Newly Listed Company Introduction Report (Issued by The Stock Research Center)

Liberaware (218A TSE Growth)August 13, 2024

Manufacture of small drones specially for use in narrow indoor spaces
This report is an English translation of part of the report issued on August 6, 2024.
For inquiries concerning the report, please contract info@stock-r.org【218A Liberaware Sector:Precision Instruments】
Fiscal YearNet sales

YoY

OperatingprofitYoY(mn yen)(%)(mn yen)(%)

Ordinary
profitYoY(mn yen)(%)

ProfitYoY(mn yen)(%)

EPSBPS

DPS(yen)

(yen)

(yen)

Jul. 2022

260

61.4-462--455--456-

-36.2

-79.5

0.0

Jul. 2023

379

45.7-630--635-

-641-

-46.7

-104.20.0

812

2.1x-464-

-463-

-466-

-27.3

-0.0

Jul. 2024f

Note: Non-consolidated basis.Figures for the fiscal year ending July 2024 is the company's forecasts.
It conducted 1:100 stock split on April 12, 2024.Per share indicies are adjusted retroactively.

Manufacture of Small Drones for Small Indoor Spaces and Provision ofSolutions for Process, Edit and Management of Drone-Captured Imagesand Videos
Liberaware provides solutions that combine its self-developed drones with software forprocessing, editing and managing images and videos captured by the drones.
The company's drones are small and can fly in tight spaces within facilities and equipment.
The design and manufacturing are handled in-house, with parts developed jointly withdomestic manufacturers. Currently, the drones are piloted by humans, but Liberaware isdeveloping a drone capable of autonomous flight in enclosed spaces that are often narrow,dark and dangerous indoor spaces where GPS information is unavailable.
Major customers are companies and organizations with a considerable number ofinspection facilities and equipment. These include steelmakersiron manufacturers, railway
companies, construction companies, manufacturers and government agencies.
Companies with many facilities and a lot of equipment bear burdens such as the numberof days required for inspections, the size of the workforce and scaffolding costs, butinspections can be made more efficient using the company’s drones. Moreover, creating
3D data from drone-captured images and videos enables time-series analysis, detectionof abnormalities such as facility and equipment deterioration and prevention of accidents
caused by aging.
Liberaware operates three businesses: the drone business, manufacturing and sellingdrones and providing data for infrastructure and plant research, inspections and surveys;
the digital twin business, using image processing technology on drone-captured data tocreate and provide video and 3D data for detecting abnormalities; and the solution
development business, developing new solutions leveraging entrusted development,
technological capabilities and expertise.

Newly Listed Company Introduction Report

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accessing and using the report or relying on the report concerning the distribution of the report. Final investment decisions shall be made by the investors themselves, and entire
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Newly Listed Company Introduction Report (Issued by The Stock Research Center)

Liberaware (218A TSE Growth)August 13, 2024

Financial Statements

Statement of income

Fiscal Year

Jul. 2022(mn yen)Nine months
to Apr.2024

Jul. 2023３」A(%)(%)(mn yen)(%)

Net sales

260

100.0

379

100.0609

100.0

Cost of sales

21783.5

328

86.6

339

55.8

Gross profit

43

16.5

50

13.4

269

44.2

Selling, general and administrative expenses

505

194.3

681

179.6

552

90.6

Operating profit

-462

-

-630

-

-282

-

Non-operating income

15

5.9

34

9.0

29

4.8

Non-operating expenses

8

3.1

38

10.3

7

1.2

Ordinary profit

-455

-

-635

-

-260

-

Profit before income taxes

-455

-

-639

-

-260

-

Net profit

-456-

-641

-

-262

-

Balance sheet

Fiscal Year

Jul. 2022

Jul. 2023(%)

Current assets(mn yen)Apr.2024(%)(mn yen)

(%)

499

78.0

846

78.8

835

83.3

Cash and deposits

349

54.6

608

56.7

542

54.1

Accounts receivable-trade

23

3.7

171.6

131

13.1

Inventories

46

7.2

135

12.6

124

12.4

140

22.0

228

21.2

167

16.7

Property, plant and equipment

91

14.3

178

16.7

118

11.8

Intangible assets

6

1.0

4

0.5

50.6

Non-current assets

43

6.7

44

4.1

43

4.3

Net profit

Investments and other assets

639

100.0

1,074

100.0

1,002

100.0

Current liabilities

138

21.7

202

18.9

239

23.8

Accounts payable - trade

30.6

00.01

0.2

Current portion of long-term borrowings

10.2

77

7.2

77

7.7

Accounts payable

46

7.2

37

3.5

35

3.6

Income taxes payable

00.1

1

0.2

13

1.3

196

30.7

308

28.7

212

21.1

196

30.7

308

28.7

212

21.1

304

47.6

563

52.4

551

55.0

304

47.6

563

52.4

550

54.9

Non-current liabilities
Long-term borrowings
Net assets
Owners' equity

Statement of cash flows

Fiscal Year

Cash flows from operating activities
Depreciation

Jul. 2022

Jul. 2023(mn yen)(mn yen)-470-637

1666

Cash flows from investing activities-77-187

Cash flows from financing activities

600

1,085--Net increase in cash and cash equivalents

Dividends paid

52259

Cash and cash equivalents

349

608

Note:Non-consolidated
Source: Prepared by Stock Research Center based on the notifiable prospectus.

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The contents indicated in the report are based on information as of the date the report was created and are subject to change without prior notice. The Stock Research Center
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no responsibility or obligation whatsoever. The Stock Research Center assumes no responsibility for any direct or indirect loss, lost profit, damage or other results from investors
accessing and using the report or relying on the report concerning the distribution of the report. Final investment decisions shall be made by the investors themselves, and entire
responsibility for investments lies with investors that accessed the report. In addition, intellectual rights concerning the report belongs to The Stock Research Center and may
not be copied, reprinted, quoted, etc. without permission.

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