Contents of this document
Financial results presentationThird 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¥2,294 million+84.0%
Operating profit¥-456 millions accounting basis
Ordinary income¥-559 million
Net income¥-196 million
Selling, general and administrative expenses¥997 millions excluding SBIR
Gross Profit Margin
Rate33.7
Year-on-year change (points)24.8
Results for the three months of the current quarter
Net Sales
¥646 million
Gross profit
¥224 million
Operating profit (loss)
¥-80 millions accounting basis
Net income/loss attributable to owners of the parent
¥162 million
Full-year earnings forecast
Net Sales
¥4,000 million
Gross profit
¥1,100 million
Gross Profit Margin
27.5 %
Selling, general and administrative expenses excluding SBIR
¥1,860 million
Operating income/loss excluding SBIR
¥-760 million
SBIR costs
¥600 million
Accounting operating income/loss
¥-1,360 million
Ordinary profit or loss
¥-950 million
Net income/loss attributable to owners of the parent
¥-600 million
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 Sales57.4
Gross profit70.2
Selling, general and administrative expenses excluding SBIR53.6
SBIR costs38.6
Sales + order backlog (for delivery in FY26)100.6
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progressing smoothly toward the full-year forecastKey points of the Q&AKey questions raised by investors at the briefing and the company's answers
- The full-year forecast is expected to be achieved, with projected revenue including backlog and additional orders totaling ¥4.02 billion.
- The gross profit margin is expected to decline in Q4 due to the product mix.
- Received an order worth ¥530 million for a small unmanned aircraft for defense applications, with development completion and delivery scheduled during 2027.
- The expansion of North American revenue is being driven by replacement demand for drones made in China, as well as the development of a sales network and post-implementation support system.
- Invest ¥5.12 billion in funds raised through the overseas offering in defense and North America, including at least ¥250 million in investment in the development of small unmanned aircraft.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Increase in gross profit¥6.6 100 million
Increase in SG&A¥-0.8 100 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Q4 standalone gross margin19 %
Q4 standalone SG&A expenses (excluding SBIR)8.6 %
Unit 2¥100 million
Q4 standalone operating loss (excluding SBIR)5.3 %
Unit 3¥100 million
Q4 standalone SBIR expenses3.6 %
Unit 4¥100 million
New initiatives
- Development of small unmanned aircraft for defense applications
- Launch of a next-generation small aerial imaging aircraft in FY27
- Designation of Ohio Drone Repair as a certified repair facility
- Development of a dedicated SOTEN training and certification program with USI
- Integration with Drone Harmony’s inspection data management software
- Advancement of AI autonomous and distributed control with Preferred Networks
- Validation of digital twin technology with Space Data
Key KPIsA metric the company considers important as a management benchmark.
- Contribution margin¥1,059 millionYear on year against the same period last year¥310 million in the same period of the previous year
- Contribution margin46.2 %Year on year against the same period last year+20.6pt
- SOTEN shipments948 spacesYear on year against the same period last year9.5x
- North American sell-through8 timesYear on year against the same period last yearCumulative Q3
- Equity ratio71.8 %
Segment results
North America
Net Sales¥1,534 million
Year on year against the same period last yearApproximately 6.8x
Defense
Net Sales¥252 million
Infrastructure
Net Sales¥325 million
Other
Net Sales¥182 million
Medium-term management plan targets
Defense sales target
¥15 100 million
Target fiscal yearFY28
North America sales target
¥25 100 million
Target fiscal yearFY28
Operating profit excluding the government projectAchieve profitability by the fiscal year ending December 2028
Gross profit margin target40
Financial targets
Equity ratio
Actual results71.8 %
Market Size / Share
Japanese drone airframe market size
¥2,281 100 million 2028 outlook
US drone airframe market size
82 US$100 million 2028 outlook
Orders received and order backlog
Order backlog at the end of Q3
¥11.5 100 million
Additional orders since the end of Q3
¥5.7 100 million
New defense orders
¥5.3 100 million
Number of employees
Number of Employees62 people
As ofSeptember 2026
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Third quarter of the fiscal year ending December 2026 |
| Net Sales | ¥2,294 million (YoY +84.0%) |
| Operating profit | ¥-456 millions (accounting basis) |
| Ordinary income | ¥-559 million |
| Net income | ¥-196 million |
| Gross Profit Margin | Rate 33.7 / Year-on-year change (points) 24.8 |
| Selling, general and administrative expenses | ¥997 millions (excluding SBIR) |
| Results for the three months of the current quarter | Net Sales ¥646 million / Gross profit ¥224 million / Operating profit (loss) ¥-80 millions (accounting basis) / Net income/loss attributable to owners of the parent ¥162 million |
| Full-year earnings forecast | Net Sales ¥4,000 million / Gross profit ¥1,100 million / Gross Profit Margin 27.5 % / Selling, general and administrative expenses excluding SBIR ¥1,860 million / Operating income/loss excluding SBIR ¥-760 million / SBIR costs ¥600 million / Accounting operating income/loss ¥-1,360 million / Ordinary profit or loss ¥-950 million / Net income/loss attributable to owners of the parent ¥-600 million |
| Progress against full-year forecast | Net Sales 57.4 / Gross profit 70.2 / Selling, general and administrative expenses excluding SBIR 53.6 / SBIR costs 38.6 / Sales + order backlog (for delivery in FY26) 100.6 |
| Self-assessment against the plan | Progressing smoothly toward the full-year forecast |
| Segment results | North America Net Sales ¥1,534 million / Year on year against the same period last year Approximately 6.8x / Defense Net Sales ¥252 million / Year on year against the same period last year Not disclosed / Infrastructure Net Sales ¥325 million / Year on year against the same period last year Not disclosed / Other Net Sales ¥182 million / Year on year against the same period last year Not disclosed |
| Breakdown of Factors Affecting the Change | Increase in gross profit ¥6.6 100 million / Increase in SG&A ¥-0.8 100 million |
| Key KPIs | Indicator name Contribution margin / Value ¥1,059 million / Year on year against the same period last year ¥310 million in the same period of the previous year, Indicator name Contribution margin / Value 46.2 % / Year on year against the same period last year +20.6pt, Indicator name SOTEN shipments / Value 948 spaces / Year on year against the same period last year 9.5x, Indicator name North American sell-through / Value 8 times / Year on year against the same period last year Cumulative Q3, Indicator name Equity ratio / Value 71.8 % / Year on year against the same period last year Not disclosed |
| Number of employees | Number of Employees 62 people / As of September 2026 |
| Assumptions Underlying the Business Outlook | Q4 standalone gross margin 19 % / Q4 standalone SG&A expenses (excluding SBIR) 8.6 % / Unit 2 ¥100 million / Q4 standalone operating loss (excluding SBIR) 5.3 % / Unit 3 ¥100 million / Q4 standalone SBIR expenses 3.6 % / Unit 4 ¥100 million |
| Medium-term management plan targets | Defense sales target ¥15 100 million / North America sales target ¥25 100 million / Operating profit excluding the government project Achieve profitability by the fiscal year ending December 2028 / Gross profit margin target 40 |
| Financial targets | Equity ratio Actual results 71.8 % |
| Orders received and order backlog | Order backlog at the end of Q3 ¥11.5 100 million / Additional orders since the end of Q3 ¥5.7 100 million / New defense orders ¥5.3 100 million |
| Market Size / Share | Japanese drone airframe market size ¥2,281 100 million (2028 outlook) / US drone airframe market size 82 US$100 million (2028 outlook) |
| Key points of the Q&A | The full-year forecast is expected to be achieved, with projected revenue including backlog and additional orders totaling ¥4.02 billion., The gross profit margin is expected to decline in Q4 due to the product mix., Received an order worth ¥530 million for a small unmanned aircraft for defense applications, with development completion and delivery scheduled during 2027., The expansion of North American revenue is being driven by replacement demand for drones made in China, as well as the development of a sales network and post-implementation support system., Invest ¥5.12 billion in funds raised through the overseas offering in defense and North America, including at least ¥250 million in investment in the development of small unmanned aircraft. |
| New initiatives | Development of small unmanned aircraft for defense applications, Launch of a next-generation small aerial imaging aircraft in FY27, Designation of Ohio Drone Repair as a certified repair facility, Development of a dedicated SOTEN training and certification program with USI, Integration with Drone Harmony’s inspection data management software, Advancement of AI autonomous and distributed control with Preferred Networks, Validation of digital twin technology with Space Data |
Items this document does not state (8)
Operating profit marginUnit price and quantity metricsNumber of stores and locationsRisk amount incorporated into the outlookAnnual 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.