PXDT Pixie Dust Technologies Inc

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of February 2024

 

Commission File Number 001-41749

 

PIXIE DUST TECHNOLOGIES, INC.

(Translation of registrant’s name into English)

 

Pixie Dust Technologies, Inc.

2-2-1 Yaesu, Chuo-ku

Tokyo, 104-0028, Japan

(Address of principal executive officer)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

☒ Form 20-F         ☐ Form 40-F

 

 

 

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

 

On February 13, 2024, Pixie Dust Technologies, Inc. (the “Company”) furnished the presentation attached hereto as Exhibit 99.1.

 

The presentation furnished in this report as Exhibit 99.1 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent specifically provided in such a filing.

 

The information contained in any website is not a part of this report.

 

Exhibit Index

 

Exhibit No.		Document
99.1		Presentation of the registrant.

 

 

Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	PIXIE DUST TECHNOLOGIES, INC.
Date: February 14, 2024	By:	/s/ Yoichi Ochiai
	Name:	Yoichi Ochiai
	Title:	Chief Executive Officer

 

 

2

 

Exhibit 99.1

 

Strictly Confidential F Y 2 0 2 4 / 4 2 Q R e s u l t P r e s e n t a t i o n M a t e r i a l

2 Q F i n a n c i a l R e s u l t , M a i n t o p i c s

M a i n t o p i c s Collaborative Research Agreement with Tohoku University of Medicine “Gamma Wave Sound” won the Creative Innovation Category Gold and ICC Summit Award at the “ACC TOKYO CREATIVITY AWARDS” iwasemi RC - α won the CES 2024 Innovation Award 1 2 3 4 5 Provided “VUEVO subtitle transparent display” to the “Japan - ASEAN Young Business Leaders Summit.” Findings Presented at Neuroscience 2023 Conference “Study Confirms that Sound Stimulation Synchronizes Gamma Waves in the Human Brain.” Page 3 © Pixie Dust Technologies, Inc.

S u m m a r y i n c o m e s t a t e m e n t Page 4 © Pixie Dust Technologies, Inc. YoY Change 2023/10 2023/10 2022/10 % $1,000 ¥1,000 ¥1,000 Revenue: (39.70) 485 73,430 121,866 Service 513.80 1,490 225,709 36,773 Products 88.60 1,975 299,139 158,639 Total revenue Cost and expenses: (27.70) 111 16,710 23,121 Cost of services 427.30 837 126,820 24,053 Cost of products (17.60) 1,845 279,436 339,283 Research and development 63.30 6,944 1,051,796 643,892 Selling, general and administrative expenses 43.10 9,737 1,474,762 1,030,349 Total cost and expenses 34.90 (7,762) (1,175,623) (871,710) Loss from operations 17.80 (104) (15,811) (13,423) Interest expense 31,033.10 273 41,407 133 Other income, net 29.90 (7,593) (1,150,027) (885,000) Loss before income taxes — — — — Income tax expense 29.90 (7,593) (1,150,027) (885,000) Net loss

S u m m a r y b a l a n c e s h e e t Page 5 © Pixie Dust Technologies, Inc. 2023/10 2023/10 2023/4 $1,000 ¥1,000 ¥1,000 Assets Current assets: 15,982 2,420,667 2,135,513 Cash and cash equivalents 90 13,614 198,892 Accounts receivable – trade 1,189 180,022 123,119 Inventories - - 260,689 Deferred offering costs 2,344 355,076 326,202 Prepaid expenses and other current assets 19,605 2,969,379 3,044,415 Total current assets 3,238 490,358 507,778 Property and equipment, net 100 15,212 14,068 Intangible assets, net 3,080 466,432 46,046 Operating lease right - of - use assets, net 931 141,026 105,347 Other assets 26,954 4,082,407 3,717,654 Total assets Liabilities and stockholders’ equity Current liabilities: 1,031 156,194 549,449 Accounts payable 1,287 194,890 203,842 Accrued expenses and other current liabilities 6,690 1,013,332 1,013,332 Current portion of long - term borrowings 9,008 1,364,416 1,766,623 Total current liabilities 95 14,447 21,113 Long - term borrowings, net of current portion 3,031 459,071 5,956 Operating lease liabilities, net of current portion 122 18,400 25,536 Other liabilities 12,256 1,856,334 1,819,228 Total liabilities 7,097 1,074,970 100,000 Common stock, no par value 44,127 6,683,382 6,180,678 Additional paid - in capital (36,526) (5,532,279) (4,382,252) Accumulated deficit 14,698 2,226,073 1,898,426 Total stockholders’ equity 26,954 4,082,407 3,717,654 Total liabilities and stockholders’ equity

2023/10 2023/10 2022/10 $1,000 ¥1,000 ¥1,000 Cash flows from operating activities: (7,593) (1,150,027) (885,000) Net loss Adjustments to reconcile net loss to net cash used in operating activities: 669 101,331 38,896 Depreciation and amortization 22 3,355 32,768 Stock - based compensation (237) (35,940) 4,043 Foreign exchange losses (gains) 3 490 332 Asset retirement obligation accretion Changes in operating assets and liabilities: 1,223 185,278 (39,831) Accounts receivable - trade (376) (56,903) (30,511) Inventories (166) (25,179) (13,250) Prepaid expenses and other current assets 442 66,973 30,909 Operating lease right - of - use assets, net (236) (35,681) (1,678) Other assets (2,523) (382,095) 24,123 Accounts payable (105) (16,123) 9,501 Accrued expenses and other current liabilities (268) (40,544) (31,968) Operating lease liabilities (9,145) (1,385,065) (861,666) Net cash used in operating activities Cash flows from investing activities: (428) (64,797) (47,351) Purchases of property and equipment (26) (3,963) (1,970) Purchases of intangible assets (454) (68,760) (49,321) Net cash used in investing activities Cash flows from financing activities: - - 250,000 Proceeds from borrowings (44) (6,666) - Repayments of borrowings (53) (8,022) (6,972) Repayments of finance lease liabilities (1,566) (237,222) (24,151) Payments of offering costs - - 2,171,103 Proceeds from issuance of convertible preferred stock 12,874 1,949,940 - Proceeds from issuance of common stock upon initial public offering - net of underwriting discounts and commissions 11,211 1,698,030 2,389,980 Net cash provided by financing activities 270 40,949 - Effect of exchange rate changes on cash and cash equivalents 1,882 285,154 1,478,993 Net increase in cash and cash equivalents 14,100 2,135,513 1,795,963 Cash and cash equivalents at beginning of period 15,982 2,420,667 3,274,956 Cash and cash equivalents at end of period Non - cash investing and financing activities: 3,218 487,359 2,716 Operating lease right - of - use assets obtained in exchange for lease liabilities - - 3,996 Property and equipment acquired under finance leases 139 21,089 8,332 Purchases of property and equipment included in accounts payable 152 23,025 23,417 Offering costs included in accounts payable and, accrued expenses and other current liabilities Page 6 © Pixie Dust Technologies, Inc. S u m m a r y C a s h f l o w S t a t e m e n t

R & D P i p e l i n e ( P e r s o n a l C a r e & D i v e r s i t y A r e a ) Page 7 © Pixie Dust Technologies, Inc. Launched Business Development Basic research/ advanced development Product R&D content Ɣ SonoRepro Hair care Ɣ to be decided Beauty care(beautiful hair encouragement, skin care) Ɣ to be decided Skin disease treatment Ɣ to be decided Wound treatment Ɣ kikippa Gamma wave sound care speaker Ɣ to be decided Gamma wave sound care (other than speakers) Ɣ to be decided Dementia care by sound Ɣ VUEVO (wireless microphone) Hearing - impaired support and minutes creation Ɣ VUEVO (smart glass) Hearing - impaired support and next - generation communication Ɣ VUEVO (subtitle transparent display) Simultaneous translation support

R & D P i p e l i n e ( w o r k s p a c e & D X a r e a ) Page 8 © Pixie Dust Technologies, Inc. Launched Business Development Basic research/ advanced development Product R&D content Ɣ iwasemi (HX - α / SQ - α / RC - α) Sound absorption in offices Ɣ to be decided Sound absorption outside the office Ɣ to be decided Sound insulation in residences (Sound insulation structure allowing air to pass through but not sound) Ɣ to be decided Sound insulation in non - residential areas Ɣ KOTOWARI v360 Reduction of man - hours in reinforcement inspection process Ɣ to be decided Reduction of man - hours for processes other than reinforcement inspection Ɣ KOTOWARI FAC+ People flow analysis Ɣ hackke Indoor location information measurement

C o m p e t i t i v e e n v i r o n m e n t We believe that our core technology, wave control technology, and diverse product portfolio differentiate our company from many competitors. c o m p e t i t i v e a d v a n t a g e 36 Patent registration 222 Patent application 20 D e s i g n r e g i s t r a t i o n 6 product Category P r o p r i e t a r y W a v e c o n t r o l t e c h n o l o g y Page 9 © Pixie Dust Technologies, Inc.

A p p e n d i x .

C o m p a n y P r o f i l e Pixie Dust Technologies Co., Ltd. C o m p a n y n a m e NASADQ Capital Market (Ticker PXDT) L i s t e d m a r k e t Yoichi Ochiai, Taiichiro Murakami C E O , C O O We are the serial incubator that provides solutions towards faith and trust M i s s i o n Product development and sales using wave control technology B u s i n e s s s u m m a r y May 2017 E s t a b l i s h m e n t 8th floor, Yaesu Central Tower, Tokyo Midtown Yaesu, 2 - 2 - 1 Yaesu, Chuo - ku, Tokyo l o c a t i o n 78 people (as of the end of May 2023) n u m b e r o f e m p l o y e e s 14,864,867 shares(as of the end of January 2024) N u m b e r o f i s s u e d s h a r e s $119 million (as of the end of January 2024) M a r k e t c a p i t a l i z a t i o n T o k y o Page 11 © Pixie Dust Technologies, Inc. H e a d O f f i c e Research facility (technotope)

B O A R D M E M B E R S T a k a y u k i H o s h i D i r e c t o r , C R O / P x D T c o - f o u n d e r He received a Ph.D (Information Science and Technology) from the University of Tokyo in 2008. He is an expert of wave control technology based on full use of physics and mathematics. He developed the world - first scannable prototype of airborne ultrasound tactile display in 2008 and he demonstrated the world - first 3D acoustic manipulation in 2013. He was awarded Significant Contribution to Science and Technology in 2014 by NISTEP, MEXT, Japan. He is currently working on social implementation of wave control technology through industry - academia collaboration and open innovation T a i i c h i r o M u r a k a m i R e p r e s e n t a t i v e D i r e c t o r , P x D T c o - f o u n d e r C O O / Completed master's course in biomaterials at the University of Tokyo . He supported industrialization of technologies focusing on R&D, digitization and new business strategies at Accenture Strategy Consulting Headquarters . Participated in launch of a new organization “Open Innovation Initiative” that evaluates startup companies' technologies and derive these technologies to large companies . Also participated in launch of an innovation base “Digital Hub . ” He serves as a committee member for the Ministry of Economy, Trade and Industry's "Guideline Formulation Committee on Contracts Between Large Enterprises and R&D Ventures," and also holds a concurrent position as an Executive Advisor for the general incorporated association, "Mitou Foundation . " Y o i c h i O c h i a i R e p r e s e n t a t i v e D i r e c t o r , C E O / P x D T c o - f o u n d e r He received a Ph.D. (Applied Computer Science) from the University of Tokyo in 2015. He has been an assistant professor at University of Tsukuba since 2015. His main research interest is human - computer interaction called "Digital Nature", which is an environment that fuses the digital with the analogue, blurring the boundary between nature and artifice. He has received numerous awards and accolades, including the 2015 World Technology Award (IT Hardware) from the World Technology Network, the 2020 Innovators Under 35 Japan by MIT Technology Review and the Future 50 by Project Management Institute. His laboratory conducts pioneering research in a wide range of fields including science, engineering, culture, art, vernacularity(practical considerations and local traditions), and computer science. For instance, in the field of ultrasound technology, they have proposed new computational methods for acoustic holography and are focusing on the development of acoustic levitation technology*. Regarding AI, they began research on a localized version of the Large Language Model (LLM) as early as 2020, when it was still relatively unknown to the general public, and provided an application to assist ordinary people in generating novels**. Recently, they have been actively researching abstract language objects (ALO) using the LLM***. He has published numbers of academic papers on computer science, including generative AI, large language models, and computer - generated holograms. His recent representative publications are as follows: ***(1) Y. Ochiai, N. Kondo, T. Fushimi, "Towards Digital Nature: Bridging the Gap between Turing Machine Objects and Linguistic Objects in LLMMs for Universal Interaction of Object - Oriented Descriptions", arXiv:2304.04498 (2023 ) * (2) T. Fushimi, K. Yamamoto, and Y. Ochiai, "Target Acoustic Field and Transducer State Optimization using Diff - PAT", AIP Advances 11, 125007 (2021) ** (3) H. Osone, J. - L. Lu, and Y. Ochiai. 2021. BunCho: AI Supported Story Co - Creation via Unsupervised Multitask Learning to Increase Writers' Creativity in Japanese. In CHI Conference on Human Factors in Computing Systems Extended Abstracts (CHI '21 Extended Abstracts), May 8 - 13, 2021, Yokohama, Japan. Page 12 © Pixie Dust Technologies, Inc.

W h a t i s w a v e c o n t r o l t e c h n o l o g y ? What can be explained using wave principle Ultrasound sound light radio waves example.) kikippa case physical quantity specifying features of wave v (wave speed) = f (frequency) ʹ λ (wavelength) The spatial length of a wave is known as the wavelength, and its unit is meters (m). If the sound speed remains constant, a decrease in frequency results in a longer wavelength. Frequency refers to the number of fluctuations per second, with its unit being Hertz (Hz). Sounds that have frequencies too high for human ears to hear are classified as ultrasound. For example, the sound speed is calculated as 331.5+0.6 ʹ temperature (m/s). Accordingly, if the temperature is 15 degrees, the sound speed is approximately 340 m/s. When 1,000Hz sound is emitted from TV 40Hz amplitude modulation (in case of sine wave) Page 13 © Pixie Dust Technologies, Inc.

W h a t i s w a v e c o n t r o l t e c h n o l o g y ? A series of methodologies to manipulate behaviors of sound and light as designed in an abstract layer and to exploit their unique properties . Imperceptible Perceivable Wave Ultraviolet light Infrared light Electromagnetic waves Visible light Light Ultrasound Audible sound Sound ܿ 2 1 ߲ 2 ݑ ( ݔ , ݐ ) ߲ ݐ 2 = ߲ 2 ݑ ( ݔ , ݐ ) ߲ ݔ 2 Abstract/Mathematics Concrete/Physics Mathematically treating wave properties common to sound and light, and optimize through computer simulations and control by using electronic circuits. Page 14 © Pixie Dust Technologies, Inc. Understand and skillfully utilize differences in physical phenomena of sound and light, differences in frequency/wavelength, and differences in characteristics of media and target objects. Wave equation

H i s t o r y Company formation May 2017 Series A Approximately 600 million yen October 2017 University of Tsukuba and Signed a joint research agreement May 2028 Series B Approximately 4 billion yen May 2019 Tohoku University and Signed a joint research agreement January 2020 Series C Approximately 2.2 billion yen September 2022 iwasemi released July 2022 “SonoRepro” Awarded CES innovation award Jan 2023 Further development underway Our company launched four products in the previous fiscal year (May 2022 – April 2023). SonoRepro released November 2022 Page 15 © Pixie Dust Technologies, Inc. VUEVO mic released March 2023 kikippa released April 2023

A w a r d s 2023 ACC TOKYO CREATIVITY AWARS Creative Double winner of Innovation Category Gold and ICC Summit Award Page 16 © Pixie Dust Technologies, Inc. Winner of CES 2024 Innovation Awards 2023 kikippa Good Design Award winner 2022 Representative Director and CEO Ochiai will be appointed to the World Economic Forum Selected as Young Global Leaders 2022 2022 Received the “Intellectual Property Achievement Award, Minister of Economy, Trade and Industry Award” in 2022 Winner of CES 2023 Innovation Awards 2020 2nd IP BASE AWARD Startup Category Grand Prix Winner “Yoichi Ochiai x Japan Phil Project” Cannes Lions 2019 Winner of multiple awards including the 72nd Dentsu Advertising Award Winner of University Venture Award 2019, Early Edge Award

B u s i n e s s a r e a Acoustic stimulation device functioning as a speaker Ultrasonic non - contact vibrotactile stimulation scalp care device Directional voice arrival detection devices for individuals with deaf and hard - of - hearing (“DHH”) Sound - absorbing metamaterial ** h a c k k e Location positioning technology Technology providing spatial analysis data By combining our unique wave control technology* and computer science, we develop technologies including personal care devices and metamaterials**. Page 17 © Pixie Dust Technologies, Inc. *”Wave control technology" is our proprietary technology that emits waves to affect objects, measures waves to obtain and analyze information about objects, and interferes with waves to obtain desired effects. ** "metamaterial" is a material designed to have properties not found in nature. These materials usually have artificially designed structures that are smaller than the wavelength of the waves of interest, such as light or sound. Personal care & diversity Workspace & digital transformation w a v e c o n t r o l Co re Techno lo gy

SonoRepro Overview Home ultrasonic scalp care device Overview SonoRepro is a scalp care device released in Japan in November 2022. The product was developed using non - contact vibration pressure stimulation using ultrasonic waves, which is one of our proprietary technologies. Resembling a shower head, users utilize it by positioning it over the intended area of the scalp. Provided Value SonoRepro is intended for daily use. We conducted a clinical trial in collaboration with Anfa, a preventive medicine company, and demonstrated that non - contact vibratory pressure stimulation increases the proportion of hair in the anagen phase and reduces the proportion of hair in the telogen phase. Daily Care with Advanced Technology A large device using non - contact vibratory pressure stimulation has been introduced at D Clinic, which specializes in scalp/hair, since 2021. SonoRepro has miniaturized this large device to enable full - fledged hair care at home. Page 18 © Pixie Dust Technologies, Inc.

SonoRepro sales Amazon, Rakuten etc. b8ta Tsutaya Books retail store Bic camera EC site Own EC site lease kikito, Rentio, airCloset Mall Yodobashi Camera Home ultrasonic scalp care device overview SonoRepro has multiple sales channels and is priced at 125,000 yen. Currently, the product is only available in Japan. Page 19 © Pixie Dust Technologies, Inc.

kikippa Overview gamma wave sound care Overview kikippa can be used as a desktop speaker With a functioning acoustic stimulation device, it will be released in Japan in April 2023. It was released in kikippa uses our technology to amplitude modulate everyday sounds such as TV and radio broadcasts. Users can connect kikippa to a television set, radio, or other audio device using an audio cable. kikippa was developed in collaboration with Shionogi & Co., Ltd. Provided Value kikippa has a dedicated website and LINE integration feature. Users can view their own device usage history, and caregivers can check the usage status of their care recipients. gamma wave sound *This diagram is for illustrative purposes. *The term "40Hz modulated sound" refers to sound that has been processed through 40Hz amplitude modulation. Source: ʁ https://gammawavesound.com/ https://wellnesslab - report.jp/pj/gamma - tech/40hzgamma - waves Successfully developed 40 - Hz modulated sound that blends into everyday life Patented Page 20 © Pixie Dust Technologies, Inc. G a m m a w a v e m o d u l a t i o n t e c h n o l o g y 40 - Hz waveform

kikippa sales Shionogi Healthcare EC site kikippa brochure sale kikippa is sold on Shionogi Healthcare's e - commerce site. Price model is (a) initial fee 45,000 yen and monthly fee1,800 yen or (b) initial fee 90,000 yen and no monthly fee. Page 21 © Pixie Dust Technologies, Inc.

VUEVO Overview An innovative transcription service born from interviews with over 100 people with hearing loss (DHH) Overview VUEVO is a series of products designed to assist people who are hearing impaired. VUEVO microphones provide microphone - identified speaker direction and present utterances through an intuitive user interface on computers, tablets, and smartphones. VUEVO Glasses are wearable devices that superimpose speech content on the speaker in real space within the visual field of the user wearing glasses. VUEVO was developed in collaboration with Sumitomo Pharma Co., Ltd. Provided Value Unlike hearing aids, VUEVO can display a transcription of the audio and show you who is speaking. This is especially useful for group conversations. People with complete hearing loss can also use VUEVO. Due to the complementary nature of the product's features, it can be used in conjunction with existing hearing aids. Page 22 © Pixie Dust Technologies, Inc.

VUEVO sales VUEVO banner (for exhibitions) Sale PxDT sells and provides devices and monthly services to clients. The device price is 45,000 yen, and the usage fee is 30,000 yen per month. The initial setup fee is 100,000 yen. VUEVO sales website VUEVO leaflet Page 23 © Pixie Dust Technologies, Inc.

iwasemi sales Released in December 2022 Released in July 2022 Released in May 2023 Sound absorbing metamaterial Sound insulation metamaterial Exploring the market with new technology Paradigm shift from materials to structures Overview iwasemi is a product series of sound - absorbing materials utilizing acoustic metamaterials designed with our proprietary technology. Advancements in computer performance and artificial intelligence have enabled large - scale simulations to be conducted at high speeds. Leveraging these technological resources, we developed a new acoustic metamaterial, leading to the release of multiple variations of iwasemi. Provided Value Many existing sound - absorbing materials absorb sound based on the properties of the material, whereas iwasemi absorbs sound through its structure. Thanks to this feature, we were able to develop iwasemi, a lightweight sound - absorbing material offering a high level of design flexibility. It can be easily installed on an indoor wall using double - sided tape or magnets. If the resident moves, it can be moved to the new location and continue to be used. Page 24 © Pixie Dust Technologies, Inc.

iwasemi sales In - house direct sales Sold by Itoki Amazon Japan Orgatec Tokyo 2023 situation Sale iwasemi has multiple sales channels and is currently available in Japan. Additionally, in March 2023, we soft - launched a portion of iwasemi to prominent American professionals such as architecture and interior design firms "iwasemi RC - α" the CES 2024 Innovation Award in the "Home Appliances" category at the Eureka Park Japan Pavilion at CES 2024, held in Las Vegas, USA on Januarwas awarded y 9th to 12th, 2024. CES 2024 Innovation Awards Page 25 © Pixie Dust Technologies, Inc.

hackke overview Precise Location information change the world. Overview hackke is a technology that can detect location information of people and objects indoors with high precision and at a reasonable price. Compared to conventional low - precision Bluetooth positioning systems, the accuracy has been improved approximately 10 times, and positioning can be performed within 1 meter on average. Provided Value The 1m accuracy enables the visualization of people and object movements, facilitating the analysis of data to provide useful suggestions. . For instance, in offices, hackke can manage and visualize the usage status of available workstations. In manufacturing facilities, distribution warehouses, construction sites, and similar settings, it can assist with asset management and tracking man - hours, thereby enhancing production and work efficiency. It also aids in determining suitable locations for materials and equipment and implementing security measures. C o n f i r m l o c a t i o n F l o w l i n e a n a l y s i s U s a g e a n a l y s i s M a n - h o u r t a l l y Receiver Radio wave incidence Page 26 © Pixie Dust Technologies, Inc. Location(X,Y)

KOTOWARI Overview Spatial data solutions Overview By acquiring, storing, and utilizing spatial data such as video data and point cloud data, KOTOWARI handles events that occur in space as digital data, and solves various issues related to space creation through applications that comprehensively analyze them. Sale We have started providing FAC+ (Factas), a service that combines spatial data analysis and design to maximize spatial value. This service aims to solve problems for business operators and further improve the value of the experience for end users by combining quantitative data with the planning and design of space creation, which has traditionally been done based on sensitivity and sense. Value provided Space creation begins with "planning and design," engaging various stakeholders in each phase, including "construction," "use and operation," and "maintenance." By analyzing images captured by cameras, spatial design based on data can be achieved, thereby maximizing the value of the space. Furthermore, analyzing footage from within a construction site enables the monitoring of construction progress without the need for on - site visits, thus leveraging digital advancements to address labor shortages within the industry. R&D We are conducting research and development aimed at improving quality and productivity of confirmation work at construction sites. In particular, we are developing a solution that allows us to remotely check the finished product by superimposing 3D models such as BIM with point cloud data from the site. Page 27 © Pixie Dust Technologies, Inc.

Disclaimer Page 28 © Pixie Dust Technologies, Inc. This presentation includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, regarding, among other things, our plans, strategies and prospects -- both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward looking statements contained in this presentation may be identified by the use of forward looking words such as “believe,” “expect,” “anticipate,” “should,” “planned,” “will,” “may,” “intend,” “estimated,” ” and “potential,” among others. Important factors that could cause actual results, developments, and business decisions to differ materially from those anticipated in these forward looking statements include, among other things: (i) our expectations regarding our revenue, expenses, and other operating results; (ii) our efforts to successfully develop and commercialize our technologies and related products; (iii) the implementation of our strategic plans for our business and products and product candidates; (iv) the size of the market opportunity for our products and product candidates and our ability to maximize those opportunities; (v) our ability to obtain and maintain any needed regulatory approval of our product candidates; (vi) our expectations regarding success in testing for our product candidates; (vii) the costs and success of our marketing efforts, and our ability to promote our brands; (viii) our expectations regarding our ability, and that of our manufacturers, to manufacture our products; (ix) our competitive position and the development of and projections relating to our competitors or our industry; (x) our ability to obtain adequate financing in the future on terms acceptable to us; (xi) our ability to consummate strategic transactions, which may include acquisitions, mergers, dispositions, or investments; (xii) our ability to identify and successfully enter into strategic collaborations in the future, and our assumptions regarding any potential revenue that we may generate thereunder; (xiii) our ability to exploit the intellectual property rights jointly owned with our collaborators in a manner beneficial to us; (xiv) our ability to obtain, maintain, protect, and enforce intellectual property protection for our technologies and related products and services, and the scope of such protection; (xv) our ability to operate our business without infringing, misappropriating, or otherwise violating the intellectual property or proprietary rights of third parties; (xvi) our ability to respond to national disasters, such as earthquakes and tsunamis, and to global pandemics, such as COVID - 19; (xvii) the regulatory environment in which we operate; (xviii) our plans with respect to use of proceedings from this offering; (xix) our ability to attract and retain qualified key management and technical personnel; and (xx)our expectations regarding the time during which we will be an emerging growth company and a foreign private issuer. Before you invest, you should carefully read our Annual Report on Form 20 - F for the fiscal year ended April 30, 2023, as the same may be amended from time to time, and our other filings with the SEC, including the factors described in the “RISK FACTORS” section of the Annual Report and other documents that we have filed, and will subsequently file, with the SEC to better understand the risks and uncertainties inherent in our business and industry and for more complete information about us and the offering. You may get these documents for free by visiting EDGAR on the SEC' s website at www.sec.gov. These forward looking statements speak only as of the date of this presentation, and we do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. All forward looking statements attributable to Pixie Dust Technologies, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.

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