Liberaware Co., Ltd.
218A・Growth Market・Precision Instruments
Business
Liberaware Inc. positions its vision as "visualizing invisible risks," offering an infrastructure DX solution that combines the IBIS industrial small drone, specialized for "narrow, dark, and dangerous" indoor environments where GPS signals do not reach, with the LAPIS 3D cloud platform and the TRANCITY digital twin software. The company's main customers are in the steelmaking, railway, electric power, construction, and government sectors, and it operates three businesses: the drone business (inspection solutions and aircraft sales/rental), the digital twin business (data processing/analysis and platform), and the solution development business. The company listed on the TSE Growth Market in July 2024. Net sales for FY2025 (ending July 2025) were ¥1,407 million.
Business Model
Revenue is structured around three pillars: the Drone business (inspection solutions ¥286 million, aircraft sales/rental ¥522 million), the Digital Twin business (data processing ¥153 million, platform licensing ¥70 million), and the Solution Development business (¥376 million). The inspection solutions segment has a recurring-revenue nature with a repeat-customer sales ratio of 59%, and TRANCITY licenses expanded to 148 (up from 115 at the previous fiscal year-end). In addition, the company recorded subsidy income of ¥1,603 million from two Cabinet Office SBIR national projects, securing an ordinary profit surplus.
Company Strengths
The company has equipped its ultra-compact 20cm-square airframe with nonlinear robust control, dust-proof motors (co-developed with Nidec), and a high-sensitivity camera (equipped with Sony's STARVIS), enabling flight even inside 50cm-diameter piping. It holds 4 patents (covering housing durability, safety, turning efficiency, and detachable components), establishing a technological advantage that competitors cannot easily replicate.
Sales to the JR East group via CalTa have expanded rapidly, from ¥74 million in FY2023 (ended July 2023) to ¥178 million in FY2024 (ended July 2024) to ¥306 million in FY2025 (ended July 2025). TEPCO Holdings accounts for 11.3% of net sales (¥160 million). The company has continued joint development with Nippon Steel since its founding period in 2016, building a deep customer base in heavy industry.
The company has been awarded two national SBIR projects overseen by the Ministry of Land, Infrastructure, Transport and Tourism: "Construction DX" (maximum subsidy award of ¥470 million) and "Railway Facility Maintenance Management" (maximum subsidy award of ¥5.2 billion). In FY2025 (ended July 2025), the company recorded subsidy income of ¥1,603 million, which covered nearly the entirety of R&D expenses of ¥1,604 million, achieving a structure that balances technology development with revenue security.
ENVALITH's Perspective
Performance Trend
Revenue expanded from ¥815 million in FY2024 to ¥1,407 million in FY2025 and further to ¥1,216 million in the cumulative nine months of FY2026 (3Q), maintaining an upward trajectory. However, operating loss widened from ¥1,589 million in FY2025 to already ¥1,969 million in cumulative 3Q FY2026, as SG&A expenses of ¥2,483 million reached approximately twice revenue, reflecting a continued phase of upfront investment. Subsidy income of ¥660 million (from the SBIR national project) narrowed the ordinary loss to ¥1,349 million. Full-year guidance has been revised to revenue of ¥1,700–1,900 million (up 20.8–35.0% year on year) and an operating loss of ¥2,154–2,311 million. Externally, regulatory developments such as the revised Sewerage Act and work-style reform-related legislation are supporting demand for drone inspections, while delays in the ramp-up of overseas markets and new products remain a drag on near-term performance.
Growth Strategy
Expanding scale through the development of new domestic markets in sewerage, railway, and construction, deepening industry collaboration, overseas expansion, and development of autonomous drones
In collaboration with government, municipalities, four core sewerage industry companies (Nihon Hume, Nissui Consultant, Kansei Kogyo, and Yamada Shokai), and industry associations, surveys have been conducted at more than 40 locations cumulatively. Leveraging the tailwind from institutional development under the "Bill for Partial Amendment of the Sewerage Act and Other Laws" (approved by the Cabinet in March 2026), the company is promoting the standardization and sales expansion of drone inspection.
For the construction DX project (subsidy of up to ¥470 million), core technology development and demonstration have largely been completed, and commercialization of the construction management progress support service utilizing "LAPIS" is being advanced. For the railway inspection project (subsidy of up to ¥5.2 billion), development of a mass-production prototype is underway. The results of both projects are being expanded horizontally into infrastructure maintenance markets such as sewerage, electric power, and bridges.
The company has commercialized "LAPIS," a cloud-based data integration platform applicable across multiple infrastructure domains including construction, sewerage, electric power, and bridges, and is promoting monetization as a digital twin platform. Cumulative digital twin business revenue for the first three quarters was ¥239 million.
The company has implemented the introduction of "IBIS2" to a major South Korean energy company, along with a business alliance and exhibition participation. In Southeast Asia, the company is developing the market using public support schemes from the Ministry of Economy, Trade and Industry and JICA, among others. Exhibitions were also held in Europe and Hong Kong. However, the South Korean market is still in its nascent stage and market formation is taking time, so full-scale revenue contribution is expected from next fiscal year onward.
"Torinos," the autonomous patrol camera released during the current fiscal year, is at the PoC (proof of concept) stage, and the transition to mass-production rollout is taking longer than initially expected. The company is taking a cautious view on full-scale mass-production rollout within the current fiscal year, and full-scale revenue contribution may occur from next fiscal year or later.
The company continues to develop autonomous drones capable of flying freely in indoor confined and enclosed spaces, as well as drone solutions adapted to special environments such as railways and construction sites. Research and development activities are being advanced in parallel with business activities, building sources of future competitive advantage.
Last updated: July 17, 2026