Dependence on Government Agency Customers and Uncertainty over Order Conditions
First written in FY2024. 2 of 4 entries say "Worsened", first in FY2026-H1. Latest entry: FY2026.
The whole theme swung hardest in 2020: 29 of 92 companies on the "Worse" side.
- FY2026WorsenedAnnual report
「The change is currently being coordinated with the relevant ministries and agencies and will ultimately require formal approval of the plan change by the Minister of Economy, Trade and Industry. However, if the company is ultimately unable to agree with the Ministry of Economy, Trade and Industry on the schedule postponement, it may be unable to receive the subsidy.」
The company continued to detail the risk of losing the subsidy if approval or agreement cannot be obtained from the relevant ministries and agencies regarding the postponed launch of the mission covered by the SBIR subsidy. - FY2026-H1WorsenedAnnual report
「Although the company initially agreed with the Ministry of Economy, Trade and Industry to launch within 2027, as of 6 October 2025, its internal development plan anticipated a launch within 2028. The change is currently being coordinated with the relevant ministries and agencies, and will ultimately require formal approval of the plan change by the Minister of Economy, Trade and Industry. However, if the company is ultimately unable to agree with the Ministry of Economy, Trade and Industry on the schedule postponement, it may be unable to receive the subsidy.」
The postponement of Mission 4's launch made concrete the possibility that approval for the plan change required for the SBIR subsidy may not be obtained. - FY2025RestatedAnnual report
「Many of the company's existing customers are government agencies, and many of its potential customers are also expected to be government agencies for the foreseeable future. The number of government agencies is generally limited, and the number of contracts the company can win may therefore also be limited.」
The company continues to disclose its dependence on government space agencies as customers and the risk that budgets, geopolitics, bidding and other factors may constrain orders. - FY2024First statedAnnual report
「Many of the company's existing customers are government agencies, and many of its potential customers are also expected to be government agencies for the foreseeable future. The number of government agencies is generally limited, and the number of contracts the company can win may therefore also be limited.」
The company identified as a new risk the possibility that customer budgets, geopolitics, bidding requirements, in-house development requirements and contract cancellations involving government agency customers may constrain the number and profitability of orders.