Astroscale Holdings (186A) Q4 2024 earnings summary

Executive summary

• Demonstrated technical milestones with ELSA-d mission completion and ADRAS-J successful debris approach, and advanced ELSA-M and LEXI-P projects.

• Secured major contracts and awards, including ¥12bn MEXT SBIR, $25.5mm US Space Force, selection for ¥11.4bn JAXA ADRAS-J2, and contracts with ESA and private operators.

• Order bookings reached ¥6.7bn (up 127% YoY), with an anticipated order backlog of ¥28.5bn as of April 2024.

• Expanded global presence with new offices and technical hubs in France and regulatory progress in key markets.

• Achieved significant progress in on-orbit servicing business, expanding manufacturing and technical hubs in Japan and France.

Financial highlights

• Project income for FY2024 was ¥4,667m, up 160.4% YoY; revenue (IFRS) was ¥2,852m, up 59.1% YoY.

• Operating loss widened to ¥11,555m from ¥9,665m YoY; net loss was ¥9,181m, a slight improvement from ¥9,264m in FY2023.

• Gross margin improved to -78.7% from -289.8% YoY; operating margin was -405.1%.

• Cash and cash equivalents at year-end were ¥14,196m, down from ¥22,678m in FY2023.

• Basic and diluted loss per share improved to ¥101.45 from ¥111.16 YoY.

Outlook and guidance

• FY2025 project income forecast is ¥18,000m, a 285.7% increase YoY.

• Profit projections not disclosed due to uncertainty in large project cost recognition and contract timing.

• Provision for loss on order for ELSA-M Phase 4 expected to be recorded in FY2025.

• Long-term targets: gross margin mid-30%, operating margin mid-20%.