QPS Holdings (464A) Q4 2026 earnings summary

Executive summary

• Achieved 42% year-over-year revenue growth to ¥3,803 million, driven by the Ministry of Defense constellation project and expansion of business and financial foundations.

• Transitioned to a holding company structure in December 2025, inheriting financials from QPS Research Institute and focusing on sustainable growth.

• Successfully launched four new small SAR satellites, bringing the operational constellation to nine satellites.

• Secured major contracts, including a five-year, ¥69.7 billion Ministry of Defense satellite data contract, and strengthened financial base through syndicated loan and third-party allotment.

Financial highlights

• Revenue: ¥3,803 million, up ¥1,122 million year-over-year; operating income: -¥833 million; net income: ¥1,152 million.

• EBITDA: ¥3,106 million, up ¥2,584 million year-over-year.

• Business income (including subsidies): ¥6,312 million, up ¥3,619 million year-over-year.

• Gross profit: ¥330 million; gross margin: 8.7%.

• Comprehensive income: ¥1,215 million.

Outlook and guidance

• FY2027 revenue target: ¥10,000 million (+162.9% YoY), operating profit of ¥300 million, net profit of ¥1,900 million.

• FY2031 targets: Revenue ¥30 billion, operating profit ¥3 billion, EBITDA ¥20 billion.

• Growth driven by full-year contribution from Ministry of Defense project, expected to add over ¥7 billion in sales.

• Plans to increase operational satellites to 16 by FY2027 and 36 by FY2031, aiming for near real-time global observation.

• Seven additional small SAR satellites planned for launch by May 2027.