Slide 1: Financial Results Q3 Fiscal Year Ending March 2026
1 Tokyo Stock Exchange Growth Market-listed (Ticker: 9348.T) Financial Results Q3 Fiscal Year Ending March 2026 February 10, 2026
Slide 2: Contents
CONTENTS 01. Executive Summary 02. Business Highlights • External Environment • Progress of Existing Missions • Progress of Future Missions • Our KPIs 03. Revision of Financial Forecast 04. Financial Highlights 05. Appendix
Slide 3: Executive Summary
01. Executive Summary 01. Executive Summary 02. Business Highlights 03. Revision of Financial Forecast 04. Financial Highlights 05. Appendix
Slide 4: Executive Summary of Q3 Fiscal Year Ending March 2026
Executive Summary 4 Executive Summary of Q3 Fiscal Year Ending March 2026 • Post-mission improvement measures: External Review Task Force Mission 2 and JAXA’s extended technical support are progressing. Aim to hold a briefing to report the results of the Task Force in Q4 Future Missions • Saudi Arab
Slide 5: Business Highlights
02. Business Highlights 01. Executive Summary 02. Business Highlights 03. Revision of Financial Forecast 04. Financial Highlights 05. Appendix
Slide 6: Accelerating Demand for Lunar Business (Macro Environment)
Accelerating Demand for Lunar Business (Macro Environment) 6 Government policies in Japan and the United States, where our entities are located, are a strong tailwind for ispace Credit: The white house Credit: Polaris Program / John Kraus Credit: Japan Cabinet Office Presidential Order Specifies Con
Slide 7: Mission 3 Overview
Mission 3 Overview 7 (Launch in 2027(2)) TEAM DRAPER COMMERCIAL MISSION 1 Mission3 Overview Hardware Test in progress Highlights • Scheduled to launch in 2027(1) Relay Communication Satellites • Two relay communication satellites, named • Defined as a commercial mission with the ability to carry up
Slide 8: Mission 4 Overview
Mission 4 Overview 8 (Launch in 2028(1)) METI SBIR Mission Mission4 Overview Hardware PDR(2) in progress Highlights (3) • Scheduled to launch in 2028 (1); thermal structural tests completed, proceeding to structural model development • Part of mission costs supported by the grant of $81Mn(4) represe
Slide 9: Mission 6 Progress: JAXA SSF2
Mission 6 Progress 9 (Launch in 2029(1)) JAXA SSF2 Mission Mission6 Selected for the $136Mn Space Strategy Fund theme. Utilize JAXA SLIM's high-precision landing technology Three Key Points of This Selection Technology Exploration, etc. (Phase II) Development High-Precision Landing Technology Theme
Slide 10: Mission 6 Progress: ESA MAGPIE Funding
Mission 6 Progress 10 (Launch in 2029(1)) JAXA SSF2 Mission Mission6 The European Space Agency has secured $76Mn(2) as the MAGPIE budget. Contracts are expected to be signed Funding Aiming to secure contracts for the allocated $76Mn(2) MAGPIE: Lunar exploration project with ESA using rovers Target B
Slide 11: Mission 6 Overview
Mission 6 Overview 11 (Launch in 2029(1)) JAXA SSF2 Mission Mission6 Overview Mission Overview Hardware Development Started (2) • Selected for the second phase of the Space Strategy Fund with a maximum budget of $136Mn(3), lead to the decision to commence development, aiming for high-precision landi
Slide 12: Established a local subsidiary in Saudi Arabia
Progress of Future Mission 12 Established a local subsidiary in Saudi Arabia. Following Japan, Europe, and the U.S., we aim to secure major contracts with the space agency and research institutions (USD) 31.6Bn Space market size × 3.6 in 11 years(1) 8.7Bn 2024 2035 Establishment of Fourth Global Ent
Slide 13: Successively concluded contracts with JAXA
Progress of Future Mission 13 Successively concluded contracts with JAXA. Strengthening collaboration across all fronts: transportation, technology development, and environmental preparation. visual Commissioned by JAXA to conduct studies for realizing a sustainable cis-lunar Jointly exploring light
Slide 14: New Agreements on Strategic Collaboration toward Cislunar Economy
Progress of Future Mission 14 Following the "HAKUTO-R" Partnership Agreement(1), New Agreements Reached on Strategic Collaboration toward Building the Cislunar Economy (From left) Mr. Haraikawa, Director and Head of Business Promotion Department, JALEC; Mr. Suzuki, Executive Officer and Head of Inno
Slide 15: Co-creation with Domestic Startups & Industry-Academia
Progress of Future Mission 15 Co-creation with Domestic Startups & Industry-Academia: Contributing to Lunar Base Construction through Improving Payload Efficiency and Space Strategy Fund–Subsidized Studies Takashi Hakamada, CEO & Founder of ispace Inc. (left) and Shinichiro Nakajima, Representative
Slide 16: KPI - Sales
KPI - Sales 16 We anticipate recognizing revenue of over $370Mn from secured contracts and grants (excluding those recorded in P/L) and anticipated contracts from Mission 3 onwards. Additionally, we anticipate demand over $620Mn CY2024 CY2025 CY2026 CY2027 CY2028 Base FY2025/3 FY2026/3 FY2027/3 FY20
Slide 17: Mission schedules
Mission schedules 17 Steadily incorporate lessons learned from M2 into M3 and M4 under the current “Initial Commercial Phase”, and aim to expand profitability for each mission by development cost reductions and further sales growth in the subsequent “Mass Production Phase” Completed: Developing two
Slide 18: Revision of Financial Forecast
03. Revision of Financial Forecast 01. Executive Summary 02. Business Highlights 03. Revision of Financial Forecast 04. Financial Highlights 05. Appendix
Slide 19: Project revenue expected to decrease by approx. 40% from initial plan
Revision of Financial Forecasts 19 Project revenue(1) is expected to decrease by approx. 40% from the initial plan. However, majority of the decrease stems from the deferral of revenue recognition from existing signed contracts to the next fiscal year and beyond. The total contract value, or “the co
Slide 20: Fundamental net sales decrease limited; majority deferred
Revision of Financial Forecasts 20 Fundamental net sales decrease of the Project Revenue is limited to a small portion, while the majority is deferred to the next fiscal year and beyond. The deferral is primary due to longer than expected time to achieve the performance of the new engine for Mission
Slide 21: Status of New Engine Development
Status of New Engine Development 21 Development of the "VoidRunner" engine is progressing, but the discovery of a necessary propellant architecture change requires added development time and could impact mission schedule Status as of February 2026 • Agile has been conducting 4 design-iteration/hot-f
Slide 22: Our Revenue Recognition Method
Our Revenue Recognition Method 22 Under the cost recovery method, net sales and COGS are recorded at equal amounts, capped by deferred revenue related to development milestones, whether received or to be received (collectively, “Deferred Revenue, etc.”). When Deferred Revenue, etc. is insufficient,
Slide 23: Net Profit Forecast
Revision of Financial Forecasts 23 Similar to net sales, delays in Mission 3 and 4 expenditures due to engine development setbacks impacted net loss. Exchange gains also contributed, resulting in an improvement in net loss Fiscal Year Ending March 2026 Net Profit Forecast Point: Comparison with Init
Slide 24: Revised Earnings Forecast
Revised Earnings Forecast 24 Revised fiscal year forecast on Net Sales basis. Net loss forecast has improved due to the deferral of development expenses and foreign exchange gains FY 2026/3 FY 2026/3 Point: Comparison with Initial Forecast (Forecast) (Forecast) Revised Initial % Change Change • Net
Slide 25: Financial Highlights
04. Financial Highlights 01. Executive Summary 02. Business Highlights 03. Revision of Financial Forecast 04. Financial Highlights 05. Appendix
Slide 26: Profit and Loss Statement
Profit and Loss Statement 26 Delays in developing the new engine for Mission 3 resulted in a delay in recognizing net sales and a decrease in net loss for the period compared to the previous year FY 2025/3 FY 2026/3 (Forecast) Point: YoY comparison FY 2026/3 (Previous Year) Disclosed today, February
Slide 27: Profit and Loss Statement - SG&A
Profit and Loss Statement - SG&A 27 SG&A decreased YoY due to a shift in the focus of expense recognition from R&D to cost of goods, driven by the progress of M4 development FY 2025/3 FY 2026/3 Point: YoY comparison (Previous Year) Q3 Results Q3 Results %Change • R&D Expenses: (Millions of yen) In J
Slide 28: Balance Sheet
Balance Sheet 28 Capital increase from October to November 2025 reinforced net assets, securing stable liquidity FY 2026/3 FY 2025/3 Point: Comparison from FY2025/3 Q4 (Millions of yen) Q3 Results Q4 Results %Change Current Asset Total 38,598 19,067 102.4% Cash and Deposit 34,273 13,117 161.3% Short
Slide 29: Never Quit the Lunar Quest
Never Quit the Lunar Quest IR Inquiry : ir@ispace-inc.com
Slide 30: Appendix
05. Appendix 01. Executive Summary 02. Business Highlights 03. Revision of Financial Forecast 04. Financial Highlights 05. Appendix
Slide 31: Factors Contributing to the Decline in Net Sales
Factors Contributing to the Decline in Net Sales 31 (For reference) Even on an accounting revenue basis, the actual decline in net sales is minimal, with the majority being deferred to the next fiscal year and beyond. The primary reason for this deferral is the time required to achieve the performan
Slide 32: Business Overview – Our Vision
Business Overview – OUR VISION 32 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 33: Why the Moon? Existence of Abundant Water Resources
Business Overview – WHY THE MOON? (Existence of Abundant Water Resources) 33 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 34: Why the Moon? Existence of Rare Metals
Business Overview – WHY THE MOON? (Existence of Rare Metals) 34 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 35: Business Overview – Business Area
Business Overview – Business area 35 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 36: Business Overview – Main Service
Business Overview – Main Service 36 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 37: Mission 1 Overview
Mission 1 Overview 37 (Completed in 2022) Mission 1 Overview 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 38: Mission 1 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 39: Mission 1 Achievements
39 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 40: Mission 1 Landing Phase
Mission 1 Overview - Landing phase 40 The cause of failure is “mis-recognition of altitude”: The lander judged sudden and unexpected altitude change measured by a sensor as a breakdown, which had been remedied for Mission 2 (Route) ⚫ In the final phase of landing, the sensor noticed sudden altitud
Slide 41: Mission 2 Overview
Mission 2 Overview (Completed in 2025) Mission 2 Overview 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: Mission Summary – Cases of Landing Failure and Corrective Actions
Mission 2 Summary – Cases of Landing Failure and Corrective Actions 44 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 implem
Slide 45: Financial and Business Impact of Landing Failure
Mission 2 Summary – Financial and Business Impact of Landing Failure 45 The financial impact of the incomplete landing of Mission 2 remains limited. Secured sufficient liquidity through cash and cash equivalents exceeding ¥260Mn as of June 2025. Impact on payload contracts for Mission 2 Although the
Slide 46: Mission Summary – Achievements
Mission 2 Summary – Achievements 46 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 47: Development KPI
Development KPI 47 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 48: Sales KPI – Revenue Recognition for Payload Service
Sales KPI – Revenue Recognition for Payload Service 48 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 49: Sales KPI – Impact of Mission Failure
Sales KPI – Impact of Mission Failure 49 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 50: Sustainable Business Model
Sustainable Business Model 50 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 51: IR Activities
IR Activities 51 The # of individual shareholders has increased, reaching 103K as of the end of Sep. With the capital increase announced in Oct, we will advance our business with the support of even larger # of retail shareholders # of Shares Issued and Shareholders as of September 30,2025 Major Sha
Slide 52: Financial Data – Profit and Loss Statement
Financial Data – Profit and Loss Statement 52 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 Net Sales(1) 815 514 496 530 2,357 635 706 647 2,755 4,743 1,165 1,028 549 Cost of sales 243 400 377 407 1,428 528 609 483 879 2,499
Slide 53: Financial Data – Balance Sheet
Financial Data – Balance Sheet 53 FY2024/3 FY2025/3 FY2026/3 (Millions of yen) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 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 Cash and Deposit 7,611 11,522 9,676 14,315 12,673 13,153 13,233 13,117 26,460 20,078 34,27
Slide 54: Disclaimer
Disclaimer 54 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