Worth reading
48Recurring
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
52.8
% (year-on-year increase in project revenue for the fiscal year ending March 2027)Wording
Avoiding a definitive answer
How definitive the wording is.Contents of this document
Earnings presentationFiscal year ending March 2026, full year9 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales3,307 million yen-26.1%
Operating profit-11,580 million yen
Ordinary income-8,141 million yen
Net income-8,152 million yen
Selling, general and administrative expenses8,726 million yen
Gross Profit Marginnot disclosed ("-" for the fiscal year ending March 2026; 50.2% for the fiscal year ending March 2025)
Full-year earnings forecast
Fiscal year ending March 2026
Project revenue
6,000 million yen
Net Sales
3,400 million yen
Gross profit
-1,400 million yen
Selling, General and Administrative Expenses
8,600 million yen
Operating profit (loss)
-10,000 million yen
Ordinary profit or loss
-7,200 million yen
Net income (loss) for the current fiscal year
-7,200 million yen
Fiscal year ending March 2027
Project revenue
9,000 million yen
Net Sales
3,300 million yen
Gross profit
-6,000 million yen
Selling, General and Administrative Expenses
11,700 million yen
Operating profit (loss)
-17,700 million yen
Ordinary profit or loss
-13,000 million yen
Net income (loss) for the current fiscal year
-13,000 million yen
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
mixed (project revenue and revenue were broadly in line with the forecasts, while gross profit was lower than forecast)Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Mission 3-related+¥3.2 billion
- Mission 4-related+¥2.5 billion
- Mission 5-related-¥1.8 billion
- Other-¥0.7 billion
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
No foreign exchange gains or losses assumed. Numerical assumptions for other exchange rates, raw material prices, interest rates and other factors: not disclosedNew initiatives
- Introduction of the ULTRA model integrating the Japanese and U.S. lander development programs
- Organizational transition to a global design team
- Joint study with KDDI of communications and positioning services using lunar-orbiting satellites
- Basic agreement with Shimizu Corporation on the development of lunar infrastructure
- Strategic partnership with KACST in lunar exploration
Key KPIsA metric the company considers important as a management benchmark.
- Expected revenue recognition over the next 4–5 years¥562 100 million
- Potential demand¥984 100 million
- Number of business discussions at Space Symposium40 over downloads
- Number of company-owned satellites scheduled for launch by 20305 at least [number] satellites
- Market size for data services using lunar-orbiting satellites and other assets4,500 over ¥100 million annual, in the 2040s
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Assumed payload service price: $1.5Mn/kg. Actual performance comparison combining price and volume: not disclosedRisk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
¥3.6 billion (part of the impairment related to the integration of the U.S. subsidiary's lander model and an engine change recorded in cost of sales)Market Size / Share
Services market for lunar-orbiting satellites and other assets: expected to exceed ¥450 billion annually in the 2040s. Market share: not disclosedNumber of employees
Change during the period+16 people year on year
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Fiscal year ending March 2026, full year |
| Net Sales | 3,307 million yen (YoY -26.1%) |
| Operating profit | -11,580 million yen |
| Ordinary income | -8,141 million yen |
| Net income | -8,152 million yen |
| Gross Profit Margin | not disclosed ("-" for the fiscal year ending March 2026; 50.2% for the fiscal year ending March 2025) |
| Selling, general and administrative expenses | 8,726 million yen |
| Full-year earnings forecast | Fiscal year ending March 2026 Project revenue 6,000 million yen / Net Sales 3,400 million yen / Gross profit -1,400 million yen / Selling, General and Administrative Expenses 8,600 million yen / Operating profit (loss) -10,000 million yen / Ordinary profit or loss -7,200 million yen / Net income (loss) for the current fiscal year -7,200 million yen / Fiscal year ending March 2027 Project revenue 9,000 million yen / Net Sales 3,300 million yen / Gross profit -6,000 million yen / Selling, General and Administrative Expenses 11,700 million yen / Operating profit (loss) -17,700 million yen / Ordinary profit or loss -13,000 million yen / Net income (loss) for the current fiscal year -13,000 million yen |
| Self-assessment against the plan | mixed (project revenue and revenue were broadly in line with the forecasts, while gross profit was lower than forecast) |
| Breakdown of Factors Affecting the Change | Factors Mission 3-related / Amount +¥3.2 billion, Factors Mission 4-related / Amount +¥2.5 billion, Factors Mission 5-related / Amount -¥1.8 billion, Factors Other / Amount -¥0.7 billion |
| Key KPIs | Indicator name Expected revenue recognition over the next 4–5 years / Value ¥562 100 million / Year on year against the same period last year Not disclosed, Indicator name Potential demand / Value ¥984 100 million / Year on year against the same period last year Not disclosed, Indicator name Number of business discussions at Space Symposium / Value 40 over downloads / Year on year against the same period last year Not disclosed, Indicator name Number of company-owned satellites scheduled for launch by 2030 / Value 5 at least [number] satellites / Year on year against the same period last year Not disclosed, Indicator name Market size for data services using lunar-orbiting satellites and other assets / Value 4,500 over ¥100 million (annual, in the 2040s) / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Assumed payload service price: $1.5Mn/kg. Actual performance comparison combining price and volume: not disclosed |
| Number of employees | Number of Employees Not disclosed / Change during the period +16 people year on year |
| Assumptions Underlying the Business Outlook | No foreign exchange gains or losses assumed. Numerical assumptions for other exchange rates, raw material prices, interest rates and other factors: not disclosed |
| Risk amount incorporated into the outlook | ¥3.6 billion (part of the impairment related to the integration of the U.S. subsidiary's lander model and an engine change recorded in cost of sales) |
| Market Size / Share | Services market for lunar-orbiting satellites and other assets: expected to exceed ¥450 billion annually in the 2040s. Market share: not disclosed |
| New initiatives | Introduction of the ULTRA model integrating the Japanese and U.S. lander development programs, Organizational transition to a global design team, Joint study with KDDI of communications and positioning services using lunar-orbiting satellites, Basic agreement with Shimizu Corporation on the development of lunar infrastructure, Strategic partnership with KACST in lunar exploration |
Items this document does not state (13)
Operating profit marginResults for the three months of the current quarterProgress against full-year forecastSegment resultsNumber of stores and locationsMedium-term management plan targetsFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey 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.For the fiscal year ending March 2026, revenue declined due to delays in engine development and schedule changes for the U.S. mission, although SBIR subsidy income from the Japanese mission increased. For the fiscal year ending March 2027, increased SBIR subsidies for Mission 3 and the start of Space Strategy Fund receipts for Mission 4 are expected to drive higher revenue, while impairment losses and development costs associated with the integration of the U.S. subsidiary's lander model and an engine change, as well as higher SG&A expenses due to an increase in headcount, are expected.
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.