Worth reading
62In 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
-409
¥ million (year-on-year change in total income)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFirst quarter of the fiscal year ending December 202610 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥697 million-38.7%
Operating profit¥-1,613 million
Ordinary income¥-1,694 million
Net income¥-1,731 million
Selling, general and administrative expenses¥1,168 million
Results for the three months of the current quarter
Total income¥746 million
Net Sales¥697 million
Operating loss¥-1,613 million
Ordinary loss¥-1,694 million
Net loss attributable to owners of the parent¥-1,731 million
Full-year earnings forecast
Total income
¥16,052 million
Net Sales
¥6,353 million
Operating profit
¥-5,467 million
Ordinary income
¥3,010 million
Profit attributable to owners of the parent
¥2,624 million
EBITDA
¥8,399 million
Satellites in operation at period-end
10 satellites
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。
Total income4.6%
Net Sales11.0%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The operating and ordinary losses were in line with expectations. During the period, revenue from government agency projects and subsidy income were recorded as expected.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Decrease in total income because the SAR satellite's space demonstration project did not contribute during the current periodYear-on-Year Decline
- Data sales revenue¥300 million (¥60 million decrease year on year)
- Solution revenue¥300 million (¥70 million decrease year on year)
- Other sales¥90 million (¥300 million decrease year on year)
- Depreciation of satellites 4 through 8¥520 million (¥80 million decrease year on year)
- Costs related to satellite operations and other activities¥250 million (¥110 million increase year on year)
- Initial response to major projects and other activities¥90 million increase
- Solution-related costs¥360 million (¥30 million increase year on year)
- Selling, general and administrative expenses¥1,168 million (¥195 million increase year on year)
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- Percentage of revenue from government customersApproximately 92%
- Percentage awarded or under contract87% of total revenue
- Percentage of government revenue awarded or under contractApproximately 95%
- Depreciation of satellite 5¥600 million in the fiscal year ending December 2026, ¥150 million in the fiscal year ending December 2027
- Increase in personnelApproximately 60–70 people year on year
- Sales CommissionsApproximately ¥300 million
New initiatives
- Launch of image data acquisition services for the Ministry of Defense's satellite constellation project
- Secured launch opportunities for 2 additional satellites with SpaceX
- Selection for the second phase of the Space Strategy Fund
- Basic agreement with Airbus Defence and Space and establishment of a German subsidiary
- Demonstration of a solution for monitoring fluctuations in oil tanks in Cushing, U.S.
- Focused investment in next-generation satellite development, expansion of factory facilities, and overseas marketing
Key KPIsA metric the company considers important as a management benchmark.
- Total income¥746 millionYear on year against the same period last yearDown 35.4% year on year
- Order backlog¥124,392 millionYear on year against the same period last yearUp 398.4% from the end of the previous fiscal year
- EBITDA¥-752 millionYear on year against the same period last year¥484 million decrease year on year
- Cash and deposits¥19,988 millionYear on year against the same period last year¥4,553 million decrease from the end of the previous fiscal year
- Satellites in operation at quarter-end5 satellitesYear on year against the same period last year1 satellite increase from the end of the previous fiscal year
Unit price and quantity metricsThese figures show sales broken down by price and volume.
- Data sales priceApproximately ¥200,000–¥500,000 per image
- Imaging capacityApproximately 1,200
- Sales target rateApproximately 30% overall
Market Size / Share
- Satellite data marketApproximately ¥39.9 trillion in 2023 to approximately ¥100 trillion in 2030
- Germany's SPOCK140 small SAR satellites, €1.7 billion
- Italy's IRIDEMore than 60 SAR/optical satellites, €1.1 billion
- U.S. Golden Dome initiativeApproximately $185 billion
Orders received and order backlog
Order backlog¥124,392 million ¥124.39 billion
Number of employees
Number of Employees263 people consolidated, as of 31 March 2026
Changes during the period and hiring planPlan to increase personnel by approximately 60–70 people year on year on a consolidated basis
Capital expenditures
386 (factory capital expenditures; a separate investment amount of 757 is also stated)
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending December 2026 |
| Net Sales | ¥697 million (YoY -38.7%) |
| Operating profit | ¥-1,613 million |
| Ordinary income | ¥-1,694 million |
| Net income | ¥-1,731 million |
| Selling, general and administrative expenses | ¥1,168 million |
| Results for the three months of the current quarter | Total income ¥746 million / Net Sales ¥697 million / Operating loss ¥-1,613 million / Ordinary loss ¥-1,694 million / Net loss attributable to owners of the parent ¥-1,731 million |
| Full-year earnings forecast | Total income ¥16,052 million / Net Sales ¥6,353 million / Operating profit ¥-5,467 million / Ordinary income ¥3,010 million / Profit attributable to owners of the parent ¥2,624 million / EBITDA ¥8,399 million / Satellites in operation at period-end 10 satellites |
| Progress against full-year forecast | Total income 4.6% / Net Sales 11.0% |
| Self-assessment against the plan | The operating and ordinary losses were in line with expectations. During the period, revenue from government agency projects and subsidy income were recorded as expected. |
| Breakdown of Factors Affecting the Change | Factors Decrease in total income because the SAR satellite's space demonstration project did not contribute during the current period / Amount Year-on-Year Decline, Factors Data sales revenue / Amount ¥300 million (¥60 million decrease year on year), Factors Solution revenue / Amount ¥300 million (¥70 million decrease year on year), Factors Other sales / Amount ¥90 million (¥300 million decrease year on year), Factors Depreciation of satellites 4 through 8 / Amount ¥520 million (¥80 million decrease year on year), Factors Costs related to satellite operations and other activities / Amount ¥250 million (¥110 million increase year on year), Factors Initial response to major projects and other activities / Amount ¥90 million increase, Factors Solution-related costs / Amount ¥360 million (¥30 million increase year on year), Factors Selling, general and administrative expenses / Amount ¥1,168 million (¥195 million increase year on year) |
| Key KPIs | Indicator name Total income / Value ¥746 million / Year on year against the same period last year Down 35.4% year on year, Indicator name Order backlog / Value ¥124,392 million / Year on year against the same period last year Up 398.4% from the end of the previous fiscal year, Indicator name EBITDA / Value ¥-752 million / Year on year against the same period last year ¥484 million decrease year on year, Indicator name Cash and deposits / Value ¥19,988 million / Year on year against the same period last year ¥4,553 million decrease from the end of the previous fiscal year, Indicator name Satellites in operation at quarter-end / Value 5 satellites / Year on year against the same period last year 1 satellite increase from the end of the previous fiscal year |
| Unit price and quantity metrics | Indicator name Data sales price / Value Approximately ¥200,000–¥500,000 per image, Indicator name Imaging capacity / Value Approximately 1,200, Indicator name Sales target rate / Value Approximately 30% overall |
| Number of employees | Number of Employees 263 people (consolidated, as of 31 March 2026) / Changes during the period and hiring plan Plan to increase personnel by approximately 60–70 people year on year on a consolidated basis |
| Assumptions Underlying the Business Outlook | Item Percentage of revenue from government customers / Value Approximately 92%, Item Percentage awarded or under contract / Value 87% of total revenue, Item Percentage of government revenue awarded or under contract / Value Approximately 95%, Item Depreciation of satellite 5 / Value ¥600 million in the fiscal year ending December 2026, ¥150 million in the fiscal year ending December 2027, Item Increase in personnel / Value Approximately 60–70 people year on year, Item Sales Commissions / Value Approximately ¥300 million |
| Capital expenditures | 386 (factory capital expenditures; a separate investment amount of 757 is also stated) |
| Orders received and order backlog | Order backlog ¥124,392 million (¥124.39 billion) |
| Market Size / Share | Item Satellite data market / Value Approximately ¥39.9 trillion in 2023 to approximately ¥100 trillion in 2030, Item Germany's SPOCK1 / Value 40 small SAR satellites, €1.7 billion, Item Italy's IRIDE / Value More than 60 SAR/optical satellites, €1.1 billion, Item U.S. Golden Dome initiative / Value Approximately $185 billion |
| New initiatives | Launch of image data acquisition services for the Ministry of Defense's satellite constellation project, Secured launch opportunities for 2 additional satellites with SpaceX, Selection for the second phase of the Space Strategy Fund, Basic agreement with Airbus Defence and Space and establishment of a German subsidiary, Demonstration of a solution for monitoring fluctuations in oil tanks in Cushing, U.S., Focused investment in next-generation satellite development, expansion of factory facilities, and overseas marketing |
Items this document does not state (11)
Gross Profit MarginOperating profit marginSegment resultsNumber of stores and locationsRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesKey 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.Revenue and total income declined because the space demonstration project for the SAR satellite, which was recorded in the same period of the previous fiscal year, did not contribute during the current period. In addition, satellite operating costs, solution costs, and SG&A expenses associated with expanding the sales organization increased, resulting in wider operating and ordinary losses. Meanwhile, the order backlog increased following the signing of a contract for the Ministry of Defense's satellite constellation project.
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