Ispace,inc. · TSE:9348
Ispace,inc — Q1 FY2027/3 Earnings Presentation
49 slides from Ispace,inc's earnings presentation, Aug 7, 2026
Slide 1: Financial Results Q1 Fiscal Year Ending March 2027
1 Tokyo Stock Exchange Growth Market-listed (Ticker: 9348.T) Financial Results Q1 Fiscal Year Ending March 2027 August 7, 2026
Slide 2: Contents
CONTENTS 01. Executive Summary 02. Business Highlights 03. Financial Highlights 04. Appendix
Slide 3: Executive Summary
01. Executive Summary 01. Executive Summary 02. Business Highlights 03. Financial Highlights 04. Appendix
Slide 4: Executive Summary of Q1 Fiscal Year Ending March 2027
Executive Summary 4 Executive Summary of Q1 Fiscal Year Ending March 2027 Strategy: Capture both “INFRASTRUCTURE" and “NATIONAL SECURITY” needs Mission Progress and Finance Catalyst Regional Landscape Field ispace Initiatives M3 • Commercial: Project revenue: ¥18.7bn SBIR grant: ¥12.0bn (1) CP-12 ha
Slide 5: Business Highlights
02. Business Highlights 01. Executive Summary 02. Business Highlights 03. Financial Highlights 04. Appendix
Slide 6: NASA – The Moon Base / CLPS 2.0
NASA – THE MOON BASE / CLPS 2.0 6 In March 2026, NASA announced “IGNITION” to accelerate lunar development (1), marking a shift toward full-scale development of lunar infrastructure. A new commercial lunar payload services program “CLPS 2.0” (2) also launched Credit:NASA 2.0 Credit:NASA NASA unveils
Slide 7: Strengthening ispace-U.S.; CLPS Task Order CP-12 Expected to End
Strengthening ispace-U.S. 7 Bretton Alexander, with White House policy experience across multiple administrations and CRO experience in the commercial space sector, was appointed EVP to strengthen U.S. sales capabilities to address the rapidly accelerating lunar missions in the U.S. (1) CLPS Task Or
Slide 8: Future Mission Opportunities
Future Mission Opportunities 8 Mission planning for 2029 and beyond is underway, targeting strong opportunities across Japan, the U.S. and Europe (2027) (2028) (2029) (2029) (2030) (2030) ispace M2.5 M3 M4 M5 ... Milestones METI SBIR JAXA Fund JAXA Fund ESA MAGPIE New Mission Opportunities from 2029
Slide 9: Expanding Lunar Mission Opportunities in Europe
Expanding Lunar Mission Opportunities in Europe 9 NASA’s cancellation of the Gateway program is prompting ESA to shift its lunar strategy, while Europe’s Independent lunar lander program continues to move forward Gateway Program Paused Credit:ESA Credit:ESA The Gateway ESA shifts lunar strategy foll
Slide 10: Japanese Government Demand in Lunar Development
Japanese Government Demand in Lunar Development 10 In July, the Cabinet approved Japan’s Growth Strategy, designating lunar exploration and LEO technologies as priorities under the 17 strategic sectors, with ¥5.6 trillion in planned public-private investment (2) Japan Growth Strategy: Investment Avi
Slide 11: Japanese Government Demand in Lunar Development: Briefings and Discussions
Japanese Government Demand in Lunar Development 11 ispace further strengthened ties with the Japanese government through business briefings and discussions with key members of the Takaichi administration Minister of State for Space Policy Kimi Onoda visiting the ispace booth at SPACETIDE 2026 Japan’
Slide 12: Recent Mission Progress
Recent Mission Progress 12 M2.5, a lunar-orbit satellite deployment mission, and M3 and M4, lunar landing missions using landers, are scheduled for 2027–2029 and progressing steadily in both development and sales (2027) (2028) (2029) (2029) (2030) (2030) ispace M2.5 M3 M4 M5 ... Milestones METI SBIR
Slide 13: Mission 3/4 Overview
Mission 3/4 Overview 13 2028 Launch Planned(1) 2029 Launch Planned(2) Mission3 METI SBIR Mission Mission4 JAXA SSF2 Mission TM M3 Overview M4 Overview Total project revenue: $127Mn (3) Total project revenue: $214Mn (3) • Aiming to establish commercial lunar transportation • Aiming for high-precision
Slide 14: METI SBIR Mission Progress: H3 Launch Agreement
METI SBIR Mission 3 Progress 14 For M3, ispace signed a launch services agreement with Mitsubishi Heavy Industries for the ULTRA lander aboard the H3. The combination of Japan’s flagship H3 rocket and ULTRA will establish Japan’s independent access to the Moon H3 launch services agreement signed wit
Slide 15: METI SBIR Mission Progress: JAL Group Collaboration
METI SBIR Mission 3 Progress 15 Through collaboration with the JAL Group, ispace is developing commercial payload demand for M3. The JAL Group will solicit payloads from regions and companies across Japan, with the ULTRA lander providing transportation to the lunar surface JAL launches the world’s f
Slide 16: METI SBIR Mission Progress: ULTRA Lander Testing
METI SBIR Mission 3 Progress 16 For M3, scheduled for launch in 2028, vibration and acoustic testing of the ULTRA lander structural model (1) was successfully completed. Development remains on track for flight model (2) manufacturing to begin this winter On track to begin flight model (2) manufactur
Slide 17: JAXA SSF2 Mission Progress: Grant up to ¥20.0B
JAXA SSF2 Mission 4 Progress 17 Grant approval was received for the Space Strategy Fund Phase 2 project, “High-Precision Landing Technology in the Lunar Polar Regions,” with funding of up to ¥20.0 billion (1). Through M4, scheduled for launch in 2029, ispace aims to achieve a high-precision landing
Slide 18: MAGPIE Phase 2 Contract with ESA
JAXA SSF2 Mission 4 Progress 18 ispace completed a $74Mn MAGPIE contract with ESA. Through M4, scheduled for launch in 2029, the project aims to conduct Europe’s first rover-based ice exploration mission in the lunar polar regions MAGPIE Phase 2 contract signed with ESA (1) • In July 2026, ispace EU
Slide 19: Strengthening SpaceX Collaboration: Starship
Strengthening SpaceX Collaboration – Addressing Lunar Operations Support Needs that Grow with High-Capacity Transportation – Starship targeting a lunar landing as early as 2030 Securing 500 kg of capacity and beginning sales for smaller payloads Providing the service through the development of a ded
Slide 20: Strengthening SpaceX Collaboration: ispace's Role
Strengthening SpaceX Collaboration – ispace’s Role – Leveraging Starship, ispace will evolve into a “Lunar Access Integrator,” providing end-to-end integration, transportation and operations services from Earth to the lunar surface Mission / Payload Design Cargo Integration Starship Integration Luna
Slide 21: Strengthening SpaceX Collaboration: Creating Small Payload Demand
Strengthening SpaceX Collaboration – Creating Small Payload Demand – 21 In addition to existing lunar transportation demand, ispace aims to capture new demand for small payloads created by the emergence of Starship, a super-heavy-lift launch vehicle Relatively small Medium to large (<500 kg) (500 kg
Slide 22: Positioning ULTRA and Starship
Strengthening SpaceX Collaboration – Positioning ULTRA and Starship – 22 As a new addition to ispace’s business portfolio, lunar transportation services using Starship are planned alongside the ULTRA lander to complement customer needs Lunar transportation services Lunar transportation services util
Slide 23: National Security Issues Expanding into Cislunar Space
As lunar development advances, national security issues are expanding into cislunar space 23 Led by the U.S., discussions are advancing to recognize cislunar space—the region between Earth and the Moon—as a critical national security domain (1) (5). The focus is shifting from transportation to commu
Slide 24: Global Progress in Lunar-Orbit Infrastructure
Global Progress in Lunar-Orbit Infrastructure as Lunar Development Accelerates 24 Japan, the U.S. and Europe are advancing interoperability in lunar communications and navigation through LunaNet. Public- private projects are taking shape, driving the development of a commercial lunar-orbit infrastru
Slide 25: Mission 2.5 Overview
Mission 2.5 Overview 25 As lunar development accelerates, demand for communications and navigation infrastructure in lunar orbit is rising. Through Mission 2.5, ispace plans to deploy a satellite into lunar orbit as early as 2027 and advance the demonstration and commercialization of in-orbit servic
Slide 26: KPI - Sales
KPI -Sales 26 Of contracted revenue and grants not yet recognized in the P&L, at least $283Mn is expected to be recognized over the next four years and $351Mn over five years. Project revenue this fiscal year will be driven by two Japanese grants Contracted(7)/Gov. Contracted(7)/Private Potential/Go
Slide 27: Mission Plan
Mission Plan 27 Capture growing infrastructure and security demand across Japan, the U.S., and Europe, with lunar orbit and the lunar surface as two growth pillars. Through lunar-orbit satellites and high-frequency transportation using ULTRA and Starship, ispace will build a resilient business platf
Slide 28: Financial Highlights
03. Financial Highlights 01. Executive Summary 02. Business Highlights 03. Financial Highlights 04. Appendix
Slide 29: Income Statement
Income Statement 29 Revenue in Q1 FY2027/3 was seasonally low, with revenue from Missions 3 and 4 expected to ramp up toward year- end. Profit at each level declined year on year, reflecting the planned recognition of impairment losses related to the restructuring of the U.S. business in cost of goo
Slide 30: Project Revenue and Revenue Trend
Project Revenue and Revenue Trend 30 Project revenue for FY2027/3 is expected to grow by more than 50% year on year, supported by increased SBIR subsidies for Mission 3 and the commencement of Space Strategy Fund subsidies for Mission 4 Revenue Project revenue for the fiscal year ending March 2027 i
Slide 31: Income Statement - Breakdown of SG&A Expenses
Income Statement - Breakdown of Selling, General, and Administrative Expenses 31 SG&A expenses decreased 28.5% year on year, primarily due to the completion of Mission 2, which had been an R&D mission FY2027/3 FY2026/3 Point: YoY comparison Change Q1 Results Q1 Results (Unit: million yen) （%） R&D 43
Slide 32: Balance Sheet
Balance Sheet 32 Liquidity remained at a sufficient level, supported by bank borrowings. Advances paid decreased from the end of the previous fiscal year, primarily due to impairment losses related to the lander model integration FY2027/3 FY2026/3 Point: Comparison from FY2026/3 Q4 (Unit: million ye
Slide 33: Never Quit the Lunar Quest
Never Quit the Lunar Quest Investor Relations Inquiries: ir@ispace-inc.com
Slide 34: Appendix
04. Appendix 01. Executive Summary 02. Business Highlights 03. Financial Highlights 04. Appendix
Slide 35: Global Management Team Driving Growth Toward 2030
Management Global Management Team Driving Growth Toward 2030 CPO Director, CFO & Founder & CEO ispace U.S. ispace EUROPE CTO Kenichi Imamura Executive Business Takeshi Hakamada CEO CEO Ryo Ujiie Director Elizabeth Kryst Julien Lamamy Jumpei Nozaki
Slide 36: Business Overview – Our Vision
Business Overview – OUR VISION 36 EXPAND OUR PLANET. EXPAND OUR FUTURE. Creation of a world where the Earth and the Moon are one ecosystem, establishing a new economy on the Moon. “Moon Valley 2040” concept Imagine a future where water on the Moon helps build infrastructure by industries like constr
Slide 37: Business Overview – Why the Moon? Water Resources
Business Overview – WHY THE MOON? (Existence of Abundant Water Resources) 37 It is estimated that there is a large amount of water(1) on the lunar surface, and the possibility of benefiting life on Earth by using the moon as a “supply base” for fuel derived from water, will be examined. ENVISIONED E
Slide 38: Business Overview – Why the Moon? Rare Metals
Business Overview – WHY THE MOON? (Existence of Rare Metals) 38 There may be a variety of rare metals on the moon, and movement towards commercialization is beginning as the U.S. Department of Energy’s contracted to purchase Helium-3 mined from the moon by private companies in the future(1) . Increa
Slide 39: Business Overview – Business Area
Business Overview – Business area 39 Using third-party launcher, Our lander is launched into outer space on an external vendor’s rocket. After landing, our lander and rover explore and acquire data from the lunar surface. Our lander navigates and delivers the payload to Using service of third-party
Slide 40: Business Overview – Main Service
Business Overview – Main Service 40 The payload service utilizing ULTRA is the core of our business. We aim for further growth by establishing our other services. ULTRA Lunar Connect Service Communications • Communications：A service providing stable, high- • A service that uses our company’s ULTRA l
Slide 41: Mission 1 Overview
Mission 1 Overview 41 Mission 1 Overview (Completed in 2022) Highlights Hardware (Former) Series 1 lander In 2022, ispace became the 1st commercial company to Size successfully launch a lunar lander Approx. 2.3m tall by 2.6m wide (standing, legs deployed) Technological Achievements Mass Approx
Slide 42: Mission Overview - Success Milestones
Mission 1 Overview - Success Milestones KPI Achieved 8 out of 10 Success Milestones, despite not being able to achieve lunar landing. M1はミッション期間のsuccess5まで達成 Acquired valuable data until the end of landing sequence Success 4 ✓ Success 3 ✓ Completion of first orbital Establishment of a control maneuv
Slide 43: Mission 2 Overview
Mission 2 Overview Mission 2 Overview (Completed in 2025) Hardware Highlights • An R&D mission aimed at verifying technologies related to lunar landing and lunar exploration • Although the final lunar landing was not achieved, the mission successfully demonstrated reliable transportation capability
Slide 44: Mission 2 Landing Sequence
44 Phase 4 of Success 9 was completed, and the lander continued its descent in a vertical attitude. However, telemetry was lost approx. two minutes before the scheduled landing time, indicating a hard landing (1) Success 9 is divided into six phases, with Phase 4 “Braking Burn & Pitch-up” Incomplete
Slide 45: IR Activities
IR Activities 45 Thanks to the support of even more individual shareholders following the capital increase announced in October, we are moving forward with our business operations backed by an enormous # of shareholders, 116,000 as of the end of March. # of Shares Issued and Shareholders as of March
Slide 46: 16th Annual General Meeting of Shareholders Held
IR Activities 46 16th Annual General Meeting of Shareholders Held; Seven Directors and Two Audit & Supervisory Board Members Reappointed 16th Annual General Meeting of Shareholders Directors And Statutory Auditors Reappointed Retail Investor Briefing Hosted by Okasan Securities(1) • Approximately 50
Slide 47: Financial Data – Profit and Loss Statement
Financial Data – Profit and Loss Statement 47 FY2025/3 FY2026/3 FY2027/3 M2 Launch （Millions of yen） Q1 Q2 Q3 Q4 Full-year Q1 Q2 Q3 Q4 Full-year Q1 Net Sales(1) 635 706 647 2,755 4,743 1,165 1,028 549 563 3,307 168 Cost of Sales 528 609 483 879 2,499 934 877 1,599 2,749 6,160 4,808 Gross Profit/Loss
Slide 48: Financial Data – Balance Sheet
Financial Data – Balance Sheet 48 FY2025/3 FY2026/3 FY2027/3 (Millions of yen) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Current Assets Total 21,220 22,527 20,181 19,067 30,742 24,953 38,598 34,384 28,262 Cash and Deposit 12,673 13,153 13,233 13,117 26,460 20,078 34,273 29,690 25,703 Short Term Advances 4,928 5,62
Slide 49: Disclaimer
Disclaimer 49 Disclaimer • This presentation was prepared by ispace, inc. (referred to as the “Company”, “ispace”, or “we” herein) solely for informational purposes. • This document contains forward-looking statements, which reflect the Company's assumptions and outlook for the future and estimates