Pixie Dust Technologies, Inc. Announces FY23 Financial Results; FY23 Revenue $5.2M; As Of April 30, 2023 Company Had $15.7M In Cash And Cash Equivalents
Portfolio Pulse from Benzinga Newsdesk
Pixie Dust Technologies, Inc. (PXDT) reported a 10.8% increase in FY23 revenue to $5.2M, driven by product sales, particularly the SonoRepro and iwasemi. However, service sales declined due to reduced demand for their COVID-19 related service, magickiri. R&D expenses remained flat, while SG&A expenses rose significantly due to marketing and IPO-related costs. The net loss widened to $14.5M from $8.2M the previous year. The company ended the fiscal year with $15.7M in cash and cash equivalents.
November 17, 2023 | 1:33 pm
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Pixie Dust Technologies reported increased revenue but a wider net loss and higher SG&A expenses due to marketing and IPO costs. Cash reserves improved year-over-year.
The increased revenue indicates growth, particularly in product sales, which is positive. However, the wider net loss and increased SG&A expenses due to marketing and IPO costs could concern investors about profitability and expense management. The improved cash position provides some financial stability.
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