PowerX (485A) Q3 2026 earnings summary

Executive summary

• First profitable Q3: revenue ¥9.671bn, operating profit ¥215mn, EBITDA ¥418mn and positive operating cash flow; FY2026 guidance was raised.

• FY2027 revenue outlook is ¥70bn, with ¥53.7bn in signed and probable orders (~77% coverage); FY2026–FY2030 signed and probable orders total ¥114bn.

• 9M sales rose 126.2% YoY to ¥16.564bn; operating and EBITDA losses narrowed, led by BESS deliveries.

Financial highlights

• Q3 revenue rose 261.5% YoY to ¥9.671bn; gross profit increased 156.8% to ¥1.927bn.

• Q3 operating profit was ¥215mn versus a ¥619mn loss YoY; EBITDA was ¥418mn versus a ¥472mn loss, and net loss narrowed to ¥130mn from ¥815mn.

• 9M operating loss narrowed to ¥858mn from ¥2.182bn and EBITDA loss to ¥359mn from ¥1.780bn; net loss attributable to owners narrowed to ¥1.681bn from ¥3.046bn.

• FY2026 guidance: revenue ¥41bn, operating profit ¥2.2–2.5bn and EBITDA ¥2.7–3.0bn; ordinary and net profit forecasts remain ¥1.0–1.5bn.

• Q3 gross margin was 19.9%; higher air-cooled module procurement costs, FX and raw-material prices weighed on margins.

Outlook and guidance

• FY2026 production was complete by Oct. 30, with FY2027 production underway; ~60% of FY2026 revenue is expected in Q4.

• By Nov. 12, 43% of forecast Q4 revenue was recognized; signed orders with acceptance clauses or subsidy backing covered 95% of the remainder.

• FY2027 revenue outlook is ¥70bn, with operating profit of ¥5.5–7.0bn; signed and probable orders of ¥53.7bn cover ~77% of revenue.

• Longer-term targets include positive FCF each year and ROE of at least 35%; management aims to exceed FY2027's 71% revenue growth through new orders and overseas expansion.

• Liquid-cooled MP2500 shipments are underway and MP4000 is scheduled for H2 FY2027; lower unit costs and pricing measures are intended to support margin recovery.