Dynamic Map Platform Co., Ltd.

Business Details

Composed of two pillars: the generation and sale of HD Maps for expressways, highways, and general roads in Japan (Automotive Business), and the provision of solutions leveraging high-precision 3D point cloud data for applications other than autonomous driving (3D Data Business). Major customers include 10 Japanese automakers and government agencies such as the New Energy and Industrial Technology Development Organization (NEDO). Dynamic Map Platform Co., Ltd. itself and Dynamic Map Platform Axyz Co., Ltd. serve as the main operating companies for the business.

Recent Overview

Cumulative Q3 net sales rose 22.2% year-on-year to ¥878 million, with losses on an improving trend

Net sales for the Domestic segment in the cumulative nine-month period of FY2026 (ending March 2026) (April to December 2025) were ¥878 million (versus ¥719 million in the same period of the prior year, up 22.2% year-on-year). In the automotive-related business, the number of vehicles equipped with HD Maps increased, while in non-automotive businesses, order activity progressed and revenue was recognized in line with project progress. Operating loss narrowed to ¥824 million (versus ¥970 million in the same period of the prior year). Separately, Nihonkai Survey & Design Co., Ltd. was acquired in October 2025 (acquisition cost of ¥350 million, goodwill of ¥129 million) and added to the scope of consolidation. In addition, Dynamic Map Platform Consultants Co., Ltd. was newly established and added to the scope of consolidation.

Key Products

Growth Drivers

• Continued increase in the number of vehicles equipped with in-vehicle HD Maps (an increase in the number of equipped vehicles was confirmed in cumulative Q3 of FY2026 (ending March 2026))
• Expansion of project-type revenue through the receipt of orders for multiple national projects (revenue from NEDO was ¥1,794 million in FY2025 (ended March 2025), approximately 2.6 times the prior year)
• Expansion in the handling of Viewer and Guidance products within the 3D Data Business
• Advancement of a roll-up M&A strategy through the acquisition of Nihonkai Survey & Design Co., Ltd. as a subsidiary (building a survey network)
• Growing demand for high-precision 3D data amid accelerating digitalization of society and industry

Risks

• Impact on the automotive industry from the continued cautious stance of certain automakers and developments in U.S. trade policy
• Risk of declining sales if the adoption of advanced driver assistance systems does not proceed as expected
• Risk of reduced demand due to the emergence of alternative technologies and solutions related to HD Maps
• Risk of order volatility due to high dependence on national projects (NEDO accounts for the majority of domestic sales)
• Expansion of consolidated losses due to upfront investment costs recorded at the North American subsidiary (overseas operating loss expanded approximately three-fold year-on-year in cumulative Q3 of FY2026 (ending March 2026))

Business Details

The overseas business is operated by five companies: Dynamic Map Platform North America, Inc., Dynamic Map Platform Europe GmbH, Dynamic Map Platform Korea LLC, Dynamic Map Platform Arabia Limited, and DYNAMIC MAP PLATFORM DATA-L.L.C. The core business is the generation and sale of HD Maps for expressways and arterial roads in North America, Europe, the Middle East, and South Korea, with General Motors Company as the primary customer. Revenue is generated through two pillars: project-type revenue (new road development) and license-type revenue (linked to the number of mass-production vehicles equipped). As of the end of March 2025, coverage had been completed for 1,200,000 km in North America, 255,000 km in Europe, and 20,000 km in South Korea.

Recent Overview

Cumulative Q3 net sales declined 24.2% year-on-year to ¥2,494 million, with operating loss expanding significantly

Net sales for the Global segment in the cumulative nine-month period of FY2026 (ending March 2026) (April to December 2025) were ¥2,494 million (versus ¥3,292 million in the same period of the prior year, down 24.2% year-on-year). Operating loss expanded significantly to ¥1,331 million (versus ¥437 million in the same period of the prior year), mainly due to upfront investment costs recorded in the North American region and elsewhere. In FY2025 (ended March 2025), net sales were ¥4,771 million (up 21.9% year-on-year) and operating loss was ¥266 million, showing an improving trend; however, in FY2026 (ending March 2026), project-type revenue has declined following the near-completion of data development in North America. As a subsequent event, a workforce reduction of 22 employees at the North American subsidiary was decided (scheduled to take effect on February 28, 2026), with an expected personnel cost reduction effect of approximately ¥315 million in FY2027 (ending March 2027).

Key Products

Growth Drivers

• Continued increase in the number of mass-production vehicles equipped with HD Maps in North America, Europe, South Korea, and the Middle East (license revenue expanded in FY2025 (ended March 2025))
• Stable order base built on a long-term partnership with General Motors Company (net sales of ¥3,211 million in FY2025 (ended March 2025))
• Capture of new demand driven by U.S. government initiatives such as the V2X Deployment Acceleration Plan (HD Map order received from the Utah Department of Transportation)
• Improved profitability through fixed cost reductions and workforce optimization following the completion of North American data development (expected personnel cost reduction of approximately ¥315 million in FY2027 (ending March 2027))
• Promotion of the 3D Data Business by leveraging existing data coverage in Europe, the Middle East, and South Korea

Risks

• Shrinking project-type revenue following the near-completion of new high-precision 3D data development in North America (down 24.2% year-on-year in cumulative Q3 of FY2026 (ending March 2026))
• Continued cautious stance among customers due to the impact of U.S. trade policy (tariffs, etc.) on the automotive industry
• Risk of revenue concentration in a single customer, General Motors Company (accounting for approximately 67% of overseas sales in full-year FY2025 (ended March 2025))
• Foreign exchange risk (foreign currency-denominated transactions in North America, Europe, South Korea, and the Middle East)
• Risk of reduced demand due to the emergence of alternative technologies and solutions related to HD Maps
• One-time costs such as outplacement support expenses arising from workforce reductions at the North American subsidiary