Uncertainty that MOUs and i-PSAs may not lead to final orders or sales
First written in FY2024. 3 of 7 entries say "Mitigated", first in FY2025-H1. Latest entry: FY2026.
1 other company's latest entry also says "Restated".
- FY2026RestatedAnnual report
「Although these MOUs and similar agreements are not legally binding and it is uncertain whether they will lead to orders and the recognition of revenue by the company, the company plans to continue entering into MOUs with private-sector companies, build strong relationships with more customers, and ultimately secure payload-service orders from private-sector companies.」
Although the value of the MOUs and similar agreements has increased, the company continues to clearly disclose the lack of legal binding force and the uncertainty over conversion into final orders and revenue recognition. - FY2026-H1RestatedAnnual report
「However, these MOUs and similar agreements are not legally binding, and entering into them does not mean that the company will recognize revenue. Nor is there any guarantee that the company will be able to enter into definitive agreements relating to these MOUs and similar agreements.」
The company continued to disclose the uncertainty that its MOU pipeline may not lead to definitive agreements or revenue recognition. - FY2025WorsenedAnnual report
「As of 9 May 2025, the company had entered into MOUs and similar agreements totaling US$662 million with private-sector companies worldwide for Missions 3 and beyond. Although these MOUs and similar agreements are not legally binding and it is uncertain whether they will lead to orders and the recognition of revenue by the company,」
Although the total value of the MOUs and similar agreements increased from approximately US$313 million to US$662 million, the risk that they are not legally binding and will not lead to final orders or revenue recognition remains. - FY2025-H1MitigatedAnnual report
「For Mission 2, the Company has received orders for payload transportation totaling US$16 million from 3 private companies, 1 university and 1 art project, and plans to continue recognizing revenue under these contracts toward completion of the mission from next spring onward.」
For Mission 2, the company reported actual orders beyond potential orders and MOUs, reducing some of the uncertainty over conversion into final orders and revenue. - FY2024First statedAnnual report
「As of the date of filing this document, the company has entered into MOUs and similar agreements totaling US$313 million with private-sector companies worldwide for Missions 3 and beyond. Although these MOUs and similar agreements are not legally binding and it is uncertain whether they will lead to orders and the recognition of revenue by the company, the company plans to continue entering into MOUs with private-sector companies, build strong relationships with more customers, and ultimately secure payload-service orders from private-sector companies.」
The company disclosed as a risk that, although it has entered into MOUs and similar agreements totaling US$313 million, they are not legally binding and may not lead to final orders or revenue recognition.