Slide 1: Financial Results Q3 Fiscal Year Ending March 2025
Financial Results Q3 Fiscal Year Ending March 2025 2025.02.12
Slide 2: Table of Contents
Table of Contents 2 Table of Contents for Q3 of Fiscal Year Ending March 2025 Executive Summary Business Highlights Financial Results Message from CEO • Business Overview • Sustainable Business Model • Mission 1 Overview • Mission 2 Lunar Insurance Appendix • Development KPI • Financial Data • Sales
Slide 3: Executive Summary of Q3 of Fiscal Year Ending March 2025
Executive Summary 3 Executive Summary of Q3 of Fiscal Year Ending March 2025 Business • Two private lunar landers, including ispace RESILIENCE, were launched simultaneously. Space and Environment lunar development activities in Japan, the U.S. and Europe are accelerating • Mission 2: Achieved up to
Slide 4: Business Highlight
01 Business Highlight Contents: • Business Environment • Progress of Mission 2 • Progress of Mission 3 • Progress of Mission 4 (formerly Mission 6) • Mission Plan • Progress in Developing Global Customers
Slide 5: The world's first simultaneous launch of two private lunar landers
Business Environment The world’s first simultaneous launch of two private lunar landers. Lunar development is accelerating worldwide Jan 15, 2025 @Kennedy Space Center Dr. YAMAKAWA Hiroshi, President of JAXA and Dr. Josef Aschbacher, Director General of ESA (Source: JAXA) First time in history, two
Slide 6: Image of the earth captured by the RESILIENCE Lander
Progress of Mission 2 Image of the earth captured by the RESILIENCE Lander. Taken on Jan 25, 2025 from approx. 10,000 km away from the earth. (©ispace)
Slide 7: Mission 2 launch event held on Jan 15, 2025
Progress of Mission 2 Mission 2 "SMBC x HAKUTO-R VENTURE MOON" launch event was held on Jan 15, 2025 At the event on the 3rd floor of the head office building of Sumitomo Mitsui Banking Corporation, an Official Partner of HAKUTO-R program, ispace crew, their families, and shareholders celebrated the
Slide 8: Received messages from the Cabinet Office, JAXA, and LSA
Progress of Mission 2 8 Received messages from the Cabinet Office, JAXA, and LSA. Astronaut Ms. Naoko Yamazaki joined the event Video message from Jun Kazeki, Director-General of the Secretariat for Strategic Promotion of Space Development, Video message from Marc Serres, CEO of LSA (Luxembourg Spac
Slide 9: Mission 2
Progress of Mission 2 9 2025 (Operational) Mission2 Mission Description Lander etc. to be used In Operation ⚫ Launched on Jan 15, 2025 and currently under mission operation (1) ⚫ The RESILIENCE lander model, with hardware validated through RESILIENCE Lander Mission 1, is utilized aiming to improve m
Slide 10: Success 1
Progress of Mission 2 Jan 12, 2025 (JST) Success 1✓ Completion of Launch Preparations An image of the RESILIENCE lander integrated into the Launch Adapter of SpaceX Falcon 9 rocket at the Payload Processing Facility, U.S. Space Force Station, Florida
Slide 11: Success 2
Progress of Mission 2 Jan 15, 2025 (JST) Success 2✓ Completion of Launch and Deployment An image of the SpaceX Falcon 9 rocket launching with the RESILIENCE Lander on board
Slide 12: Success 2
Progress of Mission 2 Jan 15, 2025 (JST) Success 2✓ Completion of Launch and Deployment A screen captured from SpaceX's live stream showing the RESILIENCE lander separating from the Falcon 9 rocket.
Slide 13: Success 3
Progress of Mission 2 Jan 15, 2025 (JST) Success 3✓ Establishment of a Steady Operation State An image of the Mission Control Center located in Nihonbashi, Tokyo, Japan
Slide 14: Success 4
Progress of Mission 2 Jan 17, 2025 (JST) Completion of first Orbital Control Maneuver Success 4✓ An Image of the orbit RESILIENCE Lander is traveling. The RESILIENCE Lander is currently in Earth orbit and will enter a low energy transfer orbit after completion of Success 5 *The above is an illustrat
Slide 15: Success milestones achieved as of Feb 12
Completed on Jan 12, 2025 ✓ As of Feb 12, we have successfully achieved Success 4 and are aiming to execute Success 5 on Feb 15 (JST). Completed on Jan 15, 2025 ✓ Achieved on Jan 15, 2025 ✓ Achieved on Jan 17, 2025 ✓ 3 more days until the execution Scheduled on Feb 15, 2025
Slide 16: Mission 2 Operational Status
Progress of Mission 2 16 2025 (Operational) Operational Status Mission 2 Significant improvement in both development and operations(1) through the lessons learned from Mission 1 Period from Launch to Initial Development Period(2) Reduced Development Cost(2) Reduced Operational Phase Completion Reduc
Slide 17: Mission 3
Progress of Mission 3 17 2026 Mission3 Mission Description Lander to be used CDR(3) to be completed ⚫ Scheduled for launch in 2026(1) ⚫ Selected for NASA CLPS Task Order CP-12 as a member of APEX 1.0 Lander Draper’s team Size ⚫ Ability to carry up to 300kg payloads to the lunar surface – Approx. 3.3
Slide 18: Mission 3 Sales progress
Progress of Mission 3 18 2026 Sales progress Mission 3 Increase in existing contract amount and new PSA(1) bringing the total contract amount of Mission 3 to approx. $65MM NASA CLPS task order CP-12 The LaRA2 instrument, a palm-sized dome array of retro reflectors Increase in existing contract amoun
Slide 19: Mission Plan – Change of the Numbering for Each Mission
Mission Plan – Change of the Numbering for Each Mission 19 While there are no changes to missions currently under development, the timing of future U.S. missions has been adjusted. The Japan mission utilizing SBIR (formerly M6) is now our 4th mission R&D Commercialization (formerly M6) M1 M2 M3 M4 M
Slide 20: Mission 4 (formerly Mission 6)
Progress of Mission 4 20 2027 Mission4 (formerly Mission6) Mission Description Lander to be used PDR(6) in progress ⚫ Scheduled for launch in 2027(1). Along with the change in mission schedule, this mission is now set as the fourth mission Series 3 Lander(7) ⚫ Part of mission costs supported by the
Slide 21: Mission 4 Development Progress
Progress of Mission 4 21 2027 Development Progress Mission4 Preliminary design of all subsystems is almost completed. Testing for STM(1) is scheduled going forward. (formerly Mission 6) Development is well underway concurrently with Mission 2 • Preliminary design of GNC(2) is underway on the tentati
Slide 22: MOU with Taiwan Space Agency
Progress in Developing Global Customers 22 new MOU (1) with Taiwan Space Agency for strategic cooperation to contribute to the MOU advancement of space development in Taiwan First Step toward future lunar exploration • MOU signed with Taiwan Space Agency (“TASA”) to promote strategic dialogue on fut
Slide 23: MOUs with Magna Petra, ONDO Space and HANCOM InSpace
Progress in Developing Global Customers 23 new MOU(1) signed not only for payload transportation in future missions, but also for MOU the development of the Cislunar Economy(2) and our data business From left: Head of Foreign Relations and Cooperation Department, Jargalsuren.B, CEO of From left: 2 e
Slide 24: Financial Highlights
02 Financial Highlights Contents： • Upward Revision of Full-year Forecasts • Q3 Profit and Loss Statement • Net Sales by service • Q3 Balance Sheet • KPI • Illustrative image of Business model • IR activities
Slide 25: Upward Revision of Full-year Forecasts
Upward Revision of Full-year Forecasts 25 Upward Revision Upward revision of full-year forecasts mainly due to changes in the net sales recognition method for M2 Point: Comparison with previous forecast ⚫ Net Sales: FY2024/3 FY2025/3 M2 sales is expected to increase by ¥1.7Bn yen as its net sales (P
Slide 26: Net sales change due to recognition method
Upward Revision of Full-year Forecasts 26 Upward Revision Due to the change in the net sales recognition method, a large portion of M2 sales is now expected to be booked in Q4 of FY2025/3, while a part of M3 sales is expected to be carried over to the next fiscal year or later due to the delay in M3
Slide 27: Net Sales Recognition Method
Net Sales Recognition Method 27 Upward Revision Due to the change in the net sales recognition method, Mission 2 gross profit, which was initially expected to be recorded in FY2026/3, will be recorded in Q4 of FY2025/3 From FY2025/3 Q4: method of revenue recognition based on Previous: Cost Recovery
Slide 28: Net loss expected to decrease
Upward Revision of Full-year Forecasts 28 Upward Revision Net loss is expected to decrease due to the change in the net sales recognition method and decrease in SG&A, while expected to increase as part of SBIR grant will be carried over to FY2026/3 (Millions of yen) Point: Comparison with previous f
Slide 29: Q3 Profit and Loss Statement
Q3 Profit and Loss Statement 29 Q3 P&L Sales and SG&A expenses increased YoY due to the simultaneous development of 3 missions Point: ⚫ Net Sales: FY2024/3 FY2025/3（Forecast*） FY2025/3 There was no impact of a temporary increase in net sales (Previous year) *Disclosed today 2/12 (¥575MM yen) which w
Slide 30: Q3 Profit and Loss Statement – SG&A
Q3 Profit and Loss Statement – SG&A 30 Q3 P&L Most of the increase in SG&A is due to the progress of mission development, as in the past, except for one-time expenses from the newly introduced Restricted Stock Units plan Point: ⚫ R&D: FY2024/3 Mainly due to a YoY increase in development expenses for
Slide 31: Net Sales by service
Net Sales by service 31 Despite the delay in cost recognition of Mission 3, a significant increase is expected in Q4 net sales due to the planned change from sales recognition method for Mission 2 Payload Partnership Others (Millions of yen) 4,467 YoY Increase in net sales +90% due to planned change
Slide 32: Q3 Balance Sheet
Q3 Balance Sheet 32 Q3 BS Advance payments and advances received increased due to the steady development progress of M2 and M3, and fixed liabilities increased due to long-term borrowings through syndicated loans, compared to the end of FY2024/3 Point: FY2025/3 Q3 ⚫ Assets: FY2024/3 (2024/3/31) (202
Slide 33: KPI
KPI 33 Total contract amount of Mission 3 increased by $8MM in QoQ. Continue to conclude PSAs from sales pipeline and new opportunities. Close to completion of Mission 3 CDR and Mission 4 (formerly Mission 6) PDR CY2023 CY2024 CY2025 CY2026 CY2027 FY2024/3 FY2025/3 FY2026/3 FY2027/3 FY2028/3 Present
Slide 34: Illustrative Business Model of Payload Service
Illustrative Business Model 34 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 35: IR activities
IR activities 35 IR Activity Thank you to everyone who participated in the Mission 2 launch event for your support! We are currently preparing invitations for the landing event! Company presentation and Q&A session at the "Office Visit" event Commemorative photo at the "Mission 2 "SMBC x HAKUTO-R VE
Slide 36: Message from CEO
03 Message from CEO Contents： • New Management Structure of U.S. Entity
Slide 37: New Management Structure of U.S. Entity
New Management Structure of U.S. Entity 37 Transition to a new management structure from Apr 1, 2025, to strengthen competitiveness in the U.S., where the Artemis Program is progressing From left: Ron Garan, Chairperson of U.S. entity., and Elizabeth Kryst, the new CEO of U.S. entity Crews of U.S. e
Slide 38: Never Quit the Lunar Quest
Never Quit the Lunar Quest Inquiry regarding IR matters: ir@ispace-inc.com
Slide 39: Appendix
04 Appendix Contents： • Business Overview • Mission 1 Overview • Development KPI • Sales KPI • Sustainable Business Model • Mission 2 Lunar Insurance • Financial Data • Glossary
Slide 40: Business Overview – Our Vision
Business Overview – OUR VISION 40 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 41: Business Overview – Why the Moon?
Business Overview – WHY THE MOON? 41 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 42: Business Overview – Business area
Business Overview – Business area 42 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 43: Business Overview – Main Service
Business Overview – Main Service 43 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 custom
Slide 44: Business Overview – Mission Schedule
Mission 2 Business Overview – Mission Schedule 44 Our Mission Schedule(1) Jan 15, 2025 The SpaceX Falcon 9 rocket launching 2022 Mission 1 (Completed) with the RESILIENCE Lander on board ... 2025 Mission 2 (Operating) 2026 Mission 3 2027 Mission 4 (formerly Mission 6） 2028 Mission 5 Mission 6 2029 M
Slide 45: Mission 1 Overview
Mission 1 Overview 45 2022 (Completed) Mission 1 Mission Overview Lander ⚫ In 2022, ispace became the first commercial company to (Former) Series 1 lander successfully launch a lunar lander Size ⚫ Required hardware functions worked appropriately, and Approx. 2.3m tall by 2.6m wide Achievements Techn
Slide 46: Mission Overview - Success Milestones
46 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 man
Slide 47: Mission Overview - Achievements
47 Mission 1 Overview - Achievements 47 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 orb
Slide 48: Mission Overview - Landing phase
Mission 1 Overview - Landing phase 48 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 ⚫ In the final phase of landing, the sensor (route) noticed sudden altitude ch
Slide 49: Development KPI
Development KPI 49 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 50: Sales KPI – Accounting Standard
Sales KPI – Accounting Standard 50 Due to the application of the cost recovery method, net sales and costs are recorded in equal amounts About cost recovery method Total Contract Amount Sales＝Cost incurred －Total recorded sales Until a mission ends: • Amount of net sales that can be recorded is no m
Slide 51: Sales KPI – Revenue Recognition for Payload Service
Sales KPI – Revenue Recognition for Payload Service 51 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 52: Sales KPI – Impact of Mission Failure
Sales KPI – Impact of Mission Failure 52 The impact on sales depending on mission outcome Contracts with non-cancellable and Approx. 90% of the funds will be paid Mission 1 only had an 8% impact non-refundable policies before launch • Our payload contracts are non-cancellable • On average, approx. 9
Slide 53: Sustainable Business Model
Sustainable Business Model 53 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 54: Mission 2 Lunar Insurance
Mission 2 Lunar Insurance 54 Lunar Insurance has also been concluded for Mission 2, covering risks during mission operations From launch until the Approx. lander reaches Low Lunar Orbit with the ability to maintain attitude control 2.1 Bn yen(1) Contracting party Scope of insurance Amount of insuran
Slide 55: Financial Data – Profit and Loss Statement
Financial Data – Profit and Loss Statement 55 FY2023/3 FY2024/3 FY2025/3 M1 M1 Launch Completion (Millions of yen) Q1 Q2 Q3 Q4 Full-Year Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Net Sales(1) 194 201 428 165 989 815 514 496 530 2,357 635 706 647 Cost of sales 129 55 215 35 436 243 400 377 407 1,428 528 609 483
Slide 56: Financial Data – Balance Sheet
Financial Data – Balance Sheet 56 FY2023/3 FY2024/3 FY2025/3 (Millions of yen) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Current Assets Total 10,827 14,840 7,263 5,730 10,078 13,525 13,485 21,784 21,220 22,527 20,181 Cash and Deposit 5,175 8,617 4,399 3,381 7,611 11,522 9,676 14,315 12,673 13,153 13,233 Shor
Slide 57: Glossary
Glossary 57 The following is a glossary with explanations of the acronyms & words used in this material Words Explanation Prelimimary Design Review : Review to confirm design results against specification values and feasibility of design PDR verification plan Critical Design Review : Review that con
Slide 58: Disclaimer
Disclaimer 58 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