ENVALITH
CYBERDYNE株式会社 logo

CYBERDYNE,INC.

7779・Growth Market・Precision Instruments

Official website
CYBERDYNE株式会社 logo
CYBERDYNE,INC.7779

Business

CYBERDYNE, Inc. is a research and development-driven company that develops the world's first wearable cyborg HAL® as its core product, based on its proprietary Cybernics technology, which integrates bio-medical and AI robotics/information fields. The company covers a wide range of areas, including Cybernics treatment for neuromuscular diseases and spinal cord injuries using HAL® Medical Use, care and self-support for the elderly, physical load reduction for workers, prevention and early detection (Cyvis® Series), and cleaning and transport robots. It operates globally in Japan, the United States, Europe, and APAC (Malaysia, Thailand, Taiwan, etc.), with major customers including medical institutions, government-affiliated agencies, care facilities, and manufacturing companies. Revenue for FY2026 (ending March 2026) was ¥3,846 million.

Business Model

The main revenue source is rental and maintenance contracts for HAL and other products, forming a stock-type business model in which revenue is recognized continuously over the contract period. As of the end of FY2026 (ending March 2026), a total of 3,297 units were in operation, including 558 units of HAL® Medical Use (Lower Limb Type), 710 units of the Single Joint Type, 1,063 units of HAL® for Self-Support (Lumbar Type), and 411 units of the Work Support Type, among others. Commissioned research revenue (¥546 million) from the Cabinet Office's SIP (Cross-ministerial Strategic Innovation Promotion Program) adoption also supplements revenue. The company secures revenue through a three-tier structure of product sales, service provision, and commissioned research.

Company Strengths

HAL is the world's only neuroplasticity-inducing exoskeleton robot that operates by detecting bioelectrical signals from the nervous system. A systematic review published in the Global Spine Journal in June 2025, comparing nine other companies' exoskeletons, confirmed that HAL alone has systemic and comprehensive therapeutic effects for spinal cord injury. The company protects its technology foundation through an exclusive licensing agreement with the University of Tsukuba (valid until patent expiration).

HAL® Medical Use (Lower Limb Type) has obtained approval in Japan (approved 2015, indication expanded 2022), the EU (CE certification 2013), and the US FDA (approved 2017, indications expanded 2020 and 2024). In January 2025, a compact model also received approval in Japan. In Germany, the product is already covered by public workers' compensation insurance, and clinical trials premised on coverage under public health insurance via G-BA have completed trial site selection and are in preparation to begin. This track record of regulatory approvals across multiple countries functions as a barrier to entry.

As of the end of March 2026, a total of 3,297 units of HAL and related devices were in operation. The rental and maintenance contract structure generates continuous revenue throughout the contract period, providing high visibility into revenue for subsequent fiscal years. Driven by a large-scale contract with PERKESO in Malaysia (65 units installed under the HAL50 set) and increased rentals in the APAC region, the number of HAL® Medical Use (Lower Limb Type) units in operation has expanded from 368 units as of the end of March 2022 to 558 units as of the end of March 2026.

ENVALITH's Perspective

Profit attributable to owners of parent of ¥153 million in FY2026 (ending March 2026) represented a substantial improvement from the prior-period loss of ¥577 million, but the main driver was a gain on valuation of investment securities of ¥1,286 million (recorded under financial income/CEJ fund gains and losses), while operating loss of ¥601 million persisted. The substantive impact on net income amounted to ¥1,050 million (after deducting deferred tax expense of ¥441 million and non-controlling interest transfer of ¥228 million from the valuation gain), and this needs to be assessed separately from any improvement in the core business's earning power. Revenue turned negative, down 12.3% year-on-year to ¥3,846 million, partly due to the impact of the sale of the German subsidiary LeyLine, making confirmation of organic growth an urgent priority.

Following the large-scale introduction contract with PERKESO in Malaysia (installation of 65 units of the HAL50 set completed), PERKESO's announcement of new center construction and ongoing discussions on the next phase of deployment suggest significant room for expansion of APAC revenue, which stood at ¥540 million. Germany's G-BA decision to conduct clinical trials and the completion of trial site selection represent concrete progress toward achieving insurance coverage in Europe, and could serve as a starting point for a rebound from the sharp decline in EMEA revenue from ¥939 million in the prior period to ¥522 million. The strategic MOU signed with Carnegie Mellon University in December 2025 can be evaluated as a foundation for accelerating social implementation across the US, but the timing of its contribution to earnings remains unclear.

As of the end of March 2026, cash and cash equivalents stood at ¥8,991 million (up ¥2,166 million year-on-year), and the ratio of equity attributable to owners of parent was 80.7%, indicating a solid financial foundation, with no notes regarding going concern assumptions. On the other hand, the company has not disclosed its earnings forecast for FY2027 (ending March 2027), citing "numerous uncertain factors making it difficult to present numerical performance forecasts," a situation that continues to prevent investors from quantitatively verifying the profitability scenario. As external factors, structural uncertainties remain that significantly affect profit and loss, including foreign exchange fluctuations (translation differences from foreign operations contributed a positive ¥84 million) and changes in the fair value of unlisted shares.

Growth Strategy

Expansion of global medical device approvals and insurance coverage, coupled with acceleration of monetization through the accumulation of large-scale APAC projects

In December 2024, the Company concluded a large-scale introduction agreement with PERKESO for one of Southeast Asia's largest facilities, the "National Neuro-Robotics and Cybernics Rehabilitation Center," and completed the installation of 65 units across 50 HAL sets in August 2025. PERKESO has officially announced the construction of a new center, and discussions on the next phase of introduction are underway. An agreement for joint ASEAN promotion with the Institute of Geriatric Medicine under Thailand's Ministry of Public Health was also added (January 2026).

The G-BA (Federal Joint Committee of Germany) has decided to conduct clinical trials premised on public health insurance coverage for spinal cord injury. Selection of trial sites has been completed, and preparations for the start of the trials are underway. Realization of insurance coverage is expected to lead to a recovery and expansion of EMEA sales.

In January 2025, the Company obtained medical device approval for the small-size model of the HAL® Medical Use (Lower Limb Type) (compatible with heights of 100–150cm). An application for indication expansion to spinal cord injury is under discussion with the authorities. Preparations for clinical trials of HAL® Lumbar Type for Parkinson's disease are also underway. The spread of insurance-covered treatment continues to be supported by increases in medical reimbursement points (since the FY2022 revision).

In December 2025, the Company concluded a strategic MOU with Carnegie Mellon University, aiming to promote research and educational collaboration in the field of cybernics, including AI and robotics, and to accelerate the nationwide social implementation of existing and new products in the US. Preparations for collaboration with Pittsburgh's medical and healthcare ecosystem are also underway.

The compact Holter electrocardiograph Cyvis M100 obtained medical device certification in November 2024, marking the start of business expansion into the prevention and early detection field. The new HAL Lumbar Type model, LB06, went on sale from February 2026 (lighter and slimmer design). The cleaning robot CL02 has also expanded its application to in-factory transport robots.

Following the November 2024 order for the HAL series for JICA and the completion of installation at a medical facility in Kyiv, the Company was selected in October 2025 for the Ministry of Economy, Trade and Industry's "Ukraine Reconstruction Support and Strengthening Cooperation with Central and Eastern European Countries Project," and in December 2025 for UNIDO's "Green Industrial Recovery Project for Ukraine."

Last updated: July 19, 2026