Jedat Inc.
3841・Standard Market・Information & Communication
Business
Geo Dat Co., Ltd. is a single-segment company that develops in-house EDA (Electronic Design Automation) software supporting the design of electronic devices such as LSI, FPD, and MEMS, and provides sales, maintenance support, and consultation services. Centered on its flagship product "SX-Meister", its main customers include semiconductor manufacturers, LCD panel manufacturers, electronic equipment manufacturers, mask manufacturers, and design contracting companies. Domestically, sales are mainly direct, while overseas (the U.S., Taiwan, China, Korea, etc.) sales are conducted through local distributors. In addition to EDA product sales, the company also operates a solutions business including contract software development, contract electronic device design, and support for building EDA environments. Founded in 2003, the company listed in 2007 (currently on the Standard Market of the Tokyo Stock Exchange).
Business Model
Sales are composed of three segments: Product/Merchandise Sales (¥1,178 million), Maintenance Service Sales (¥439 million), and Solutions Sales (¥423 million). License sales of in-house developed products and continuous maintenance contracts form the core of earnings, and the company aims for a high-profitability structure leveraging a cost structure centered on fixed costs. Merchandise sales from handling Resale Products are also expanding, with solutions such as contract design serving as a complementary revenue source. The target ordinary income margin is 10% or higher, and the company achieved 12.3% in FY2026 (ending March 2026).
Company Strengths
In June 2025, the company released "SX-Meister PowerVolt (V19.0)," the world's first product to verify electrostatic breakdown risk of photomasks on CAD data. In December, "SCAI," an AI utilization function, was enhanced in "SX-Meister V20.0." R&D expenses continue to be invested at 17.0% of net sales (¥347 million), and AI circuit design research is also being conducted through industry-academia collaboration with universities and other research institutions.
Net assets at the end of FY2026 (ending March 2026) stood at ¥3,612 million, with an equity ratio of 83.5%, maintaining an extremely sound financial structure. Cash and deposits were abundant at ¥2,744 million, securing liquidity that can be allocated to growth investments such as M&A, technology alliances, and IP acquisition. The company has no interest-bearing debt, and cash outflows from financing activities consisted only of dividend payments of ¥153 million.
Maintenance Service revenue increased to ¥439 million in FY2026 (ending March 2026) (up 5.0% year on year), driven by proactive proposals of new features and efforts to promote the conclusion of maintenance contracts. Revenue from products and merchandise was also solid at ¥1,178 million (up 1.8% year on year). A stable customer base backed by many years of business track record continues to support revenue.
ENVALITH's Perspective
Performance Trend
Revenue followed a moderate growth trend, rising from ¥1,973 million in FY2022 to ¥2,061 million in FY2024, but from FY2025 onward it turned to substantial flatness to slight decline for two consecutive periods, moving from ¥2,062 million to ¥2,042 million. Operating income secured a 1.4% year-on-year increase to ¥260 million in FY2026, and gross profit margin also improved to 64.4%, but net income for the period fell sharply to ¥172 million (down 19.4% year on year) from its FY2024 peak (¥329 million). The main causes were the disappearance of subsidy income (from ¥38 million in the previous period to zero) and the expansion of losses on investment partnership operations (from ¥7 million in the previous period to ¥28 million). As an external factor, while the AI-related field remained solid, the slump in semiconductors for smartphones and industrial machinery held back customers' capital expenditure, resulting in the deferral of some projects to later periods. Operating cash flow improved substantially to ¥378 million from ¥137 million in the previous period, and the cash and cash equivalents balance at period-end increased to ¥2,744 million.
Growth Strategy
Aiming for revenue of ¥2,200 million through three pillars: AI-enabled EDA, the education market, and expanded resale products
Continue to strengthen AI utilization features (SCAI, etc.) of the core product SX-Meister to capture demand for automation and efficiency in analog semiconductor design. SX-Meister V20.0 was released in December of FY2026 (ending March 2026), with additional features and improved usability already implemented. This is positioned as the main driver of revenue expansion in FY2027 (ending March 2027).
A memorandum was signed with Kimura Information Technology, and provision of the cloud version of SX-Meister for educational institutions began in April 2026. A license was also provided to Ariake National College of Technology CDEC. By entering the semiconductor talent development market, the company aims to acquire new customer segments and cultivate future commercial customers.
Expansion of resale of partner companies' products is underway, with the cost of goods sold for products expanding to ¥242 million in FY2026 (ending March 2026) (up 13% year on year from ¥214 million in the prior fiscal year). The company aims to increase sales by enhancing customer value through an expanded lineup.
Domestic demand for contracted design continues to be active, with the Contract Device Design Service contributing steadily to business performance. The company will continue to develop business opportunities through exhibitions at Photomask Japan 2025 and JEVeC Day 2025, as well as webinars, and will promote the expansion of new sales channels.
Last updated: July 19, 2026