Synspective (290A) Q3 2025 earnings summary

Executive summary

• Total revenue for the nine months ended September 30, 2025, was ¥1,950.7 million, up 21.3% year-over-year, driven by government contracts and subsidy income.

• Net sales reached ¥1,672.4 million (up 4.0% year-over-year), but the company posted an operating loss of ¥3,160.4 million and a net loss attributable to owners of parent of ¥3,413.1 million, both significantly larger than the prior year.

• The order backlog stood at ¥21,632.0 million, reflecting strong government and subsidy-driven demand.

• Four StriX satellites were operational at quarter-end, with contracts secured for the future launch of 23 additional satellites.

• The company expanded internationally by establishing a U.S. subsidiary to target North and Latin American markets.

Financial highlights

• Cost of sales increased 39.6% year-over-year to ¥1,882.9 million, mainly due to higher depreciation and direct project costs.

• Selling, general and administrative expenses rose 32.4% year-over-year to ¥2,949.9 million, driven by increased share-based compensation, personnel, and outsourcing costs.

• Total assets as of September 30, 2025, were ¥32,708.2 million, up ¥4,512.9 million from December 2024, mainly due to increased construction in progress for satellites.

• Net assets rose to ¥23,929.5 million, reflecting capital raised through share issuance and stock acquisition rights, despite ongoing losses.

• Cash and deposits at quarter-end were ¥12,445.8 million.

Outlook and guidance

• Full-year 2025 revenue is forecast at ¥6,113 million (up 143.7% year-over-year), with net sales of ¥2,321 million and a projected net loss of ¥1,482 million.

• No change to previously announced full-year guidance; management notes forecasts are based on current assumptions and actual results may differ.