Overview
Information & Communication

Photosynth inc.

Photosynth Inc. develops and provides the 'Akerun' brand of cloud-based access control and space management solutions, combining IoT smart lock hardware with SaaS software under a HESaaS (Hardware Enabled Software as a Service) subscription model, primarily targeting corporate offices, residential properties, commercial facilities, healthcare institutions, educational institutions, and local governments. The company also offers 'Migakun,' a facility operations BPaaS service leveraging gig workers for tasks such as cleaning, enabled through Akerun-based access control. By integrating authentication data with attendance management, reception automation, and AI camera security, Photosynth addresses Japan's critical labor shortage driven by an aging population, serving over 5,600 contracted corporate clients.

Market Cap
US$43.8M
¥7.00B
EV
US$31.7M
¥5.07B
StockUS$2.84(¥453)▲+0.00%
US$1 = ¥159.70 (2026-11-12)
LTM EV/EBITDA
9.1
x
LTM EV/EBIT
19.6
x
LTM PER
23.5
x
LTM PBR
2.6
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+4.2%pt
100
Nov 13, 25 – Nov 13, 26StockTOPIX
MC → EV Bridge
US$43.8M¥7.00BMarket CapUS$0.35M¥0.06B+ DebtUS$12.4M¥1.98B− CashUS$0.48M¥0.08B− Inv. Sec.US$0.46M¥0.07B+ NCIUS$31.7M¥5.07BEV
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Performance & Balance
Revenue 5Y (US$)
US$10.0M¥1.60B'21/12US$12.5M¥1.99B'22/12US$15.6M¥2.49B'23/12US$18.5M¥2.96B'24/12US$21.2M¥3.38B'25/12
EBITDA 5Y (US$)
-US$5.18M¥-0.83B'21/12-US$3.37M¥-0.54B'22/12-US$0.24M¥-0.04B'23/12US$2.17M¥0.35B'24/12US$3.14M¥0.50B'25/12
Net Income 5Y (US$)
-US$5.42M¥-0.87B'21/12-US$3.62M¥-0.58B'22/12-US$1.10M¥-0.18B'23/12US$0.97M¥0.16B'24/12US$1.82M¥0.29B'25/12
Capital Structure
98%
EquityD/E 0.02xDebt
Liquidity vs Debt 5Y (US$)▲ Net Cash
CashInv. Sec.Debt
US$22.1M¥3.53BUS$4.73M¥0.75B'21/12US$11.6M¥1.85BUS$2.38M¥0.38B'22/12US$10.1M¥1.62BUS$1.89M¥0.30B'23/12US$10.0M¥1.60BUS$0.58M¥0.09B'24/12US$10.9M¥1.74BUS$0.46M¥0.07B'25/12
Shareholders
Top 10 hold 51.8%
1
Kodai KASE
15.82%
2
UH Partners 2 Investment Limited Partnership
7.78%
3
Hikari Tsushin, Inc. Investment Limited Partnership
7.54%
4
BBH(LUX) FOR FIDELITY FUNDS - PACIFIC POOL (Standing Proxy: MUFG Bank, Ltd.)
5.80%
5
Rakuten Securities, Inc.
3.78%
6
MF-GB No. 2 Investment Limited Partnership
2.71%
7
SBI SECURITIES Co., Ltd.
2.43%
8
Hiroaki WATANABE
2.28%
9
CACEIS BANK,LUXEMBOURG BRANCH / UCITS CLIENTS ASS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
1.86%
10
Yuya KUMAGAI
1.79%
Management
8 officers
Kodai KASE
Representative Director, President
Apr 2011 Joined Gaiax Co., Ltd. Sep 2014 Established the Company; Representative Director, President (current)
1988-09-19
Hiroaki WATANABE
Director, Vice President
Apr 2011 Joined SoftBank Telecom Corp. (currently SoftBank Corp.) Sep 2014 Established the Company; Director, Vice President (current) Jan 2021 Representative Director, President, MIWA Akerun Technologies Co., Ltd. (current) Sep 2024 Representative Director, Migakun Co., Ltd.
1988-07-16
Yuya KUMAGAI
Director
Apr 2012 Joined Panasonic Corporation Sep 2014 Joined the Company Mar 2020 Director of the Company (current)
1989-02-18
Kazue SHIMADA
Outside Director
Apr 1974 Joined Japan Air Lines Co., Ltd. Jun 1984 Seconded to the Ministry of Transport (currently Ministry of Land, Infrastructure, Transport and Tourism) Jun 1995 Deputy General Manager, Finance Department, Japan Air Lines Co., Ltd. Jun 1997 Deputy General Manager, Corporate Planning and Finance Department, Japan Asia Airways Co., Ltd. Aug 1999 Deputy General Manager, Legal Affairs Department, Japan Air Lines Co., Ltd.; Head, JAL Group Legal Consultation Center Jul 2007 Joined Samantha Thavasa Limited as General Manager, Management Administration Department and Head, Internal Audit Office Sep 2013 General Manager, General Affairs and Legal Department, Samantha Thavasa Limited Mar 2019 Outside Audit and Supervisory Board Member of the Company Mar 2025 Outside Director of the Company (current)
1950-11-01
Atsuko SUZUKI
Outside Director
Apr 1993 Founded ETIC., an organization supporting entrepreneurs Sep 2000 Director, ETIC. (Specified Nonprofit Corporation) Apr 2024 Director, Kamiyama Gakuen Educational Corporation; Vice Principal, Kamiyama Marugoto Kosen (Technical College) (current) Mar 2025 Outside Director of the Company (current) Apr 2025 Director, Mitene Fund (General Incorporated Foundation) (current)
1971-10-03
Yasuo NAKAJIMA
Full-time Outside Audit and Supervisory Board Member
Apr 1983 Joined FUJIFILM Corporation Jul 1992 Senior Staff Engineer, European Plant, FUJIFILM Corporation May 2002 Joined Daiichi-Hoki Co., Ltd. as General Manager, Editorial Management Division and General Manager, IT Division Jan 2010 Joined Saizeriya Co., Ltd. as General Manager, Engineering Department Sep 2013 General Manager, Internal Audit Office, Saizeriya Co., Ltd. Nov 2020 Director, Audit and Supervisory Committee Member, Saizeriya Co., Ltd. Mar 2025 Outside Audit and Supervisory Board Member of the Company (current)
1958-07-13
Masafumi YAZAWA
Outside Audit and Supervisory Board Member
Apr 2002 Joined The Bank of Tokyo-Mitsubishi UFJ, Ltd. (currently MUFG Bank, Ltd.) Mar 2012 Registered as Certified Tax Accountant Jan 2015 Joined UBS Bank, Tokyo Branch Jan 2016 Joined UBS Securities Co., Ltd. Jul 2016 Established BSP Tax Accountant Corporation; Representative Partner (current) Aug 2018 Established BSP Holdings Co., Ltd. (currently BSP Family Office Co., Ltd.); Representative Director (current) Mar 2019 Outside Audit and Supervisory Board Member of the Company (current)
1977-07-02
Shunsuke NISHIMOTO
Outside Audit and Supervisory Board Member
Dec 2012 Registered as attorney-at-law, Japan Federation of Bar Associations (Tokyo Bar Association, First Chapter) Dec 2012 Joined Shinsei Sogo Law Office Jun 2019 Outside Audit and Supervisory Board Member, Inbound Technology Co., Ltd. (current) Apr 2020 Audit and Supervisory Board Member, Livenet Co., Ltd. Mar 2021 Outside Audit and Supervisory Board Member of the Company (current) Oct 2021 Director, Pikapaka Co., Ltd. (current) Aug 2022 Audit and Supervisory Board Member, PostPrime Co., Ltd. (current) Nov 2022 Audit and Supervisory Board Member, United Will Co., Ltd. (current) Nov 2022 Audit and Supervisory Board Member, Cake.jp Co., Ltd. (current) Aug 2023 Audit and Supervisory Board Member, Globing Co., Ltd. (current)
1979-10-01
Large Shareholding Reports
UH Partners 2
2026-06-26
7.68%→7.68%
FIL Investment Management (Hong Kong) Limited
2026-06-05
7.68%→8.70%
FIL Investment Management (Hong Kong) Limited
2026-06-05
6.59%→7.68%
FIL Investment Management (Hong Kong) Limited
2026-06-05
6.59%→6.59%
FIL Investment Management (Hong Kong) Limited
2026-06-05
6.71%→6.59%
FIL Investment Management (Hong Kong) Limited
2026-06-05
6.71%
Fidelity Investment Trust Company, Limited
2026-06-05
7.23%→8.53%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Kodai KAWASE
2026-03-10
16.96%→19.97%
Annual report (as of 2026-06-30): 15.82%
Kodai KAWASE
2026-03-10
16.96%→19.97%
Annual report (as of 2026-06-30): 15.82%
Fidelity Investment Trust Company, Limited
2026-01-22
7.23%→8.53%
UH Partners 2 Co., Ltd.
2026-01-09
7.68%→7.68%
UH Partners 2 Co., Ltd.
2025-12-24
7.68%→7.68%
UH Partners 2 Co., Ltd.
2025-12-12
7.68%
Norinchukin Capital Co., Ltd.
2025-12-12
7.76%→0.00%
Fidelity Investments Japan Limited
2025-10-07
8.64%→7.23%
Fidelity Investment Trust Company, Limited
2025-09-05
9.99%→8.64%
Disclosures
M&A / Other
2026-10-15
Primary Source Filings
TDnet
2026-11-12
Q3 Earnings Flash
FY ending Dec 2026
TDnet
2026-10-15
M&A / Other
EDINET
2026-08-13
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnetAmended
2026-08-13
Q1 Earnings Flash
FY ending Dec 2026
TDnet
2026-08-13
Q2 Earnings Flash
FY ending Dec 2026
EDINET
2026-06-26
Large Shareholding Report
EDINETAmended
2026-06-05
Change Report
EDINETAmended
2026-06-05
Change Report
EDINETAmended
2026-06-05
Change Report
EDINET
2026-06-05
Large Shareholding Report
EDINETAmended
2026-06-05
Change Report
EDINET
2026-06-05
Large Shareholding Report
TDnet
2026-05-13
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-27
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2026-03-10
Large Shareholding Report
EDINETAmended
2026-03-10
Change Report
TDnet
2026-02-13
Full-Year Earnings Flash
FY ending Dec 2025
TDnet
2026-02-09
業績予想の修正
EDINET
2026-01-22
Large Shareholding Report
EDINET
2026-01-09
Large Shareholding Report
EDINET
2025-12-24
Large Shareholding Report
EDINET
2025-12-12
Large Shareholding Report
EDINET
2025-12-12
Large Shareholding Report
TDnet
2025-11-12
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-10-07
Large Shareholding Report
EDINET
2025-09-05
Large Shareholding Report
EDINET
2025-08-14
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-05-13
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-28
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-13
Semi-Annual Securities Report
Period: Jan 2024 – Dec 2024
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