CYBERDYNE's latest business-plan presentation lands on a fairly down-to-earth problem: the group's core rental business was steady, but Europe and a shrinking "other" revenue line were not. Revenue fell 12.3% to ¥3.85bn in the year to March 2026 under IFRS, while the operating loss narrowed to ¥601mn from ¥926mn. Pretax profit swung to ¥589mn and profit attributable to owners to ¥153mn, from losses a year earlier.
The top line tells only part of it. Product rental revenue, the largest category, slipped just 1% to ¥2.00bn. Treatment services eased 4% to ¥1.64bn. "Other" revenue, by contrast, fell 68% to ¥207mn from ¥649mn. The same disclosure shows product rental still producing ¥892mn of business profit at a 45% margin, while treatment services remained lossmaking and other revenue was roughly break-even.
| Business line | Year to Mar. 2026 | Year to Mar. 2025 | YoY |
|---|---|---|---|
| Product rental etc. | ¥2.00bn | ¥2.02bn | -1% |
| Treatment services etc. | ¥1.64bn | ¥1.71bn | -4% |
| Other | ¥207mn | ¥649mn | -68% |
| Total | ¥3.85bn | ¥4.38bn | -12.3% |
For overseas readers, the geographic mix is the part worth circling. CYBERDYNE says 66% of revenue came from outside Japan, against 34% at home. EMEA was the weakest region, with revenue dropping 44% to ¥522mn from ¥939mn. APAC slipped 4% to ¥540mn, the Americas 5% to ¥1.48bn, while domestic revenue was broadly flat at ¥1.30bn. This was not a small domestic wobble dressed up as a global story. Two-thirds of sales were overseas, and Europe was a meaningful part of the setback.
The presentation also ranges across HAL-related therapy, AI-linked systems and overseas development, but the cleanest business signal is simpler. The profitable rental base held up better than the consolidated number, while the weaker regions and smaller revenue lines did not. That makes the next test fairly obvious: whether CYBERDYNE can stabilise its overseas revenue, especially in EMEA, without leaning solely on a steady rental business to do the heavy lifting.
One caveat belongs near the top, not in the footnotes. The source extract in this packet is much clearer on the financial tables than on the detailed bridge from operating loss to pretax profit, so the disclosure does not support a confident public claim here about every adjustment behind the return to net profit. What it does support is still useful: lower sales, a narrower operating loss, and a business mix that remains decisively international.