Worth reading
61In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
374
¥ million (year-on-year increase in operating loss)Wording
Avoiding a definitive answer
How definitive the wording is.Contents of this document
Presentation materials for financial resultsFirst quarter of the fiscal year ending April 20277 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥1,195 million-4.4%
Operating profit¥-2,750 million
Net income¥-3,071 million
Operating profit margin-230 %
Selling, general and administrative expenses¥3,780 million
Results for the three months of the current quarter
Orders received
¥224 million
Project revenue
¥2,024 million
Revenue
¥1,195 million
Operating profit
¥-2,750 million
Profit for the period
¥-3,071 million
Full-year earnings forecast
Project revenue
12,500～17,000
Revenue
7,000～9,000
Government grant income
5,500～8,000
Operating profit
-9,900～-9,000
Profit (loss) before tax
-10,600～-9,600
Profit (loss) for the period
-10,600～-9,600
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Project revenue10.6%～14.4%
Revenue13.3%～17.1%
Government grant income10.1%～14.7%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The full-year operating profit forecast remains well within reach. Progress is typically low in the first quarter, and the company currently views this as a temporary slowdown.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Revenue recognition delayOccurred across multiple projects. The amount was not disclosed separately.
Decrease in R&D Expenses368
Increase in other SG&A expenses435
Decrease in government grant income-289
Decrease in financial income-974
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
US$1¥155
€1¥180
£1¥205 per pound sterling
New initiatives
- The French subsidiary ASFR won an orbital-deorbiting demonstration mission from Exotrail, with a contract value of €13.2 million and completion scheduled by 2030.
- Signed a launch contract for ADRAS-J2 with Isar Aerospace.
- Raised ¥30.6 billion in funding in June 2026.
Key KPIsA metric the company considers important as a management benchmark.
- Orders received¥224 million-84.4%
- Project revenue¥2,024 million-14.5%
- Order backlog¥36,354 million
- Cash and Cash Equivalents¥34,952 million+248.8%
Orders received and order backlog
Orders received
¥224 million
Order backlog
¥36,354 million
Gross profit
¥72 million
Rate (%)6
Year-on-year change (points)3.6
| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | First quarter of the fiscal year ending April 2027 |
| Net Sales | ¥1,195 million (YoY -4.4%) |
| Operating profit | ¥-2,750 million |
| Net income | ¥-3,071 million |
| Gross profit | ¥72 million |
| Operating profit margin | -230 % |
| Selling, general and administrative expenses | ¥3,780 million |
| Results for the three months of the current quarter | Orders received ¥224 million / Project revenue ¥2,024 million / Revenue ¥1,195 million / Operating profit ¥-2,750 million / Profit for the period ¥-3,071 million |
| Full-year earnings forecast | Project revenue 12,500～17,000 / Revenue 7,000～9,000 / Government grant income 5,500～8,000 / Operating profit -9,900～-9,000 / Profit (loss) before tax -10,600～-9,600 / Profit (loss) for the period -10,600～-9,600 |
| Progress against full-year forecast | Project revenue 10.6%～14.4% / Revenue 13.3%～17.1% / Government grant income 10.1%～14.7% / Operating profit Not disclosed / Profit (loss) before tax Not disclosed / Profit (loss) for the period Not disclosed |
| Self-assessment against the plan | The full-year operating profit forecast remains well within reach. Progress is typically low in the first quarter, and the company currently views this as a temporary slowdown. |
| Breakdown of Factors Affecting the Change | Revenue recognition delay Occurred across multiple projects. The amount was not disclosed separately. / Decrease in R&D Expenses 368 / Increase in other SG&A expenses 435 / Decrease in government grant income -289 / Decrease in financial income -974 |
| Key KPIs | Orders received ¥224 million (YoY -84.4%), Project revenue ¥2,024 million (YoY -14.5%), Order backlog ¥36,354 million, Cash and Cash Equivalents ¥34,952 million (YoY +248.8%) |
| Assumptions Underlying the Business Outlook | US$1 ¥155 / €1 ¥180 / £1 ¥205 per pound sterling |
| Orders received and order backlog | Orders received ¥224 million / Order backlog ¥36,354 million |
| New initiatives | The French subsidiary ASFR won an orbital-deorbiting demonstration mission from Exotrail, with a contract value of €13.2 million and completion scheduled by 2030., Signed a launch contract for ADRAS-J2 with Isar Aerospace., Raised ¥30.6 billion in funding in June 2026. |
Items this document does not state (14)
Ordinary incomeSegment resultsUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresMarket Size / ShareKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The company cited delays in recognizing expenses and revenue due to timing mismatches in materials procurement and launch contracts for multiple projects, an increase in other selling, general and administrative expenses due to the weaker yen, and a decrease in financial income.
How to read this page
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.