Slide 1: Financial Results for Fiscal Year Ended March 2025
Financial Results for Fiscal Year Ended March 2025 2025.05.09
Slide 2: Table of Contents for Fiscal Year Ended March 2025
Table of Contents 2 Table of Contents for Fiscal Year Ended March 2025 Executive Summary Business Highlights Financial Results Message from CEO • Stock Overview • Sales KPI • Business Overview • Sustainable Business Model Appendix • Mission 1 Overview • Financial Data • Development KPI • Glossary
Slide 3: Executive Summary of Fiscal Year Ended March 2025
Executive Summary 3 Executive Summary of Fiscal Year Ended March 2025 • FY2025/3 marked the beginning of the commercial lunar business era: it was a year in which commercial lunar missions progressed Business globally, and government support systems, most notably Japan’s Space Strategy Fund, entered
Slide 4: Business Highlight
01 Business Highlight Contents: • Business Environment • Progress of Mission 2 • Progress of Mission 3 • Progress of Mission 4 • Mission Plan • Future Missions • IR Activity
Slide 5: Business Environment
Business Environment 5 FY2025/3 marked the beginning of the commercial lunar business era: A year in which commercial lunar missions including ispace advanced globally, and government support systems, most notably Japan’s Space Strategy Fund, entered full-scale implementation JAXA’s SLIM completed l
Slide 6: Progress of Mission 2
Progress of Mission 2 6 2025 (Operational) Mission 2 Mission Description Lander etc. to be used In Operation ⚫ Launched Jan. 15, 2025, and is smoothly operating toward landing on June 6, 2025(1) RESILIENCE Lander ⚫ The RESILIENCE lander model, with hardware validated through Mission 1, is aiming to
Slide 7: Photos taken by the lander: the Moon during Lunar Flyby
Progress of Mission 2 – photos taken by the lander The moon taken on Feb. 15, 2025, by RESILIENCE while completing Success 5 (Lunar Flyby) (©ispace)
Slide 8: Photo taken by the lander: Goodbye Earth
Progress of Mission 2 – photo and video taken by the lander A photo entitled “Goodbye Earth,” capturing the beauty of our planet in a single unforgettable image Taken on Feb. 18, 2025 (©ispace)
Slide 9: Success 6 Completed
Progress of Mission 2 Apr 24, 2025 (JST) Completion of all Deep-Space Orbital Control Maneuvers before Lunar Orbit Insertion Success 6✓ RESILIENCE lander continued its deep space journey, spending approx. two months in a low-energy transfer orbit before reaching a distance of approx. 1.1 million km
Slide 10: Success 7 Completed
Progress of Mission 2 May 7, 2025 (JST) Enter Lunar Orbit Success 7✓ RESILIENCE successfully entered lunar orbit on May 7, 2025, at 5:41 a.m. JST. The orbital maneuver required a main thruster burn lasting approx. 9 minutes, the longest to date during Mission 2. The countdown to lunar landing has no
Slide 11: Completed up to Success 7 as of May 9, 2025
Completed up to Success 7 as of May 9, 2025
Slide 12: Mission 2 Lunar Insurance
Mission 2 Lunar Insurance 12 2025 (Operational) Mission 2 Lunar Insurance being utilized for Mission 2 covers risks during mission operations From launch until the lander Approx. reaches Low Lunar Orbit with the ability to maintain attitude control (Excludes landing phase) ¥ 2.1 Bn (1) Contracting p
Slide 13: Online Viewing Link for Mission 2 Landing
Online Viewing Link (English): https://ispace-inc.com/landing As of May 2025 * The above date and time are subject to change depending on operational conditions.
Slide 14: Mission 2 Lunar Surface Ventures
» SMBC VENTUREMQON Lunar Surface Ventures a _ Venture 1 : > Begin Payload “Operations = Ss = X ( HAKUTO-R rT DESHETTRET payloads and "begin operations on lunar surface, providing electricity, communications and thermal > Deployment of Rover — “ Confirm Stable State ofthe Micro Rover and: deploy Micr
Slide 15: Progress of Mission 3
Progress of Mission 3 15 2027 Mission3 Mission Description Lander to be used Updated: CDR(3) to be completed Winter 2025 ⚫ Updated launch schedule from 2026 to 2027(1) APEX 1.0 Lander (details are provided in the next slide) Size ⚫ Selected for NASA CLPS Task Order CP-12 as Team Draper Approx. 3.3m
Slide 16: Mission 3 Schedule Update Due to New Engine Development
Progress of Mission 3 16 Development Progress 2027 Mission 3 Schedule update due to a new engine development with Agile Space Industries Background Actions to address the issue Schedule update • U.S. entity had ordered the engine to be used in • Team Draper decided to pursue the joint • The changes
Slide 17: Photos of the New VoidRunner Engine
Progress of Mission 3 Photos of the new VoidRunner engine jointly developed between Agile and U.S. entity The Agile VoidRunner thruster is installed in the vacuum chamber before a hot-fire test, with The Agile VoidRunner thruster during a hot-fire test at the test stand in Durango, CO wires connecte
Slide 18: Progress of Mission 4
Progress of Mission 4 18 2027 Mission 4 Mission Description Lander to be used PDR(6) in progress ⚫ Scheduled for launch in 2027(1) Series 3 Lander(7) ⚫ First payload has been confirmed: selected for 1st phase of JAXA’s Space Size Strategy Fund Approx. 3.6m tall by 3.3m wide ⚫ Part of mission costs s
Slide 19: Mission 4 Sales Progress
Progress of Mission 4 19 2027 Sales Progress Mission 4 R&D project, in which ispace is a core partner, selected for 1st phase of JAXA’s Space Strategy Fund (SSF) About Selected R&D Project Contractual relationship (Planned) Award and fund Subcontract Aiming to obtain data to better understand the di
Slide 20: Mission 4 Development Progress
Progress of Mission 4 20 Development Progress 2027 Mission 4 Vibration testing completed. The impact on the Mission 4 schedule due to the engine delivery delay for Mission 3 is under review Completed Vibration testing • Vibration testing, to verify resistance to intense vibrations such as those expe
Slide 21: Future Missions: Mission Plan
Mission plan 21 Future On going missions with substantial funding Missions NASA CLPS CP-12: $62MM SBIR: $80MM 1st phase of Intend to apply for new NASA CLPS task orders and JAXA’s SSF as well as to secure contracts from private companies and space agencies JAXA’s SSF: TBU Point • Due to the delivery
Slide 22: Government Support Expected to Continue Accelerating Globally
Future Missions 22 Future Government support for commercial space development is expected to continue Missions accelerating globally JAXA NASA ESA/LSA Space Strategy Fund CLPS(3) program Aiming to be selected in 2nd phase of Aiming to secure continued support JAXA’s Space Strategy Fund (SSF) Aiming
Slide 23: Future Missions – Japan
Future Missions – Japan 23 Future The 2nd phase of JAXA’s Space Strategy Fund includes themes such as high-precision Missions landing and lunar infrastructure technologies High-precision landing technology selected as a MEXT theme in 2nd phase of the Space Strategy Fund • JAXA’s Space Strategy Fund,
Slide 24: Future Missions – Japan: KDDI and Takasago
Future Missions – Japan 24 Future Both KDDI and Takasago Thermal Engineering (Takasago) have agreed to develop plans that Missions are crucial for the establishment of the Cislunar Economy(1) KDDI to Contract out part of the mission requirement survey and constraint analysis for KDDI’s Feasibility S
Slide 25: Future Missions – U.S.
Future Missions – U.S. 25 Future U.S. entity and Redwire signed MOU(1) to jointly promote future commercial lunar exploration Missions missions. Redwire and ispace U.S. plan to pursue CLPS task orders together Elizabeth Kryst, CEO of ispace-U.S. and Mike Gold, President of Civil and International Sp
Slide 26: Future Missions – Europe
Future Missions – Europe 26 Future The Prime Minister of Luxembourg visited our Mission Control Center and referenced Missions further collaboration with Japan during the bilateral summit Japan–Luxembourg Partnership in the Space Sector • Prime Minister Frieden of Luxembourg visited to assess the st
Slide 27: IR Activity
IR Activity 27 Placed even greater emphasis on our IR activities. We will continue to focus on IR Activity fundamental business growth while actively engaging in IR activities Goal Actions (Apr 2024 ~ Mar 2025) Providing opportunities to make space and lunar business, which is still relatively new a
Slide 28: Financial Highlights
02 Financial Highlights Contents： • FY2025/3 Profit and Loss Statement • Net Sales by service • FY2025/3 Balance Sheet • FY2025/3 Cash Flow Statement • FY2026/3 Forecast • KPI • Illustrative image of Business model
Slide 29: FY2025/3 Profit and Loss Statement
FY2025/3 Profit and Loss Statement 29 Despite some fluctuations, net sales and profits at each stage were generally in line with forecasts Points: FY2025/3 FY2024/3 FY2025/3 (Forecast) (Previous year) ⚫ Net Sales: Full Year Full Year Full Year Slightly exceeded the level of the full-year consolidate
Slide 30: FY2025/3 Profit and Loss Statement - SG&A
FY2025/3 Profit and Loss Statement - SG&A 30 SG&A increased YoY due to the recording of R&D expenses associated with the completion of Mission 2 launch and an increase in personnel expenses associated with the strengthening of global production Points: FY2024/3 FY2025/3 ⚫ R&D : (Previous year) Incre
Slide 31: Net Sales by Service
Net Sales by Service 31 Mission 3 payload sales in FY2025/3 exceeded the previous fiscal year. Furthermore, due to a change in revenue recognition method in the Q4, one-time sales from Mission 2 were recognized, resulting in an increase in overall net sales compared to FY2024/3 Payload Partnership O
Slide 32: FY2025/3 Balance Sheet
FY2025/3 Balance Sheet 32 Fixed assets increased YoY due to progress in Mission 3. Financial soundness maintained through long-term borrowings and capital enhancement Points FY2024/3 FY2025/3 (Previous year) ⚫ Assets: Full Year Full Year • Cash and Deposits: Maintained stable cash position %Change (
Slide 33: FY2025/3 Cash Flow Statement
FY2025/3 Cash Flow Statement 33 As we advance toward full-scale commercialization, negative operating cash flow has increased. We will continue to secure adequate funding through borrowings and capital increases to maintain sufficient cash position Points FY2024/3 FY2025/3 (Previous year) ⚫ Cash Flo
Slide 34: Outlook for Fiscal Year Ending March 2026
FY2026/3 Forecast 34 Outlook for Fiscal Year Ending March 2026 • Mission 2: Planning to achieve successful lunar landing, conduct lunar surface activities, and to demonstrate resource transaction with NASA • Mission 4: Utilize the knowledge gained from Mission 2 in the development of Series 3 lander
Slide 35: Forecast for FY2026/3
Forecast for FY2026/3 35 FY2026/3 forecast is expected to continue to be driven by Mission 3 payload sales. The forecast includes contribution from Mission 4 to some extent as well as partial net sales from Mission 2 and Mission 5 Points: FY 2026/3 FY 2025/3 ⚫ Net Sales: Full Year Full Year FY2026/3
Slide 36: Project Income vs Accounting-based Net Sales
Project Income vs Accounting-based Net Sales 36 Based on estimates of “Project Income”—sum of Net Sales and SBIR grant—significant growth expected as Mission 4 Accelerates Accounting-based Net Sales (Billions of yen) Point: “Project Income” (Our Estimate) Project Income (our estimate) FY2026/3 Net S
Slide 37: FY2026/3 Full-Year Forecast – Net Profit Improvement
FY2026/3 Full-Year Forecast – Net Profit Improvement 37 Net losses are expected to decrease in FY2026/3. Most of the spending for Mission 2 was completed during FY2025/3, and SBIR grant for Mission 4 is expected to become substantial. Aim to further improve profitability through customer acquisition
Slide 38: KPI
KPI 38 Updated Mission 3 CDR and launch timing. The sales pipeline increased by $260MM in QoQ. Continue to conclude PSAs from sales pipeline and new opportunities CY2023 CY2024 CY2025 CY2026 CY2027 FY2024/3 FY2025/3 FY2026/3 FY2027/3 FY2028/3 Present Total contract amount Sales pipeline Sales Main o
Slide 39: Illustrative Business Model of Payload Service
Illustrative Business Model 39 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 40: Message from CEO
03 Message from CEO ispace
Slide 41: As of May 2025 * The above date and time are subject to change
As of May 2025 * The above date and time are subject to change depending on operational conditions.
Slide 42: Never Quit the Lunar Quest
Never Quit the Lunar Quest Inquiry regarding IR matters: ir@ispace-inc.com
Slide 43: Appendix
04 Appendix Contents： • Stock Overview • Business Overview • Mission 1 Overview • Development KPI • Sales KPI • Sustainable Business Model • Mission 2 Lunar Insurance • Financial Data • Glossary
Slide 44: Stock Overview
Stock Overview 44 # of Shares Issued and Shareholders as of Mar 31,2025 Major Shareholders (Top 10) Number of shares issued 105,675,203 shares Ratio of Shares No. Name of Shareholder # of Shares Owned Owned Number of shareholders 81,257 1 Takeshi Hakamada 9,000,000* 8.516 Incubate Fund 3 Investment
Slide 45: Business Overview – Our Vision
Business Overview – OUR VISION 45 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 46: Business Overview – Why the Moon?
Business Overview – WHY THE MOON? 46 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 47: Business Overview – Business Area
Business Overview – Business area 47 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 48: Business Overview – Main Service
Business Overview – Main Service 48 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 49: Business Overview – Mission Schedule
Mission 2 Business Overview – Mission Schedule 49 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 (Operational) ... 2027 Mission 3 Mission 4 2028 Mission 5 Mission 6 2029 Mission 7 Mission
Slide 50: Mission 1 Overview
Mission 1 Overview 50 2022 (Completed) Mission 1 Mission Overview Lander ⚫ In 2022, ispace became the 1st commercial company to successfully launch a lunar lander (Former) Series 1 lander Technological Achievements Size ⚫ Required hardware functions worked appropriately, and no technical Approx. 2
Slide 51: 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 52: Mission 1 Achievements
52 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 53: Mission 1 Landing Phase
Mission 1 Overview - Landing phase 53 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 54: Development KPI
Development KPI 54 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 55: Sales KPI – Accounting Standard
Sales KPI – Accounting Standard 55 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 56: Sales KPI – Revenue Recognition for Payload Service
Sales KPI – Revenue Recognition for Payload Service 56 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 57: Sales KPI – Impact of Mission Failure
Sales KPI – Impact of Mission Failure 57 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 only had an 8% impact • Our payload contracts are non-cancellable • On average, approx. 9
Slide 58: Sustainable Business Model
Sustainable Business Model 58 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 59: Financial Data – Profit and Loss Statement
Financial Data – Profit and Loss Statement 59 FY2023/3 FY2024/3 FY2025/3 M1 M1 M2 Launch 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) 194 201 428 165 989 815 514 496 530 2,357 635 706 647 2,755 4,743 Cost of sales 129 55 215 35 43
Slide 60: Financial Data – Balance Sheet
Financial Data – Balance Sheet 60 FY2023/3 FY2024/3 FY2025/3 (Millions of yen) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 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 19,067 Cash and Deposit 5,175 8,617 4,399 3,381 7,611 11,522 9,676 14,315 12,673 13,153 1
Slide 61: Glossary
Glossary 61 The following is a glossary with explanations of the acronyms & words used in this material Words Explanation PDR Preliminary Design Review : Review to confirm design results against specification values and feasibility of design verification plan Critical Design Review : Review that con
Slide 62: Disclaimer
Disclaimer 62 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