Funding, Liquidity and Profitability Risks from Continued Upfront Investment
First written in FY2024. 7 of 12 entries say "Mitigated", first in FY2026-H1. Latest entry: 2026-09-12.
The whole theme swung hardest in 2024: 3 of 7 companies on the "Worse" side.
2 other companies' latest entry also says "Worsened".
- 2026-09-12Worsenedkabutan.jpReports that the net loss for May–July 2026 had widened heightened concerns about progress in improving profitability.
- FY2026MitigatedAnnual report
「In May 2026, we raised ¥30,600 million in growth capital through the issuance of euro-yen convertible bonds with share acquisition rights due in 2029 in an international offering, as well as new shares and first-series unsecured convertible bonds with share acquisition rights through a third-party allotment, to fund growth investment aimed at winning repeat orders.」
The Group undertook a further large-scale growth financing to address funding and liquidity risk. However, cash flow from operating activities remained an outflow of ¥12,485,991 thousand, and funding needs associated with upfront investment continued. - FY2026-H1MitigatedAnnual report
「Revenue: ¥2,619,484 thousand, up 260.9% year on year; operating loss: ¥4,748,593 thousand, compared with an operating loss of ¥12,121,397 thousand in the same period of the previous year; interim loss before tax: ¥2,659,670 thousand, compared with an interim loss before tax of ¥12,946,324 thousand in the same period of the previous year.」
Revenue increased, while the operating loss, interim loss before tax and operating cash-flow outflow narrowed year on year. Although the Group also raised funds through an overseas offering, the operating loss and operating cash-flow outflow continued. - FY2025-H1WorsenedAnnual report
「Revenue: ¥725,785 thousand, down 40.9% year on year; operating loss: ¥12,121,397 thousand, compared with an operating loss of ¥4,579,860 thousand in the same period of the previous year; interim loss before tax: ¥12,946,324 thousand, compared with an interim loss before tax of ¥2,929,004 thousand in the same period of the previous year.」
Revenue declined year on year, while the operating loss and interim loss before tax widened. Cash flow from operating activities was also an outflow of ¥6,698,930 thousand, quantifying the funding needs associated with continued upfront investment. - FY2024First statedAnnual report
「Our Group has recorded negative operating cash flow continuously since its founding and currently does not have sufficient stable sources of revenue.」
Operating cash flow in the fiscal year ended April 2024 was an outflow of ¥12,822.877 million, reflecting funding needs associated with continued R&D and satellite development.