Komori

Financial Results Presentation for the Third Quarter of the Fiscal Year Ending December 2026

Results presentationNine months, FY ending Dec 2026Published 2026-11-13 15:30

For the cumulative first 3 quarters of the fiscal year ending December 2026, total revenue and net sales increased significantly due to recognition of projects for the Ministry of Defense and subsidies. However, progress in net sales fell short of plan because satellite maintenance took longer than expected, and operating and net losses widened, although the full-year earnings forecast was unchanged.

Contents of this document

Earnings presentation materialsThird 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 Sales¥3,072 million+83.7%
Operating profit¥-4,835 million
Ordinary income¥-3,737 million
Net income¥-3,814 million
Selling, general and administrative expenses¥4,041 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 income33.0%
Net Sales48.4%
Satellites in operation at period-end100.0%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Net sales fell approximately 20% short of the initial plan for the cumulative first 3 quarters. However, the company expects to achieve its full-year earnings forecast.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Data sales¥2.65 billion (up ¥1.80 billion year on year)
  • Solutions¥330 million (down ¥100 million year on year)
  • Other sales¥90 million (¥300 million decrease year on year)
  • Subsidy income¥2.22 billion (up ¥1.94 billion year on year)
  • Depreciation and amortization¥2.40 billion (up ¥1.28 billion year on year)
  • Higher depreciation expenses due to the shortened useful life of Unit 4¥550 million
  • Costs related to satellite operations and other activities¥900 million (up ¥630 million year on year)
  • Solution-related costs¥320 million (down ¥120 million year on year)
  • Salaries and wages¥710 million (up ¥100 million year on year)
  • Research and Development Expenses¥1.137 billion (up ¥260 million year on year)
  • Increase in outsourcing expenses¥150 million
  • Increase in sales commissions¥140 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • Percentage of revenue from government customersApproximately 96%
  • Ratio of awarded and contracted sales95% of total
  • Maximum planned support amount under Phase 2 of the Space Strategy Fund¥3.76 billion
  • Global South subsidy application amount¥220 million
  • Full-year increase in depreciation expenses due to the shortened useful life of Unit 4¥820 million
  • Planned increase in headcount from the previous fiscal yearApproximately 60–70 people
  • Expected increase in research and development expensesApproximately 70% year on year
  • Expected sales commissionsApproximately ¥300 million
New initiatives
  • Announcement of Synspective OMNIA
  • Multi-year strategic partnership with e-GEOS
  • Expand the strategic partnership with KSAT
  • Supply of satellite data to the ESA Copernicus Contributing Mission
  • Reseller agreements with 4 companies in South America
  • Establishment of the German subsidiary Synspective Europe GmbH
  • Multi-launch agreements with Mitsubishi Heavy Industries, Rocket Lab and Firefly Aerospace
  • Focused investment in next-generation satellite development, satellite operations and solution development, factory capital expenditures, and overseas marketing and sales
Key KPIsA metric the company considers important as a management benchmark.
  • Total income¥5,299 million
    Year on year against the same period last year+171.7%
  • Order backlog¥120,565 million
    Year on year against the same period last year+383.0% vs. end of previous fiscal year
  • EBITDA¥-47 million
    Year on year against the same period last year+¥1,233 million
  • Cash and deposits¥11,943 million
    Year on year against the same period last year-¥12,598 million vs. end of previous fiscal year
  • Liquidity¥31,963 million
Market Size / Share
  • Approximately ¥39.9 trillion (2023)
    OutlookApproximately ¥100 trillion (2030)
  • Agriculture
    Scale¥59.9 trillion
  • Mining, oil and gas
    Scale¥15.9 trillion
  • Government and disaster response
    Scale¥7.1 trillion
Orders received and order backlog
Order backlog¥1,205.6 100 million
Number of employees
Number of Employees278 people
As ofEnd of September 2026
Capital expenditures
757 Million yen factory capital expenditures; amount recognized in current-period P&L: ¥386 million
Contents of this document
ItemDetails
Document typeEarnings presentation materials
Fiscal Period CoveredThird quarter of the fiscal year ending December 2026
Net Sales¥3,072 million (YoY +83.7%)
Operating profit¥-4,835 million
Ordinary income¥-3,737 million
Net income¥-3,814 million
Selling, general and administrative expenses¥4,041 million
Full-year earnings forecastTotal 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 forecastTotal income 33.0% / Net Sales 48.4% / Satellites in operation at period-end 100.0%
Self-assessment against the planNet sales fell approximately 20% short of the initial plan for the cumulative first 3 quarters. However, the company expects to achieve its full-year earnings forecast.
Breakdown of Factors Affecting the ChangeFactors Data sales / Amount ¥2.65 billion (up ¥1.80 billion year on year), Factors Solutions / Amount ¥330 million (down ¥100 million year on year), Factors Other sales / Amount ¥90 million (¥300 million decrease year on year), Factors Subsidy income / Amount ¥2.22 billion (up ¥1.94 billion year on year), Factors Depreciation and amortization / Amount ¥2.40 billion (up ¥1.28 billion year on year), Factors Higher depreciation expenses due to the shortened useful life of Unit 4 / Amount ¥550 million, Factors Costs related to satellite operations and other activities / Amount ¥900 million (up ¥630 million year on year), Factors Solution-related costs / Amount ¥320 million (down ¥120 million year on year), Factors Salaries and wages / Amount ¥710 million (up ¥100 million year on year), Factors Research and Development Expenses / Amount ¥1.137 billion (up ¥260 million year on year), Factors Increase in outsourcing expenses / Amount ¥150 million, Factors Increase in sales commissions / Amount ¥140 million
Key KPIsIndicator name Total income / Value ¥5,299 million / Year on year against the same period last year +171.7%, Indicator name Order backlog / Value ¥120,565 million / Year on year against the same period last year +383.0% vs. end of previous fiscal year, Indicator name EBITDA / Value ¥-47 million / Year on year against the same period last year +¥1,233 million, Indicator name Cash and deposits / Value ¥11,943 million / Year on year against the same period last year -¥12,598 million vs. end of previous fiscal year, Indicator name Liquidity / Value ¥31,963 million / Year on year against the same period last year Not disclosed
Number of employeesNumber of Employees 278 people / As of End of September 2026
Assumptions Underlying the Business OutlookItem Percentage of revenue from government customers / Value Approximately 96%, Item Ratio of awarded and contracted sales / Value 95% of total, Item Maximum planned support amount under Phase 2 of the Space Strategy Fund / Value ¥3.76 billion, Item Global South subsidy application amount / Value ¥220 million, Item Full-year increase in depreciation expenses due to the shortened useful life of Unit 4 / Value ¥820 million, Item Planned increase in headcount from the previous fiscal year / Value Approximately 60–70 people, Item Expected increase in research and development expenses / Value Approximately 70% year on year, Item Expected sales commissions / Value Approximately ¥300 million
Capital expenditures757 Million yen (factory capital expenditures; amount recognized in current-period P&L: ¥386 million)
Orders received and order backlogOrder backlog ¥1,205.6 100 million
Market Size / ShareMarket Size Approximately ¥39.9 trillion (2023) / Outlook Approximately ¥100 trillion (2030), Market Agriculture / Scale ¥59.9 trillion, Market Mining, oil and gas / Scale ¥15.9 trillion, Market Government and disaster response / Scale ¥7.1 trillion
New initiativesAnnouncement of Synspective OMNIA, Multi-year strategic partnership with e-GEOS, Expand the strategic partnership with KSAT, Supply of satellite data to the ESA Copernicus Contributing Mission, Reseller agreements with 4 companies in South America, Establishment of the German subsidiary Synspective Europe GmbH, Multi-launch agreements with Mitsubishi Heavy Industries, Rocket Lab and Firefly Aerospace, Focused investment in next-generation satellite development, satellite operations and solution development, factory capital expenditures, and overseas marketing and sales
Items this document does not state (13)
Gross Profit MarginOperating profit marginResults for the three months of the current quarterSegment resultsUnit price and quantity metricsNumber 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.

Financial Results Presentation for the Third Quarter of the Fiscal Year Ending December 2026 | Synspective Inc. (290A) timely disclosure | Komori