PowerX (485A) Q1 2026 earnings summary

Executive summary

• Achieved year-over-year revenue and profit growth in Q1 FY2026, with revenue up 10.6% to ¥1,945 million and improved operating and net losses compared to the same quarter last year.

• Order backlog as of May 2026 reached ¥89.0 billion, up ¥8.9 billion since February, covering nearly all of the FY2026 sales forecast.

• Production progress for the full year stands at 34%, with manufacturing proceeding steadily and no capacity concerns.

• Strong market tailwinds in Japan and overseas, with new product launches and global expansion initiatives underway.

• The business environment is favorable for energy storage, driven by government policy and increased demand for grid-connected storage systems.

Financial highlights

• Q1 FY2026 revenue: ¥1,945 million (+10.6% YoY); gross profit: ¥673 million (+21.7% YoY); gross margin: 34.6%.

• Operating loss improved to ¥697 million (from ¥803 million YoY); EBITDA loss improved to ¥551 million.

• Loss attributable to owners improved to ¥1,007 million (from ¥1,222 million YoY); basic earnings per share at ¥-26.82.

• SG&A expenses contained at ¥1,370 million (+1% YoY), with disciplined cost control.

• Total assets at March 31, 2026, were ¥24,608 million, with net assets at ¥7,935 million after new share issuance and subsidiary capital increases.

Outlook and guidance

• Order backlog (signed and probable) covers 99.7% of the full-year net sales forecast, indicating strong visibility for meeting guidance.

• FY2026 order backlog at ¥37.9 billion (+96% YoY); FY2027 backlog already at ¥42.1 billion, with further upside expected.

• Full-year FY2026 net sales forecast is ¥38,000 million, with EBITDA expected between ¥-3,000 million and ¥2,000 million, and profit attributable to owners of parent between ¥-1,500 million and ¥1,000 million.

• Revenue and deliveries expected to be heavily weighted toward the second half due to customer budgeting cycles and subsidy deadlines.

• No changes to the previously announced forecast.