【JP:218A】Stock Price

Liberaware operates a business that replaces infrastructure inspections in confined, dark, and hazardous indoor spaces with drone technology and data analysis. The company uses its proprietary small indoor drone "IBIS" to capture video footage from areas inaccessible to humans, and provides end-to-end digitalization of inspections through its 3D cloud platform "LAPIS" and AI analysis.

The company's primary customers are businesses with substantial fixed assets, including steel manufacturing, railways, construction, manufacturing, power utilities, and government agencies. Recurring orders from existing customers support the company's revenue. Repeat customers account for approximately 59% of inspection solution sales, with revenue generated through a combination of drone sales and rentals, data processing and analysis services, and software licensing fees.

The company operates three business divisions: the Drone Business, the Digital Twin Business, and the Solutions Development Business. The Drone Business handles on-site filming and sales and rentals of IBIS units. The Digital Twin Business provides 3D modeling based on video and sensor data, as well as a management platform called "TRANCITY." The Solutions Development Business collaborates with customers to develop aircraft and operational methods for specialized environments, and supports their demonstration and deployment.

The company aims to achieve sustained revenue growth and profit expansion by increasing its core client base. Recurring orders from major clients in fixed-asset-holding sectors—including steel manufacturing, railways, and power utilities—form the revenue pillar, with existing customers accounting for approximately 59% of sales. The company prioritizes revenue, gross margin, and R&D spending as management metrics, with core client count and core client sales set as KPIs. Market tailwinds are favorable, with the drone market projected to reach ¥1.0195 trillion by 2030 and the manufacturing DX market expected to expand to approximately ¥2.9 trillion by the same year. The company plans to capture these opportunities and scale its business accordingly.

Key investment areas focus on integrated solution development combining hardware (indoor drone "IBIS") and software (3D cloud platform "LAPIS" and management platform), positioning this as the core of differentiation. The company operates in a niche segment of narrow, dark, and hazardous indoor spaces, providing end-to-end services from on-site video capture through 3D modeling to AI analysis. Rather than selling drones alone, it delivers added value through operations and data utilization. Specific initiatives include sustained R&D investment, recruitment and development of exceptional engineers, industry-academia collaboration with universities and joint research with companies, and strengthened data governance, including ISMS certification acquired in September 2022.

Market expansion pursues both domestic sector diversification and international growth. Domestically, the company promotes use-case development in indoor and closed environments such as sewers and plants through trade shows and web marketing, aiming to acquire customers beyond core clients by expanding service channels and penetrating intermediaries. Internationally, the company is advancing into Korea and evaluating entry strategies tailored to regulations and local needs in Southeast Asian countries. Financially, the company prioritizes growth investment while securing liquidity and exploring diverse funding options including borrowing and capital increases, with risk management protocols in place for plan shortfalls.

Regarding technological innovation, the company targets autonomous flight for indoor drones as a medium-to-long-term goal. It will continue investing in aircraft technology for safe flight in confined and dark spaces where human access is difficult, automation software applicable in the field, and enhanced precision in 3D data modeling and AI analysis. The company will also jointly develop and validate specialized aircraft and operational methods with customers for their unique environments. Through these efforts, the company plans to standardize inspection operations, improve reproducibility, and establish competitive advantage as a comprehensive solution provider.