Ispace,inc. · TSE:9348
Ispace,inc — FY2025 Earnings Presentation
49 slides from Ispace,inc's earnings presentation, May 15, 2026
Slide 1: Financial Results for Fiscal Year Ended March 2026
1 Tokyo Stock Exchange Growth Market-listed (Ticker: 9348.T) Financial Results for Fiscal Year Ended March 2026 May 15, 2026
Slide 2: Contents
CONTENTS 01. Executive Summary 02. FY2025 Look Back 03. Business Highlights 04. Financial Highlights 05. Appendix
Slide 3: Executive Summary
01. Executive Summary 01. Executive Summary 02. FY2025 Look Back 03. Business Highlights 04. Financial Highlights 05. Appendix
Slide 4: Executive Summary of Q4 Fiscal Year Ended March 2026
Executive Summary 4 Executive Summary of Q4 Fiscal Year Ended March 2026 • Sales：Ongoing. In addition to $81Mn(1) SBIR grants, the total contract value increased to $64Mn(2) due to a customer transition Future Missions METI SBIR Mission Mission 3 from the former Mission 3 to this mission • Developme
Slide 5: Look Back at FY2025
02. Look Back at FY2025 01. Executive Summary 02. FY2025 Look Back 03. Business Highlights 04. Financial Highlights 05. Appendix
Slide 6: FY2025 Look Back
FY2025 Look Back 6 Throughout FY2025 - NASA announced a bold shift in policy aimed at accelerating lunar development, while ispace strengthened our business and financial foundations to respond to these changes Announced an introduction of “ULTRA,” a new model Raised approximately 18 billion Selecte
Slide 7: FY2025 Look Back: NASA - THE MOON BASE
FY2025 Look Back：NASA－THE MOON BASE 7 At the “IGNITION” in March 2026, NASA announced a bold expansion of investments to accelerate the development of a lunar base, planning to ramp up lunar landing missions significantly to a total of 21 over the next three years 21 lunar landing missions Credit:NA
Slide 8: FY2025 Look Back: Progress on the Artemis Project
FY2025 Look Back： Progress on the Artemis Project 8 NASA's Artemis II mission marks humanity's return to the lunar orbit for the first time in 53 years, representing a major step forward toward realizing the whole Artemis program and a lunar base Artemis Ⅱ Artemis Ⅲ Artemis Ⅳ Credit:Associated Press
Slide 9: FY2025 Look Back: New lander model
FY2025 Look Back：New lander model ULTRA - a lander model that combines JAPAN and U.S. development expertise to meet customers’ requirements for both high quality and development efficiency TM • In response to the accelerating demand for lunar development, ispace TM has decided to develop a model tha
Slide 10: FY2025 Look Back: Changes to the Development Team Structure
FY2025 Look Back：Changes to the Development Team Structure 10 With the new lander model introduction, ispace is redesigning our global organization structure with the aim to improve development efficiency and optimizing costs going forward CEO CTO Customer Relations Design Assembly Integration Opati
Slide 11: FY2025 Look Back: Change of Mission Schedule
FY2025 Look Back： Change of Mission Schedule 11 (For reference) Press Release announced on March 27, 2026 Due to the change in the U.S. mission schedule, New Mission 3 is the next landing mission, scheduled for launch in 2028 (2027) (2028) (2029) Previous M3 M4 M6 Schedule CLPS CP-12 JP SBIR SSF2(2)
Slide 12: FY2025 Look Back: Mission Schedule and Contributions to NASA
FY2025 Look Back： Mission Schedule and Contributions to NASA 12 Despite delay in CP-12, we aim to contribute to the Artemis program and the CLPS initiative by delivering high mission quality enabled by multiple of produced ULTRA landers and lunar orbit satellites (2026) (2027) (2028) (2029) (2030(3)
Slide 13: Business Highlights
03. Business Highlights 01. Executive Summary 02. FY2025 Look Back 03. Business Highlights 04. Financial Highlights 05. Appendix
Slide 14: Mission 3 Overview
Mission 3 Overview 14 Mission 3 Overview (Launch in 2028(1) ) METI SBIR Mission Hardware PDR(2) in progress Highlights TM • Scheduled to launch in 2028 (1); structural model development for structural testing underway • Part of mission costs supported by the grant of $81Mn(4) representing the larges
Slide 15: Progress of Mission 3
Progress of Mission 3 15 Mission 3, scheduled for launch in 2028, vibration testing using the structural model(1) is planned to start in June, followed by transition to flight model(2) manufacturing upon completion of the test Transition to flight model manufacturing, following the structural testin
Slide 16: Mission 4/5 Overview
Mission 4/5 Overview 16 Mission 4 Mission 5 （ Launch in 2029(1) ） （ Launch in 2030(5) ） JAXA SSF2 TEAM DRAPER Mission COMMERCIAL MISSION 1 Mission 4 Overview Mission 5 Overview Total Project revenue： $212Mn (2) Total Project revenue： $62Mn (6) • Selected for the second phase of the Space Strategy Fu
Slide 17: Mission 2.5 Overview
Mission 2.5 overview 17 Mission 2.5 Overview (Launch planned for as early as 2027(1) using a third-party transportation vehicle) Hardware Mission overview • Plan to launch one ispace lunar-orbit satellite as Mission 2.5 as early as Relay Communication Satellite 2027, using Argo Space’s transport veh
Slide 18: Progress of Future Missions - Space Symposium
Progress of Future Mission – Space symposium 18 ：Space Symposium: Actively engaged to secure future opportunities amid excitement of NASA “IGNITION” Elizabeth Kryst, CEO of ispace U.S., spoke at the Space Symposium The conference brought together members from our 3 global entities, in addition to th
Slide 19: Progress of Future Missions: PSAs and MoU
Progress of Future Missions 19 Signed PSAs(1) with UEL and the University of Leicester, both developed from interim PSAs(2) , reflecting the establishment of trusted relationships. Signed an MoU with Shimizu Corporation for cislunar architecture PSA signed with a Korean space company UEL(3) PSA sign
Slide 20: Strategic partnerships with international organizations and alliances
Progress of Future Missions 20 Advanced strategic partnerships with leading international organizations and industry alliances toward the development of the cislunar economy 左からKACST Dr. Maryam Noah、Former Minister of Investment, Saudi Arabia H.E. Khalid AlFalih、経済産業大臣 赤澤亮正氏、ispace CFO 野﨑順平 CSF Pres
Slide 21: KPI - Sales
KPI - Sales 21 Over the next 4-5 years, we expect to recognize at least 351Mn USD in revenue from contracts and grants already secured (excluding those already recognized in P/L ) and projects for which funding has been secured. Project revenue for the fiscal year ending March 2027 will be driven by
Slide 22: Mission schedules
Mission schedules 22 Due to rescheduling, the next lunar orbiter mission: M2.5 is planned for 2027 at the earliest, while the next lunar landing mission: M3 is planned for 2028. ispace’s policy remains unchanged aiming to increase profitability for each mission by reducing development costs and furt
Slide 23: Financial Highlights
04. Financial Highlights 01. Executive Summary 02. FY2025 Look Back 03. Business Highlights 04. Financial Highlights 05. Appendix
Slide 24: Profit and Loss Statement
Profit and Loss Statement 24 Although FY 2026/3 revenue declined due to delays in the development of the U.S. mission (M5), project revenue increased by 18% YoY due to higher subsidy income resulting from progress in the development of the Japan mission (M3). The net loss for the period also improve
Slide 25: Profit and Loss Statement - SG&A
Profit and Loss Statement - SG&A 25 SG&A expenses decreased by 27% YoY, mainly due to a shift in lander development costs from R&D expenses to COGs, following the transition from the Mission 2 R&D phase to the initial commercialization phase for Mission 3 and beyond FY 2025/3 FY 2026/3 Point: YoY co
Slide 26: Balance Sheet
Balance Sheet 26 Following the capital increase last October, cash and cash equivalents and net assets have remained at stable levels as of March 2026. As progress on multiple projects accelerated, advance payments, fixed assets, and interest-bearing debt have also increased Point: Comparison from F
Slide 27: Cashflow Statement
Cashflow Statement 27 For FY 2026/3, operating cash flow (CF) and investing CF were at the same level as FY2025/3. Cash and cash equivalents were maintained by supplementing negative free cash flow by a capital increase and borrowings FY 2026/3 FY 2025/3 Point: YoY comparison Results Results （Millio
Slide 28: Forecast for FY2027/3
Forecast for FY2027/3 28 For FY 2027/3, we expect project revenue to reach 9 billion yen, a 50% increase from FY 2026/3, driven by the receipt of SBIR grants and Space Strategy Fund in conjunction with the development progress of Missions 3 and 4 Points: FY 2027/3 FY 2026/3 Project Revenue/Net S
Slide 29: Forecast for FY2027/3 - Change in project revenue
Forecast for FY2027/3 –Change in project revenue 29 For FY 2027/3, project revenue is expected to increase, driven by SBIR grants (M3) and the Space Strategy Fund (M4) for Japan missions, despite the negative impact of the US mission rescheduling (M5) (Billions of Yen) Points 3.2 Mission 3: Based
Slide 30: Forecast for FY2027/3 - Change in Net profit/loss
Forecast for FY2027/3 –Change in Net profit/loss 30 For FY 2027/3, profit is expected to decline primarily due to impairment losses resulting from the standardization of lander models and engine changes in the U.S.. We aim to improve our financial performance by leveraging the profits from Missions
Slide 31: Forecast for FY2027/3 - Relationship between grants and costs
Forecast for FY2027/3 –Relationship between grants and costs 31 (For reference) For so-called "long lead time" products, such as engines which have lead times of several years until the procurement, expenses are usually capitalized (advance payments) and recorded as a lump sum upon delivery. On the
Slide 32: Never Quit the Lunar Quest
Never Quit the Lunar Quest IRに関するお問い合わせ: ir@ispace-inc.com
Slide 33: Appendix
05. Appendix 01. Executive Summary 02. FY2025 Look Back 03. Business Highlights 04. Financial Highlights 05. Appendix
Slide 34: Business Overview - Our Vision
Business Overview – OUR VISION 34 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 35: Business Overview - Why the Moon? Abundant Water Resources
Business Overview – WHY THE MOON? (Existence of Abundant Water Resources) 35 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 36: Business Overview - Why the Moon? Rare Metals
Business Overview – WHY THE MOON? (Existence of Rare Metals) 36 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 37: Business Overview - Business area
Business Overview – Business area 37 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 38: Business Overview - Main Service
Business Overview – Main Service 38 Payload services are the core of our business. We aim for further growth through the establishment of data services Payload Services: Our core service driving our net sales Data Services: Future Growth Drivers • Transport customers’ payloads to the lunar orbit and
Slide 39: Mission 1 Overview
Mission 1 Overview 39 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 40: 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 41: 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 42: Mission 2 Success Milestones
42 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 43: Mission Summary - Comparison with Mission 1
Mission 2 Summary – Comparison with Mission 1 43 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 (l
Slide 44: After Mission - External review task force
After Mission 2 – External review task force 44 Approx. two weeks after the landing failure, we conducted a thorough telemetry analysis and identified that the LRF anomaly was caused by a technical issue. The external review task force presented “Seven Recommendations,” and ispace announced its corr
Slide 45: Sales KPI - Impact of Mission Failure
Sales KPI – Impact of Mission Failure 45 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 46: IR Activities
IR Activities 46 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 47: Financial Data - Profit and Loss Statement
Financial Data – Profit and Loss Statement 47 FY2024/3 FY2025/3 FY2026/3 M1 M2 Completion Launch （Millions of yen） Q1 Q2 Q3 Q4 Full-year Q1 Q2 Q3 Q4 Full-year Q1 Q2 Q3 Q4 Full-year Net Sales(1) 815 514 496 530 2,357 635 706 647 2,755 4,743 1,165 1,028 549 563 3,307 Cost of Sales 243 400 377 407 1,42
Slide 48: Financial Data - Balance Sheet
Financial Data – Balance Sheet 48 FY2024/3 FY2025/3 FY2026/3 (Millions of yen) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Current Assets Total 10,078 13,525 13,485 21,784 21,220 22,527 20,181 19,067 30,742 24,953 38,598 34,384 Cash and Deposit 7,611 11,522 9,676 14,315 12,673 13,153 13,233 13,117 26,460 20
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