Synspective (290A) Q2 2026 earnings summary

Executive summary

• Six-month total revenue rose 186.5% YoY to ¥3.918bn, driven by Ministry of Defense constellation-project sales and subsidy income; operating loss widened to ¥3,351m.

• Net loss attributable to owners of parent narrowed to ¥1,418m from ¥2,484m a year earlier.

• Order backlog reached ¥121.714bn, supported by the ¥96.07bn image-data acquisition services contract; FY2026 guidance was unchanged.

• Satellites 9 and 10 launched successfully in May and June; six were operational at quarter-end, and production capacity expansion to as many as 30 satellites annually was approved.

Financial highlights

• Six-month total revenue was ¥3.918bn, up 186.5% YoY; net sales were ¥1.691bn and subsidy income was ¥2.227bn.

• Net sales rose 27.4% YoY; data sales were ¥1.28bn and solutions sales were ¥0.31bn. Subsidy income increased ¥2.18bn YoY to ¥2.22bn.

• Operating loss widened to ¥3,351m from ¥2,110m; ordinary loss narrowed to ¥1.372bn from ¥2.491bn, and net loss attributable to parent owners narrowed to ¥1,418m from ¥2,484m.

• Gross loss increased to ¥716m from ¥109m; basic EPS improved to ¥(10.74) from ¥(22.38).

• Cash and cash equivalents were ¥16,210m at June 30, down ¥8,332m from December 2025-end; cost of sales was ¥2.406bn and SG&A ¥2.634bn.

Outlook and guidance

• FY2026 forecast unchanged: total revenue ¥16.052bn, net sales ¥6.353bn, EBITDA ¥8.399bn, operating loss ¥5.467bn, net profit attributable to owners ¥2.624bn and basic EPS ¥19.88.

• H1 progress was 24.4% of total-revenue guidance and 26.6% of net-sales guidance; sales and subsidy income are expected to be weighted toward H2.

• MOD constellation services began in April 2026; sales are expected to rise progressively toward year-end as operational satellite numbers increase.

• The ¥0.82bn FY2026 cost-of-sales impact from accelerated depreciation is expected to be offset by H2 SG&A review and investment efficiencies; no direct Middle East-related manufacturing or launch impact was expected.