ¥157.54 US$1.00, which was the foreign exchange rate on April 30, 2024 as reported by the Board of Governors of the Federal Reserve System. All figures are expressed in Japanese Yen and United States dollars unless otherwise stated.
Total Revenue increased by 40.9% from ¥704,712 thousand in the fiscal year ended April 30, 2023 to ¥993,021 thousand ($6,303 thousand) in the fiscal year ended April 30, 2024, primarily due to increases in product revenue of ¥340,205 thousand, partially offset by a decrease in commissioned research and development of ¥23,433 thousand with the remaining decrease being predominately due to decreases in solution service.
