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

SORACOM (147A TSE Growth)

April 17, 2024

Providing an IoT platform with 6 million contracted lines worldwide
This report is an English translation of part of the report issued on April 9, 2024.
For inquiries concerning the report, please contract info@stock-r.org【147A SORACOM Sector：Information & Communication】
Fiscal Year
Mar.2022
Mar.2023
Mar.2024f

Net sales

YoY

OperatingprofitYoY

Ordinary
profitYoYProfitYoY

EPSBPSDPS(mn yen)(%)(mn yen)(%)(mn yen)(%)(mn yen)

(%)

(yen)

(yen)

(yen)

5,450-

501-

465-

337-

6,299

15.6

101-79.8

112

8,031

27.5

654

6.5x

592

8.8

97.3

0.0-75.870

5.3x435-79.0

1.8

99.3

0.0

6.1x

11.3

-

0.0

Note: Consolidated basis.Figures for the fiscal year ending March 2024 are the company's forecasts.
It conducted 1:3 stock split on December 30, 2022.Per share indicies are adjusted retroactively.

IoT Platformer with 6 million Contracted Lines Worldwide
SORACOM develops and provides an IoT platform with 6 million contracted lines
worldwide. IoT is a system in which everything is connected to the Internet and mutuallycontrolled by exchanging information. The corporate group consists of three companies,
which are the company, a UK subsidiary and a US subsidiary.
The company's net sales are categorized into recurring revenues that are generated fromthe continuous provision of services and incremental revenues that are not necessarily
generated from the same customer on a continuous basis every fiscal year and recorded.
Recurring revenues consist of services such as communication services, network services
and application services, while incremental revenues consist of items such as productsales and outsourced operations. Recurring revenues accounted for 68.7% of net sales infiscal year ended March 2023, and incremental revenues accounted for 31.3%.

IoT platform
The corporate group provides comprehensive services in the IoT platform that solvecommon issues faced by client companies when introducing and operating IoT. Specifically,
the company provides one-stop platform services for interfaces, communication modules,
sensors, cloud-based cameras, smart meters and other IoT devices, hardware such asSIMs, communication lines, application software such as data storage and visualization
functions, along with various network services.
The company has established a partner program to support IoT implementation using theplatform, forming an ecosystem that solves issues that customer companies face inpromoting IoT utilization. As of the end of December 2023, more than 220 companies havebeen registered as ecosystem partners and they supply more than 200 types of IoTdevices.

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makes no warranty or representation concerning the accuracy, reliability, completeness, adequacy and reliability of the information indicated in the report, and shall not assume
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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
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.

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

SORACOM (147A TSE Growth)

April 17, 2024

Financial Statements

Statement of income

Fiscal Year

Mar. 2022(mn yen)Nine months
to Dec.2023

Mar.2023(%)(mn yen)(%)(mn yen)(%)

Net sales

5,450

100.0

6,299

100.0

5,454

100.0

Cost of sales

2,723

50.0

3,029

48.1

2,159

39.6

Gross profit

2,727

50.0

3,270

51.9

3,295

60.4

Selling, general and administrative expenses

2,226

40.8

3,168

50.3

2,650

48.6

501

9.2

101

1.6

644

11.8

3-

19-

0-

Operating profit
Non-operating income
Non-operating expenses

38-

7-

12-

Ordinary profit

465

8.5

112

1.8

632

11.6

Profit before income taxes

467

8.5

168

2.7

632

11.6

Net profit

337

6.2

70

1.1

456

8.4

Balance sheet

Fiscal Year

Mar. 2022(mn yen)Current assets
Cash and deposits

Mar.2023(%)(mn yen)Dec.2023(%)(mn yen)

(%)

5,090

90.3

5,074

89.6

5,298

88.5

1,623

28.8

3,532

62.4

3,621

60.5

Accounts receivable-trade

788

14.0

889

15.7

1,027

17.2

Inventories

357

6.3

373

6.6

379

6.3

544

9.7

588

10.4

685

11.5

Property, plant and equipment

61

1.1

94

1.7

93

1.6

Intangible assets

140

2.5

187

3.3

259

4.3

Investments and other assets

342

6.1

306

5.4

331

5.5

Total assets

5,634

100.0

5,663

100.0

5,984

100.0

Current liabilities

1,736

30.8

1,649

29.1

1,463

24.5

Accounts payable - trade

156

2.8

196

3.5

277

4.6

Short-term borrowings

----

-

-

Current portion of long-term borrowings

--

-

-

-

-

1,329

23.6

1,134

20.0

875

14.6

57

1.0

51

0.9

59

1.0

Non-current assets

Contract liability(Advances)Non-current liabilities
Long-term borrowings
Net assets
Owners' equity

Statement of cash flows

Fiscal Year

Cash flows from operating activities
Depreciation

--

---

-

3,841

68.2

3,962

70.0

4,461

74.6

3,743

66.4

3,823

67.5

4,317

72.2

Mar. 2022

Mar.2023(mn yen)(mn yen)219-222

55

68

Cash flows from investing activities-1,148

2,007

Cash flows from financing activities-829--Net increase in cash and cash equivalents

-938

1,909

Cash and cash equivalents

1,623

3,532

Dividends paid

Note: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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