PicoCELA Inc.
PCLA · Electric Lighting & Wiring Equipment · EDGAR filings ↗
Grade
D44Japanese industrial mesh Wi-Fi maker with deep losses, falling revenue and a large accumulated deficit.
Strengths
- Strong cash balance (100th pct) and low leverage (debt/equity 0.02)
- Patented PBE dynamic-routing technology with industrial niche use cases
Risks
- Deeply negative margins (net -115%, operating -110%) and ROE -133% (9th pct)
- Revenue declined 31% (8th pct) with only ~3.7 quarters of runway
- Reliance on short-term borrowings and chip-supply volatility against dominant competitors (Cisco/Aruba)
Notable findings
- Net lossNet loss (net margin -115.0%)
- Cash burnNegative free cash flow (-3.9M)
- Customer concentration~83% of revenue from one customer/distributor — 0%, and 83
- Revenue declineRevenue -33.2% YoY
Key metrics
Operating margin
-110.4%
Net margin
-115.0%
Return on equity
-133.3%
Return on assets
-57.6%
ROIC
-98.9%
Revenue growth (QoQ)
-33.2%
Debt / equity
0.0×
Current ratio
2.1×
Free cash flow
-$4M
EBITDA
-$4M
Tangible book value
$3M
Cash & investments
$4M
Cash runway
4q
Stock comp / revenue
1.0%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-02-13 | 2025-09-30 | 0001493152-26-006698 ↗ |
| 20-F | 2025-02-14 | 2024-09-30 | 0001493152-25-006944 ↗ |