PowerX (485A) Q4 2025 earnings summary

Executive summary

• FY2025 net sales rose 213.4% to ¥19,306M; EBITDA loss narrowed to ¥137M and operating loss to ¥677M.

• BESS deliveries and production efficiencies drove growth, while gross margin improvements and tighter SG&A control reduced losses.

• Q4 revenue was ¥11.98B, up 168.8% YoY, with operating profit of ¥1.5B and net income of ¥1.3B.

• FY2026 guidance targets positive operating and ordinary profit.

Financial highlights

• Gross profit increased 238.3% to ¥5,232M; Q4 gross margin was 25.3%.

• SG&A fell 8.9% to ¥5.91B; R&D expense decreased 26.5% and G&A expense decreased 15.8%.

• Loss attributable to owners was ¥1,646M, including asset impairment and recognition of ¥609M in deferred tax assets.

• All financial targets were met except ordinary profit, affected by listing-related expenses and other financing costs.

Outlook and guidance

• FY2026 forecast: revenue ¥38.0B (+96.8%), operating profit ¥2.0–2.5B, EBITDA ¥2.5–3.0B, ordinary profit and net income ¥1.0–1.5B each.

• Sales and deliveries are expected to be weighted to H2 due to subsidy-driven customer timing.

• FY2026 expected-sales backlog was ¥34,668M as of February 2026; firm orders were ¥36B against the ¥38B sales projection.

• Signed and probable orders totaled ¥39.8B for FY2027 and ¥80.1B over four years; probable orders are excluded from reported firm backlog.

• Forecast excludes modular data center revenue and includes limited related R&D expense; raw material and FX volatility inform the forecast range.