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ispace (9348) · RiskWorsenedLatest Earnings presentation (2026-08-07): "Reframed"

Development delays due to long lead times, specification changes, and defects

First written in FY2024. 7 of 18 entries say "Worsened", first in FY2025-H1. Latest entry: 2026-08-07.

18entries
3years
13from disclosures
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How it moved
ProgressHeldSoftenedWorseFirst statedFY2024WorsenedFY2025-H1 – 2026-03-272024: 220242025: 220252026: 142026
Same theme, other companies
Development delays caused by long-lead-time items, specification changes and defects in space missionsA theme 1 companies write about · 1 as a headwind · 0 as a tailwind

No other company in this theme has enough history to compare yet.

Full recordFilings, disclosures and news, newest first
  1. FY2026WorsenedAnnual report

    「For the former Mission 3, which had initially been scheduled for launch in 2027 and had been selected for NASA's CLPS Task Order CP-12, verification of the fuel efficiency required to meet performance specifications for the new engine intended for the mission was delayed. After careful consideration, the company decided to change to an alternative engine with a track record of use in previous lunar missions. In light of these changes, the company rescheduled the launch of the U.S. mission to 2030 and reorganized it as the new Mission 5.」

    Following delays in demonstrating the new engine, the engine was changed to an alternative, and the planned launch of the U.S. mission was postponed from 2027 to 2030.
  2. FY2026-H1WorsenedAnnual report

    「As described in “I. Risks Relating to the External Environment and the Environment Surrounding the Company, Including Third Parties, (2) Risks Relating to Third Parties, ① Government Agency Customers,” the company is discussing with the relevant organizations a change to the Mission 4 schedule resulting from changes to the engine specifications, and the schedule for that mission may also change in the future.」

    In addition to the specification changes resulting from the engine supply issue for Mission 3, the expected launch of Mission 4 changed to within 2028, requiring coordination with the relevant organizations.
  3. FY2025WorsenedAnnual report

    「Mission 3 had been scheduled for launch in 2026, but it became clear that supplying the installed engine within the planned procurement schedule would be difficult. The company therefore changed the specifications by significantly simplifying the structure to further increase the likelihood of mission success, and changed the launch date to 2027.」

    Following delays in the supply of engine components, specification changes and a postponement of the launch of Mission 3 actually occurred.
  4. FY2025-H1WorsenedAnnual report

    「Following discussions with SpaceX, the launch provider, the company updated the launch timing to no earlier than January 2025.」

    The launch timing for Mission 2 was updated from the previous target of winter 2024 to no earlier than January 2025.
  5. FY2024First statedAnnual report

    「In the past, Mission 1 experienced development schedule delays due to changes in the development period associated with the delivery of long-lead-time items requiring years from ordering to delivery, lander specification changes to accommodate customer payload interfaces, and reprocurement necessitated by defects in part of the lander's propulsion system. Similar delays may occur in the future.」

    The company listed the factors that actually caused development schedule delays in Mission 1 and stated that similar risks exist for subsequent missions.
Moved together

"APEX 1.0 Lander Upsizing and Increased Payload Capacity" moved the same way as this thread, in the same document, in 7 of its 15 moves.

755443★123456
  1. ★This thread
  2. 1APEX 1.0 Lander Upsizing and Increased Payload Capacity7×
  3. 2Development of the Series III lander using an SBIR grant5×
  4. 3Awarded Mission 3 under NASA’s CLPS program5×
  5. 4Two R&D missions and development for the third mission4×
  6. 5Dilution of Equity Value Through Ongoing Fundraising4×
  7. 6Going-Concern Risk from Front-Loaded R&D Investment and Insufficient Earnings3×

★ is this thread; numbers match the list above. The number on a line is how many documents both moved the same way in; lines between the other threads count the documents they moved together in too. Threads that move together often sit closer.

When this could move next
No upcoming earnings preview for ispace yet. It last moved in the Earnings presentation of 2026-08-07: "Reframed".
News
No news is linked to this thread yet. When an article touches it, it will appear here by date.
Development delays due to long lead times, specification changes, and defects | ispace,inc. (9348) | Komori