Worth reading
56In 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
35.4
Year-on-year decrease in total revenue (%)Wording
—
How definitive the wording is.Contents of this document
Summary of Q&AFirst quarter of the fiscal year ending December 20269 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales6.9 Hundreds of millions of yen-38.7%
Operating profit-16.1 Hundreds of millions of yen
Ordinary income-16.9 Hundreds of millions of yen
Net income¥-17.3 100 million quarterly net income attributable to owners of the parent
Selling, general and administrative expenses11.7 Hundreds of millions of yen
Results for the three months of the current quarterTotal revenue of ¥740 million, net sales of ¥690 million, operating loss of ¥1.61 billion, ordinary loss of ¥1.69 billion, and quarterly net loss attributable to owners of the parent of ¥1.73 billion
Full-year earnings forecastFull-year forecasts for net sales, total revenue and other items are not disclosed. The full-year outlook remains unchanged from the figures announced on 13 February 2026.
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。Net sales: 11.0%; total revenue: 4.6%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
In line with expectations; on track to meet the annual plan; in line with the planKey points of the Q&AKey questions raised by investors at the briefing and the company's answers
The Ministry of Defense constellation project launched smoothly in April, and data delivery has begun. Overseas projects are progressing mainly through partnerships with local companies, and procedures to establish a German subsidiary are under way. No quantitative outlook for overseas market share has been disclosed. The Company is considering increasing manufacturing capacity from around 2027 to 2028, but has not disclosed the amount of additional investment or the timing of a return to operating profitability. There has been no direct impact from the war, while higher energy costs and transportation and supply chain issues remain risks.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Total revenue decreased by ¥410 million year on year, including a ¥60 million decline in data sales, a ¥70 million decline in solutions, and a ¥300 million decline in other revenue, while ¥40 million in subsidy income was newly recorded. Cost of sales increased by ¥70 million, and the operating loss widened by ¥710 million.
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Approximately 92% of sales for the current fiscal year are expected to come from domestic and overseas governments. Approximately 95% of government-related sales, or 87% of total planned sales, have already been awarded or contracted. Of the ¥7.41 billion in sales from the Ministry of Defense constellation project between April 2026 and March 2027, nine months have been incorporated into the forecast for the fiscal year ending December 2026. The forecast assumes subsidies for projects that have already been selected and approved for payment, while new projects have not been included in the initial forecast.New initiatives
Launch of the Ministry of Defense satellite constellation project; selection for ¥3.76 billion under Phase 2 of the Space Strategy Fund; demonstration of frequency-scanning SAR technology; procedures to establish a German subsidiary; consideration of increased manufacturing capacity; and securing SpaceX launch opportunities, including 2 additional satellitesKey KPIsA metric the company considers important as a management benchmark.
Order backlog: ¥124.39 billion, up 398.4% from the end of the previous fiscal year; EBITDA: negative ¥750 million, down ¥480 million year on year; cash and deposits: ¥19.99 billion, down ¥4.55 billion from the end of the previous fiscal year; satellites in operation: 5, up 1 from the end of the previous fiscal yearRisk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
The amount is not disclosed. A certain level of penalty risk relating to the Ministry of Defense constellation project has been incorporated.Market Size / Share
The market size is not disclosed. The Company explained that it cannot provide a quantitative outlook for market share at this time.Orders received and order backlog
Order backlog was ¥124.39 billion, an increase of ¥99.43 billion from the end of the previous fiscal year. The contract value of the Ministry of Defense project was ¥96.07 billion.| Item | Details |
|---|---|
| Document type | Summary of Q&A |
| Fiscal Period Covered | First quarter of the fiscal year ending December 2026 |
| Net Sales | 6.9 Hundreds of millions of yen (YoY -38.7%) |
| Operating profit | -16.1 Hundreds of millions of yen |
| Ordinary income | -16.9 Hundreds of millions of yen |
| Net income | ¥-17.3 100 million (quarterly net income attributable to owners of the parent) |
| Selling, general and administrative expenses | 11.7 Hundreds of millions of yen |
| Results for the three months of the current quarter | Total revenue of ¥740 million, net sales of ¥690 million, operating loss of ¥1.61 billion, ordinary loss of ¥1.69 billion, and quarterly net loss attributable to owners of the parent of ¥1.73 billion |
| Full-year earnings forecast | Full-year forecasts for net sales, total revenue and other items are not disclosed. The full-year outlook remains unchanged from the figures announced on 13 February 2026. |
| Progress against full-year forecast | Net sales: 11.0%; total revenue: 4.6% |
| Self-assessment against the plan | In line with expectations; on track to meet the annual plan; in line with the plan |
| Breakdown of Factors Affecting the Change | Total revenue decreased by ¥410 million year on year, including a ¥60 million decline in data sales, a ¥70 million decline in solutions, and a ¥300 million decline in other revenue, while ¥40 million in subsidy income was newly recorded. Cost of sales increased by ¥70 million, and the operating loss widened by ¥710 million. |
| Key KPIs | Order backlog: ¥124.39 billion, up 398.4% from the end of the previous fiscal year; EBITDA: negative ¥750 million, down ¥480 million year on year; cash and deposits: ¥19.99 billion, down ¥4.55 billion from the end of the previous fiscal year; satellites in operation: 5, up 1 from the end of the previous fiscal year |
| Assumptions Underlying the Business Outlook | Approximately 92% of sales for the current fiscal year are expected to come from domestic and overseas governments. Approximately 95% of government-related sales, or 87% of total planned sales, have already been awarded or contracted. Of the ¥7.41 billion in sales from the Ministry of Defense constellation project between April 2026 and March 2027, nine months have been incorporated into the forecast for the fiscal year ending December 2026. The forecast assumes subsidies for projects that have already been selected and approved for payment, while new projects have not been included in the initial forecast. |
| Risk amount incorporated into the outlook | The amount is not disclosed. A certain level of penalty risk relating to the Ministry of Defense constellation project has been incorporated. |
| Orders received and order backlog | Order backlog was ¥124.39 billion, an increase of ¥99.43 billion from the end of the previous fiscal year. The contract value of the Ministry of Defense project was ¥96.07 billion. |
| Market Size / Share | The market size is not disclosed. The Company explained that it cannot provide a quantitative outlook for market share at this time. |
| Key points of the Q&A | The Ministry of Defense constellation project launched smoothly in April, and data delivery has begun. Overseas projects are progressing mainly through partnerships with local companies, and procedures to establish a German subsidiary are under way. No quantitative outlook for overseas market share has been disclosed. The Company is considering increasing manufacturing capacity from around 2027 to 2028, but has not disclosed the amount of additional investment or the timing of a return to operating profitability. There has been no direct impact from the war, while higher energy costs and transportation and supply chain issues remain risks. |
| New initiatives | Launch of the Ministry of Defense satellite constellation project; selection for ¥3.76 billion under Phase 2 of the Space Strategy Fund; demonstration of frequency-scanning SAR technology; procedures to establish a German subsidiary; consideration of increased manufacturing capacity; and securing SpaceX launch opportunities, including 2 additional satellites |
Items this document does not state (12)
Gross Profit MarginOperating profit marginSegment resultsUnit price and quantity metricsNumber of stores and locationsNumber of employeesMedium-term management plan targetsFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expenditures
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 main reason for the decline in total revenue and net sales was the absence in the current period of the SAR satellite space demonstration project for the Ministry of Defense that had been recorded in the same period of the previous year. Since the Ministry of Defense satellite constellation project began in April 2026, it had not yet contributed to sales in the first quarter. The wider losses resulted from lower net sales and higher selling, general and administrative expenses.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.