Slide 1: Investor Presentation for Prospective Investors
Investor Presentation for Prospective Investors （Disclosure of Matters Related to Business Plans and Growth Potential） 2026.06.26
Slide 2: Table of contents
Table of contents 1 | About ispace (Overview) 2 | Business Overview 3 | Market Environment and Competitive Environment 4 | Characteristics and Strengths 5 | Growth Strategy 6 | Financial Highlights 7 | Risk Information
Slide 3: About ispace (Overview)
O1 About ispace (Overview) iSpace
Slide 4: Global Team: 40 nationalities; engineers account for approx. 60%
About ispace Aiming to provide stronger and more seamless global services by building organizational structures across Japan, the U.S., and Europe subsidiary Headquarters in Saudi Arabia （Tokyo） Europe Entity (Kingdom of Saudi Arabia) (Luxembourg) U.S. Entity Office Locations (Denver, Colorado) Glob
Slide 5: ispace History
ispace History ~2011 2012 2013 2014 2015 2016 2017 2018 Jan. Mar. Agency Sep.（2010） May. Won Google Lunar Apr. Established ispace Jul. Established Apr. Changed company XPRIZE Mobility Started lunar lander EUROPE S.A. after signing Relocated HQ to Shiba, predecessor company in Completed lunar rover n
Slide 6: 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 7: Directors and Auditors
Directors and Auditors External directors and auditors consisting of professionals in their respective areas of expertise External Director: Tohru Akaura, General Partner & Co-Founder, Incubate Fund KK External Director: Koichi Kawana, President and Representative Director, Lublyst Inc. External Dir
Slide 8: Our Vision
OUR VISION 8 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 world representing ispace’s vision EXPAND OUR PLANET. EXPAND OUR FUTURE We envision 1,000 people l
Slide 9: Business Overview – WHY THE MOON? (Water Resources)
Business Overview – WHY THE MOON? (Existence of Abundant Water Resources) 9 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 EC
Slide 10: Business Overview – WHY THE MOON? (Rare Metals)
Business Overview – WHY THE MOON? (Existence of Rare Metals) 10 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 11: Business Overview
02 Business Overview iSpace
Slide 12: Business Overview – Main Service
Business Overview – Main Service 12 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 13: Business Overview – Business area
Business Overview – Business area 13 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 14: ispace Rovers and Landers
ispace Rovers and Landers 14 Developing lunar rover in Luxembourg and lunar lander in Japan and U.S. Rover Lander TM • Height ：approx. 26cm • Height ： approx. 2.3m • Height ： approx. 3.6m • Width：approx. 32cm • Width：approx. 2.6m(2) • Width： approx. 3.3m(2) • Weight： approx. 5kg • Weight：approx. 340
Slide 15: New lander model
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 that integrates the
Slide 16: Sales Concept
Sales Concept 16 Revenue components of payload services and data services Payload service Estimated Sellable Payload Mass Assumed unit price sales (Lander Maximum ×Assumed yield rate-Internal use payload mass (2)) Recording the contract amount in USD 1.5 MM/kg is our current basic selling The ULTRA
Slide 17: Payload Service_Flow of Contract Acquisition
Payload Service_Flow of Contract Acquisition 17 Promote sales activities and update contractual relationships in phases, depending on the time to mission and customer readiness. Many government demands are contracted through a bidding process MOU Interim PSA PSA Without • Memorandum of • Interim Pay
Slide 18: Progress Management of Payload Service_Development
Progress Management of Payload Service_Development 18 In order to increase the probability of mission success, technical review is conducted at each milestone. PDR and CDR, which are set just before full-scale capital investment, are the most important milestones. Efficiency and quality will get bet
Slide 19: Progress of Mission
Progress of Mission 2 19 Significant improvement in both development and operations(1) through the lessons learned from Mission 1 Development Period(2) Reduced Development Cost(2) Reduced Period from Launch to Initial Operational Phase Completion Reduced Approx. 40% Approx. 50% Approx. 60% • Reducin
Slide 20: Our Group
Business Chart 20 Our Group Payload service/data service etc. Order payment Contracts of payload service Other Venders Delivery of parts and /data service etc. materials for the Payment manufacture of landers/rovers When it’s NASA Technical alliance for Landing Guidance and Sub-contractor lunar land
Slide 21: Market Environment and Competitive Environment
03 Market Environment and Competitive Environment
Slide 22: Competitive Environment in the Space Industry
Competitive Environment in the Space Industry 22 Space industry is divided into several segments, with many companies already in disarray, especially in the launch and earth orbit data area. In contrast, there are still relatively few competitors in the moon-related area, and we have secured a compe
Slide 23: Growing Geopolitical Demand for the Moon
Growing Geopolitical Demand for the Moon 23 Lunar exploration is accelerating, led by the U.S. and China, with access to the Moon and base development becoming key issues from an economic security perspective. United States China 1972 Apollo program: Apollo 17 mission ended for the last time (2) Cha
Slide 24: NASA－THE MOON BASE
NASA－THE MOON BASE 24 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 lunar landing missions 21 (1) https://www.nasa.gov/
Slide 25: Government demand from Japan and the U.S.
Government demand from Japan and the U.S. related to lunar exploration 25 The total investment under NASA’s MOON BASE plan through 2036 (1) is estimated at $30 billion , while Japan’s public-private investment in lunar exploration and low Earth orbit technologies—one of the government’s 17 priority
Slide 26: Essential Payload Delivery for Lunar Infrastructure
Essential Payload Delivery for Lunar Infrastructure 26 On the Moon, infrastructure similar to that on Earth—including exploration, power, communications, mobility, habitation, water, and food—is expected to be developed. With sustained human activities at the lunar south pole projected to begin from
Slide 27: Expansion of the Lunar Transportation Market
Expansion of the Lunar Transportation Market 27 The lunar transportation market is estimated to expand to approximately $50.0bn per year, based on ispace’s vision of 1,000 people living on the Moon in the 2040s.(1) Forecast of Lunar Transportation Market Size, 2026–2050 Annualized basis(1) Approx. $
Slide 28: Characteristics and Strengths
04 Characteristics and Strengths
Slide 29: Why ispace? – Investment Highlight Summary
Why ispace? – Investment Highlight Summary 29 1. Japan’s Leader of Lunar Development 2. Capturing Global Demand through Japan-led Collaboration 3. Leading Position in Payload Delivery Technology to Lunar Surface 4. Financial Support of the Team Japan
Slide 30: Why ispace? – Japan’s Leader of Lunar Development
Why ispace? – Japan’s Leader of Lunar Development 30 Japanese government is accelerating investment to space/moon by establishing SBIR subsidy(1) and Space Strategy Fund(2). ispace is involved in approximately 70% of moon-related government subsidies and aims to continue receiving government support
Slide 31: Why ispace? – Capturing Global Demand Through Japan-led Collaboration
Why ispace? – Capturing Global Demand Through Japan-led Collaboration 31 Leveraging our strong ties with the Japanese government, Japan’s ability to collaborate with leading lunar mission countries, and our three bases in Japan, the U.S., and Europe, we have established a unique position with a prov
Slide 32: Why ispace? – Leading Position in Payload Delivery Technology
Why ispace? – Leading Position in Payload Delivery Technology to Lunar Surface 32 We have proved our capability to reach lunar orbit through 2 missions. Also established attitude and speed control in lunar landing phase, aiming to strengthen and complete technology readiness by receiving expanded su
Slide 33: Why ispace? – Leading Position in Payload Delivery Technology
Why ispace? – Leading Position in Payload Delivery Technology to Lunar Surface 33 Technology for moon landing by private companies is still in the incipient phase and has not been established yet. Our company plans to incorporate the learnings from the past two missions into the future and continue
Slide 34: Why ispace? – Financial Support of the TEAM JAPAN
Why ispace? – Financial Support of the TEAM JAPAN 34 To secure funding for the parallel development of multiple landers—essential for high-frequency lunar landing missions—we will establish a “Team Japan” support framework, drawing not only on government subsidies but also on government-affiliated f
Slide 35: Growth Strategy
O5 Growth Strategy iSpace
Slide 36: Growth Strategy_Overview
Growth Strategy_Overview 36 Achieve high growth by increasing sales of payload services, followed by the establishment of data services that leverage data accumulated from multiple missions The image shown on this slide is for illustrative purposes only(1)(2) Sales of Data service(3) Sales of Payloa
Slide 37: Mission Overview
Mission 3 Overview 37 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 38: Mission 4/5 Overview
Mission 4/5 Overview 38 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 39: Mission 2.5 overview
Mission 2.5 overview 39 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 40: Changes in the Security Environment in Cislunar Space
Changes in the Security Environment in Cislunar Space 40 In its editorial dated June 7, 2026, titled “Preparing for the Security Challenges Posed by Lunar Development,” Nikkei highlighted security risks in cislunar space (2)—the region extending from Earth to the Moon. Demand for space situational a
Slide 41: Expected Services to be Provided
41 Expected Services to be Provided Data service Lunar Connect Service SSA （Space Situational Awareness） Observation Communications ~$1.0B ~$1.2B USD ~$266M USD positioning USD ~$600M USD According to internal estimates, the market is expected to exceed at least $3 billion USD (450 billion yen) annu
Slide 42: Mission schedules
Mission schedules 42 Mission 2.5, a lunar orbiter mission, is planned as early as 2027, and Mission 3, a lunar landing mission, in 2028. From Mission 4 onward, the policy remains to expand profitability through lower development costs and further revenue growth. （Completed） Developing lander and sat
Slide 43: Future Mission and Strategies for Business Growth
Future Mission and Strategies for Business Growth 43 Various industry players in the hydrogen value chain(1) are entering the cislunar ecosystem(2) which is expected to further expand Our relationship: Advisory Agreement and iPSA Our relationship: PSA Our relationship: PSA Water resources Developmen
Slide 44: Data Business and Partners
Data Business and Partners 44 Capturing customers’ wide demands of data from each level and also developing future cislunar market by working in coordination with global partners Activities Examples Communication NASA • NASA CLPS CP12 Navigation • Deploy satellites (in-house payload) from the • NASA
Slide 45: Upfront Investment Plan for Growth
Upfront Investment Plan for Growth 45 Plans upfront investment in peripheral related areas to maximize demand for data services in addition to payload services Theme Recent Developments Large-scale raw data collection from lunar surface orbit • ispace-U.S.: Plans to launch a lunar orbiter in 2027 as
Slide 46: Future Missions – Orbital Transfer Vehicles
Future Missions – Orbital Transfer Vehicles 46 Leveraging our established technologies, plan to develop Orbital Transfer Vehicles to meet the growing demand for satellite transportation to lunar orbit, driven by the urgent need for lunar Space Situational Awareness (SSA) Orbital Transfer Vehicle (OT
Slide 47: Future Missions – Orbital Transfer Vehicles
Future Missions – Orbital Transfer Vehicles 47 A substantial global demand for satellite transportation to lunar orbit is already emerging, and further growth in this market is expected Orbital Transfer Vehicle (OTV) • Signed LOI(1) with Telespazio, which engages in ESA • Signed an MOU(2) with Eleva
Slide 48: Financial Highlights
06 Financial Highlights iSpace
Slide 49: Profit and Loss Statement
Profit and Loss Statement 49 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 50: Profit and Loss Statement - SG&A
Profit and Loss Statement - SG&A 50 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 51: Balance Sheet
Balance Sheet 51 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 52: Cashflow Statement
Cashflow Statement 52 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 53: Forecast for FY2027/3
Forecast for FY2027/3 53 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 54: Forecast for FY2027/3 – Change in project revenue
Forecast for FY2027/3 –Change in project revenue 54 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 55: Forecast for FY2027/3 – Change in Net profit/loss
Forecast for FY2027/3 –Change in Net profit/loss 55 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 56: Relationship between grants and costs
Forecast for FY2027/3 –Relationship between grants and costs 56 (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 57: KPI - Sales
KPI - Sales 57 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 58: Risk Information
QO7 Risk Information iSpace
Slide 59: Business Risks and Policies (1)
Risk Information-1 59 Business Risks and Policies We recognize the following risks specific to our business as particularly important as of the date of submission of this document and will continue to address them. For other risks, please refer to "Business and Other Risks" in the Annual Securities
Slide 60: Business Risks and Policies (2)
Risk Information-2 60 Business Risks and Policies We recognize the following risks specific to our business as particularly important as of the date of submission of this document and will continue to address them. For other risks, please refer to "Business and Other Risks" in the Annual Securities
Slide 61: Business Risks and Policies (3)
Risk Information-3 61 Business Risks and Policies We recognize the following risks specific to our business as particularly important as of the date of submission of this document and will continue to address them. For other risks, please refer to "Business and Other Risks" in the Annual Securities
Slide 62: Business Risks and Policies (4)
Risk Information-4 62 Business Risks and Policies We recognize the following risks specific to our business as particularly important as of the date of submission of this document and will continue to address them. For other risks, please refer to "Business and Other Risks" in the Annual Securities
Slide 63: Business Risks and Policies (5)
Risk Information-5 63 Business Risks and Policies We recognize the following risks specific to our business as particularly important as of the date of submission of this document and will continue to address them. For other risks, please refer to "Business and Other Risks" in the Annual Securities
Slide 64: Business Risks and Policies (6)
Risk Information-6 64 Business Risks and Policies We recognize the following risks specific to our business as particularly important as of the date of submission of this document and will continue to address them. For other risks, please refer to "Business and Other Risks" in the Annual Securities
Slide 65: Disclaimer
Disclaimer 65 Disclaimer This document is an English translation of the original Japanese language document and has been prepared solely for reference purposes. No warranties or assurances are given regarding the accuracy or completeness of this English translation. In the event of any discrepancy b