Synspective (290A) Q4 2025 earnings summary

Executive summary

• Total revenue for FY2025 was ¥6,140.9 million, up 144.8% year-over-year, driven by higher net sales and significant subsidy income from government projects and initiatives.

• Net sales reached ¥2,376.5 million (up 2.6% year-over-year), while subsidy income surged 1,859.5% to ¥3,764.4 million.

• Operating loss widened to ¥4,137.6 million from ¥3,070.2 million in the prior year, but net loss attributable to owners of parent improved to ¥371.2 million from ¥3,593.0 million.

• Order backlog stood at ¥24,960.6 million, reflecting strong future demand and government contracts.

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

Financial highlights

• Gross profit was ¥7.8 million, with cost of sales rising 12.7% to ¥2,368.7 million due to increased depreciation and direct project costs.

• Selling, general and administrative expenses increased 26.2% to ¥4,145.4 million, mainly from higher personnel and share-based compensation costs.

• Cash and cash equivalents at year-end were ¥24,542.2 million, up ¥10,302.4 million from the prior year.

• Net cash provided by operating activities was ¥1,656.6 million, while investing activities used ¥11,629.5 million and financing activities provided ¥20,270.8 million.

• Equity-to-asset ratio improved to 76.2% from 68.9% year-over-year.

Outlook and guidance

• FY2026 forecast: total revenue ¥16,052 million (+161.4%), net sales ¥6,353 million (+167.3%), operating loss ¥5,467 million, ordinary profit ¥3,010 million, and profit attributable to owners of parent ¥2,624 million.

• Seven additional small SAR satellites planned for launch by December 2026, with continued focus on government contracts and satellite data sales.

• Ordinary profit expected to turn positive due to non-operating income, mainly from approved subsidies.