ENVALITH
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Kudan Inc.

4425・Growth Market・Information & Communication

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Kudan株式会社 logo
Kudan Inc.4425

Business

Kudan Inc. is a technology company that upholds the vision of "Eyes to the all machines," engaged in the research and development, licensing, and solution provision of spatial perception technology centered on SLAM (Simultaneous Localization and Mapping). The company develops software that recognizes and understands physical space using diverse sensors such as cameras, LiDAR, and IMUs, supporting both digital twins (facility management, infrastructure inspection, construction, etc.) and robotics (autonomous mobility, path planning). With global development centers in the UK, Germany, and the US, the company works broadly with semiconductor manufacturers, robot manufacturers, system integrators, and operating companies as customers and partners. Net sales for FY2026 (ending March 2026) were ¥1,197 million (up 131.3% year on year).

Business Model

Revenue consists of three forms: ① SW Algorithm (licensing and customization development for SLAM and other technologies), ② SW Solutions (business applications centered on Kudan PRISM), and ③ HW Packages (SW-complementary equipment such as 3D scanners). In addition to the phased commercialization of customer products through evaluation, development, and product licensing, the company is also focusing on developing solutions that address end customers' operational challenges, with the aim of improving profitability over the long term through concentration on high-gross-margin software.

Company Strengths

Kudan fully acquired Artisense Corporation, a spin-off from the Technical University of Munich in Germany, in 2021, and successfully achieved hybridization of direct method SLAM and indirect method SLAM in FY2023 (ended March 2023). The full-scale adoption in Intel's robot development platform is recorded as the world's first commercial SLAM adoption by a specialized company in this technology field for a major semiconductor manufacturer.

The company has established R&D bases in Japan, the UK, Germany, and the US, building a structure in which specialists in SLAM, computer vision, 3D recognition, robotics, and AI collaborate globally. It also leverages partnerships with external research institutions, operating companies, and technology partners to advance the practical application and commercialization of cutting-edge technologies.

In FY2026 (ending March 2026), selling, general and administrative expenses were ¥956 million (down 16.1% year on year), reflecting the success of cost reduction measures. Operating loss narrowed to ¥586 million (from ¥801 million in the previous period), and net loss for the period also improved significantly to ¥188 million (from ¥802 million in the previous period). Cash and cash equivalents at period-end stood at ¥1,986 million, and the company continues to maintain debt-free management.

ENVALITH's Perspective

Revenue for FY2026 (ending March 2026) achieved substantial growth to ¥1,196 million (vs. ¥517 million in the prior period), but cost of sales surged to ¥826 million (vs. ¥177 million in the prior period), leaving gross profit at only ¥371 million (gross margin of 31.0%). In the current market development phase leveraging HW packages, the timing and scale of the eventual shift toward high-margin software deployment will be key to improving profitability.

The earnings forecast for FY2027 (ending March 2026) calls for revenue of ¥1,030 million (down 13.9% year-on-year) and an operating loss of ¥340 million. While the plan anticipates a revenue decline alongside narrowing losses, it is premised on the effect of fixed cost reductions; ordinary income and net income are undisclosed due to the difficulty of estimating foreign exchange gains/losses. Note that the company's performance is highly dependent on the external factor of foreign exchange fluctuations, and the narrowing of the ordinary loss in FY2026 (ending March 2026) (to -¥174 million) was also heavily reliant on a foreign exchange gain of ¥354 million.

Cash and cash equivalents at the end of FY2026 (ending March 2026) stood at ¥1,986 million. Operating cash flow was -¥632 million (vs. -¥815 million in the prior period), showing an improving trend but still remaining significantly negative. Financing cash flow was only ¥18 million, with no large-scale fundraising such as the prior period's share issuance (¥1,850 million) carried out. The pace of cash consumption and the timing and scale of the next fundraising will be key points of focus for investors.

Growth Strategy

Aiming to improve profitability through integrated deployment of the spatial perception platform and a focus on high-margin software

Providing DX solutions for equipment management, infrastructure inspection, disaster response, and other applications. Promoting market development and customer base expansion while utilizing related HW packages, building a foundation for future high-margin software deployment. Full-scale deployment began in FY2026 (ending March 2026), contributing to sales growth.

Addressing autonomous mobility demand across a wide range of industrial domains including logistics, manufacturing, construction, and infrastructure. Promoting the development of the software platform and business collaboration through government-related projects, while also working on the introduction of perception-data-driven Physical AI models.

Reduced SG&A expenses to ¥956 million (down 16.1% year on year) in FY2026 (ending March 2026). For FY2027 (ending March 2026), despite a forecast decline in sales (¥1,030 million), the plan is to narrow the operating loss to ¥340 million, continuing to lower the break-even point through fixed cost control.

Providing Data Technology for Physical AI by combining high-precision digitization technology of real space through digital twins with technology for acquiring spatial behavior data via robots. Advancing the establishment of unique competitive advantage through spatial perception technology spanning both domains.

Last updated: July 19, 2026