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ACSL (6232) investor relations material
ACSL Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary18 Nov, 2025
Executive summary
Full-year sales forecast revised downward to 2.7 bn JPY from 3.15 bn JPY due to U.S. delivery delays, while domestic sales remain on track at 1.85 bn JPY.
Net sales for the nine months ended September 30, 2025, were 1.246 bn JPY, a 41.4% decrease year-over-year, but cumulative Q3 sales increased 810 mn JPY YoY in some segments.
Operating loss forecast (excluding SBIR expenses) is 970 mn JPY; ordinary loss forecast is 1.4 bn JPY, with net loss attributable to owners of parent improved to 991 mn JPY from 1.656 bn JPY YoY.
Gross profit margin improved to 9% (up 5 pts YoY); operating loss narrowed by 320 mn JPY YoY (excluding SBIR expenses).
Strengthened defense sector ties, expanded U.S. partnerships, and selected for major national R&D programs.
Financial highlights
Q3 sales (excluding India project) increased 191% YoY to 1.24 bn JPY; backlog up 624 mn JPY YoY.
Gross profit for Q3 cumulative period was 110.7 mn JPY, up from 92 mn JPY YoY; gross profit margin at 9%.
SG&A expenses (excluding national projects) reduced by 304 mn JPY YoY to 910 mn JPY.
Operating loss (excluding national projects) improved by 322 mn JPY YoY to -800 mn JPY; comprehensive income loss improved to 1.005 bn JPY from 1.663 bn JPY YoY.
Net assets rose to 1.09 bn JPY from 194 mn JPY at year-end 2024; total assets increased to 4.649 bn JPY.
Outlook and guidance
Full-year 2025 net sales forecast at 2.7 bn JPY, up 1.7% YoY, revised due to deferred U.S. deliveries; domestic sales steady.
Full-year operating loss forecast at 1.4 bn JPY and net loss at 1.8 bn JPY; basic earnings per share forecasted at (112.08) JPY.
Gross profit expected to decrease by 150 mn JPY; gross margin projected at 19%.
Cost structure improvements and SG&A reductions expected to keep profits in line with previous forecasts.
Targeting profitability within three years, with mid- to long-term sales CAGR of 20%+ and gross margin of 40%+.
Explain the significant capital structure shift
Nature of the 815M subsidy income?
Details on the 251M fraud-related losses
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