Financial Results Presentation for the First Quarter of the Fiscal Year Ending December 2026 | ACSL Ltd. (6232) timely disclosure

Worth reading

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Direction

Mixed performance

Direction inferred from the company’s description.

Scale

0.8

¥100 million (decrease in net sales from the same period of the previous year)

Wording

Conditional

How definitive the wording is.

Contents of this document

Earnings presentationFirst quarter of the fiscal year ending December 202612 items taken from the company’s own explanation

Financial Results Figures (The key points of this material are explained below)

Net Sales¥619 million-12.0%

Operating profit¥-95 million

Ordinary income¥-72 million

Net income¥-73 million

Gross Profit Margin41 %

Selling, general and administrative expenses¥321 million

Results for the three months of the current quarterRevenue ¥619 million, gross profit ¥251 million, gross margin 41%, SG&A expenses excluding the government project ¥321 million, operating loss excluding the government project ¥70 million, operating loss ¥95 million, ordinary loss ¥72 million, net loss ¥73 million

Full-year earnings forecast

Net Sales

¥4,000 million

Gross profit

¥850 million

Gross Profit Margin

21 %

SG&A expenses excluding the government project

¥1,610 million

Operating profit excluding the government project

¥-760 million

Government project costs

¥600 million

Operating profit

¥-1,360 million

Ordinary income

¥-650 million

Net income

¥-700 million

What the company explained in this material

Self-assessment against the planThe company's self-assessment against its own plan.

Q1 is behind plan. However, the cumulative Q2 and full-year outlooks are unchanged

Key points of the Q&AKey questions raised by investors at the briefing and the company's answers

Issues Reasons Q1 revenue was behind plan and the full-year outlook / Summary of response Delays in some shipments to the United States were the reason. The cumulative Q2 and full-year outlooks remain unchanged based on the order backlog, domestic defense projects, and North American orders and deliveries
Issues Impact of inflation and foreign exchange / Summary of response Design changes, cost reductions, and passing higher costs on to customers are being considered in response to rising component prices. A weaker yen is assumed to be positive for sales
Issues Path to profitability / Summary of response Operating profitability at revenue of ¥5 billion or more is expected by FY28
Issues Large project for the Ministry of Defense / Summary of response An order worth approximately ¥1 billion has been received, with delivery scheduled for December 2026
Issues North America Business / Summary of response 200 units have been delivered to Canada and 400 units have been ordered. Sales through Draganfly are scheduled to begin in Canada in June 2026

Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.

Delayed shipments to the United States
Defense¥181 million
Infrastructure¥-16 million
Other¥-22 million
North America¥146 million
Impact of revenue fluctuations on contribution profit¥-18 million
Improvement in contribution margin¥174 million

Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.

Foreign Exchange
AssumptionsA weaker yen is assumed to have a positive impact on sales. The impact of exchange-rate fluctuations on the business is expected to be limited
Inflation and procurement component prices
AssumptionsProcurement component prices are trending upward

New initiatives

Development of AI-enabled autonomous and distributed control software in collaboration with Preferred Networks
Regular updates to SOTEN
Appointment of Niklas Bergström as executive officer in charge of advanced technology
Sales of SOTEN in Canada from June 2026 through collaboration with Draganfly
Agreement with Shizuoka Bank for a ¥1 billion commitment line
Receipt of a large order worth approximately ¥1 billion from the Ministry of Defense

Key KPIsA metric the company considers important as a management benchmark.

Order backlog (Japan and the United States combined)¥14.7 million
Year on year against the same period last year+11.0%
Revenue + order backlog¥20.9 million
North American order backlog¥4.5 million
Year on year against the same period last year+13.0%
Number of SOTEN units ordered in North America400 Units
Total number of SOTEN units sold and ordered in North America600 Units
Webinar3 times
LinkedIn followers18 % increase

Unit price and quantity metricsThese figures show sales broken down by price and volume.

Number of small aerial drone units sold234 Units
Of which, small aerial drone units sold overseas200 Units
Number of units delivered to North America and Canada200 Units

Segment results

North America

Net Sales

¥170 million+493.0%

Medium-term management plan targets

TargetNorth American net sales
Target value¥25 million
Target fiscal yearFY28
TargetDefense revenue
Target value¥15 million
Target fiscal yearFY28
TargetInfrastructure revenue
Target value¥10 million
Target fiscal yearFY28
TargetAchieve operating profitability at revenue of ¥5 billion or more
Target value¥50 100 million or more

Financial targets

Operating profit excluding the government project
TargetAchieve profitability at revenue of ¥5 billion or more
Actual resultsFY26/12 Q1: ¥70 million loss

Orders received and order backlog

Order backlog

¥14.7 million

Receipt of a large order

¥10 million

Additional orders received

¥3 million

Number of employees

Number of Employees62 people

Reference dateMarch 2026

Changes during the period and hiring planA cumulative 10% increase in wages over the next 3 years has been approved

Contents of this document
Item	Details
Document type	Earnings presentation
Fiscal Period Covered	First quarter of the fiscal year ending December 2026
Net Sales	¥619 million (YoY -12.0%)
Operating profit	¥-95 million
Ordinary income	¥-72 million
Net income	¥-73 million
Gross Profit Margin	41 %
Selling, general and administrative expenses	¥321 million
Results for the three months of the current quarter	Revenue ¥619 million, gross profit ¥251 million, gross margin 41%, SG&A expenses excluding the government project ¥321 million, operating loss excluding the government project ¥70 million, operating loss ¥95 million, ordinary loss ¥72 million, net loss ¥73 million
Full-year earnings forecast	Net Sales ¥4,000 million / Gross profit ¥850 million / Gross Profit Margin 21 % / SG&A expenses excluding the government project ¥1,610 million / Operating profit excluding the government project ¥-760 million / Government project costs ¥600 million / Operating profit ¥-1,360 million / Ordinary income ¥-650 million / Net income ¥-700 million
Self-assessment against the plan	Q1 is behind plan. However, the cumulative Q2 and full-year outlooks are unchanged
Segment results	Defense Not disclosed / Infrastructure and Other Not disclosed / North America Net Sales ¥170 million (YoY +493.0%) / Profit Not disclosed
Breakdown of Factors Affecting the Change	Factors Delayed shipments to the United States / Amount Not disclosed, Factors Defense / Amount ¥181 million, Factors Infrastructure / Amount ¥-16 million, Factors Other / Amount ¥-22 million, Factors North America / Amount ¥146 million, Factors Impact of revenue fluctuations on contribution profit / Amount ¥-18 million, Factors Improvement in contribution margin / Amount ¥174 million
Key KPIs	Indicator name Order backlog (Japan and the United States combined) / Value ¥14.7 million / Year on year against the same period last year ¥11 million, Indicator name Revenue + order backlog / Value ¥20.9 million / Year on year against the same period last year Not disclosed, Indicator name North American order backlog / Value ¥4.5 million / Year on year against the same period last year ¥13 million, Indicator name Number of SOTEN units ordered in North America / Value 400 Units / Year on year against the same period last year Not disclosed, Indicator name Total number of SOTEN units sold and ordered in North America / Value 600 Units / Year on year against the same period last year Not disclosed, Indicator name Webinar / Value 3 times / Year on year against the same period last year Not disclosed, Indicator name LinkedIn followers / Value 18 % increase / Year on year against the same period last year Not disclosed
Unit price and quantity metrics	Indicator name Number of small aerial drone units sold / Value 234 Units / Year on year against the same period last year Not disclosed, Indicator name Of which, small aerial drone units sold overseas / Value 200 Units / Year on year against the same period last year Not disclosed, Indicator name Number of units delivered to North America and Canada / Value 200 Units / Year on year against the same period last year Not disclosed
Number of employees	Number of Employees 62 people / Reference date March 2026 / Changes during the period and hiring plan A cumulative 10% increase in wages over the next 3 years has been approved
Assumptions Underlying the Business Outlook	Item Foreign Exchange / Assumptions A weaker yen is assumed to have a positive impact on sales. The impact of exchange-rate fluctuations on the business is expected to be limited / Figures Not disclosed, Item Inflation and procurement component prices / Assumptions Procurement component prices are trending upward / Figures Not disclosed
Medium-term management plan targets	Target North American net sales / Target value ¥25 million / Target fiscal year FY28, Target Defense revenue / Target value ¥15 million / Target fiscal year FY28, Target Infrastructure revenue / Target value ¥10 million / Target fiscal year FY28, Target Achieve operating profitability at revenue of ¥5 billion or more / Target value ¥50 100 million or more / Target fiscal year Not disclosed
Financial targets	Item Operating profit excluding the government project / Target Achieve profitability at revenue of ¥5 billion or more / Actual results FY26/12 Q1: ¥70 million loss
Orders received and order backlog	Order backlog ¥14.7 million / Receipt of a large order ¥10 million / Additional orders received ¥3 million
Key points of the Q&A	Issues Reasons Q1 revenue was behind plan and the full-year outlook / Summary of response Delays in some shipments to the United States were the reason. The cumulative Q2 and full-year outlooks remain unchanged based on the order backlog, domestic defense projects, and North American orders and deliveries, Issues Impact of inflation and foreign exchange / Summary of response Design changes, cost reductions, and passing higher costs on to customers are being considered in response to rising component prices. A weaker yen is assumed to be positive for sales, Issues Path to profitability / Summary of response Operating profitability at revenue of ¥5 billion or more is expected by FY28, Issues Large project for the Ministry of Defense / Summary of response An order worth approximately ¥1 billion has been received, with delivery scheduled for December 2026, Issues North America Business / Summary of response 200 units have been delivered to Canada and 400 units have been ordered. Sales through Draganfly are scheduled to begin in Canada in June 2026
New initiatives	Development of AI-enabled autonomous and distributed control software in collaboration with Preferred Networks, Regular updates to SOTEN, Appointment of Niklas Bergström as executive officer in charge of advanced technology, Sales of SOTEN in Canada from June 2026 through collaboration with Draganfly, Agreement with Shizuoka Bank for a ¥1 billion commitment line, Receipt of a large order worth approximately ¥1 billion from the Ministry of Defense

Items this document does not state (9)

Operating profit marginProgress against full-year forecastNumber of stores and locationsRisk amount incorporated into the outlookAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresMarket Size / Share

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 declined due to delays in some shipments to the United States. The gross margin improved due to a product mix centered on higher-margin projects, cost reductions, and the absence of the low-margin large project that affected the previous year. The ordinary loss worsened because grant income recorded in the year-earlier quarter was absent in Q1 of the current fiscal year.

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