ACSL (6232) Q3 2026 earnings summary

Executive summary

• 9M revenue rose 84.0% YoY to JPY 2.294bn, led by North America; gross margin reached 33.7%, up 24.8 pts YoY.

• Revenue plus FY26 backlog and post-Q3 orders totaled JPY 4.025bn, or 100.6% of the JPY 4.0bn full-year forecast.

• Operating loss excluding SBIR costs narrowed JPY 575mn YoY to JPY 224mn; reported operating loss was JPY 456mn, and parent net loss was JPY 197mn.

Financial highlights

• Gross profit was JPY 773mn, versus JPY 111mn a year earlier; reported SG&A declined to JPY 1,229mn from JPY 1,461mn.

• SG&A excluding SBIR costs was JPY 997mn, up JPY 86mn YoY.

• Ordinary loss narrowed to JPY 559mn from JPY 738mn; loss before income taxes was JPY 154mn versus JPY 989mn.

• Q3 standalone revenue was JPY 646mn, ~2.4x YoY; North America contributed ~80% of quarterly revenue.

Outlook and guidance

• FY26 guidance remains net sales of JPY 4.0bn, operating loss of JPY 1.36bn, ordinary loss of JPY 950mn and parent net loss of JPY 600mn.

• Q4 gross margin is expected to be lower due to product mix; the full-year gross margin forecast remains 27.5%.

• Q4 SG&A excluding SBIR is implied at ~JPY 0.86bn; R&D and outsourced development costs are expected to concentrate in Q4.

• Operating profitability excluding national projects is targeted by FY28/12; JPY 5.0bn revenue and 40% gross margin are cited as one benchmark.