QPS Holdings (464A) Q2 2026 earnings summary

Executive summary

• Achieved first earnings announcement since listing in December and transitioned to a holding company structure, accelerating global expansion and operational speed.

• Progressed satellite constellation projects, launching up to 6 new small SAR satellites in 2025, expanding the operational fleet to 9 as of January 14, 2026, and enhancing data provision and observation frequency.

• Achieved key milestones toward near real-time observation services, with a roadmap to 24 satellites by May 2028 and 36 for 10-minute interval coverage.

• Signed major government and defense contracts, including SAR data provision, and began supplying data.

• Became a wholly owned subsidiary and delisted in November 2025.

Financial highlights

• Cumulative Q2 sales reached ¥915 million, a 26.5% year-over-year decline, with business income (sales plus subsidies) up ¥500 million year-over-year to ¥1.75 billion.

• Second quarter net profit was ¥259 million, up ¥84 million year-over-year, but the period also saw an operating loss of ¥900 million and a net loss of ¥227 million, a significant improvement from the prior year.

• EBITDA for the first half was ¥745 million; full-year forecast is ¥2.8 billion.

• Received ¥835 million in government grants as non-operating income.

• Cash and deposits at period-end were ¥7,991 million, down ¥3,842 million from the previous year-end.

Outlook and guidance

• Full-year results and major project revenues are expected to concentrate in Q4, with business income forecast at ¥7.2 billion and net profit projected at ¥500 million.

• Plans to launch 6 satellites in FY2026, expand to a 24-satellite constellation by FY2028, and complete a 36-satellite system for global observation every 10–20 minutes.

• No earnings forecast provided post-delisting; refer to parent company’s consolidated forecast.

• Anticipates further growth in government and overseas demand, with domestic private sector demand expected to rise.