Going-Concern Risk from Front-Loaded R&D Investment and Insufficient Earnings
First written in FY2024-Q1. 5 of 10 entries say "Restated". Latest entry: 2026-08-07.
ispace moved to the "Worse" side of this theme in 2025, 2 years after the typical company in this theme (2023).
The whole theme swung hardest in 2025: 26 of 48 companies on the "Worse" side.
9 other companies' latest entry also says "Worsened".
- FY2026RestatedAnnual report
「Because the company is engaged in developing space-related equipment that requires substantial upfront research and development investment and a long development period, as of the date of submission of this document it had not yet generated sufficient revenue to cover these development investments. As a result, it had recorded recurring operating losses and negative operating cash flow, and events or conditions that raise significant doubt about the going-concern assumption existed as of the end of the consolidated fiscal year.」
Continues to disclose insufficient revenue relative to research and development investment, operating losses and negative operating cash flow. At the same time, it maintains its determination that no material uncertainty exists because measures are being implemented. - 2026-05-15WorsenedRevision of earnings forecasts
「We have continued to record operating losses and negative operating cash flow, and events or conditions that raise substantial doubt about the going concern assumption exist as of the end of the consolidated fiscal year.」
Operating losses and negative operating cash flow continued, with an operating loss of ¥11,580 million and negative operating cash flow of ¥13,190 million for the year. The company also stated that no material uncertainty was identified. - FY2026-H1WorsenedAnnual report
「Because the company is engaged in developing space-related equipment that requires substantial upfront research and development investment and a long development period, it has recorded recurring operating losses and negative operating cash flow and has not yet generated sufficient revenue to cover all development investment.」
Recurring operating losses and negative operating cash flow continued, reducing net assets to ¥1,103 million as of the end of September 2025. The company maintained its determination that no material uncertainty exists. - FY2025RestatedAnnual report
「Because the company is engaged in developing space-related equipment that requires substantial upfront research and development investment and a long development period, it has not yet generated sufficient revenue to cover all development investment. As it has recorded recurring operating losses and negative operating cash flow, events or conditions that raise significant doubt about the going-concern assumption existed as of the end of the consolidated fiscal year.」
Continues to disclose material events arising from upfront research and development investment, operating losses and negative operating cash flow. At the same time, it maintains its determination that no material uncertainty exists because measures are being implemented. - FY2025-H1RestatedAnnual report
「Because the company is engaged in developing space-related equipment that requires substantial upfront research and development investment and a long development period, it has not yet generated sufficient revenue to cover all development investment. As it has recorded recurring operating losses and negative operating cash flow, events or conditions that raise significant doubt about the going-concern assumption existed as of the end of the interim consolidated accounting period. However, as the company is implementing measures to resolve these material events and related matters, it determined that no material uncertainty concerning the going-concern assumption existed.」
Continued to describe insufficient revenue relative to upfront research and development investment, operating losses and negative operating cash flow. It also stated that, because measures are being implemented, no material uncertainty was recognized. - FY2024-Q3RestatedAnnual report
「Because the company is engaged in developing space-related equipment that requires substantial upfront research and development investment and a long development period, it has not yet generated sufficient revenue to cover all development investment. As it has recorded recurring operating losses and negative operating cash flow, events or conditions that raise significant doubt about the going-concern assumption existed as of the end of the third quarter of the consolidated fiscal year.」
Although the loss narrowed from the same period of the previous year, insufficient revenue relative to upfront research and development investment and material events concerning going-concern status continued. - FY2024-Q2RestatedAnnual report
「Because the company is engaged in developing space-related equipment that requires substantial upfront research and development investment and a long development period, it has not yet generated sufficient revenue to cover all development investment. As it has recorded recurring operating losses and negative operating cash flow, events or conditions that raise significant doubt about the going-concern assumption existed as of the end of the second quarter of the consolidated fiscal year.」
Continued to describe insufficient revenue relative to upfront research and development investment and material events concerning going-concern status. - FY2024-Q1First statedAnnual report
「Because the company is engaged in developing space-related equipment that requires substantial upfront research and development investment and a long development period, it has not yet generated sufficient revenue to cover all development investment. As it has recorded recurring operating losses and negative operating cash flow, events or conditions that raise significant doubt about the going-concern assumption existed as of the end of the consolidated fiscal year.」
Described the company's insufficient revenue relative to its long-term, substantial research and development investment, together with operating losses and negative operating cash flow.