ispace (9348) Q4 24/25 earnings summary

Executive summary

• Net sales doubled year-over-year to ¥4,743 million, but net loss widened to ¥11,945 million due to increased R&D and SG&A expenses.

• Major milestones achieved in Mission 2, with successful lunar orbit entry and ongoing payload contracts totaling $16 million.

• Mission 3 launch postponed to 2027 due to supplier delays; revenue recognition for related contracts delayed.

• Mission 4 development progressing with a ¥12 billion SBIR grant and new payload contracts secured.

Financial highlights

• Net sales: ¥4,743 million (up 101.2% year-over-year).

• Operating loss: ¥9,795 million (vs. ¥5,501 million loss prior year).

• Ordinary loss: ¥11,334 million (vs. ¥6,098 million loss prior year).

• Net loss attributable to owners: ¥11,945 million (vs. ¥2,366 million loss prior year).

• Cash and cash equivalents at year-end: ¥13,118 million, down ¥3,715 million from prior year.

Outlook and guidance

• FY2026 forecast: Net sales ¥6,200 million (+30.7% YoY), operating loss ¥11,500 million, net loss ¥8,300 million.

• Revenue growth expected from Mission 3 and initial Mission 4 contributions; "Project Income" metric (including SBIR grants) expected to nearly double.

• SG&A expenses to remain stable; net loss expected to improve due to SBIR grant income.