Synspective (290A) Q3 2025 earnings summary

Executive summary

• 9M FY2025 total revenue was ¥1,950.7m, up 21.3% YoY; net sales were ¥1,672.4m, up 4.0%.

• Order backlog reached ¥21,632.0m at September-end, up ¥16,270m from December 2024; it includes unrecorded subsidy income.

• Four StriX satellites were operational at quarter-end; the seventh launched in October, and contracts cover 23 future satellite launches.

• Secured ¥16.46bn in initial Space Strategy Fund subsidies through March 2027 and bid for the ¥283.2bn Ministry of Defense constellation program.

• Established a U.S. subsidiary in March 2025 to target North and Latin American markets.

Financial highlights

• 9M operating loss was ¥3,160.4m, ordinary loss ¥3,418m and net loss attributable to owners of parent ¥3,413.1m.

• Cost of sales increased 39.6% YoY to ¥1,882.9m, reflecting higher depreciation and direct project costs; depreciation was ¥1,273.9m versus ¥262.1m a year earlier.

• SG&A rose 32.4% to ¥2,949.9m, driven by personnel, share-based compensation and outsourcing; R&D declined to ¥877m from ¥942m.

• Total assets were ¥32,708.2m, up ¥4,512.9m from December 2024, mainly due to satellite construction in progress; net assets were ¥23,929.5m.

• Cash and cash equivalents were ¥12,445.8m, down ¥1,794m from December 2024; equity-to-asset ratio was 69.9%.

Outlook and guidance

• FY2025 forecast unchanged: total revenue ¥6,113m, net sales ¥2,321m, operating loss ¥4,524m, ordinary loss ¥1,473m, net loss ¥1,482m and EBITDA ¥1,242m.

• 9M progress was 72.0% of forecast net sales and 31.9% of total revenue; subsidy income is weighted to Q4, with ¥441m recorded in October and ~¥3,073m expected in December.

• Year-end operational satellites forecast at four after the eighth launch shifted to Q1 2026 and the third satellite ended operations in October.

• Operating losses are expected to rise with satellite production ahead of prospective large contracts, while ordinary loss is forecast to decrease YoY.