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Micware Co., Ltd. (MWC) details $140.3M revenue and SDV plans

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Rhea-AI Filing Summary

Micware Co., Ltd., a Japan-based automotive software developer listed on Nasdaq, reports that its CEO and Micware North America president will present at the Emerging Growth Virtual Conference and the Sidoti Micro-Cap Virtual Conference, both scheduled for August 19, 2026, using a new investor presentation.

The company focuses on in-vehicle infotainment, navigation software, and mobility solutions for major OEMs. It has over 20 years of automotive software experience, more than 300 patents, around 600 employees, and long-term relationships with customers and strategic shareholders Toyota Motor Corporation and Honda Motor Co., Ltd., each holding 11.5% of its ordinary shares.

For the fiscal year ended February 28, 2026, Micware reported revenue of US$140.3 million, a gross margin of 36.8%—up 1.8 percentage points year-on-year—and net income attributable to ordinary shareholders of US$15.6 million with an 11.1% margin. Cash and cash equivalents were US$52.9 million versus total indebtedness of US$34.5 million. Strategy centers on two growth pillars: the micAuto-PF IVI software platform, for which first revenue is expected from FY2027 with no OEM contracts yet, and the DynaPlanet 3D spatial platform, currently in early commercialization. IPO proceeds are allocated primarily to these platforms, with additional funds for general corporate purposes, strategic SDV and location-based services investments, and marketing, alongside an organizational reshaping effective September 1, 2026 to deepen focus on spatial intelligence.

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Filing Explained

The investor presentation quantifies the IPO net-proceeds allocation: approximately 44% for DynaPlanet and micAuto-PF, 36% for general corporate purposes, 12% for other strategic SDV and location-based investments, and 8% for marketing and advertising.

Revenue FY2026 US$140.3 million Revenue for the fiscal year ended February 28, 2026
Gross margin FY2026 36.8% Gross margin for FY2026, an increase of 1.8 percentage points year-on-year
Net income FY2026 US$15.6 million Net income attributable to the company’s ordinary shareholders for FY2026; net margin 11.1%
Cash and cash equivalents US$52.9 million Cash and cash equivalents as of February 28, 2026
Total indebtedness US$34.5 million Total indebtedness including short- and long-term borrowings as of February 28, 2026
Toyota shareholding 11.5% Ordinary shares of Micware beneficially owned by Toyota Motor Corporation
Honda shareholding 11.5% Ordinary shares of Micware beneficially owned by Honda Motor Co., Ltd.
Patents held 300+ Total number of patents in Micware’s portfolio as of June 30, 2026
Software Defined Vehicles technical
"Evolve from IVI Tier 1 to SDV Tier 1 Software Supplier"
in-vehicle infotainment technical
"specializing in IVI systems, navigation software and mobility solutions for OEMs"
A built-in system in a vehicle that combines entertainment, navigation and information services—like a tablet for controlling music, maps, phone calls, apps and some car settings. It matters to investors because these systems influence a vehicle’s appeal, can create recurring revenue through software and services, affect manufacturing costs and margins, and carry regulatory and cybersecurity risks that can change a maker’s competitive position and future profits.
Adjusted Operating Profit financial
"Adjusted Operating Profit is a non-GAAP financial measure that is defined as operating profit plus"
Adjusted operating profit is a measure of a company’s routine profit from its core business activities after removing one‑time events, unusual costs or non‑cash items so the result reflects ongoing operations. Think of it like judging a car’s normal fuel efficiency after ignoring a single visit to the body shop; investors use it to compare underlying profitability across periods or peers and to judge whether the business is sustainably earning money, but the specific exclusions can be subjective.
non-GAAP financial measure financial
"Adjusted income from operations is a financial measure that is not calculated in accordance with U.S. GAAP"
A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.
DynaPlanet technical
"DynaPlanet is an intelligent 3D platform designed for the AI era"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What did Micware Co., Ltd. (MWC) disclose in its August 2026 Form 6-K?
Micware reported that senior management will present at the Emerging Growth and Sidoti Micro-Cap virtual conferences on August 19, 2026, and that it will use an updated investor presentation at these events and in discussions with potential investors.

What are Micware (MWC)'s core businesses and key customers?
Micware provides in-vehicle infotainment, navigation software, and mobility solutions to automotive OEMs. It has over 20 years’ experience and long-term relationships with major Japan-based OEMs, including Toyota and Honda, which are both customers and strategic shareholders.

How did Micware (MWC) perform financially in FY2026?
For the year ended February 28, 2026, Micware generated US$140.3 million in revenue, with a gross margin of 36.8% and net income attributable to ordinary shareholders of US$15.6 million, representing an 11.1% net income margin.

What is Micware (MWC)'s strategy around Software Defined Vehicles (SDV)?
Micware aims to evolve from an IVI Tier 1 supplier to an SDV Tier 1 software supplier, leveraging its micAuto-PF platform and deep OEM ties. The company also targets ADAS and integrated cockpit-to-driving solutions as SDV software content per vehicle increases.

How strong is Micware (MWC)'s balance sheet at the end of FY2026?
As of February 28, 2026, Micware held US$52.9 million in cash and cash equivalents and had total indebtedness of US$34.5 million, including short- and long-term borrowings, providing liquidity to support its ongoing growth initiatives.

Who are the major shareholders of Micware (MWC)?
Toyota Motor Corporation and Honda Motor Co., Ltd. each beneficially own 11.5% of Micware’s ordinary shares. Directors, corporate auditors, and executive officers as a group hold 27.6%, including stakes by founder Kenji Narushima and other key executives.

How will Micware (MWC) use the net proceeds from its IPO?
Micware plans to allocate about 44% of IPO net proceeds to DynaPlanet and micAuto-PF, 36% to general corporate purposes, 12% to strategic SDV and location-based services investments, and 8% to marketing and advertising activities.

 

 

 

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 August 2026

 

Commission File Number: 001-43279

 

Micware Co., Ltd.

 

Kobe Asahi Building 25th Floor
59 Naniwa-machi, Chuo-ku
Kobe, Hyogo 650-0035

(Address of principal executive office)

 

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 August 5, 2026, Micware Co., Ltd. (the “Company”) issued a press release announcing its planned participation in Emerging Growth Virtual Conference and Sidoti Micro-Cap Virtual Conference, both to be held on August 19, 2026 (collectively, the “Conferences”). A copy of the press release is furnished as Exhibit 99.1 hereto.

 

The Company expects to use the attached presentation (the “Presentation”) at the Conferences, as well as from time to time with potential investors. A copy of the Presentation is furnished as Exhibit 99.2 hereto.

 

Neither this report nor the exhibits attached hereto constitute an offer to sell, or the solicitation of an offer to buy our securities, nor shall there be any sale of our securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

 

1

 

 

Exhibit Index

 

Exhibit No.   Description
99.1   Press Release
99.2   Investor Presentation

 

2

 

 

SIGNATURE

 

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.

 

  Micware Co., Ltd.
     
  By: /s/ Takuma Segawa
    Mr. Takuma Segawa
    Chief Financial Officer

 

Date: August 5, 2026

 

3

 

Exhibit 99.1

 

Micware Co., Ltd. to Participate in Two Upcoming Investor Conferences

 

KOBE, Japan, August 5, 2026 (GLOBE NEWSWIRE) – Micware Co., Ltd. (Nasdaq: MWC) (the “Company” or “Micware”), a Japan-based provider of software development services and innovative IT solutions mainly focused on the automotive and mobility sectors, today announced that its Founder and Chief Executive Officer, Mr. Kenji Narushima, and the President of Micware North America, Inc., Mr. Takashi Harishima, will present at the following investor conferences:

 

Emerging Growth Virtual Conference

 

● Date: Wednesday, August 19, 2026

 

● Location: Virtual

 

● Presentation Time: 9:05 AM – 9:35 AM Eastern time

 

● Webcast: Click here

 

Sidoti Micro-Cap Virtual Conference

 

● Date: Wednesday, August 19, 2026

 

● Location: Virtual

 

● Presentation Time: 10:00 AM – 10:30 AM Eastern time in Track 2

 

● Webcast: Click here

 

● Management will host one-on-one investor meetings during the Sidoti Micro-Cap Virtual Conference.

 

The presentations will also be available on the Micware Investor Relations website at www.ir-micware.com. For more information about the conferences, or to schedule a one-on-one meeting with Micware management, contact your conference representative or email mic_ir@micware.co.jp.

 

About Micware Co., Ltd.

 

Micware Co., Ltd. is a Japan-based provider of software development services and innovative IT solutions mainly focused on the automotive and mobility sectors. The Company is primarily engaged in the development and sale of in-vehicle infotainment (“IVI”) systems covering multimedia, navigation, human machine interface, telematics, and driver assistance, as well as navigation software and location information-based smartphone applications.

 

Since its founding in 2003, Micware has built over 20 years of experience in automotive software and has established long-term relationships with major original equipment manufacturers (“OEM”) in Japan, including Honda Motor Co., Ltd. and Toyota Motor Corporation. Leveraging its engineering capabilities, proprietary technologies, and long-standing OEM relationships, the Company was ranked 9th among Japan-based Tier 1 suppliers in the IVI market in terms of revenue as of February 28, 2024, according to an industry report titled “IVI, Automotive Navigation System and Digital Mapping Market” commissioned by the Company and prepared by Frost & Sullivan. Micware operates across Japan through six operating entities and 13 branch offices and has established subsidiaries in the United States, Thailand, and Germany for overseas operations.

 

For more information, please visit the Company’s IR website: www.ir-micware.com.

 

 

 

 

Forward-Looking Statements

 

Certain statements in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may,” or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. These statements are subject to uncertainties and risks, including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the “Risk Factors” section of the annual report on Form 20-F filed with the U.S. Securities and Exchange Commission (the “SEC”). Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the annual report on Form 20-F and other filings with the SEC. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov.

 

For more information, please contact:

 

Micware Co., Ltd.

Investor Relations Department

Email: mic_ir@micware.co.jp

 

Public Relations

Email: mic_pr@micware.co.jp

 

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com

 

 

 

Exhibit 99.2

 

Nasdaq Ticker: MWC Investor Presentation August 2026 Micwar e Co. , Ltd.AI1AI2

 

 

2 This presentation contains forward - looking statements that reflect our current expectations and views of future events, all of which are subject to risks and uncertainties . You can identify these statements by the fact that they do not relate strictly to historical or current facts . You can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may,” or other similar expressions in this presentation . These statements are likely to address our growth strategy, financial results, and future development programs . You must carefully consider any such statements and should understand that many factors could cause actual results to differ from our forward - looking statements . These factors may include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not . No forward - looking statement can be guaranteed and actual future results may vary materially . Factors that could cause actual results to differ from those discussed in the forward - looking statements include, but are not limited to : assumptions about our future financial and operating results, including revenue, income, expenditures, cash balances, and other financial items ; our ability to execute our growth and expansion plan, including our ability to meet our goals ; current and future economic and political conditions ; our ability to compete in our industry ; our capital requirements and our ability to raise any additional financing which we may require ; our ability to attract customers and further enhance our brand awareness ; our ability to hire and retain qualified management personnel and key employees in order to enable us to develop our business ; trends in our industry ; and other assumptions described in this presentation underlying or relating to any forward - looking statements . We describe certain material risks, uncertainties and assumptions that could affect our business, including our financial condition and results of operations, under “Risk Factors” in our annual report on Form 20 - F (the “Annual Report”) filed with the U . S . Securities and Exchange Commission (the “SEC”) . We base our forward - looking statements on our management’s beliefs and assumptions based on information available to our management at the time the statements are made . We caution you that actual outcomes and results may, and are likely to, differ materially from what is expressed, implied, or forecast by our forward - looking statements . Accordingly, you should be careful about relying on any forward - looking statements . Except as required under the federal securities laws, we do not have any intention or obligation to update publicly any forward - looking statements after the distribution of this annual report, whether as a result of new information, future events, changes in assumptions, or otherwise . The forward - looking statements made in this presentation relate only to events or information as of the date on which the statements are made in this presentation . Except as required by law, we undertake no obligation to update or revise publicly any forward - looking statements, whether as a result of new information, future events, or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events . You should read this presentation, along with the Annual Report and the documents that are filed as exhibits to the Annual Report , carefully and with the understanding that our actual future results may differ materially from what we currently expect . Industry Data and Forecasts This presentation contains references to market data and industry forecasts and projections, which were obtained or derived from publicly available information, reports of governmental agencies, market research reports, and industry publications and surveys . These sources generally state that the information contained therein has been obtained from sources believed to be reliable, but that the accuracy and completeness of that information is not guaranteed . Although we believe such information to be accurate, we have not independently verified the data from these sources . However, we acknowledge our responsibility for all disclosures in this presentation . Forecasts and other forward - looking information obtained from these sources are subject to the same qualifications and additional uncertainties and risks regarding the other forward - looking statements in this presentation due to a variety of factors, including those described in the section entitled “Risk Factors” in the Annual Report and elsewhere in this presentation . These and other factors could cause results to differ materially from those expressed in the forecasts and estimates . Forward - Looking Statements SS1

 

 

3 01 Trusted Partner to Toyota & Honda 02 Leading Japanese automotive software company 03 Positioned for Software Defined Vehicles (“SDV”) growth 04 AI - powered DynaPlanet platform 05 Strong profitability and cash generation Dual relationship: Toyota Motor Corporation (“Toyota”) & Honda Motor Co., Ltd. (“Honda”) are both customer s and strategic shareholder s of Micware 20+ years serving leading original equipment manufacturers (“OEMs”) Expanding beyond in - vehicle infotainment (“IVI”) into next - generation vehicle software Creating a scalable recurring revenue opportunity Funding future growth from a solid financial base Why Invest in Micware ? Investment Highlights

 

 

4 of experience in software development in the automotive industry* Our Key Customers 20+ years Our Products and Services • In - vehicle platform s oftware • Navigation software • Other mobility s oftware • B2C services p atents in total* 300+ 6 00+ n umber of employees** Our Global Operations 6 operating entities and 13 branch offices across Japan, with established subsidiaries in the U.S., Thailand, and Germany* Note: * As of June 30 , 2026. **Approximate employee headcount as of June 11, 2026. Kobe Headquarters Japan Micware Asia Pacific Co., Ltd. Thailand Micware North America, Inc. United States Micware Europe GmbH Germany • Other customers include Daihatsu Motor Co . , Ltd . and Denso Corporation . • Toyota holds >10% of the equity interests in Micware . • Honda holds > 10% of the equity interests in Micware . Founded in 2003 , Micware is a Japan - based automotive software developer specializing in IVI systems, navigation software and mobility solutions for OEMs . Company Overview

 

 

5 Location - Based Services Software Defined Vehicles Development and sale of software systems designed for SDV , including IVI system software and other mobility - enhancing software products Other Development and licensing of in - vehicle navigation software systems , and other geographic data - based services for B2B customers, mainly serving end users P rimarily comprises software development services designed for SDV , and B2C mobile app services unrelated to in - vehicle navigation Business Segment Note : The Company is evaluating organizational changes that may result in updates to its segment reporting in future periods . Any such changes remain subject to finalization . The segment information presented reflects the Company's current reporting basis .

 

 

6 3. Other Software - related Services 2. Licensing 1. Software Development Services Design and delivery of custom automotive software based on our proprietary IVI platform, which supports functions like navigation, multimedia, and connectivity After - sales maintenance and support services, as well as B2C mobile app services unrelated to in - vehicle navigation Licensing proprietary software modules to Tier 1 suppliers for integration into in - vehicle systems, typically on a per - unit basis Revenue Model

 

 

7 81.4% 15.0% 3.6% 76.7% 19.2% 4.1% Software Development Services Licensing FY2024 Audited FY2025 Audited Software - related Services Revenue US$ Million Revenue Breakdown Note: FY2024 refers to the fiscal year ended February 29, 2024; FY2025 refers to the fiscal year ended February 28, 2025; FY2 026 refers to the fiscal year ended February 28, 2026. All USD equivalents are based on the exchange rates as of the respective b al ance sheet dates, or if not available, the most recent available rate prior to such dates, as reported by the United States Federa l R eserve Board. Financial Highlights 116.9 140.2 140.3 FY2024 Audited FY2025 Audited FY2026 Audited 19 .9% 0 .1% 80.0% 14.8% 5.2% FY2026 Audited USD/JPY rate $1=¥149.90 USD/JPY rate $1=¥150.64 USD/JPY rate $1=¥156.05 AI1

 

 

8 9.1 8.8 10.3 FY2024 Audited FY2025 Audited FY2026 Audited 13.5 15.3 15.6 FY2024 Audited FY2025 Audited FY2026 Audited 35.5 49.1 51.6 FY2024 Audited FY2025 Audited FY2026 Audited US$ Million US$ Million 30.4% 35.0% 36.8% Gross Margin % US$ Million Adjusted Operating Profit Margin (%) Net Income Margin (%) Financial Highlights Note : FY 2024 refers to the fiscal year ended February 29 , 2024 ; FY 2025 refers to the fiscal year ended February 28 , 2025 ; FY 2026 refers to the fiscal year ended February 28 , 2026 . All USD equivalents are based on the exchange rates as of the respective balance sheet dates, or if not available, the most recent available rate prior to such dates, as reported by the United States Federal Reserve Board . *In evaluating its business, the Company uses certain non - GAAP measures as supplemental measures to review and assess its operating and financial performance, including Adjusted Operating Profit . Adjusted Operating Profit is a non - GAAP financial measure that is defined as operating profit plus one - time listing - related and other transformation expenses incurred in connection with the Company’s IPO and corporate transformation initiatives . Management uses Adjusted Operating Profit as a benchmark measurement of its own operating results, and as a benchmark relative to its competitors . Adjusted Operating Profit is not a measure of financial performance under accounting principles generally accepted in the United States (“U . S . GAAP”) and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP . Furthermore, this metric is not indicative of the Company’s overall results or indicators of past or future financial performance . The way the Company measures Adjusted Operating Profit may not be comparable to similarly titled measures presented by other companies . See the Appendix for a reconciliation of the Company’s operating profit, which the Company believes is the most directly comparable U . S . GAAP measure . 38 .3% 5.1% 13.3% 2 .0% 11.5% 10.9% 11.1% Adjusted Operating Profit* Gross Profit Net Income Attributable to the Company’s Ordinary Shareholders 17.0% 7.8% 6.3% 7.3% USD/ JPY rate $1=¥149.90 USD/JPY rate $1=¥150.64 USD/JPY rate $1=¥156.05 USD/JPY rate $1=¥149.90 USD/JPY rate $1=¥150.64 USD/JPY rate $1=¥156.05 USD/JPY rate $1=¥149.90 USD/JPY rate $1=¥150.64 USD/JPY rate $1=¥156.05

 

 

9 Note: *Total indebtedness includes short term borrowings, current portion of long - term borrowings, and long - term borrowings. Al l USD equivalents are based on the exchange rates as of the respective balance sheet dates, or if not available, the most rec ent available rate prior to such dates, as reported by the United States Federal Reserve Board. Financial Highlights Cash and Cash Equivalents US$ Million 27.9 50.9 52.9 As of February 29, 2024 As of February 28, 2025 As of February 28, 2026 US$ Million 32.2 40.3 34.5 As of February 29, 2024 As of February 28, 2025 As of February 28, 2026 Total Indebtedness* USD/JPY rate $1=¥149.90 USD/JPY rate $1=¥150.64 USD/JPY rate $1=¥156.05 USD/JPY rate $1=¥149.90 USD/JPY rate $1=¥150.64 USD/JPY rate $1=¥156.05

 

 

10 Key FY2026 Financial Takeaways Our g ross margin improvement of + 1 . 8 % pts YoY to 36 . 8 % , resulting in record - high margins and sustainable profitability rather than one - off gains . Even with a significant + 4 0 . 0 % YoY increase in R&D expenses , both operating profit and adjusted operating profit expanded , demonstrating the ability to fund future innovation while maintaining and expanding earnings . Strong , long - term relationships with leading global OEMs , particularly those with long development cycles, underscore the ability to secure recurring and follow - on projects in the evolving SDV space . 1 2 3 S ustainable Margin Expansion Driving Profit Growth Profitable Growth While Accelerating Strategic R&D Investmen t Deep OEM Integration Positions Us for SDV Growth

 

 

11 Strategic Direction Driving Long - Term Value Through Technology and Execution Supplier Platform Provider Founded in Kobe, Japan as a small team focused on developing car audio and navigation system s Recognized as one of the leading Japan - based IVI Tier 1 software suppliers Scaled into a global team with around 600 members worldwide * Accelerate global expansion Capture new opportunities Build a strong platform for the evolving mobility solutions Create long - term value by expanding beyond traditional boundaries Note: *Approximate employee headcount as of June 11, 2026. Developer 2003 ~2024 2026

 

 

12 The Two Growth Pillars of Our AI - centric Platform Strategy micAuto - PF MISSION DynaPlanet - PF MISSION 01 Maintain IVI domain 02 Expand ADAS * domain 03 Expand market via Connected ** 04 Expand quality & assurance 01 Collect dynamic data*** 02 Build dynamic spaces*** 03 04 Preserve spatial data × Go beyond convention through AI Note: * ADAS: Advanced Driver Assistance Systems. ** Connected: Connected Service. *** DynaPlanet's data and space elements. Commercialize spatial platform To execute our m ission for g rowth, we will launch a new organizational structure effective September 1, 2026, including the establishment of a new company focused on our next - generation spatial intelligence business. Our Mission for GrowthF 英 1 舞川 2 AI3

 

 

13 Future Growth Investment Priorities Allocation of IPO Proceeds • Approximately 44% for our DynaPlanet project and the expansion of micAuto - PF, including the commercialization and scaling of DynaPlanet and micAuto - PF, strategic investments to strengthen technologies, service offerings, and market access related to DynaPlanet and micAuto - PF, the development and expansion of our service line - up, and the enhancement of foundational technologies that support DynaPlanet and micAuto - PF; • Approximately 36% for general corporate purposes, including working capital as well as operating expenses; • Approximately 12% for strategic investments within our SDV and LBS segments, other than the DynaPlanet and micAuto - PF - related initiatives described above, that offer complementary technologies, services, or market access to strengthen our competitive position; and • A pproximately 8% for marketing and advertising. Note : *Includes the Underwriter’s full exercise of its over - allotment option on May 27 , 2026 , in connection with the IPO . Strategic Allocation of Capital by Business Segment IPO Net Proceeds * + Cash from Operations Software Defined Vehicles Location - Based Services 30% Key Product micAuto - PF 70% Key Product DynaPlanet (formerly known as “ DSMM”) Maintain and expand our established automotive software platform business Accelerate development of scalable recurring - revenue businesses

 

 

14 Utilization of Google Automotive Service for efficient Android app lifecycle managements Modular design enables reuse of software components across projects Strong cross - platform compatibility across OS, I/O devices, and cloud features Continuously improved through close OEM collaboration Foundation for customized IVI solutions across client requirements and vehicle types Reduced duplicated engineering effort for more predictable timelines Economies of scope, improving cost structure Foundation for deeper long - term OEM relationships Technical Characteristics Strategic Business Value micAuto - PF Our Proprietary IVI Software P latform m icAuto - PF, a Proprietary IVI software Platform Current Status No OEM contracts have been signed to date. The first revenue contribution is expected to begin from FY2027. A contract with a n O EM outside the existing Honda relationship would be the key validation milestone for the platform strategy. AI1 WW2

 

 

15 DynaPlanet , an Intelligent 3D Platform Dynamic Street Map and Market Place (DSMM) has been renamed DynaPlanet as part of our ongoing strategic evolutio n*. DynaPlanet is an intelligent 3D platform designed for the AI era. Location - based multimedia content (text, images, audio, 3D) is unified by AI into a single ecosystem, where new value and experiences continuously circulate. World Heritage Site Himeji Castle – 3D Platform Demonstration PreSpot ** Prepare your spot before you are there Portfolio of Offerings A 3D stadium reservation web app that allows users to preview the views from selected seats before booking. DynaPlanet Note : *Effective as of July 1 , 2026 . **Released on July 1 , 2026 . Dynamic Street Map and Market Place (DSMM) Current Status DynaPlanet is in the early stages of commercialization . While the platform has already generated initial revenue through commercial deployments, large - scale B 2 B, B 2 G, and OEM platform deployments remain in the early stages . We view DynaPlanet as a long - duration, recurring - revenue growth platform with increasing monetization opportunities over the coming years, rather than a near - term earnings driver . 玲八 1 do2 AI3 WW4

 

 

16 Growth Strategies Growth Strategies 1. Evolve from IVI Tier 1 to SDV Tier 1 Software Supplier • Deepen long - term partnerships with OEMs and Tier 1 suppliers; pursue new OEM engagements in Japan and potentially overseas • Accelerate talent acquisition across key Japanese cities and adjacent industries (electronics, robotics, aerospace) • Enter ADAS/autonomous - driving (AD) domains leveraging our IVI foundation for integrated cockpit - to - driving solutions • Broaden technical and quality capabilities to support growing safety requirements in modern vehicle software 2. Expand and Monetize the DynaPlanet 3D Platform • Transform digital mapping into recurring - revenue models via transaction commissions and third - party licensing • Pursue B2B and B2G opportunities in new and overseas markets, supported by partners such as Vizzion Enterprises (30+ countries) • Increase internal data acquisition capabilities by collecting spatial information for DynaPlanet directly • Expand functionality and adoption of PreSpot , our indoor digital - twin experience for stadiums and large event venues 舞川 1

 

 

17 01 First year as a Nasdaq - listed company 02 DynaPlanet commercialization 03 SDV market expansion 04 Strong financial performance while funding future innovation 05 Clear growth roadmap Growing capital markets visibility Transitioning from development to revenue generation Increasing software content per vehicle Strong profitability while investing for growth IPO proceeds supporting future expansion Near - Term Catalysts Why Invest Now? Now Now Near Term Medium Term Long Term Growth Horizon 玲八 1 2

 

 

18 Contact Micware Co., Ltd. Phone: +81 - 3 - 6699 - 9899 Email: mic_ir@micware.co.jp Address: 25 th Floor Kobe Asahi Building, 59 Naniwa - machi, Chuo - ku Kobe, Hyogo, Japan 650 - 0035 Website : www.ir - micware.com

 

 

Supporting Materials Appendix

 

 

20 Non - GAAP Reconciliation: Adjusted Operating Profit For the Fiscal Years Ended February 28, 2026 US$ February 28, 2026 JPY February 28, 2025 JPY February 29, 2024 JPY In thousands 15,149 2,364,008 2,160,301 1,892,397 Operating Profit 403 62,934 149,685 126,165 Plus: Listing - related and Transformational Expenses (a) 15,552 2,426,942 2,309,986 2,018,562 Adjusted Operating Profit Adjusted income from operations is a financial measure that is not calculated in accordance with U . S . Generally Accepted Accounting Principles (“GAAP”) (collectively referred to as the “non - GAAP financial measures”), and the use of the terms adjusted income from operations may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures . We believe the non - GAAP financial measure provides investors with useful information with respect to our historical operations . We present the non - GAAP financial measure as supplemental performance measures because we believe it facilitates a comparative assessment of our operating performance relative to our performance based on our results under GAAP, while isolating the effects of some items that vary from period to period . Specifically, adjusted income from operations allows us to assess our performance without the impact of the specifically identified items that we believe do not directly reflect our core operations, including non - recurring costs, such as listing - related and transformational expenses, other non - recurring income, such as litigation - related reimbursement . The non - GAAP financial measure also functions as key performance indicator used to evaluate our operating performance internally, and it is used in connection with the determination of incentive compensation for management, including executive officers . (a) Represents listing - related and other transformational expenses incurred in connection with our IPO and corporate transformation initiatives for the fiscal years ended February 29 , 2024 and February 28 , 2025 and 2026 . These costs were recognized as expenses in the statement of operations and were not recorded as direct deductions from equity . Note: All USD equivalents are based on the exchange rates as of the respective balance sheet dates, or if not available, the mos t recent available rate prior to such dates, as reported by the United States Federal Reserve Board. All USD figures are based on the USD/JPY rate $1=¥156.05

 

 

21 4.9 5.4 6.5 7.5 8.6 9.8 11.2 12.6 14.0 15.5 12.0 12.5 13.0 13.5 14.0 14.5 15.0 15.5 16.1 16.7 0 5 10 15 20 25 30 35 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 16.9 17.9 19.5 21.0 22.6 24.3 26.2 28.1 30.1 32.2 Global Market Size of the IVI Market, 2020 - 2029E Billion US$ 2025E - 2029E 2020 - 2024 CAGR 3.6% 3.9% Hardware 12.1% 15.1% Software 7.3% 7.6% Total Hardware Software Source: The Frost & Sullivan Report Industry Overview

 

 

22 Source: The Frost & Sullivan Report Global Market Size of the Automotive Navigation System Market, 2020 - 2029E Million US$ 2025E - 2029E 2020 - 2024 7.3% 7.5% CAGR 6,069.0 6,524.1 7,000.4 7,532.4 8,105.0 8,688.5 9,340.2 10,031.3 10,743.6 11,527.8 0 5,000 10,000 15,000 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E Global Market Size of the Digital Mapping Market, 2020 - 2029E Million US$ 2025E - 2029E 2020 - 2024 7.4% 7.8% CAGR 1,740.8 1,854.5 2,020.2 2,175.6 2,351.4 2,517.4 2,714.3 2,911.1 3,118.3 3,344.9 0 1,000 2,000 3,000 4,000 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E Industry Overview

 

 

23 Management Team Kenji Narushima • Mr . Narushima founded Micware in March 2003 . • Mr . Narushima served as an independent outside director of O - Well from June 2023 to May 2024 . • Mr . Narushima was a representative director of Narushima Hompo Co . , Ltd . from November 2017 to October 2018 . • Mr . Narushima worked for Step One Limited, a Kobe - based software and hardware developer (“Step One”), from April 1990 to February 2003 . • Mr . Narushima obtained a diploma in information processing from the College of Computing, Kobe Institute of Computing in Kobe, Hyogo in March 1985 . Representative Director, President, Chairman, and Chief Executive Officer Masahide Shigeno • Mr . Shigeno is one of the founding employees of Micware , and he has been primarily responsible for the technology of the entire Micware group . • Mr . Shigeno has served as a director at sdtech Inc . , a Japanese software developer and software engineering and design solution service provider, since September 2021 . • Mr . Shigeno was a software engineer at Step One from April 1993 to February 2003 . • Mr . Shigeno obtained a diploma in software from the College of Computing, Kobe Institute of Computing in Kobe, Hyogo in March 1993 . Representative Director, Deputy President, Chief Technology Officer, and Member of the Nominating and Compensation Committee Kazunori Mori • Mr . Mori has been our director and chief marketing officer since May 2026 . He also concurrently serves as a director at our five Japanese subsidiaries since April 2026 . • Mr . Mori served as a general manager at Toyota Tsusho Corporation (TYO : 8015 ) was a general manager at its Advanced Mobility Services Division from April 2024 to March 2026 . • Mr . Mori obtained a bachelor’s degree in business administration from Kobe University in March 2000 . Director Chief Marketing Officer Takuma Segawa Chief Financial Officer • Mr . Segawa has been our chief financial officer since September 2024 . • Mr . Segawa was our director from May 2020 to May 2025 and our executive officer from April 2016 to May 2020 . • Mr . Segawa is one of the founding employees of Micware . • Mr . Segawa was a software engineer at Step One from April 1996 to February 2003 . • Mr . Segawa obtained a bachelor’s degree in engineering from Osaka Electro - Communication University in Neyagawa City, Osaka in March 1996 . 玲八 1 玲八 2 SS3

 

 

24 Board of Directors Kenji Narushima • Mr . Narushima founded Micware in March 2003 . • Mr . Narushima served as an independent outside director of O - Well from June 2023 to May 2024 . • Mr . Narushima was a representative director of Narushima Hompo Co . , Ltd . from November 2017 to October 2018 . • Mr . Narushima worked for Step One Limited, a Kobe - based software and hardware developer (“Step One”), from April 1990 to February 2003 . • Mr . Narushima obtained a diploma in information processing from the College of Computing, Kobe Institute of Computing in Kobe, Hyogo in March 1985 . Representative Director, President, Chairman, and Chief Executive Officer Masahide Shigeno • Mr . Shigeno is one of the founding employees of Micware , and he has been primarily responsible for the technology of the entire Micware group . • Mr . Shigeno has served as a director at sdtech Inc . , a Japanese software developer and software engineering and design solution service provider, since September 2021 . • Mr . Shigeno was a software engineer at Step One from April 1993 to February 2003 . • Mr . Shigeno obtained a diploma in software from the College of Computing, Kobe Institute of Computing in Kobe, Hyogo in March 1993 . Representative Director, Deputy President, Chief Technology Officer, and Member of the Nominating and Compensation Committee Kazunori Mori • Mr . Mori has been our director and chief marketing officer since May 2026 . He also concurrently serves as a director at our five Japanese subsidiaries since April 2026 . • Mr . Mori served as a general manager at Toyota Tsusho Corporation (TYO : 8015 ) was a general manager at its Advanced Mobility Services Division from April 2024 to March 2026 . • Mr . Mori obtained a bachelor’s degree in business administration from Kobe University in March 2000 . Director Kazuyuki Kawabata • Mr . Kawabata has been our independent director since May 2020 . • Mr . Kawabata spent 46 years working at Awaji Shinkin Bank, a cooperative financial institution headquartered in Sumoto City, Hyogo . • Mr . Kawabata was a director and general manager at the Awaji Shinkin Bank from April 2014 to March 2019 . • Mr . Kawabata graduated from Hyogo Prefectural Sumoto Industrial Senior High School in Sumoto City, Hyogo in March 1970 . Independent Director and Member of the Nominating and Compensation Committee Chief Marketing Officer SS1

 

 

25 Board of Directors Asami Sadoi • Ms . Sadoi has been our independent director since June 2023 . • Ms . Sadoi has served as a president of Office muMore , where she provides consulting services regarding woman employees’ career development since April 2021 . • Ms. Sadoi served as a representative director and president at Fujitsu Middleware Limited from June 2015 to March 2021. • Ms . Sadoi obtained a bachelor’s degree in international relations from Tsuda University in Tokyo in March 1981 . Independent Director and Member of the Nominating and Compensation Committee Yuko Osumi • Ms . Osumi has been our independent director since May 2025 . • Ms . Osumi has approximately 24 years of experience in the automobile industry . • Ms . Osumi has been a global customer manager at Bose Automotive G . K . , where she is responsible for sales and customer management for automotive sound system . • Ms . Osumi obtained a bachelor’s degree in international relations from Tsuda University in Tokyo in March 1998 . Independent Director and Member of the Nominating and Compensation Committee Rieko Okada • Ms . Okada has been our independent director since May 2025 . • Ms . Okada has 19 years of experience serving as a chief financial officer at Japanese technology companies . • Ms . Okada obtained an associate degree in American and English Studies from Kansai Gaidai Junior College in Hirakata, Osaka, in March 1992 , a Bachelor of Arts in Industry and Technology from the Open University of Japan in March 2012 , and a master’s degree in business administration from Kobe University in March 2022 . Independent Director and Member of the Nominating and Compensation Committee Jerzy Marek Rudzinski • Mr . Rudzinski has been our independent director since September 2023 . • Mr . Rudzinski was a president of the board of directors of FQS Poland Limited, a Poland - based software developer which is a wholly owned subsidiary of Fujitsu Limited, from January 1998 to June 2023 . • Mr . Rudzinski obtained a Master of Science in Chemistry from University of Wroclaw, Poland, in September 1982 , and a Doctor of Science in Computational Chemistry from Hokkaido University in March 1990 . Independent Director

 

 

26 Our Principal Shareholders Ordinary Shares Beneficially Owned Percent Directors, Corporate Auditors, and Executive Officers (1) : 12.2% Kenji Narushima (2) 9.1% Masahide Shigeno (3) 7.1% Takuma Segawa (4) – Kazuyuki Kawabata – Asami Sadoi – Yuko Osumi – Rieko Okada – Jerzy Marek Rudzinski – Kazunori Mori – Hiroaki Fujita – Mitsunori Yabe – Wakako Isaka (Yaguchi) 27.6% All directors, corporate auditors, and executive officers as a group (12 individuals): 5% Shareholders: 11.5% Toyota (5) 11.5% Honda (6) 5.8% Hideaki Tokuhara 5.7% O - Well (7) Note: (1) Unless otherwise indicated, the business address of each of the individuals is Kobe Asahi Building 25th Floor, 59 Naniwa - mac hi, Chuo - ku , Kobe, Hyogo 650 - 0035. (2) The aggregate number of Ordinary Shares beneficially owned by Mr. Kenji Narushima reflects ( i ) 6,266,000 Ordinary Shares, and (ii) an aggregate of 1,096,550 Ordinary Shares that may be issued upon exercise of stock opt ion s held by Mr. Narushima . (3) The aggregate number of Ordinary Shares beneficially owned by Mr. Masahide Shigeno reflects ( i ) 4,699,500 Ordinary Shares, and (ii) an aggregate of 751,920 Ordinary Shares that may be issued upon exercise of stock optio ns held by Mr. Shigeno . (4) The aggregate number of Ordinary Shares beneficially owned by Mr. Takuma Segawa reflects ( i ) 3,665,610 Ordinary Shares, and (ii) an aggregate of 626,600 Ordinary Shares that may be issued upon exercise of stock optio ns held by Mr. Segawa . (5) Represents an aggregate of 6,861,270 Ordinary Shares held directly by Toyota. The registered address of Toyota is 1 Toyot a - C ho, Toyota City, Aichi Prefecture 471 - 8571, Japan. Toyota is listed on the Tokyo Stock Exchange, the Nagoya Stock Exchange, and the London Stock Exchange. Toyota is also a reporting company under the Exchange Act and is listed on the New York Stock Exch ang e. (6) Represents an aggregate of 6,861,270 Ordinary Shares held directly by Honda. The registered address of Honda is TORANOMON AL CEA TOWER 2 - 2 - 3 Toranomon , Minato - ku, Tokyo. Honda is listed on the Tokyo Stock Exchange. Honda is also a reporting company under the Exchange Act and is listed on the New York Stock Exchange. (7) Represents an aggregate of 3,414,970 Ordinary Shares, 2,224,430 of which are held directly by O - Well Corporation (“O - Well”) and 1,190,540 of which are held by Uni Electronics Inc. (“Uni Electronics”), a wholly owned subsidiary of O - Well. The registered address of O - Well is 5 - 13 - 9 Mitejima , Nishiyodogawa - ku , Osaka 555 - 0012, Japan. O - Well is listed on the Tokyo Stock Exchange. SS1 SS2 SS3 SS4 SS5 SS6 SS7 SS8 SS9

 

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