NTT Advanced Technology Corporation Overview
NTT-AT is the technology commercialization arm of Japan's NTT Group. It was founded in 1976 to turn the output of NTT's research laboratories into products, systems and services that can be sold. Annual revenue is about JPY 74 billion and the company has about 2,165 employees. It runs four businesses: application software (led by the WinActor RPA platform), materials and nanotechnology, network and security platforms, and systems integration. The materials and nanotechnology business is small relative to the whole company, but it gives NTT-AT a specialist position in compound-semiconductor and lithography-adjacent materials. Its products there include AlGaN/GaN and InAlN/GaN HEMT epitaxial wafers on silicon (up to 8 inch), SiC, sapphire and native GaN substrates; EUV and X-ray multilayer optics; nanoimprint molds and high-refractive-index nanoimprint resins; optical adhesives; and silicon-photonics foundry services. Market studies regularly list NTT-AT among the main suppliers of GaN-on-Si and GaN-on-SiC epiwafers. Its distinguishing features are direct access to NTT laboratory crystal-growth know-how, low-leakage buffer technology, and a research-grade, small-lot, multi-substrate offering. It does not compete as a high-volume epitaxy foundry.
What the company does
NTT-AT describes itself as a company that works closely with the NTT laboratories and turns their research output into systems, services and products with market value. Its customers include central government, local governments and private companies across many industries. Alongside the work it does for NTT Group, it runs its own businesses as a multi-disciplinary engineering group covering network development and construction, systems solutions, and product development and sales. Corporate materials describe the company as one of only three NTT Group companies, out of more than 900, that work directly with NTT's laboratories. The company's mission statement is "未来を拓くチカラと技術" (the power and technology to open up the future), and its stated ambition is to become an advanced ICT provider.
Business model and revenue model
| Revenue stream | Nature | Representative offerings |
|---|---|---|
| Contract development and engineering services | Project and time-and-materials revenue, much of it from NTT Group operating companies (NTT East, NTT West and their subsidiaries) | DX tool development for NTT East/NTT-ME; network and server design and construction for municipalities and universities |
| Software licensing and subscription | Per-licence and SaaS revenue | WinActor RPA (more than 8,000 customers by March 2024), WinActor Manager on Cloud, @DeAnoS SaaS, RelAi generative-AI tools, XCockpit attack-surface management |
| Managed and operational services | Recurring service revenue | ICT-24 Operations Center 24/7 monitoring (transferred to subsidiary NTT-AT Systems from 1 July 2026), SOC and CSIRT support, security diagnostics |
| Product sales (materials, components and equipment) | Unit and lot sales, custom orders | GaN HEMT epiwafers, EUV/X-ray optics, nanoimprint molds and resins, optical adhesives, fiber-optic connector cleaners (CLETOP, NEOCLEAN), KTN optical devices, FR-1200 microphones, facility-maintenance coatings |
NTT-AT is a hybrid technology company. Its revenue comes from four streams:
Contract development and engineering services: Nature: Project and time-and-materials revenue, much of it from NTT Group operating companies (NTT East, NTT West and their subsidiaries); Representative offerings: DX tool development for NTT East/NTT-ME; network and server design and construction for municipalities and universities
Software licensing and subscription: Nature: Per-licence and SaaS revenue; Representative offerings: WinActor RPA (more than 8,000 customers by March 2024), WinActor Manager on Cloud, @DeAnoS SaaS, RelAi generative-AI tools, XCockpit attack-surface management
Managed and operational services: Nature: Recurring service revenue; Representative offerings: ICT-24 Operations Center 24/7 monitoring (transferred to subsidiary NTT-AT Systems from 1 July 2026), SOC and CSIRT support, security diagnostics
Product sales (materials, components and equipment): Nature: Unit and lot sales, custom orders; Representative offerings: GaN HEMT epiwafers, EUV/X-ray optics, nanoimprint molds and resins, optical adhesives, fiber-optic connector cleaners (CLETOP, NEOCLEAN), KTN optical devices, FR-1200 microphones, facility-maintenance coatings
The company does not publish the mix between product, service, subscription and licensing revenue. On an independent reading, services and software make up most of revenue. The FY3/2026 cost of sales was 83% of revenue, which fits a labor-intensive engineering-services company. Materials and devices are a high-value niche within the portfolio.
Value-chain position in semiconductors
In the semiconductor supply chain, NTT-AT works at the materials and front-end enablement layer:
Epitaxy: It grows III-nitride heterostructures (AlGaN/GaN and InAlN/GaN HEMT stacks) by MOCVD on purchased substrates and sells device-ready epiwafers to device makers, research institutes and universities. It also offers device fabrication and materials analysis for those wafers.
Lithography and metrology enablement: It supplies EUV and soft X-ray multilayer mirrors, beam splitters, dichroic and toroidal mirrors, transmission gratings, Fresnel zone plates and X-ray resolution charts. Users include EUV source developers, metrology tool makers, synchrotrons and high-harmonic-generation laboratories. It also supplies nm-scale beam-size measurement artefacts and length-calibration scales for scanning probe microscopes.
Nanoimprint and optical materials: It sells catalog and custom nanoimprint molds, UV-curable high-refractive-index resins (the NH700 series, refractive index up to 1.9), and optical adhesives and sealants for photonic packaging.
Silicon photonics: It provides silicon-waveguide foundry services for R&D and fiber-attach services for photonic chips.
Analysis standards: It supplies multilayer depth-profiling reference samples for SIMS, AES, XPS and XRF, and SiC/SiN membranes for X-ray and electron-beam analysis.
Customer types and end-markets
| Customer type | End-markets served |
|---|---|
| NTT Group operating companies | Telecom network operations, DX, IOWN all-photonics network rollout |
| Central government and municipalities | Local-government DX, assembly digitization (Discuss product family), disaster prevention and evacuation alerts (@InfoCanal), defense research (HPEM/EMP testing) |
| Enterprises | RPA and AI automation, cybersecurity, OT security, cloud integration |
| Semiconductor device makers and research institutes | GaN power and RF devices, EUV lithography R&D, X-ray microscopy, synchrotron optics |
| Optical component and AR/VR makers | Optical adhesives, nanoimprint waveguides for AR headsets |
| Facilities and infrastructure owners | Heat-reflective and super-hydrophobic coatings, corrosion protection, hydrogen piping research |
NTT Group operating companies: End-markets served: Telecom network operations, DX, IOWN all-photonics network rollout
Central government and municipalities: End-markets served: Local-government DX, assembly digitization (Discuss product family), disaster prevention and evacuation alerts (@InfoCanal), defense research (HPEM/EMP testing)
Enterprises: End-markets served: RPA and AI automation, cybersecurity, OT security, cloud integration
Semiconductor device makers and research institutes: End-markets served: GaN power and RF devices, EUV lithography R&D, X-ray microscopy, synchrotron optics
Optical component and AR/VR makers: End-markets served: Optical adhesives, nanoimprint waveguides for AR headsets
Facilities and infrastructure owners: End-markets served: Heat-reflective and super-hydrophobic coatings, corrosion protection, hydrogen piping research
Independent characterization
NTT-AT is best understood as an ICT services and software company with a deep-tech materials subsidiary business attached. Earnings are steady and low-margin: operating margins rose from 4.1% to 4.8% over five years. The parent receives roughly the full prior-year net income as dividends. In semiconductors, NTT-AT is a specialist, research-grade epiwafer and optics supplier, not a high-volume materials house. It makes no photoresists, CMP slurries, process gases or packaging substrates. Its nearest overlaps with the semiconductor-materials category are GaN epitaxial wafers, nanoimprint resins and molds, optical adhesives, and EUV/X-ray optical components. Its relevance to the GaN epiwafer market comes from its NTT-laboratory lineage, its range of substrates, and its 8-inch GaN-on-Si capability, not from scale.
Strategy
Stated strategy
NTT-AT's stated purpose is to become an "advanced ICT provider" that combines NTT laboratory technology with its own engineering capability. Recruitment and corporate materials emphasize three themes: being NTT R&D's direct commercialization partner, keeping a broad multi-domain engineering base, and taking on non-NTT business through a culture of challenge. The 2024 restructuring into four business divisions and the 2026 creation of the Innova-Tech Center express a shift from development execution toward innovation and value creation. The Innova-Tech Center announcement specifically cited AI coding tools as changing software development and making human creativity in deciding what to build more important.
Initiatives in the last 24 months
| Initiative | Date | Description |
|---|---|---|
| AI-first application portfolio | August 2025 onward | RelAi brand; generative AI in WinActor; AiActor; AI-agent integration in WinActor Manager on Cloud; TotalAgility linkage |
| Corporate identity renewal | 1 July 2025 | Japanese name changed and logo aligned with NTT, Inc.'s new CI |
| Innova-Tech Center | 1 April 2026 | Rapid Development Center renamed; mandate across data, cloud, AI, networks and devices; deeper co-creation with partners |
| Managed-services carve-out | 1 July 2026 | ICT-24 operations moved to NTT-ATS to strengthen maintenance and operations quality |
| GaN supply-chain partnership | June 2026 | MOU with Ultraband Technologies covering epitaxy through device design and go-to-market, for power and RF |
| AR-waveguide nanoimprint validation | September 2026 | NH762 resin validated with EV Group's SmartNIL process for volume manufacture of AR waveguides |
| Defense electronics resilience | April 2026 | HPEM/EMP component-level test facility with Otowa Denki Kogyo under Ministry of Defense funding |
| Open innovation | February–March 2026 | Commercial deployment of Transcelestial technology through the NTT Startup Challenge; Plug and Play Japan partnership |
| Sustainability products | 2025–2026 | PFAS-free HIREC; software lifecycle CO2 calculation rules; NEDO hydrogen piping research |
| Global talent | March 2026 | MOU with a Vietnamese university for internships (following Kyung Hee University, 2024) |
| IOWN commercialization | 2024–2025 | 400 Gbps data-center interconnect; Hokkaido IOWN demonstrations |
AI-first application portfolio: Date: August 2025 onward; Description: RelAi brand; generative AI in WinActor; AiActor; AI-agent integration in WinActor Manager on Cloud; TotalAgility linkage
Corporate identity renewal: Date: 1 July 2025; Description: Japanese name changed and logo aligned with NTT, Inc.'s new CI
Innova-Tech Center: Date: 1 April 2026; Description: Rapid Development Center renamed; mandate across data, cloud, AI, networks and devices; deeper co-creation with partners
Managed-services carve-out: Date: 1 July 2026; Description: ICT-24 operations moved to NTT-ATS to strengthen maintenance and operations quality
GaN supply-chain partnership: Date: June 2026; Description: MOU with Ultraband Technologies covering epitaxy through device design and go-to-market, for power and RF
AR-waveguide nanoimprint validation: Date: September 2026; Description: NH762 resin validated with EV Group's SmartNIL process for volume manufacture of AR waveguides
Defense electronics resilience: Date: April 2026; Description: HPEM/EMP component-level test facility with Otowa Denki Kogyo under Ministry of Defense funding
Open innovation: Date: February–March 2026; Description: Commercial deployment of Transcelestial technology through the NTT Startup Challenge; Plug and Play Japan partnership
Sustainability products: Date: 2025–2026; Description: PFAS-free HIREC; software lifecycle CO2 calculation rules; NEDO hydrogen piping research
Global talent: Date: March 2026; Description: MOU with a Vietnamese university for internships (following Kyung Hee University, 2024)
IOWN commercialization: Date: 2024–2025; Description: 400 Gbps data-center interconnect; Hokkaido IOWN demonstrations
Medium-term targets
NTT-AT has not published medium-term financial targets or guidance. Its plans sit inside NTT, Inc.'s group medium-term strategy, which stresses IOWN, AI and photonics-electronics convergence.
Products & Services
Materials & Nanotechnology: GaN epitaxial wafers
| Product | Description and specifications | Target customer | Notes |
|---|---|---|---|
| AlGaN/GaN HEMT epiwafers on Si | MOCVD-grown HEMT stacks on Si(111); diameters 3 to 8 inch (product literature varies between 3–8 and 4–8 inch); 8-inch quality stated as equal to 6-inch on request; low leakage current from a proprietary buffer-growth technique | Power-device developers, universities, institutes | Main entry point to the GaN-on-Si power market |
| AlGaN/GaN HEMT epiwafers on SiC | 2 to 6 inch (some literature gives 4–6 inch) | RF/MMIC, radar, 5G/6G and satellite RF developers | Listed among key GaN-on-SiC suppliers in 2026 market studies |
| AlGaN/GaN HEMT epiwafers on sapphire | 2 to 3 inch | Research, optoelectronics | Low-cost research platform |
| GaN-on-GaN HEMT epiwafers | 2 to 4 inch native GaN substrates | Vertical-leakage and high-reliability research | Co-authored vertical-buffer-leakage studies with NTT laboratories and Mitsubishi Chemical (2014) |
| InAlN/GaN HEMT epiwafers | Lattice-matched barrier option across substrates | High-frequency device research | Differentiated barrier chemistry |
| Device fabrication and materials analysis | HEMT processing and characterization on supplied epiwafers | Customers without in-house fabs | Shortens customers' learning cycles |
| USB PD fast charger with GaN | Compact USB Power Delivery charger using GaN devices | Consumer and corporate buyers | Shows downstream use of the technology |
Production, inspection and evaluation take place at the NTT Atsugi R&D Center in Kanagawa. NTT-AT has been showing GaN heterostructure epitaxy at international microwave conferences since the early 2000s. Product literature describes more than ten years of supply to industrial and academic customers.
Materials & Nanotechnology: EUV and X-ray optics
| Product | Description |
|---|---|
| EUV mirror / soft X-ray mirror | Multilayer (e.g., Mo/Si) and single-layer reflective mirrors |
| EUV toroidal mirror | High-precision mirrors for EUV, VUV and soft X-ray |
| EUV beam splitter | Custom transmittance and reflectance ratios |
| EUV dichroic mirror | Separates EUV from visible and near-infrared light |
| Soft X-ray multilayer polarizer | Reflective polarizers for EUV and soft X-ray |
| Transmission grating | Stencil gratings for VUV, EUV and soft X-ray |
| X-ray diffraction grating | Phase and absorption gratings for X-ray Talbot imaging |
| X-ray Fresnel zone plate | Radiation-resistant zone plates with SiC membranes and Ta absorbers |
| X-ray chart | Resolution test charts for X-ray microscopes, including a reflective 13.5 nm EUV chart (Mo/Si multilayer, Ta absorber) |
| X-ray filter container | SiN/SiC membrane filter with an ultra-thin noble-metal structure |
| EUV/X-ray optical system design | Custom focusing and imaging systems |
| UV condensing lens | Long-focus four-element lens |
NTT-AT has supplied EUV and X-ray optics worldwide for more than 20 years. In December 2024, its EUV optics sales manager presented its multilayer capabilities at Ohio State University, aimed at EUV lithography and high-harmonics research users.
Materials & Nanotechnology: nanoimprint, metrology and analysis standards
| Product | Description | Latest milestone |
|---|---|---|
| Nanoimprint molds | Ready-made catalog molds and custom molds | Ongoing |
| High-refractive-index nanoimprint resins (NH700 series, e.g., NH762) | UV-curable, transparent in the visible range, spin-coatable, refractive index up to 1.9; line widths from 50 nm to 10 µm on high-index glass | Light-resistant 1.9 grade announced August 2024 with supply from January 2025; compatibility with EV Group's SmartNIL process confirmed September 2026 |
| nm-scales | Measure nm-scale electron, ion and X-ray beam widths in 1D and 2D | Ongoing |
| Length measuring scale | Length and angle calibration for scanning probe microscopes | Ongoing |
| SiC/SiN membranes | Thin-film sample holders for SEM, TEM and X-ray analysis | Ongoing |
| Depth-profiling standard samples | Multilayer references for SIMS, AES, XPS and XRF in customer-specified material combinations | Ongoing |
| Material analysis service | Contract analysis | Ongoing |
Materials & Nanotechnology: optical materials, photonics and components
| Product | Description |
|---|---|
| Optical adhesives (index-matching, heat-resistant, low moisture permeability) | For optical communication components |
| Adhesive for precision fixing | Submicron positioning stability, low cure shrinkage, solder-reflow resistance |
| Adhesive for optical-path coupling | Refractive index adjustable over a wide range, reflow compatible |
| Adhesive for fiber-array assembly | V-groove adhesives for multicore waveguide devices |
| Sealing material for optical parts | Low internal stress, low moisture permeability |
| Ultra-thin polyimide wave plate | Heat- and chemical-resistant wave plate for optical circuits |
| High-refractive-index resin | UV-curable and customizable |
| Silicon waveguide foundry | Silicon-photonics foundry for R&D |
| Fiber-attach service for silicon photonics | Adhesive bonding of fibers to silicon-waveguide chips so chips can be tested without a high-precision stage |
| KTN varifocal lens, KTN optical deflector, KTN crystal | Electro-optic KTa(1−x)NbxO3 devices; focal-length change in microseconds; 100 kHz deflection with no moving parts |
| Beam shaper for high-power lasers | Reflective type, rated above 10 kW |
| Fiber-optic tools | CLETOP, OPTIPOP and NEOCLEAN connector cleaners (NEOCLEAN-MMC for MMC connectors launched July 2026); end-face inspection; ATP-3200 and POP-311 polishers; ADS polishing film |
Materials & Nanotechnology: environment and facilities
| Product | Description | Latest milestone |
|---|---|---|
| HIREC | Super-hydrophobic coating | PFAS-free version launched October 2025 |
| SurfCool | Heat-reflective paint | Ongoing |
| Rust-preventive powder coating; condensation-prevention humidity-control sheet | Critical-facilities maintenance | Ongoing |
| SQPV transparent photovoltaic glass (with inQs) | Window-frame and movable-partition types | V2 engineering samples from November 2024 |
| Tissue-simulating liquids for SAR measurement; soft-error test service | EMC solutions | Ongoing |
| HPEM/EMP test facilities (with Otowa Denki Kogyo) | G-TEM cell for HEMP E1 (MIL-STD-461 RS105); 2.45 GHz/2 kW microwave system producing 3 kV/m at 30 cm; broadband stripline from 10 kHz to 10 GHz | Announced April 2026 under a Ministry of Defense research program (2022–2026) |
Application Business
| Product | Description | Latest version and milestone |
|---|---|---|
| WinActor | Japanese-developed RPA tool | Ver. 7.6.0 (July 2025); built-in generative-AI integration and AI licence (September 2025); Ver. 7.7.0 with in-app AI help (August 2026); more than 8,000 customers (March 2024) |
| AiActor | Next-generation RPA built on WinActor automation | Productized October 2026 |
| WinActor Manager on Cloud | Central management for RPA robots | New version for AI-agent integration (February 2026) |
| TotalAgility × WinActor | AI + RPA hybrid automation platform with Open | Linkage announced November 2026 |
| RelAi Knowledge Assistant / RelAi Counter Assistant | Generative-AI brand for enterprises and municipalities | Brand launched August 2025; municipal counter assistant October 2026 |
| Discuss E-Sign / DiscussVisionSmart | Assembly digitization, electronic signature of minutes, captioning | E-Sign launched June 2025; minutes e-signature feature May 2026 |
| @InfoCanal | Disaster and evacuation alert receivers | Evacuation-support and heatstroke alerts (June 2025); text-capable receiver (August 2025) |
| Known | Digital drill app | Kanken past-exam content added (June 2025) |
| FR-1200 microphone family | Bidirectional boundary microphones | USB Type-C version (September 2025); FR-1200 AC6 high-directivity model (July 2026) |
Social Platform and Total Solution businesses
| Offering | Description | Latest milestone |
|---|---|---|
| IOWN data-center interconnect | 400 Gbps solution | Launched September 2024; Hokkaido IOWN demonstration completed April 2025 |
| @FlowInspector / @FlowInspector mini | Network visualization and generative-AI-assisted troubleshooting | Mini launched May 2025 |
| @DeAnoS | AI anomaly detection | SaaS version June/August 2025 |
| XCockpit EASM / IASM | External and internal attack-surface management | October 2025 |
| OsecT and OsecT Operation Support | OT and industrial security monitoring | March 2025 |
| VPN security diagnosis; AI hybrid web diagnostics | Security assessments | January 2026; September 2026 |
| CENTAURI wireless laser link (Transcelestial) | Free-space optical communications | First commercial deployment in Japan at Matsuyama Castle, February 2026 |
| Local 5G and roadside infrastructure for autonomous driving | Demonstration services | Sendai (November 2025), Yokohama (January 2026) |
| Cloud, zero trust and SASE integration | Systems integration | Ongoing |
| Beluganos | White-box network OS | Released March 2023 |
Pricing models are not publicly disclosed for materials products, which are quoted per order. WinActor is sold under per-licence terms through partners.
Financial Narrative
All figures are non-consolidated, in JPY millions (truncated), from NTT-AT's published summary financial statements for the 46th to 50th fiscal periods. NTT-AT does not publish cash-flow statements, EBITDA, depreciation, debt breakdowns or cash balances. Those metrics are therefore not publicly disclosed and are not tabulated.
Income statement
EPS and book value per share for FY3/2023 and FY3/2025 are calculated from net income and net assets over the unchanged share count of about 1.127 million shares. The other years are as published. There are no dilutive securities, so diluted EPS equals basic EPS.
Margins and growth
The four-year revenue CAGR from FY3/2022 to FY3/2026 is 2.2%. The operating income CAGR is 6.6%.
Commentary. Revenue has grown steadily but slowly, from JPY 68.0 billion to JPY 74.3 billion, and growth slowed to below 1% in FY3/2026. Revenue first passed JPY 50 billion in 2001. The 2020 corporate profile gave revenue of about USD 557 million for the year to March 2020, which suggests revenue has been roughly flat-to-up over the decade in yen terms. Gross margin peaked at 17.2% in FY3/2023 and has eased slightly as labor and subcontracting costs rose. The improvement in operating margin, from 4.1% to 4.8%, came entirely from SG&A discipline: SG&A has been flat at about JPY 8.9 billion for four years while revenue grew 6%.
Ordinary income has risen faster than operating income. Non-operating income almost doubled from JPY 1.36 billion (FY3/2024) to JPY 2.60 billion (FY3/2026). For a holding parent of five subsidiaries, that line consists mainly of dividends and financial income, so it reflects stronger upstreaming from group companies. Below ordinary income, results have been hit by recurring impairments: JPY 316 million (FY3/2023), JPY 778 million (FY3/2025) and JPY 1,172 million (FY3/2026). These indicate continued write-downs of software, product or facility assets as the portfolio is pruned. Net income reached a five-year high of JPY 4.09 billion in FY3/2026, helped by a 17.2% effective tax rate.
Balance sheet
In FY3/2022, fixed assets comprised JPY 4,102 million of tangible assets, JPY 2,661 million of intangibles and JPY 7,052 million of investments and other assets. Capital surplus has been constant at JPY 299 million. Valuation and translation adjustments, mainly unrealized gains on investment securities, were JPY 1,313 million (FY3/2022), JPY 1,811 million (FY3/2023) and JPY 480 million (FY3/2025). They account for most of the year-to-year movement in net assets. Goodwill is not separately disclosed. Cash and equivalents, interest-bearing debt and net debt are not publicly disclosed. The company is financed mainly through operating liabilities and group cash-management arrangements typical of NTT subsidiaries.
Ratios
Commentary. Return on equity above 20% reflects a deliberately lean equity base, not high margins. NTT-AT pays out roughly its full prior-year profit, so retained earnings stay near JPY 9.4–10.1 billion and equity stays near JPY 16 billion. The current ratio has drifted down from 1.54x to 1.38x as current liabilities grew by JPY 6.4 billion over four years, faster than current assets. That points to larger accrued and trade payables tied to project work. The fall in asset turnover to 1.47x in FY3/2026 reflects a JPY 4.2 billion rise in total assets at year-end, split between receivables-type current assets and fixed assets. ROIC, net debt/EBITDA, interest coverage and the cash conversion cycle cannot be calculated from the published summary statements and are not publicly disclosed.
Cash flow
Operating cash flow, capex, free cash flow and buybacks are not publicly disclosed. As a wholly owned subsidiary, NTT-AT makes no share buybacks.
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Business Division Details
| Business division | Scope | Principal products and services |
|---|---|---|
Application Business Division (アプリケーション・ビジネス本部) | Software products, AI and automation | WinActor and AiActor RPA, WinActor Manager on Cloud, RelAi generative-AI brand, Discuss assembly-digitization suite, @InfoCanal alerting, Known learning app |
Materials & Nanotechnology Business Division (マテリアル＆ナノテクノロジ・ビジネス本部) | Nanoelectronics, optical and environmental products based on advanced materials and microfabrication | GaN HEMT epiwafers, EUV/X-ray optics, nanoimprint molds and resins, optical adhesives, KTN devices, fiber-optic connector cleaners and polishers, SQPV glass, HIREC and SurfCool coatings, materials analysis |
Social Platform Business Division (ソーシャルプラットフォーム・ビジネス本部) | Network and security, including IOWN, covering design, construction, operation, maintenance and monitoring | IOWN 400 Gbps data-center interconnect, @FlowInspector, Beluganos white-box network OS, SOC services, XCockpit, OsecT OT security, VPN diagnostics |
Total Solution Business Division (トータルソリューション・ビジネス本部) | Systems integration combining in-house and partner products | Cloud integration (AWS, Azure, GCP, OCI), zero trust and SASE, groupware deployment, regional energy management trials |
Corporate offices | Corporate Strategy Office, Alliance Strategy Office, EX Strategy Office, Innova-Tech Center (CTO), Audit Department | Strategy, alliances, employee experience, rapid development and innovation, internal audit and CSR |
Group Entities
| Subsidiary | Role |
|---|---|
NTT-AT Systems Co., Ltd. (NTT-ATS) | Systems construction and operation; took over the ICT-24 managed-services business from 1 July 2026 |
NTT-AT Techno Communications Co., Ltd. | Communications engineering (wholly owned since 2011) |
NTT-AT IPS Co., Ltd. | Intellectual-property services (originally NTT-AT IP Sharing, 2001) |
NTT-AT Creative Co., Ltd. | Design and content services (2002) |
NTT-AT M-Tac Co., Ltd. | Acquired 2008 (M-Tac) |
Revenue by Segment and Segment Margins & Growth (%)
| Metric | FY3/2024 | FY3/2025 | FY3/2026 |
|---|---|---|---|
Total revenue (JPY Mn) | 72,368 | 73,619 | 74,331 |
Operating income (JPY Mn) | 3,389 | 3,492 | 3,565 |
Operating margin (%) | 4.68 | 4.74 | 4.80 |
Revenue growth YoY (%) | 3.42 | 1.73 | 0.97 |
Income Statement and Per-Share Data
| Metric | FY3/2022 | FY3/2023 | FY3/2024 | FY3/2025 | FY3/2026 |
|---|---|---|---|---|---|
Revenue (JPY Mn) | 68,033 | 69,976 | 72,368 | 73,619 | 74,331 |
Cost of sales (JPY Mn) | 56,825 | 57,961 | 60,154 | 61,236 | 61,889 |
Gross profit (JPY Mn) | 11,208 | 12,014 | 12,213 | 12,382 | 12,442 |
SG&A (JPY Mn) | 8,451 | 8,884 | 8,824 | 8,890 | 8,877 |
Operating income (JPY Mn) | 2,756 | 3,130 | 3,389 | 3,492 | 3,565 |
Non-operating income (JPY Mn) | 1,679 | 1,553 | 1,362 | 1,919 | 2,597 |
Non-operating expenses (JPY Mn) | 125 | 251 | 116 | 95 | 50 |
Ordinary income (JPY Mn) | 4,309 | 4,432 | 4,635 | 5,316 | 6,112 |
Extraordinary losses (JPY Mn) | 0 | 316 | 0 | 778 | 1,172 |
Pre-tax income (JPY Mn) | 4,309 | 4,116 | 4,635 | 4,537 | 4,939 |
Income taxes (JPY Mn) | 878 | 741 | 1,267 | 891 | 851 |
Net income (JPY Mn) | 3,431 | 3,375 | 3,368 | 3,646 | 4,087 |
EPS basic (JPY) | 3,044.50 | 2,995 | 2,988.84 | 3,235 | 3,626.76 |
Book value per share (JPY) | 14,240.80 | 14,619 | 14,099.50 | 13,680 | 15,332.42 |
Margin Analysis (%)
| Metric | FY3/2022 | FY3/2023 | FY3/2024 | FY3/2025 | FY3/2026 |
|---|---|---|---|---|---|
Gross margin (%) | 16.47 | 17.17 | 16.88 | 16.82 | 16.74 |
SG&A to revenue (%) | 12.42 | 12.70 | 12.19 | 12.08 | 11.94 |
Operating margin (%) | 4.05 | 4.47 | 4.68 | 4.74 | 4.80 |
Ordinary margin (%) | 6.33 | 6.33 | 6.40 | 7.22 | 8.22 |
Net margin (%) | 5.04 | 4.82 | 4.65 | 4.95 | 5.50 |
Effective tax rate (%) | 20.4 | 18.0 | 27.3 | 19.6 | 17.2 |
Margin Analysis (%) (FY3/2023–FY3/2026)
| Metric | FY3/2023 | FY3/2024 | FY3/2025 | FY3/2026 |
|---|---|---|---|---|
Revenue growth YoY (%) | 2.86 | 3.42 | 1.73 | 0.97 |
Operating income growth YoY (%) | 13.57 | 8.27 | 3.04 | 2.09 |
Net income growth YoY (%) | -1.63 | -0.21 | 8.25 | 12.10 |
Balance Sheet
| Metric | FY3/2022 | FY3/2023 | FY3/2024 | FY3/2025 | FY3/2026 |
|---|---|---|---|---|---|
Total assets (JPY Mn) | 44,978 | 43,817 | 46,676 | 46,503 | 50,695 |
Current assets (JPY Mn) | 31,162 | 30,579 | 33,380 | 33,629 | 36,761 |
Fixed assets (JPY Mn) | 13,816 | 13,237 | 13,296 | 12,873 | 13,934 |
Current liabilities (JPY Mn) | 20,189 | 20,654 | 23,940 | 24,268 | 26,572 |
Fixed liabilities (JPY Mn) | 8,738 | 6,687 | 6,844 | 6,818 | 6,842 |
Total liabilities (JPY Mn) | 28,927 | 27,341 | 30,785 | 31,086 | 33,414 |
Net assets (JPY Mn) | 16,050 | 16,475 | 15,891 | 15,416 | 17,281 |
Capital stock (JPY Mn) | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 |
Retained earnings (JPY Mn) | 9,437 | 9,364 | 9,358 | 9,636 | 10,077 |
Working capital (JPY Mn) | 10,973 | 9,925 | 9,440 | 9,361 | 10,189 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY3/2022 | FY3/2023 | FY3/2024 | FY3/2025 | FY3/2026 |
|---|---|---|---|---|---|
ROE on year-end net assets (%) | 21.4 | 20.5 | 21.2 | 23.7 | 23.7 |
ROA on year-end total assets (%) | 7.63 | 7.70 | 7.22 | 7.84 | 8.06 |
Equity ratio (%) | 35.7 | 37.6 | 34.0 | 33.2 | 34.1 |
Current ratio (x) | 1.54 | 1.48 | 1.39 | 1.39 | 1.38 |
Total liabilities to net assets (x) | 1.80 | 1.66 | 1.94 | 2.02 | 1.93 |
Asset turnover (x) | 1.51 | 1.60 | 1.55 | 1.58 | 1.47 |
Dividends & Capital Returns and Per-Share Data
| Metric | FY3/2023 | FY3/2024 | FY3/2025 | FY3/2026 |
|---|---|---|---|---|
Implied dividends paid (JPY Mn) | 3,448 | 3,374 | 3,368 | 3,646 |
Prior-year net income (JPY Mn) | 3,431 | 3,375 | 3,368 | 3,646 |
Implied DPS (JPY) | 3,060 | 2,994 | 2,989 | 3,235 |
Payout of prior-year net income (%) | 100.5 | 100.0 | 100.0 | 100.0 |
Analyst Conclusions
Guidance and expectations
NTT-AT publishes no guidance and has no consensus estimates. Three structural factors shape the base case for FY3/2027:
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Parent-company revenue will be lower from 1 July 2026 because managed services moved to NTT-ATS, partly offset by dividends or service fees from the subsidiary.
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AI-driven software (AiActor, RelAi, the TotalAgility linkage) should support Application Business growth.
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Materials demand should benefit from GaN power and RF partnerships and from AR nanoimprint adoption.
Bull case
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GaN repositioning through partnerships. The Ultraband MOU turns NTT-AT from a research-wafer vendor into the epitaxy layer of a device supply chain. It targets EV, AI-server HVDC and satellite RF in a market forecast to grow about 10% a year to around USD 1.1 billion by 2032.
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Production-grade nanoimprint materials. Validation of NH762 on EV Group's SmartNIL process gives NTT-AT a design-in route into AR-waveguide volume manufacturing, which carries higher margins than the 16–17% company gross margin.
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Earnings quality with operating leverage. Flat SG&A of about JPY 8.9 billion means each additional 1% of revenue adds disproportionately to operating income. Operating income has already compounded at 6.6% a year against revenue growth of 2.2%.
Bear case
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Merchant GaN epi under pressure. InnoScience's GaN wafer sales fell 9.7% in 2025 and IQE's revenue fell 17.6%. In this environment, a sub-scale research-center producer risks being priced out as 200 mm becomes standard.
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Recurring impairments signal portfolio drag. Extraordinary losses have risen in each year they occurred, from JPY 316 million to JPY 1,172 million. Further write-downs could absorb the gains from margin improvement.
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Structural stagnation. Revenue grew 0.97% in FY3/2026, and the July 2026 carve-out will shrink the parent's top line. Combined with full profit distribution to NTT, this limits capacity to fund GaN capex independently.
Key catalysts and monitorables for the next 12 months
| Catalyst / monitorable | Timing | What to watch |
|---|---|---|
| FY3/2027 financial statement | Mid-2027 | Revenue reset after the NTT-ATS carve-out; impairment trend; ordinary income from subsidiaries |
| Ultraband joint working group outputs | 2026–2027 | First jointly developed GaN power or RF products; volume commitments |
| SEMICON Japan 2026 (9–11 December 2026) | December 2026 | GaN, EUV optics and NIL resin announcements |
| EV Group / NH700 customer adoption | 2,027 | AR-waveguide design wins |
| 8-inch-and-larger GaN-on-Si capability | 2,027 | Any capacity investment or partner-foundry announcement |
| AiActor and RelAi commercial traction | 2,027 | Customer counts and licence model changes |
| NTT Group medium-term plan updates | 2,027 | Allocation of IOWN and photonics resources to NTT-AT |
| Ministry of Defense HPEM program completion | FY2026 program end | Follow-on contracts |
FY3/2027 financial statement: Timing: Mid-2027; What to watch: Revenue reset after the NTT-ATS carve-out; impairment trend; ordinary income from subsidiaries
Ultraband joint working group outputs: Timing: 2026–2027; What to watch: First jointly developed GaN power or RF products; volume commitments
SEMICON Japan 2026 (9–11 December 2026): Timing: December 2026; What to watch: GaN, EUV optics and NIL resin announcements
EV Group / NH700 customer adoption: Timing: 2027; What to watch: AR-waveguide design wins
8-inch-and-larger GaN-on-Si capability: Timing: 2027; What to watch: Any capacity investment or partner-foundry announcement
AiActor and RelAi commercial traction: Timing: 2027; What to watch: Customer counts and licence model changes
NTT Group medium-term plan updates: Timing: 2027; What to watch: Allocation of IOWN and photonics resources to NTT-AT
Ministry of Defense HPEM program completion: Timing: FY2026 program end; What to watch: Follow-on contracts
Analyst verdict
NTT-AT is a steady but slow-moving NTT subsidiary. It earns a reliable 4–5% operating margin on about JPY 74 billion of revenue, converts nearly all of its profit into dividends to the parent, and earns a high ROE on deliberately small equity. Most of its revenue comes from engineering services and software sold to the NTT Group and Japanese public-sector buyers, a business with limited growth but low cyclicality. The FY3/2026 numbers show discipline: operating income reached a five-year high of JPY 3.57 billion and ordinary income JPY 6.11 billion. They also show the cost of a broad portfolio, with a JPY 1.17 billion impairment, the largest in five years.
Semiconductor investors should recognize that the GaN epiwafer business is strategically interesting but financially modest. NTT-AT's technical credentials are real: NTT-laboratory buffer technology, four substrate platforms, 8-inch GaN-on-Si, and repeated naming among the leading GaN-on-Si and GaN-on-SiC epi suppliers. It does not, however, have the scale of InnoScience or the merchant focus of IQE, and the industry's move to 200 mm and 300 mm raises the capital needed to stay relevant. The 2026 partnerships with Ultraband for GaN devices and EV Group for nanoimprint resins mark the right strategic direction. Both use partner capacity and channels rather than NTT-AT's own balance sheet, which fits a company that distributes nearly all its profit.
Over the next 12 months, the deciding factors are whether those partnerships produce named design wins and whether impairments stop growing. If they do, the materials division could become a disproportionate source of value inside NTT-AT, especially in GaN power for AI data centers and in AR optics. If not, NTT-AT will remain primarily an ICT services company with a respected but niche materials catalog, and GaN epiwafer share will keep moving to Chinese and vertically integrated suppliers.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title / responsibilities |
|---|---|
Tadashi Itoh (伊東 匡) | Representative Director, President & CEO (president since 2022) |
Hideyuki Iijima (飯島 秀幸) | Director; Deputy Head, Application Business Division |
Norihiko Nishitani (西谷 紀彦) | Director; Head, Corporate Strategy Office and Alliance Strategy Office; Internal Control; CFO; CMO |
Shinichi Hirata (平田 真一) | Director; Head, EX Strategy Office; CEXO |
Haruhiko Ito (伊藤 陽彦) | Director; Head, Innova-Tech Center; CTO |
Fumihiko Yamamoto (山本 文彦) | Director; Head, Materials & Nanotechnology Business Division |
Yoshikatsu Okazaki (岡崎 義勝) | Director; Head, Social Platform Business Division |
Kenji Yamada (山田 賢二) | Director; Head, Application Business Division; CAIO |
Hiroshi Maeshima (前島 浩史) | Director; Deputy Head, EX Strategy Office; Audit Department; CSR; CCO |
Katsuhiko Suzuki (鈴木 勝彦) | Director; Deputy Head, Corporate Strategy Office; CISO |
Fuminori Kuwabara (桑原 史憲) | Director; Head, Total Solution Business Division |
Susumu Yamamoto (山本 晋) | Director (no executive portfolio) |
Major Shareholders
| Holder | Stake | Basis |
|---|---|---|
NTT, Inc. | 100% | Company overview, FY3/2026 |
Governance Timeline
| Period | President |
|---|---|
| 1976 | Yoshikazu Ito |
| 1989 | Hiroaki Sarata |
| 1996 | Tetsuhiko Ikegami |
| 1998 | Kimio Tazaki |
| 2004 | Hiroshi Ishikawa |
| 2007 | Shigehiko Suzuki |
| 2010 | Takashi Hanazawa |
| 2015 | Takeharu (George) Kimura |
2022–present | Tadashi Itoh |
Competitive Landscape
Competitors by Segment
| Business | Competitor | Positioning against NTT-AT |
|---|---|---|
GaN epiwafers (GaN-on-Si) | Innoscience | Integrated device maker with 8-inch GaN-on-Si capacity of 20,000 wafers a month (as reported); far larger volume |
GaN epiwafers (GaN-on-Si, GaN-on-SiC) | IQE plc | Merchant epitaxy leader; investing in GaN for power and microLED |
GaN epiwafers (GaN-on-Si) | Enkris Semiconductor | Chinese merchant GaN epi supplier with aggressive pricing |
GaN epiwafers | DOWA Electronics Materials | Japanese compound-semiconductor epi peer |
GaN epiwafers (GaN-on-SiC) | Wolfspeed | Vertically integrated SiC/GaN-on-SiC leader |
GaN epiwafers (GaN-on-SiC) | Soitec (EpiGaN) | European engineered-substrate and epi player |
GaN epiwafers | SCIOCS (Sumitomo Chemical) | Japanese GaN substrate and epi supplier |
GaN-on-SiC RF | Sumitomo Electric Device Innovations, Qorvo, NXP, CETC 13/55, Dynax | Mostly captive epitaxy inside RF device makers |
Nanoimprint resins | Sanyo Chemical (HILUCIS, refractive index 1.9, January 2025) | Direct high-index NIL resin competitor |
RPA software | UiPath, Automation Anywhere, Microsoft Power Automate | Global platforms competing with WinActor in Japan |
ICT SI and security | NTT Group peers, NEC, Fujitsu and others | Competition for municipal and enterprise work |
Peer Comparison FY2025
| Company | Fiscal year | Revenue | Revenue growth (%) | Profitability |
|---|---|---|---|---|
NTT-AT (non-consolidated) | FY3/2026 | JPY 74,331 M | 0.97 | Operating margin 4.8%; net margin 5.5% |
InnoScience | FY2025 (December) | RMB 1,213.3 M (of which GaN wafer sales RMB 253.4 M) | 46.3 | Gross margin 7.3%; net loss RMB 840.5 M |
IQE plc | FY2025 (December) | GBP 97.3 M | -17.6 | Adjusted EBITDA margin 3%; reported pre-tax loss GBP 37.0 M |
