4379
譬ェ蠑丈シ夂、セ�シー�ス茨ス擾ス費ス擾ス難ス呻ス趣ス費ス�
株式会社Photosynth
Technology · Software - Application
Photosynth inc. researches and develops IoT-related devices in Japan. It develops and sells cloud-based IoT services under the Akerun brand, such as Akerun Access Control System; Akerun.M Keyless Rental System; Akerun Digital Student ID; and Akerun Digital ID. The company also offers Migakun, a gig-worker platform that provides tailored service design and quality-assured operations to optimize office and facility management for companies and workers. The company also provides various services for residents. Photosynth inc. was incorporated in 2014 and is headquartered in Tokyo, Japan.
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Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥3.4B
¥3.0B
¥2.5B
¥2.0B
¥1.6B
Cost of Sales
¥842M
¥693M
¥463M
¥254M
¥206M
Gross Profit
¥2.5B
¥2.3B
¥2.0B
¥1.7B
¥1.4B
SG&A
¥2.3B
¥2.2B
¥2.3B
¥2.3B
¥2.2B
Operating Income
¥231M
¥76M
¥-221M
¥-609M
¥-849M
Non-Operating Income
¥9M
¥19M
¥10M
¥26M
¥17M
Dividend Income
¥1M
¥1M
—
—
—
Interest Income
¥0M
¥0M
¥0M
¥0M
¥0M
Non-Operating Expenses
¥6M
¥4M
¥10M
¥17M
¥38M
Interest Expense
¥1M
¥2M
¥5M
¥10M
¥16M
Ordinary Income
¥234M
¥91M
¥-222M
¥-600M
¥-870M
Pre-tax Income
¥225M
¥-113M
¥-235M
¥-610M
¥-870M
Income Taxes
¥-4M
¥-113M
¥6M
¥7M
¥5M
Current Tax
¥6M
¥7M
¥6M
¥7M
¥5M
Deferred Tax
¥-11M
¥-120M
—
—
—
Net Income (owners)
¥292M
¥155M
¥-175M
¥-578M
¥-866M
Minority Interest
¥-62M
¥-155M
¥-66M
¥-38M
¥-9M
Comprehensive Income
¥248M
¥5M
¥-238M
¥-617M
¥-876M
EBITDA
¥502M
¥347M
¥-38M
¥-538M
¥-827M
Goodwill Amort. (J-GAAP)
¥7M
—
—
—
—
EPS
¥18.84
¥9.98
¥-11.30
¥-37.49
¥-62.76
Shares Outstanding
15.4M
15.6M
15.5M
15.5M
15.4M
Shares Issued (total)
15.6M
15.6M
15.6M
15.5M
15.4M
Treasury Shares
0.2M
0.0M
0.0M
0.0M
—
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥3.9B
¥3.4B
¥3.6B
¥3.5B
¥4.3B
Current Assets
¥2.1B
¥1.9B
¥1.9B
¥2.1B
¥3.9B
Cash & Deposits
¥1.7B
¥1.6B
¥1.6B
¥1.9B
¥3.5B
Trade Receivables
¥245M
¥157M
¥180M
¥124M
¥178M
Non-Current Assets
¥1.8B
¥1.6B
¥1.7B
¥1.4B
¥430M
PP&E
¥1.2B
¥1.2B
¥1.2B
¥956M
¥323M
Goodwill
¥265M
—
—
—
—
Intangible Assets
¥363M
¥142M
¥404M
¥299M
¥27M
Investment Securities
¥76M
¥48M
¥41M
—
—
Deferred Tax Assets
¥116M
¥115M
—
—
—
Total Liabilities
¥1.4B
¥1.3B
¥1.5B
¥1.3B
¥1.6B
Current Liabilities
¥1.3B
¥1.2B
¥1.4B
¥974M
¥1.2B
ST Debt
¥33M
¥48M
¥209M
¥103M
¥373M
Taxes Payable
¥6M
¥6M
¥6M
¥7M
¥30M
Non-Current Liabilities
¥61M
¥66M
¥115M
¥297M
¥402M
Total LT Borrowings
¥39M
¥42M
¥88M
¥271M
¥374M
Deferred Tax Liab.
—
—
¥2M
—
—
Total Equity
¥2.5B
¥2.2B
¥2.1B
¥2.2B
¥2.7B
Capital Stock
¥31M
¥72M
¥57M
¥50M
¥1.6B
Capital Surplus
¥2.1B
¥2.7B
¥2.7B
¥2.6B
¥3.1B
Retained Earnings
¥276M
¥-608M
¥-763M
¥-588M
¥-2.1B
Treasury Stock
¥-50M
—
—
—
—
AOCI
¥26M
¥8M
¥3M
—
—
Equity (owners)
¥2.4B
¥2.1B
¥1.9B
¥2.1B
¥2.6B
Minority Interests
¥85M
¥25M
¥180M
¥99M
¥40M
Total Interest-Bearing Debt ⓘ
¥72M
¥90M
¥298M
¥374M
¥747M
Net Cash ⓘ
¥1.6B
¥1.5B
¥1.3B
¥1.5B
¥2.8B
NCAV ⓘ
¥675M
¥591M
¥408M
¥843M
¥2.2B
NCAV/Share
¥44
¥38
¥26
¥54
¥146
BV/Share
¥154
¥136
¥125
¥136
¥172
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥549M
¥389M
¥219M
¥-426M
¥-575M
Interest Paid
¥-1M
¥-2M
¥-4M
¥-9M
¥-15M
Interest Received
¥1M
¥1M
¥0M
¥0M
¥0M
D&A
¥264M
¥271M
¥183M
¥71M
¥21M
Goodwill Amort.
¥7M
—
—
—
—
Investing CF
¥-465M
¥-213M
¥-582M
¥-947M
¥-373M
CapEx
¥240M
¥179M
¥356M
¥705M
¥341M
Purchase Investments
—
—
¥-36M
—
—
Financing CF
¥25M
¥-194M
¥84M
¥-274M
¥2.9B
Share Buybacks
¥-50M
—
—
—
—
LT Debt Repaid
¥-48M
¥-207M
¥-126M
¥-343M
¥-212M
Free Cash Flow
¥309M
¥210M
¥-137M
¥-1.1B
¥-916M
Net Change in Cash
¥108M
¥-18M
¥-279M
¥-1.6B
¥1.9B
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
12.9%
7.6%
-8.1%
-23.7%
-32.3%
ROA
8.0%
4.4%
-5.0%
-14.9%
-20.1%
EPS
¥18.84
¥9.98
¥-11.30
¥-37.49
¥-62.76
BPS
¥155.32
¥136.89
¥125.44
¥135.63
¥171.55
FCF/Share
¥20
¥13
¥-9
¥-73
¥-60
NCAV/Share
¥44
¥38
¥26
¥54
¥146
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 9
Date Activist Stake Event Flag Demands Source
2026-03-10
KODAI KAWSE
20.4%
change
Passive
—
2026-03-10
KODAI KAWSE
20.4%
correction
Passive
—
2026-01-22
FIL Investments (Japan) Limited
8.53%
+1.3%
change
Passive
—
2026-01-09
Hikari Tsushin K.K.
14.9%
+1.07%
change
Passive
—
2025-12-24
Hikari Tsushin K.K.
13.83%
+1.12%
change
Passive
—
2025-12-12
Norinchukin Capital Co., Ltd.
—
exit
Passive
—
2025-12-12
Hikari Tsushin K.K.
12.71%
initial_5pct
Passive
—
2025-10-07
FIL Investments (Japan) Limited
7.23%
-1.41%
change
Passive
—
2025-09-05
FIL Investments (Japan) Limited
8.64%
change
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 1
#
Shareholder
Shares (thou.)
% of Total
1
河瀬 航大
2,443
15.82%
2
UH Partners 2投資事業有限責任組合
1,202
7.78%
3
光通信KK投資事業有限責任組合
1,043
6.75%
4
BBH(LUX)FOR FIDELITY FUNDS PACIFIC POOL
BBH(LUX)FOR FIDELITY FUNDS PACIFIC POOL(常任代理人 株式会社三菱UFJ銀行)
896
5.80%
5
MF-GB2号投資事業有限責任組合
418
2.71%
6
株式会社SBI証券
402
2.60%
7
渡邉 宏明
352
2.28%
8
楽天証券株式会社
317
2.05%
9
BSP第3号投資事業有限責任組合
308
1.99%
10
熊谷 悠哉
276
1.79%
Domestic Nominees
0.0%
-2.1% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
-3.2% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
49.6%
+9.1% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
河瀬 航大
15.46%
15.65%
15.82%
+0.17%
UH Partners 2投資事業有限責任組合
NEW ENTRY
—
—
—
7.78%
NEW
光通信KK投資事業有限責任組合
NEW ENTRY
—
—
—
6.75%
NEW
Fidelity
5.77%
5.74%
5.80%
+0.06%
MF-GB2号投資事業有限責任組合
2.69%
2.68%
2.71%
+0.03%
式会社SBI証券
NEW ENTRY
3.30%
—
2.60%
NEW
渡邉 宏明
2.27%
2.26%
2.28%
+0.02%
楽天証券
NEW ENTRY
—
—
—
2.05%
NEW
BSP第3号投資事業有限責任組合
1.98%
1.97%
1.99%
+0.02%
熊谷 悠哉
—
1.76%
1.79%
+0.03%
農林中金キャピタル2019投資事業有限責任組合
last seen 2024
Exited Top 10
7.74%
7.70%
—
JP Morgan
last seen 2024
Exited Top 10
3.22%
3.20%
—
Gaiax Co.Ltd.
式会社ガイアックス
last seen 2024
Exited Top 10
2.68%
2.66%
—
Japan Custody Bank
日本カストディ銀行
last seen 2024
Exited Top 10
—
2.13%
—
NTTインベストメント・パートナーズファンド3号投資事業有限責任組合
last seen 2023
Exited Top 10
2.27%
—
—
Concentration (HHI)
ⓘ
382
378
421
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥76M
+87% since 2023
Holdings
1
+1 new
1 exited
Trend
Stable
vs 2023
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding