ENVALITH
株式会社QDレーザ logo

QD Laser, Inc.

6613・Growth Market・Electric Appliances

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株式会社QDレーザ logo
QD Laser, Inc.6613

Business

QD Laser, Inc. is a semiconductor laser specialist manufacturer founded in 2006 through an industry-academia collaboration between Fujitsu and the University of Tokyo, and is listed on the TSE Growth Market. The company operates two segments: the Laser Devices Business, centered on quantum dot lasers, compact visible lasers, and high-power lasers, and the Laser & Optical Solutions Business, centered on retinal projection technology (VISIRIUM Technology). Its main customers are corporate clients in the biomedical, precision processing, optical communications, and sensor fields, including global companies such as Beckman Coulter and Fabrinet. The company handles crystal growth in-house using the MBE method, while adopting a fabless manufacturing structure that outsources chip processing and module assembly to partner companies.

Business Model

The company handles core processes in-house—semiconductor crystal growth via MBE method, laser design, and quality inspection—while outsourcing chip processing and module assembly to partner companies, adopting a fabless structure to keep fixed costs low. In the Laser Devices Business, the company has been building up its number of certified products (124 products as of the end of FY2026 (ending March 2026)) and securing continuous revenue through direct sales and distributor sales to global corporate customers. In the Laser & Optical Solutions Business, the company is transitioning to a B2B model that combines contract development, optical module sales, and consumer device sales.

Company Strengths

Quantum dot crystal growth using the MBE method represents proprietary know-how that is difficult for other companies to replicate in a short period. The company achieved the world's first practical mass production (in 2010) of quantum dot lasers featuring temperature stability (-40℃ to 120℃), high-temperature operation (200℃ or higher), and low-noise characteristics, and is advancing joint development with major global vendors as a light source for silicon photonics.

The company covers a wide wavelength range from 532nm to 1310nm, addressing diverse applications including biomedical, precision processing, sensors, and optical communications. As of the end of FY2026 (ending March 2025), the number of mass-production-certified products reached 124 (up 15% year on year), and the company continues to expand its certified customer base, which includes major global companies such as Beckman Coulter and Fabrinet.

By handling crystal growth, design, and inspection in-house while outsourcing chip processing and module assembly to partner companies, the company operates a fabless system that restrains increases in fixed costs from capital expenditure while flexibly responding to demand fluctuations. In FY2026 (ending March 2025), gross profit margin improved to 42.1% (from 33.9% in the previous fiscal year), reflecting the effects of reduced inventory valuation losses and price revisions.

ENVALITH's Perspective

Operating loss for FY2026 (ending March 2025) was ¥326 million, a significant improvement from ¥446 million in the previous fiscal year. Gross profit margin improved from 33.9% in the previous fiscal year to 42.1%, reflecting progress in manufacturing cost efficiency. On the other hand, selling, general and administrative expenses remained at ¥905 million, still substantially exceeding gross profit of ¥578 million, and this structure has not changed. To achieve the projected operating profit of ¥3 million for FY2027 (ending March 2026) (with revenue of ¥1,850 million), a 34.8% year-on-year increase in revenue is required, making the target difficult to achieve.

Cash balance at fiscal year-end was ¥2,741 million, a decrease of ¥1,013 million from ¥3,754 million at the end of the previous fiscal year. Against outflows of operating cash flow of -¥481 million and investing cash flow of -¥887 million (head office relocation and crystal growth equipment orders), financing cash flow of +¥356 million (a long-term loan of ¥330 million from Resona Bank) partially offset the shortfall. An additional borrowing of ¥380 million was also carried out in April 2026, marking the beginning of a shift from a debt-free management policy to holding interest-bearing debt. The cash balance remains at a level sufficient for business continuity, but the company has entered a phase where managing the pace of cash consumption is critical.

The segment's loss narrowed significantly from ¥312 million in the previous fiscal year to ¥136 million. Revenue from contract development increased 28.0% year on year, showing early signs of success from the structural transformation. On the other hand, the retinal projection product business is effectively defunct due to the impact of the voluntary recall of MEOCHECK. Test marketing of the Smartphone-Mounted Retinal Projection Device (scheduled to begin in May 2026) and commercialization of the Contract Development of Optical Units and Eye-Tracking Drive Systems for Next-Generation Eyewear hold the key to achieving profitability in FY2027 (ending March 2026), but given high uncertainty in market formation as an external factor, progress needs to be carefully monitored.

Growth Strategy

Aiming for company-wide profitability in FY2027 (ending March 2027) through expansion of the Laser Devices Business and profitability of the Solutions Business

Following the decision to grant a subsidy of ¥500 million under the SME Growth Acceleration Subsidy, the company has decided on and ordered an expansion of crystal growth equipment. Quantum Dot Laser sales are expanding rapidly, up 76.3% year on year in FY2026 (ending March 2026), and the company aims to capture demand from research & development and silicon photonics applications by strengthening its mass production capabilities.

The company has begun accepting orders for Lantana (All-in-One Compact Visible Laser). Development of new-wavelength compact visible lasers and ultra-high-speed DFB lasers for semiconductor inspection is also ongoing. The company is working to stabilize the wafer process for compact visible lasers in order to capture the recovery in demand for microscope light sources and similar applications.

Test marketing is scheduled to begin in May 2026. The company will develop new sales channels and verify market needs, aiming to restructure its product business toward profitability in the Laser & Optical Solutions Business.

Orders for the development of various component technologies, centered on eye-tracking drive systems for smart glasses, have expanded, with contract development revenue up 28.0% year on year. The company aims to achieve profitability in the Laser & Optical Solutions Business in FY2027 (ending March 2027) through alliances with other companies, including joint business ventures.

From April 2026, the company relocated to Yokohama City, Kanagawa Prefecture, and began operating under a two-site structure comprising the head office and the Yokohama Totsuka site. Tangible fixed assets increased by ¥665 million due to the completion of interior construction work at the new site and payment of a deposit for crystal growth equipment. Some relocation-related expenses are expected to be recorded as extraordinary losses in FY2027 (ending March 2027) as well.

The company has joined the '¥10 Billion Declaration' promoted by the Small and Medium Enterprise Agency, setting forth a medium- to long-term vision to achieve sales exceeding ¥10 billion within the next 10 years. The company aims to build a foundation for growth and enhance corporate value through the use of subsidies, capital investment, and organizational structure development.

Last updated: July 19, 2026