Synspective (290A) Q2 2025 earnings summary

Executive summary

• 1H FY2025 total revenue rose 31.9% YoY to ¥1.367bn, while operating loss widened to ¥2.109bn as constellation investment continued.

• Order backlog reached ¥21.772bn at June-end, up 306.4% from December 2024-end; the measure includes unrecorded subsidy income.

• Government demand, Space Strategy Fund support, and launch agreements underpin plans to expand the constellation beyond 30 satellites from 2028 onward.

Financial highlights

• 1H FY2025 total revenue was ¥1.367bn, comprising ¥1.327bn net sales and ¥40m subsidy income; net sales increased 28.0% YoY.

• Operating loss was ¥2.109bn, ordinary loss ¥2.491bn, and net loss attributable to parent owners ¥2.483bn, all wider than a year earlier.

• Cost of sales increased ¥658m to ¥1.436bn, including ¥860m depreciation for Strix satellites 4–6, up ¥790m YoY.

• Total assets were ¥27.058bn at June-end, down from ¥28.195bn at 2024-end; cash and deposits declined ¥3.108bn to ¥11.131bn.

• EBITDA was negative ¥962m, versus negative ¥992m in 1H FY2024.

Outlook and guidance

• FY2025 forecast was unchanged: total revenue ¥6.113bn, net sales ¥2.321bn, operating loss ¥4.524bn, and net loss ¥1.482bn.

• 1H progress was 22.4% of the total revenue forecast and 57.2% of net sales forecast, reflecting second-half weighting of subsidy income.

• Forecast assumes ~75% of net sales from public agencies, with ~96% of those bids/contracts awarded; no new projects are included in subsidy estimates.

• Two launches are planned for 2H FY2025; operational satellites are forecast at six at year-end, ~11 around 2026, and more than 30 from 2028 onward.