UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November, 2023
Commission File Number 001-41749
PIXIE DUST TECHNOLOGIES, INC.
(Translation of registrant’s name into English)
Pixie Dust Technologies, Inc.
2-2-1 Yaesu, Chuo-ku
Tokyo, 104-0028, Japan
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F: ☒ Form 20-F ☐ Form 40-F
INFORMATION
CONTAINED IN THIS FORM 6-K REPORT
Departure of Chief Financial Officer and Appointment of Certain
Officers
On November 17, 2023, Pixie Dust Technologies,
Inc. (the “Company”) announced that Yoshiyuki Sekine resigned as a director and the Chief Financial Officer of the Company,
with immediate effect. Mr. Sekine’s decision to resign was not the result of any dispute or disagreement with the Company on any
matter relating to the Company’s operation, policies (including accounting or financial policies) or practices. In connection with
Mr. Sekine’s resignation, the Company’s Board of Directors appointed Mamoru Miwa to serve as the Company’s Chief Financial
Officer (the “CFO”) and Nobuhiro Takagi to serve as the Company’s Chief Accounting Officer (the “CAO”),
effective as of November 17, 2023.
Mr. Miwa, age 38, has been responsible
for the Company’s investor and shareholder relationships since August 2021 and served as a project manager for the
Company’s recent initial public offering and Nasdaq listing. Mr. Miwa has over a decade of accounting experience, and prior to joining the
Company, he served as an audit manager
at Deloitte Touche Tohmatsu LLC, Tokyo.
Mr. Miwa graduated from Keio University in Tokyo, Japan in March 2008.
Mr. Takagi, age 44, has served as the controller
of the Company since November 2020. Prior to joining the Company, Mr. Takagi served as an audit manager at KPMG AZSA LLC, Tokyo, from July 2017 to September 2020. Mr. Takagi graduated from Keio University in Tokyo, Japan in March 2003.
Mr. Miwa and Mr. Takagi have no family relationships
with any director or executive officer of the Company. There are no related party transactions between the Company and Mr. Miwa or Mr.
Takagi that are required to be reported.
Issuance of Press Release
On November 17, 2023, the Company issued a press release announcing its financial results for the fiscal year ended April 30, 2023.
The press release furnished in this report as Exhibit 99.1 shall not
be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject
to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities
Act of 1933, as amended, or the Exchange Act, as amended, except to the extent specifically provided in such a filing.
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Date: November 17, 2023 |
Pixie Dust Technologies, Inc. |
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By: |
/s/ Yoichi Ochiai
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Name: |
Yoichi Ochiai |
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Title: |
Chief Executive Officer |
2
Exhibit 99.1
Pixie Dust Technologies, Inc. Announces
Fiscal Year 2023 Financial Results
New York, NY and Tokyo, Japan, November 17, 2023 – 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,
2023.
Recent Operational Highlights
| ● | Held a Bell Ringing Ceremony on August 25, 2023 at the Nasdaq
MarketSite Tower in New York City to commemorate the Company’s recent IPO. |
| ● | Announced the development of an acoustic metamaterial sound
insulation product that allows air to pass while blocking out sound. The application can be used in various fields such as air conditioning,
building materials, furniture and fixtures, railways, construction work, and automobiles. |
| ● | Launched the public sales of the following products: |
| ο | SonoRepro, an at-home scalp care device that uses ultrasonic
waves to stimulate the scalp. SonoRepro was jointly developed by the Company and Angfa Co., Ltd. |
| ο | kikippa, an acoustic stimulation device functioning as a speaker
that utilizes our technology to implement period-equivalent amplitude modulation to daily speech, such as television or radio broadcasts.
kikippa was jointly developed by the Company and Shionogi & Co., Ltd. |
| ο | VUEVO, a series of products which can display the direction
and content of a speaker’s speech by using a wireless microphone and dedicated software application for real-time conversation
visualization. |
Fiscal Year Financial Results
The Company’s audited financial statements for the fiscal
year ended April 30, 2023 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 translations included in this annual report
of Japanese yen into U.S. dollars have been made at the exchange rate of ¥135.99 = US$1.00, which was the foreign exchange rate on
April 28, 2023 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 10.8% from approximately ¥636.3 million in the fiscal year ended
April 30, 2022 to approximately ¥704.7 million ($5.2 million) in the fiscal year ended April 30, 2023, primarily due to increases
in product revenue of ¥182.9 million, partially offset by a decrease in commissioned research and development of ¥67.2 million
and a decrease in revenue from solution service. |
| ● | Product Sales were approximately ¥182.9 million ($1.3 million) in the fiscal year ended April
30, 2023, representing a 100% increase from the prior year. The increase was primarily attributable to the sales of SonoRepro, which was
launched in November 2022, and to a lesser degree, sales of iwasemi, which was launched in July 2022. |
| ● | Services Sales declined to ¥521.8 million ($3.8 million) in the fiscal year ended April 30,
2023 from ¥636.3 million ($4.7 million) in the prior year. The decline was primarily due to lower demand for COVID-19 related magickiri
service which analyzed the movement of air and people in a room and provided advice on ventilation for commercial customers. Since April
2023, there have been no outstanding contracts for magickiri, and the Company no longer generates revenue from this service. |
| ● | Research and Development Expenses remained relatively flat for the year ended April 30, 2023 compared
to the prior year and is primarily affected by selection and concentration of development products. |
| ● | Selling, General and Administrative Expenses increased to ¥1.9 billion ($13.6 million) in
the fiscal year ended April 30, 2023 from ¥833.0 million ($6.1 million) in the prior year, due to increases in advertising expenses
related to new products and marketing fees, and fees and expenses associated with the Company’s recent IPO and Nasdaq listing. |
| ● | Other Income increased to ¥43.8 million ($322,000) in the fiscal year ended April 30, 2023
from ¥13.0 million ($96,000) in the prior year, primarily due to the receipt of insurance proceeds in 2023 related to a claim for
losses that occurred in the year ended April 30, 2022, partially offset by a decrease in subsidy income. |
| ● | Net Loss was ¥2.0 billion ($14.5 million) in the fiscal year ended April 30, 2023 compared
to ¥1.1 billion ($8.2 million) in the prior year. |
| ● | As of April 30, 2023, the Company had ¥2.1 billion ($15.7 million) in cash and cash equivalents compared
to ¥1.8 billion ($13.2 million) as of April 30, 2022, which were held and used for working capital purposes. The Company’s cash
and cash equivalents generally consist of cash on hand, demand deposits, and time deposits maintained at various financial institutions. |
Forward-Looking Statements
Certain statements contained
in this press release are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements reflect the Company’s current expectations or beliefs concerning
future events and actual events may differ materially from current expectations. Any such forward-looking statements are subject to various
risks and uncertainties, including the strength of the economy, changes to the market for securities, political or financial instability
and other factors which are set forth in the Company’s Annual Report on Form 20-F for the year ended April 30, 2023 filed with the
SEC (File No. 001-41749), and in all filings with the SEC made by the Company subsequent to the filing thereof. The Company does not
undertake to publicly update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
About Pixie Dust Technologies, Inc.
Pixie Dust Technologies, Inc. is a Japanese technology company focused
on commercializing innovative products and materials utilizing proprietary wave technology. The Company is currently focusing on two areas
of product development: (1) “Personal Care & Diversity”, where wave control technology is applied to mechanobiology and
intervention/assistance in vision, hearing, and touch, and (2) “Workspace & Digital Transformation,” where metamaterials
(technology that creates properties through structure rather than material) and solutions to commercial design problems, such as in offices
or construction sites, are applied.
Pixie Dust Technologies Investor Relations Contact:
Email: PXDT_IR@pixiedusttech.com
Gateway Group, Inc.
John Yi and Luke Johnson
Email: pixie@gateway-grp.com
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