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ispace (9348) investor relations material
ispace Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary14 Nov, 2025
Executive summary
Net sales for the first two quarters rose 63.5% year-over-year to ¥2,193.9 million, driven by progress in lunar surface development contracts and new payload service agreements.
Incorporated lessons from Mission 2, with external reviews and JAXA technical support underway; briefing on findings planned for Q4.
Mission 3 development progressing, with CDR scheduled for winter and total contract value expanded to $86Mn.
Signed $22Mn PSA with Magna Petra for Helium-3 commercialization; established a Standing Review Board with U.S. space experts.
Mission 4 development and sales ongoing, with $40Mn in contracts and $8Mn PSA signed with TASA.
Financial highlights
Q2 FY2026/3 net sales rose 63.4% YoY to ¥2,193Mn, driven by Mission 3 progress; gross profit margin improved to 17.4%.
Gross profit increased to ¥382.7 million from ¥204.7 million year-over-year.
Net loss narrowed to ¥4.4Bn, with foreign exchange gains offsetting interest expenses; SBIR grant for Mission 4 to be recorded in Q4.
Cash and deposits at ¥20,078Mn, up 53.1% from FY2025/3 Q4; total assets at ¥35,137Mn.
Negative free cash flow from development offset by ¥15Bn new borrowings in May; capital increase in October not yet reflected.
Outlook and guidance
Full-year forecast maintained: net sales of ¥6,200 million (up 30.7% year-over-year), operating loss of ¥11,500 million, and net loss attributable to owners of ¥8,300 million.
Mission 3 launch scheduled for 2027, with sales and development milestones on track.
Mission 4 launch expected in 2028, pending official approval of schedule change.
Anticipates commencement of Mission 6 development within the fiscal year, contingent on major project order.
Project income potential for M3 and beyond exceeds $350Mn, with additional demand estimated at over $600Mn.
Assess going concern status post-Oct/Nov capital raise
Evaluate Mission 2 failure fixes for future missions
Detail non-traditional funding sources and impact
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Q3 25/2610 Feb, 2026
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