Synspective (290A) Q4 2025 earnings summary

Executive summary

• FY2025 total revenue rose 144.8% YoY to ¥6,140.9m, while order backlog reached ¥24,960.6m.

• Net sales were ¥2,376.5m, up 2.6%, and subsidy income rose 1,859.5% to ¥3,764.4m.

• Operating loss widened to ¥4,137.6m; net loss attributable to owners of parent narrowed to ¥371.2m.

• Four StriX satellites were operational at year-end, with future launch contracts for 23 additional satellites.

• Strategic developments included selection for the ¥283.2bn Ministry of Defense constellation project, plans for a European subsidiary, and an Airbus data framework agreement.

Financial highlights

• FY2025 sales were ¥2,376.5m versus ¥2,316m in FY2024; total revenue was ¥6,140.9m versus ¥2,508m, including government subsidy income.

• Operating loss widened to ¥4,137.6m from ¥3,070.2m; ordinary loss narrowed to ¥1,074m from ¥3,594m, supported by subsidy income.

• Net loss attributable to parent owners improved to ¥371.2m from ¥3,593m, including a ¥693m tax benefit from recognizing deferred tax assets.

• Cash and cash equivalents were ¥24,542.2m, up ¥10,302.4m YoY; operating cash flow was ¥1,656.6m, investing cash outflow ¥11,629.5m and financing cash inflow ¥20,270.8m.

• SG&A rose 26.2% to ¥4,145.4m, primarily from higher personnel and share-based compensation costs.

Outlook and guidance

• FY2026 forecast: total revenue ¥16,052m, net sales ¥6,353m, operating loss ¥5,467m, ordinary profit ¥3,010m and net income ¥2,624m.

• Year-end operational satellites are forecast at 10; seven additional small SAR satellites are planned for launch by December 2026.

• Around 94% of FY2026 net sales is expected from government agencies; ~87% of the Ministry of Defense project has been awarded or contracted, with penalty risk factored in.

• FY2026 R&D expense is expected to rise ~70% YoY, and staffing is forecast to increase by 60–70 employees; the Ministry of Defense project is expected to start in April 2026.

• Planned FY2026 investments include ¥1,362m for next-generation satellite development, ¥579m for satellite operations and solutions, ¥386m for plant capex, and ¥732m for overseas marketing and sales.