Ispace,inc. · TSE:9348
Ispace,inc — Q1 FY2026/3 Earnings Presentation
55 slides from Ispace,inc's earnings presentation, Aug 8, 2025
Slide 1: Financial Results Q1 Fiscal Year Ending March 2026
1 Tokyo Stock Exchange Growth Market-listed (Ticker: 9348.T) Financial Results Q1 Fiscal Year Ending March 2026 2025.08.08
Slide 2: Contents
CONTENTS 01. Executive Summary 02. Business Highlights • Mission 2 Summary • Progress of Mission 3 • Progress of Mission 4 • Mission Plan • Progress of Future Missions • IR Activities 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 of Fiscal Year Ending March 2026
Executive Summary 4 Executive Summary of Q1 of Fiscal Year Ending March 2026 Mission 2 TEAM DRAPER COMMERCIAL MISSION 1 Mission 3 • Dev./Ops.: Mission completed (RESILIENCE lander continued descent in a vertical orientation but lost telemetry • Dev.: CDR(1) is scheduled in this winter approx. two mi
Slide 5: Business Highlights
02. Business Highlights 01. Executive Summary 02. Business Highlights 03. Financial Highlights 04. Appendix
Slide 6: 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 to
Slide 7: Mission 2 landing phases and incomplete success milestone
7 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 8: Mission Summary – Comparison with Mission 1
Mission 2 Summary – Comparison with Mission 1 8 As with Mission 1, the landing phase revealed remaining challenges in altitude recognition. However, the technical cause differed from that of Mission 1, as a hardware issue occurred in the modified component. Mission 1 (launched in 2022) Mission 2 (la
Slide 9: Mission Summary – Cases of Landing Failure and Corrective Actions
Mission 2 Summary – Cases of Landing Failure and Corrective Actions 9 Approx. two weeks after the landing failure, a thorough telemetry analysis was conducted, and determined that the LRF was the technical cause. Further factor analysis as part of the development of subsequent missions to be impleme
Slide 10: Mission Summary – Progress on the Corrective Action
Mission 2 Summary – Progress on the Corrective Action 10 Members of the “External Review Task Force” are currently being selected. Appointed two globally renowned experts as its co-chairs. • At present, two co-chairs have agreed to join the task force. Several other external members are currently be
Slide 11: Mission Summary – Financial and Business Impact of Landing Failure
Mission 2 Summary – Financial and Business Impact of Landing Failure 11 The financial impact of the incomplete landing of Mission 2 remains limited. Secured sufficient liquidity through cash and cash equivalents exceeding ¥260MM as of June 2025. Impact on payload contracts for Mission 2 Although the
Slide 12: Mission Summary – Achievements
Mission 2 Summary – Achievements 12 Despite the incomplete landing, the results obtained from Mission 2 will be fully utilized to enhance the success of future missions. Achievement 1 Demonstrated consecutive reliable transportation capability to lunar orbit Achievement 2 Acquired landing sequence d
Slide 13: Mission 3 Overview
Mission 3 Overview 13 Mission 3 Overview (Launch in 2027) TEAM DRAPER COMMERCIAL MISSION 1 Hardware Updated: CDR(1) to be completed Winter 2025 Highlights • Scheduled to launch in 2027(2) Relay Communication Satellites • Two relay communication satellites, named • Member of Team Draper Commercial Mi
Slide 14: Progress of Mission 3 – Development
Progress of Mission 3 – Development 14 Tests of each subsystem are proceeding as scheduled toward the 2027 launch Relay satellites testing (top photo) Conducted Thermal Vacuum Chamber testing for the key components of Alpine and Lupine, and the test was completed without any issues Solar panel testi
Slide 15: Mission 4 Overview
Mission 4 Overview 15 Mission 4 Overview (Launch in 2027) METI SBIR Mission Hardware PDR(1) in progress Highlights • Scheduled for launch in 2027(3) • 1st payload has been confirmed: 1st phase of JAXA’s Space Strategy Fund • Part of mission costs supported by the grant of $80MM(4) representing the S
Slide 16: Progress of Mission 4
Progress of Mission 4 16 Design and preparation for thermal vacuum test are progressing smoothly. As for structural system, drop weight test has been conducted. Thermal control system and structural system tests are currently underway • Starting in mid-August, we plan to review interface drawings fo
Slide 17: Mission Plan
Mission Plan 17 On going missions with substantial funding SBIR: $80MM Intend to apply for new NASA CLPS task orders and NASA CLPS JAXA’s SSF as well as to secure contracts CP-12: $62MM 1st phase of from private companies and space agencies JAXA’s SSF: TBU POINT R&D Commercial M1 M2 M3 M4 M5 M6 M7 •
Slide 18: Progress of Future Missions
Progress of Future Missions 18 Government support for commercial space development is expected to continue accelerating globally. JAXA NASA ESA/LSA Space Strategy Fund CLPS program (1) Aiming to secure continued support for micro Aiming to be selected in 2nd phase of JAXA’s SSF Aiming to acquire new
Slide 19: Progress of Future Missions – Japan: Space Strategy Fund Phase 2
Progress of Future Missions – Japan 19 Japan: Solicitation begins for Space Strategy Fund phase 2 "High-Precision Landing Technology”. A public solicitation has started for a key theme ispace JAXA’s Space Strategy Fund 2nd phase: is actively pursuing R&D Theme High-Precision Landing Technology in th
Slide 20: Progress of Future Missions – Japan: Bridgestone Agreement
Progress of Future Missions – Japan 20 Japan: ispace and Bridgestone signed agreement to develop tires for small-to-medium-sized lunar rovers, with the aim of potential utilization of the Space Strategy Fund. Aiming for the practical application of these tires as early as 2029 • ispace has entered i
Slide 21: Progress of Future Missions – Japan: SPACETIDE 2025
Progress of Future Missions – Japan 21 Japan: Participated in the international space business conference "SPACETIDE 2025“. Provided detailed explanations to stakeholders at our exhibition booth Mr. Ishida (CEO of SPACETIDE) and Mr. Hakamada co-presented SPACETIDE is Asia's largest international spa
Slide 22: Strengthening Management Structure
Strengthening Management Structure 22 Management Structure of Japan Entity: Space business specialist Hideari Kamiya has been appointed as EVP of Japan Program and Business Development Office to lead the advancement of Japan public-private partnership initiatives. Japan entity is now led by a team o
Slide 23: Progress of Future Missions – U.S.
Progress of Future Missions – U.S. 23 U.S.: Planned that the Artemis Program will continue and NASA’s CLPS budget will be secured at a level comparable to their budget request of previous year. The Artemis Program and investment in lunar exploration will continue • Even during the uncertain period o
Slide 24: Progress of Future Missions – Europe: World Expo 2025
Progress of Future Missions – Europe 24 Europe: At the Luxembourg Pavilion of the World Expo 2025, our CEO Takeshi Hakamada spoke at an event attended by His Royal Highness the Prince of Luxembourg. His Royal Highness Prince Guillaume delivered a powerful message • A special event “Space Afternoon”
Slide 25: Progress of Future Missions – Europe: ESA Contract
Progress of Future Missions – Europe 25 Europe: Signed contract for lunar exploration plan using rover with European Space Agency. Contract extends the previous contract • Our EU entity signed a contract with ESA in December 2024 for the "MAGPIE" project using a rover. This contract is for the pre-
Slide 26: IR Activities – Shareholder Base
IR Activities 26 As of the end of March, ispace was supported by a large shareholder base of approx. 81K. In light of this, we designed and conducted the General Shareholder Meeting in a way that would foster deeper engagement with our shareholders. # of Shares Issued and Shareholders as of Mar 31,2
Slide 27: IR Activities – Annual General Meeting
IR Activities 27 At the 15th Annual General Meeting of Shareholders, a total of 446 shareholders participated both in person and online, sharing valuable opinions and questions. Part 1: Mission 2 Shareholder Briefing Part 2: General Shareholder Meeting External Directors' Commitment Statements • Reg
Slide 28: Notice – SORATO rover on display at Smithsonian
Notice 28 Starting from July 28, 2025, ispace’s “SORATO” rover has been on public display at the “Futures in Space” gallery of the Smithsonian National Air and Space Museum in Washington, D.C.. The flight model of the SORATO rover, donated by ispace to the Smithsonian National Air and Space Museum P
Slide 29: Financial Highlights
03. Financial Highlights 01. Executive Summary 02. Business Highlights 03. Financial Highlights 04. Appendix
Slide 30: FY2026/3 Q1 Profit and Loss Statement
FY2026/3 Q1 Profit and Loss Statement 30 Net Sales increased YoY driven by steady progress in the development of Mission 3, which remains generally on track with the plan. FY 2025/3 FY 2026/3 FY 2026/3 Point: YoY and forecast comparison (Previous Year) (Forecast) Full Year • Net Sales： Q1 Results Q1
Slide 31: FY2026/3 Q1 Profit and Loss Statement - SG&A
FY2026/3 Q1 Profit and Loss Statement - SG&A 31 SG&A increased slightly YoY due to an increase in personnel expenses associated with business expansion, despite a decrease in R&D expenses following the completion of Mission 2. FY 2025/3 FY 2026/3 Point: YoY comparison (Previous Year) Q1 Results Q1 R
Slide 32: Net Sales by Service
Net Sales by Service 32 Net sales from Mission 3 payloads continued to drive growth, with Q1 Net Sales largely in line with our business plan. On a 'Project Income’ (1) basis, we are aiming to roughly double last year’s figure in the current fiscal year. Net Sales Payload Project Income (Net Sales :
Slide 33: New Financing
New Financing 33 In May 2025, Cash and cash equivalents amounted to ¥26Bn(1) through the execution of a total of ¥15Bn in loans with SMBC and Mizuho Bank, ensuring sufficient liquidity for the time being. Sumitomo Mitsui Banking Corporation Mizuho Bank, Ltd • Loan amount: 10 billion yen • Loan amoun
Slide 34: FY 2026/3 Balance Sheet
FY 2026/3 Balance Sheet 34 A certain level of liquidity required for business continuity has been secured, while strengthening net assets remains a key focus going forward. FY 2026/3 FY 2025/3 Point: Comparison from FY 2025/3 Q4 (Millions of yen) Q1 Results Q4 Results %Change Current Asset Total 30,
Slide 35: KPI
KPI 35 Progress ongoing in CDR for Mission 3 and PDR for Mission 4. On the commercial side, we aim to finalize interim PSAs(1) and secure new PSAs from a sales pipeline totaling approx. $592MM. CY2023 CY2024 CY2025 CY2026 CY2027 FY2023 FY2024 FY2025 FY2026 FY2027 Present Total contract amount Sales
Slide 36: Illustrative Business Model of Payload Service
Illustrative Business Model 36 Illustrative Business Model of Payload Service For illustrative purposes only; all values are rounded off to integral values and subject to change Present Planned Mission revenue recognized(2) over… Lander mission Customer Total Developing payload Yield(3) payload cont
Slide 37: Never Quit the Lunar Quest
Never Quit the Lunar Quest IR Inquiry: ir@ispace-inc.com
Slide 38: Appendix
04. Appendix 01. Executive Summary 02. Business Highlights 03. Financial Highlights 04. Appendix
Slide 39: Business Overview – Our Vision
Business Overview – OUR VISION 39 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” is an outlook on the worldview representing ispace’s vision EXPAND OUR PLANET. EXPAND OUR FUTURE W
Slide 40: Business Overview – Why the Moon?
Business Overview – WHY THE MOON? 40 The potential of the Moon as a “fuel supply base” utilizing water (H2O) that exists in the form of ice with an estimated mass of as much as 6.6Bn tons on the Moon ENVISIONED ECOSYSTEM(1) BRINGS THE EARTH & MOON TOGETHER H 2 O (2) 1 / 6 G (3) Decreasing costs to a
Slide 41: Business Overview – Business Area
Business Overview – Business area 41 Our lander is launched into outer space on an external vendor’s rocket. After landing, our lander and rover explore and acquire data from lunar surface Launch using an external Our lander navigates and delivers the payload to vendor’s rocket the Lunar orbit and L
Slide 42: Business Overview – Main Service
Business Overview – Main Service 42 Payload services and Partnership services are our current business pillars. We plan to establish Data services in the future Payload services Data Services Partnership Services Core service Potential driver of growth Service with a long history • Transport custome
Slide 43: Business Overview – Mission Schedule
Mission 2 Business Overview – Mission Schedule 43 Our Mission Schedule(1) January 15, 2025 2022 Mission 1 (Completed) The SpaceX Falcon 9 rocket launching with the RESILIENCE Lander on board ... 2025 Mission 2 (Completed) ... 2027 Mission 3 Mission 4 2028 Mission 5 Mission 6 2029 Mission 7 Mission 8
Slide 44: Mission 1 Overview
Mission 1 Overview 44 Mission1 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 45: 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 46: Mission Overview - Achievements
46 Mission 1 Overview - Achievements Became the first private company to reach the final lunar landing phase. Gained valuable data that can be used in future missions, and established the policy for Mission 2 and beyond, considering the results of Mission 1 Effectively decrease speed from the orbita
Slide 47: Mission Overview - Landing Phase
Mission 1 Overview - Landing phase 47 The cause of failure is “mis-recognition of altitude”: The lander judged sudden and unexpected altitude change measured by a sensor as breakdown, which has been remedied for Mission 2 (Route) In the final phase of landing, the sensor noticed sudden altitude
Slide 48: Development KPI
Development KPI 48 To increase the probability of mission success, we conduct reviews at each milestone. PDR and CDR, two particularly important KPIs, will be scheduled immediately before large investment. Quality and efficiency improve through several mission cycles. 2017 2018 2019 2020 2021 2022 2
Slide 49: Sales KPI – Accounting Standard
Sales KPI – Accounting Standard 49 As the cost recovery method is applied to most missions, net sales are recognized in proportion to the amount of COGS incurred. Cost recovery method Total Contract Amount Sales＝Cost incurred －Total recorded sales Until a mission ends: • Net sales that can be record
Slide 50: Sales KPI – Revenue Recognition for Payload Service
Sales KPI – Revenue Recognition for Payload Service 50 Since quarterly sales fluctuate depending on the timing of the mission, our KPI is total contract amount per mission Mission A Mission B Mission C ①: Mission A Launch ②: Mission B Launch FY N FY N FY N FY N FY N+1 FY N+1 FY N+1 FY N+1 FY N+2 FY
Slide 51: Sales KPI – Impact of Mission Failure
Sales KPI – Impact of Mission Failure 51 The impact on sales depending on mission outcome Contracts with non-cancellable and Approx. 90% of the funds will be paid non-refundable policies before launch Mission 1 and 2 only had an 8% impact • Our payload contracts are non-cancellable • On average, app
Slide 52: Sustainable Business Model
Sustainable Business Model 52 Our business model involves multiple missions, developed in parallel; feedback from the preceding mission is transferred to the subsequent mission in a timely and appropriate manner to enhance the maturity of the technology. This model is essential to build a strong fin
Slide 53: Financial Data – Profit and Loss Statement
Financial Data – Profit and Loss Statement 53 FY 2024/3 FY 2025/3 FY 2026/3 M1 M2 Completion Launch (Millions of yen) Q1 Q2 Q3 Q4 Full-Year Q1 Q2 Q3 Q4 Full-Year Q1 Net Sales(1) 815 514 496 530 2,357 635 706 647 2,755 4,743 1,165 Cost of sales 243 400 377 407 1,428 528 609 483 879 2,499 934 Gross Pr
Slide 54: Financial Data – Balance Sheet
Financial Data – Balance Sheet 54 FY2024/3 FY2025/3 FY2026/3 (Millions of yen) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Current Assets Total 10,078 13,525 13,485 21,784 21,220 22,527 20,181 19,067 30,742 Cash and Deposit 7,611 11,522 9,676 14,315 12,673 13,153 13,233 13,117 26,460 Short Term Advances 1,877 1,486
Slide 55: Disclaimer
Disclaimer 55 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