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
3976
¥ million (increase from actual revenue for the fiscal year ended December 2025 to the forecast for the fiscal year ending December 2026)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+167.4%
基準 2,376Target6,353million
Operating profit+32.1%
基準 4,137Target5,467million
Net income for the current fiscal year+607.3%
基準 371Target2,624million
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
Key initiatives
01Progress in overseas expansion: medium- to long-term strategy
02Acceleration of technology development and business expansion following selection for support under the Space Strategy Fund
03Solution examples driving business expansion
04Importance of solutions 1: expansion into the growing private-sector market
05Importance of solutions 2: increasing profitability through the use of surplus data
06Importance of solutions 3: shift from data to solutions
07As a partner company: Overview of the “Contract for Outsourced Image Data Acquisition Services”
Plan assumptionsExchange rate: ¥150.0 per US dollar for conversion of market size into yen, Data selling price: approximately ¥200,000–¥500,000 per image (actual results), Imaging capacity of third-generation StriX: approximately 1,200 images per month (approximately 40 images per day), Data sales ratio: 8–12% for contracted specific customers, with a target of approximately 30% overall, Satellite useful life: straight-line depreciation over 5 years, Manufacturing cost per satellite: ¥1.04 billion; launch cost: ¥1.08 billion, Operating cost per satellite: from ¥130 million per satellite per year, Fixed costs for solution operations: approximately ¥300 million per year, Of the ¥7.41 billion under the contract for outsourced image data acquisition services for the Ministry of Defense covering April 2026 to March 2027, 9 months have been incorporated into the fiscal year ending December 2026
Non-financial targetsIndicator Satellites in operation at period-end / Target value 10 satellites / Timing Fiscal year ending December 2026, Indicator Increase in consolidated headcount / Target value Increase of approximately 60–70 people year on year in the fiscal year ending December 2026 / Timing Fiscal year ending December 2026, Indicator Headcount / Target value Approximately 40% increase from the level at the end of 2026 / Timing Around 2030
Size of the Target MarketThe space industry is expected to expand from ¥95 trillion (2023A) to ¥174 trillion (2030E) and ¥269 trillion (2035E). Source: World Economic Forum, “Space: The $1.8 Trillion Opportunity for Global Economic Growth” (April 2024). The SAR market by application is expected to expand from ¥4,369 billion (2024E) to ¥9,682 billion (2032E). The CAGRs are 11.8% and 9.4%, respectively. Source: Global Market Insights, “Synthetic Aperture Radar (SAR) Market Report, 2024-2032” (May 2024). The EO market, including satellite data, is expected to expand from approximately ¥39.9 trillion (2023) to approximately ¥100 trillion (2030). Source: World Economic Forum, “Amplifying the Global Value of Earth Observation INSIGHT REPORT MAY 2024”.
Risks identified by the company
For Satellite 5, increased atmospheric drag due to solar activity exceeding expectations and unstable thrust output from the thruster used to maintain orbital altitude may make it impossible to guarantee the maintenance of orbital altitude for its designed 5-year service life. However, the company states that there is currently no impact on operations
If the requirements set by customers cannot be met, penalties, including repayment or other measures, may arise
The maximum planned amount of support from the Space Strategy Fund may change depending on the results of the first stage-gate review scheduled to be conducted during fiscal 2026
The technology development plans reflect the proposal-stage plan and may change through subsequent stage-gate reviews
The long-term business environment may change
Future figures may differ from the targets due to business, economic, regulatory, and competitive uncertainties and contingencies, and the difference may be substantial
Reason for revision or withdrawal
The items included in the “Key Short- to Medium-Term KPIs” have been changed to more specific content on pages 35–40 of these materials, and that content was judged to be useful for investment decisions
| Item | Details |
|---|---|
| Plan name | Business Plan and Growth Potential |
| Plan period | Fiscal year ending December 2026 to around 2030 (scope of explicitly stated forecasts and outlook) |
| Progress against the plan | Partially revised |
| Sales Target | 2,376 (actual for 12/25) → 6,353 (forecast for 12/26)（167.3%） |
| Operating profit target | △4,137 (actual for 12/25) → △5,467 (forecast for 12/26) |
| Net income target | △371 (actual for 12/25) → 2,624 (forecast for 12/26) |
| Non-financial targets | Indicator Satellites in operation at period-end / Target value 10 satellites / Timing Fiscal year ending December 2026, Indicator Increase in consolidated headcount / Target value Increase of approximately 60–70 people year on year in the fiscal year ending December 2026 / Timing Fiscal year ending December 2026, Indicator Headcount / Target value Approximately 40% increase from the level at the end of 2026 / Timing Around 2030 |
| Plan assumptions | Exchange rate: ¥150.0 per US dollar for conversion of market size into yen, Data selling price: approximately ¥200,000–¥500,000 per image (actual results), Imaging capacity of third-generation StriX: approximately 1,200 images per month (approximately 40 images per day), Data sales ratio: 8–12% for contracted specific customers, with a target of approximately 30% overall, Satellite useful life: straight-line depreciation over 5 years, Manufacturing cost per satellite: ¥1.04 billion; launch cost: ¥1.08 billion, Operating cost per satellite: from ¥130 million per satellite per year, Fixed costs for solution operations: approximately ¥300 million per year, Of the ¥7.41 billion under the contract for outsourced image data acquisition services for the Ministry of Defense covering April 2026 to March 2027, 9 months have been incorporated into the fiscal year ending December 2026 |
| Key initiatives | Progress in overseas expansion: medium- to long-term strategy, Acceleration of technology development and business expansion following selection for support under the Space Strategy Fund, Solution examples driving business expansion, Importance of solutions 1: expansion into the growing private-sector market, Importance of solutions 2: increasing profitability through the use of surplus data, Importance of solutions 3: shift from data to solutions, As a partner company: Overview of the “Contract for Outsourced Image Data Acquisition Services” |
| Reason for revision or withdrawal | The items included in the “Key Short- to Medium-Term KPIs” have been changed to more specific content on pages 35–40 of these materials, and that content was judged to be useful for investment decisions |
| Size of the Target Market | The space industry is expected to expand from ¥95 trillion (2023A) to ¥174 trillion (2030E) and ¥269 trillion (2035E). Source: World Economic Forum, “Space: The $1.8 Trillion Opportunity for Global Economic Growth” (April 2024). The SAR market by application is expected to expand from ¥4,369 billion (2024E) to ¥9,682 billion (2032E). The CAGRs are 11.8% and 9.4%, respectively. Source: Global Market Insights, “Synthetic Aperture Radar (SAR) Market Report, 2024-2032” (May 2024). The EO market, including satellite data, is expected to expand from approximately ¥39.9 trillion (2023) to approximately ¥100 trillion (2030). Source: World Economic Forum, “Amplifying the Global Value of Earth Observation INSIGHT REPORT MAY 2024”. |
| Risks identified | For Satellite 5, increased atmospheric drag due to solar activity exceeding expectations and unstable thrust output from the thruster used to maintain orbital altitude may make it impossible to guarantee the maintenance of orbital altitude for its designed 5-year service life. However, the company states that there is currently no impact on operations, If the requirements set by customers cannot be met, penalties, including repayment or other measures, may arise, The maximum planned amount of support from the Space Strategy Fund may change depending on the results of the first stage-gate review scheduled to be conducted during fiscal 2026, The technology development plans reflect the proposal-stage plan and may change through subsequent stage-gate reviews, The long-term business environment may change, Future figures may differ from the targets due to business, economic, regulatory, and competitive uncertainties and contingencies, and the difference may be substantial |
| Publication date | 31 March 2026 |
Items this document does not state (12)
Operating profit margin targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planInvestment amount by sectorSegment targetResults under the previous planDate of board resolution
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.For the fiscal year ending December 2026, revenue from the “Satellite Constellation Development and Operations Business” and subsidy income, including funds from the Space Strategy Fund, are expected to increase. However, the operating loss is expected to widen as the company continues to invest in increasing the number of satellites in operation, technology development, its manufacturing base, and global expansion. The previous “Key Short- to Medium-Term KPIs” slide was also withdrawn because the items disclosed were changed to more specific content, which was judged to be useful for investment decisions.
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