inspec Inc. Q4 FY2026 earnings call

• Strategic Restructuring
  • The company completed a strategic exit from the exposure equipment business in March 2025, refocusing all management and operational resources on its core substrate inspection device business, aligning with growing demand for advanced semiconductor substrates from AI infrastructure.
• Core Business Capabilities
  • The company's main Automatic Optical Inspection (AOI) product line uses camera and image processing technology to detect micro-defects, with two primary models: flatbed models for package substrates, and Roll-to-Roll models that can inspect flexible film substrates while still in roll form.
  • The company has expanded its offering to include laser repair devices for micro-substrate wiring, allowing it to cover both detection and correction of substrate abnormalities in-house as a one-stop solution provider.
• AI Demand Tailwinds & Recent Order Growth
  • Inspec is positioned to benefit directly from expanding global AI investment. AI servers are increasingly adopting chiplet architectures and next-generation high-speed stacked memory, which is driving strong growth in demand for intermediate interconnection substrates.
  • These advanced substrates require faster, finer, and higher-volume inspection than legacy products, creating significant replacement demand for older inspection equipment.
  • In June 2025, the company secured a total of 0.46 billion yen in new orders for inspection equipment targeting the ultra-high-end substrates used in cutting-edge AI semiconductor products.

After exiting the exposure equipment business in March 2025, Inspec has consolidated all operating resources into its single core business segment: substrate inspection devices for semiconductors. Within this segment, the company's product lines and recent order performance are as follows:

1. Automatic Optical Inspection (AOI) devices: This is the company's core product line. It holds 0.46 billion yen in new orders for ultra-high-end AOI devices for AI semiconductor substrates received in June 2025, accounting for ~2% of the full-year 2026 planned revenue. As of the end of Q1 2026 (April 2026 fiscal year), total outstanding orders for all inspection products reached 1.929 billion yen, equal to 83.87% of the full-year planned revenue of 2.3 billion yen.
2. Laser repair devices: This newly launched product line handles micro-wiring repair for defective substrates, complementing the company's inspection capabilities to provide end-to-end substrate defect detection and correction services.

• The company maintains its full-year 2026 (April 2026 fiscal year) revenue guidance of 2.3 billion yen, with no upward or downward revision announced in this update.
• Management confirmed that the bulk of ordered delivery and revenue recognition is scheduled for the second half of the fiscal year, so first half revenue progress will appear artificially low, and investors should account for this seasonality when evaluating interim performance.

• The company's heavy reliance on AI-driven semiconductor capital expenditure cycles creates exposure to sudden pullbacks in AI infrastructure investment, which would reduce demand for advanced substrate inspection devices and hurt order growth.
• The concentration of full-year revenue in the second half means that any unexpected delays in order delivery or customer acceptance could lead to full-year revenue missing the guided target.

No formal question and answer section from an earning call is included in the provided transcript. A public live online IR seminar with Q&A is scheduled for November 22, 2025, but no exchanges from this event have been published yet.