PowerX (485A) Q1 2026 earnings summary

Executive summary

• Q1 FY2026 revenue was ¥1,945 million, up 10.6% YoY; operating and net losses narrowed to ¥697 million and ¥1,007 million.

• Order backlog reached ¥88,962 million as of May 14; FY2026 scheduled revenue of ¥37,879 million represented 93.8% of forecast, rising to 99.7% with probable orders.

• Production reached 34.6% of the annual plan, with steady manufacturing and no capacity concerns.

• Favorable storage-market conditions, new products and international expansion support growth plans.

Financial highlights

• Revenue was ¥1,945 million (+10.6% YoY); gross profit was ¥673 million (+21.7%) and gross margin was 34.6%.

• Operating loss improved to ¥697 million from ¥803 million; EBITDA loss was ¥551 million and loss attributable to owners was ¥1,007 million.

• SG&A was ¥1,370 million, up 1% YoY, with spending control despite higher sales and marketing costs.

• Total assets were ¥24,608 million, net assets ¥7,935 million and liabilities ¥16,673 million at March 31, 2026.

Outlook and guidance

• FY2026 net sales forecast remains ¥38,000 million; EBITDA guidance is ¥-3,000 million to ¥2,000 million and profit attributable to owners is ¥-1,500 million to ¥1,000 million.

• Signed orders covered 93.8% of FY2026 sales guidance and probable orders lifted coverage to 99.7%; backlog also included ¥42.1 billion for FY2027.

• Sales and deliveries are expected to be weighted toward H2 due to customer budgeting cycles and subsidy deadlines; Q4 is typically strongest.

• Gross margins are expected to move toward original assumptions as temporary high-margin Q1 projects fade and battery costs rise from Q2.