(336A) Stock Price

Dynamic Map Platform Inc. researches and develops high-precision 3D map data (HD Maps) and provides them for autonomous driving and advanced driver assistance systems. The company licenses this map data to automobile manufacturers and others, while also offering data update services that reflect changes in road conditions.

Its primary customers are automobile manufacturers, map and in-vehicle system makers, semiconductor manufacturers, as well as corporations including local governments, road operators, and non-life insurance companies. The revenue model is divided into two main categories: project-based (surveying, data preparation, and government contracts) and license-based (per-vehicle licensing fees for mass-produced vehicles, maintenance fees, corporate data usage fees, and charges for Viewer/Guidance products). The company expands its business by combining both approaches.

Operations span domestically and internationally, organized around two core pillars: "Automotive Business" and "3D Data Business." The Automotive segment focuses on road surveying, mapping, integration, and provision of HD Maps for in-vehicle use along with licensing. The 3D Data segment provides high-precision point cloud data visualization tools (Viewer) and guidance products such as snow removal support to local governments and enterprises. Additionally, the company participates in government projects and digital infrastructure development, working to establish Dynamic Map as a shared data platform across industries.

The company aims to achieve mid-to-long-term revenue growth and early profitability. Historically, it achieved approximately 52% compound annual growth rate (CAGR) from 2020 to 2025, with consolidated revenue expanding to 5,567 million yen in 2024 and 7,465 million yen in 2025. Key performance indicators include revenue, license-based revenue, and adjusted EBITDA. Adjusted EBITDA improved from negative 2,203 million yen in fiscal 2024 to negative 609 million yen in fiscal 2025, narrowing losses. The company plans to enhance gross margins and generate cash by increasing the proportion of license-based revenue.

The company positions strategic investment in data acquisition, preparation, and precision enhancement as the core of its differentiation strategy. As of March 2025, it maintains coverage exceeding 1.5 million kilometers, with 1.2 million km in North America, 255,000 km in Europe, and 33,000 km on Japanese expressways and similar infrastructure. Technologically, the company advances positioning and measurement capabilities such as RTK, which corrects satellite positioning to achieve centimeter-level accuracy, and automates point cloud data conversion and integration processes. Leveraging production deployment across 36 vehicle models with automakers, the company secures competitive advantage by providing high-quality data that competitors find difficult to replicate.

Beyond automotive HD maps, the company is expanding its 3D data business into infrastructure, transportation, and government and defense sectors. The global digital map market outside automotive is valued at approximately 3.4 trillion yen, with a serviceable addressable market (SAM) of approximately 1.6 trillion yen in North America, Asia-Pacific, and infrastructure, transportation, and government segments where the company prioritizes expansion. The company will pursue license revenue and commercialize Viewer and Guidance products through expanded North American coverage, Middle East expansion, and use-case diversification including snow removal support and maintenance management for municipalities, and MaaS (regional mobility services). Additionally, the company plans to leverage partnerships and M&A with Tier 1 suppliers, semiconductor companies, and AI firms to expand distribution channels and deploy technology horizontally.

The company also prioritizes improving cost competitiveness through technological innovation. Specific initiatives include reducing data preparation and update costs through automated mapping and change detection, leveraging diverse data sources such as satellite imagery and vehicle probe data, and enhancing product generation efficiency through technology integration with Dynamic Map Platform North America. The company aims to incorporate generative AI and various analytical technologies to improve map freshness and safety, and establish a data integration platform linking road management and construction information to enable new services in disaster prevention, infrastructure maintenance, and V2X applications.