Worth reading
67In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
100
¥100 million (FY2030 revenue)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Partially revisedNet SalesNot disclosed → ¥10 billion (FY2030)
Only the target level is shown because the current level for comparison was not provided.What happened to the previous plan¥1,044 million → 1,050 (actual)（Approximately +0.6%）+0.6%Calculated from the two disclosed figures
Total investment planamount ¥1,603 million (estimated net proceeds from the Eighth Stock Acquisition Rights) / period October 2026–June 2029
Investment amount by sectorField Capital expenditures related to the low-concentration precious metals recovery business / Amount ¥300 million / Timing December 2026–June 2028, Field Funds for the creation of new businesses / Amount ¥500 million / Timing October 2026–June 2028, Field Funds for business operations / Amount ¥803 million / Timing October 2026–June 2029
Key initiatives
01Expanding business scope
02Commercialize small-scale equipment
03Standardize large-scale equipment
04In-house production of oscillators
05Acquire and retain new projects
06Standardize small-scale equipment and finalize the business model
07In-house production and scaling up of oscillators
08Standardize microwave rotary hearth furnaces (MW-RHF)
09Economic feasibility analysis
10Secure partners and sales channels
11Strengthen supply capacity through capital investment
12Expand into new waste streams, elements and regions
13Establish a system for sourcing projects
Plan assumptionsDeployment of commercial systems is subject to investment decisions by partner companies, The timing and scale of projects are affected by customers' investment decisions, Expansion of the wastewater and elements covered by DPS depends on the results of demonstrations for each theme, The exchange-rate assumption is USD/JPY = 140, 10% of the 2030 TAM is a market scenario, not a target, The approximately 90% reduction in CO2 emissions assumes the use of electricity generated from renewable energy
Segment targetSegment Microwave Solutions business (MWS) / Sales Target ¥1,262 million (fiscal year ending June 2027) / Profit Target Not disclosed / Additional information 60–70% of revenue mix in FY6/30, Segment DualPore Solutions business (DPS) / Sales Target ¥250 million (fiscal year ending June 2027) / Profit Target Not disclosed / Additional information 20–25% of revenue mix in FY6/30, Segment New Businesses / Sales Target Not disclosed / Profit Target Not disclosed / Additional information 10–15% of revenue mix in FY6/30
Non-financial targetsIndicator Number of systems deployed in society / Target value 5 systems / Timing Through FY2030, Indicator Number of new contracts acquired (MWS) / Target value 25 projects / Timing FY6/27, Indicator Total number of contracts (MWS) / Target value 63 contracts / Timing FY6/27, Indicator Number of lines deployed (DPS) / Target value 5 lines (as of June 2026) / Timing Current status, Indicator Recurring revenue ratio / Target value 50% / Timing FY6/30 / Additional information Reference figure, not a target
Size of the Target MarketMarket MWS and mining processes / Dimensions 2030 TAM: ¥1.4 trillion / Growth rate Approximate CAGR: 7% / Source Global Non-ferrous Metal Melting Furnace Market By Type, By Application, By Geographic Scope And Forecast; Rotary Kiln Market. Company estimate based on USD/JPY = 140, Market DPS and low-concentration precious metals recovery / Dimensions TAM: ¥35 billion plus; SAM: ¥11.8 billion; covered wastewater: ¥5.9 billion / Growth rate Not disclosed / Source JOGMEC, Mineral Resources Material Flow 2022: Platinum Group Metals (PGM); JPCA and METI's Current Production Statistics; IPC-4556 ENEPIG standard; paid research commissioned by the Company
Risks identified by the company
Expansion of technology applications: Because uncertainty is high in new technology fields, market penetration may not progress as planned
New entrants and technological innovation: New entrants or technologies with research and development capabilities exceeding those of the Company may emerge
Intellectual property: Intellectual property infringement issues, including litigation or claims by third parties, may arise
Reason for revision or withdrawal
The low-concentration precious metals recovery business was acquired in September 2025 and moved from the exploration stage to the monetization stage, so it was separated from initiatives in the hypothesis-testing stage, namely new businesses, and presented independently. Because market needs are strong against the backdrop of critical minerals and economic security, and the Company is investing its own resources in technology standardization as a priority area, it was presented independently as a field within Microwave Solutions. To expand the scope from chemical recycling in the narrow sense to recycling in general, it was integrated into the existing business and presented accordingly.
| Item | Details |
|---|---|
| Plan name | Medium-Term Vision |
| Plan period | FY6/26–FY6/30 (FY2030) |
| Progress against the plan | Partially revised |
| Sales Target | Not disclosed → ¥10 billion (FY2030) |
| Total investment plan | amount ¥1,603 million (estimated net proceeds from the Eighth Stock Acquisition Rights) / period October 2026–June 2029 |
| Investment amount by sector | Field Capital expenditures related to the low-concentration precious metals recovery business / Amount ¥300 million / Timing December 2026–June 2028, Field Funds for the creation of new businesses / Amount ¥500 million / Timing October 2026–June 2028, Field Funds for business operations / Amount ¥803 million / Timing October 2026–June 2029 |
| Segment target | Segment Microwave Solutions business (MWS) / Sales Target ¥1,262 million (fiscal year ending June 2027) / Profit Target Not disclosed / Additional information 60–70% of revenue mix in FY6/30, Segment DualPore Solutions business (DPS) / Sales Target ¥250 million (fiscal year ending June 2027) / Profit Target Not disclosed / Additional information 20–25% of revenue mix in FY6/30, Segment New Businesses / Sales Target Not disclosed / Profit Target Not disclosed / Additional information 10–15% of revenue mix in FY6/30 |
| Non-financial targets | Indicator Number of systems deployed in society / Target value 5 systems / Timing Through FY2030, Indicator Number of new contracts acquired (MWS) / Target value 25 projects / Timing FY6/27, Indicator Total number of contracts (MWS) / Target value 63 contracts / Timing FY6/27, Indicator Number of lines deployed (DPS) / Target value 5 lines (as of June 2026) / Timing Current status, Indicator Recurring revenue ratio / Target value 50% / Timing FY6/30 / Additional information Reference figure, not a target |
| Plan assumptions | Deployment of commercial systems is subject to investment decisions by partner companies, The timing and scale of projects are affected by customers' investment decisions, Expansion of the wastewater and elements covered by DPS depends on the results of demonstrations for each theme, The exchange-rate assumption is USD/JPY = 140, 10% of the 2030 TAM is a market scenario, not a target, The approximately 90% reduction in CO2 emissions assumes the use of electricity generated from renewable energy |
| Key initiatives | Expanding business scope, Commercialize small-scale equipment, Standardize large-scale equipment, In-house production of oscillators, Acquire and retain new projects, Standardize small-scale equipment and finalize the business model, In-house production and scaling up of oscillators, Standardize microwave rotary hearth furnaces (MW-RHF), Economic feasibility analysis, Secure partners and sales channels, Strengthen supply capacity through capital investment, Expand into new waste streams, elements and regions, Establish a system for sourcing projects |
| Results under the previous plan | ¥1,044 million → 1,050 (actual)（Approximately +0.6%） |
| Reason for revision or withdrawal | The low-concentration precious metals recovery business was acquired in September 2025 and moved from the exploration stage to the monetization stage, so it was separated from initiatives in the hypothesis-testing stage, namely new businesses, and presented independently. Because market needs are strong against the backdrop of critical minerals and economic security, and the Company is investing its own resources in technology standardization as a priority area, it was presented independently as a field within Microwave Solutions. To expand the scope from chemical recycling in the narrow sense to recycling in general, it was integrated into the existing business and presented accordingly. |
| Size of the Target Market | Market MWS and mining processes / Dimensions 2030 TAM: ¥1.4 trillion / Growth rate Approximate CAGR: 7% / Source Global Non-ferrous Metal Melting Furnace Market By Type, By Application, By Geographic Scope And Forecast; Rotary Kiln Market. Company estimate based on USD/JPY = 140, Market DPS and low-concentration precious metals recovery / Dimensions TAM: ¥35 billion plus; SAM: ¥11.8 billion; covered wastewater: ¥5.9 billion / Growth rate Not disclosed / Source JOGMEC, Mineral Resources Material Flow 2022: Platinum Group Metals (PGM); JPCA and METI's Current Production Statistics; IPC-4556 ENEPIG standard; paid research commissioned by the Company |
| Risks identified | Expansion of technology applications: Because uncertainty is high in new technology fields, market penetration may not progress as planned, New entrants and technological innovation: New entrants or technologies with research and development capabilities exceeding those of the Company may emerge, Intellectual property: Intellectual property infringement issues, including litigation or claims by third parties, may arise |
| Publication date | 17 September 2026 |
Items this document does not state (10)
Operating profit targetOperating profit margin targetNet income targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The low-concentration precious metals recovery business was acquired in September 2025, moving it from the exploration stage to the monetization stage. In addition, market needs are strong against the backdrop of critical minerals and economic security, and the Company is pursuing technology standardization in the Resources and Metals field as a priority area. Following the revenue shortfall in the fiscal year ended June 2026, the Company also plans to diversify its customer base and revenue sources.
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