Synspective (290A) investor relations material

Executive summary

• 9M total revenue was ¥5,299.7m, up 171.7% YoY, driven by Ministry of Defense data services and Space Strategy Fund subsidies; net loss attributable to owners was ¥3,814.3m.

• Order backlog reached ¥120,565.4m at September-end, including expected future revenue and subsidy income; 10 satellites were operational.

• FY2026 guidance was unchanged despite net sales running ~20% below plan after extended satellite maintenance downtime; delivery depends on higher utilization and pipeline conversion.

Financial highlights

• 9M net sales were ¥3,072.2m, up 83.7% YoY, and subsidy income was ¥2,227.5m, up 700.4%.

• Operating loss was ¥4,835.6m, ordinary loss ¥3,738.0m and net loss attributable to owners ¥3,814.3m.

• Cost of sales rose 105.3% YoY to ¥3,866.3m; SG&A rose 37.0% to ¥4,041.5m, reflecting depreciation, project costs, R&D, hiring and sales expansion.

• Gross loss widened to ¥794.1m from ¥210.5m; basic EPS was a loss of ¥28.75, versus a loss of ¥30.45 in the prior-year period.

• YTD subsidy income included ¥2.17bn from Space Strategy Fund Phase 1 and ¥0.04bn from the Global South program; no subsidy income was received in Q3.

Outlook and guidance

• FY2026 forecast unchanged: total revenue ¥16,052m, net sales ¥6,353m, operating loss ¥5,467m, ordinary profit ¥3,010m and net profit attributable to owners ¥2,624m.

• Q3 progress was 48.4% of forecast net sales and 33.0% of total revenue; net sales and subsidy income are expected to be weighted toward year-end.

• Forecast basic EPS is ¥19.77 and cash dividend is ¥0 per share; guidance depends on improving satellite utilization and securing revenue from pipeline projects.

• Including ¥6.24bn of Phase 1 subsidy scheduled for Q4, total revenue would reach ¥11.54bn, or 71.9% of forecast, as a reference figure.