Slide 1: Financial Results Q2 Fiscal Year Ending March 2026
1 Tokyo Stock Exchange Growth Market-listed (Ticker: 9348.T) Financial Results Q2 Fiscal Year Ending March 2026 November 14, 2025
Slide 2: Contents
CONTENTS 01. Executive Summary 02. Business Highlights • Improvements from Mission 2 • Progress of Mission 3 • Progress of Mission 4 • Mission Plan • Progress of Future Missions • New Financing 03. Financial Highlights 04. Appendix
Slide 3: Executive Summary
01. Executive Summary 01. Executive Summary 02. Business Highlights 03. Financial Highlights 04. Appendix
Slide 4: Executive Summary of Q2 Fiscal Year Ending March 2026
Executive Summary 4 Executive Summary of Q2 Fiscal Year Ending March 2026 • Post-mission improvement measures: External Review Task Force Future Mission 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 • Mission 6:
Slide 5: Business Highlights
02. Business Highlights 01. Executive Summary 02. Business Highlights 03. Financial Highlights 04. Appendix
Slide 6: Improvements from Mission 2
Improvements from Mission 2 6 Accelerating the integration of external expertise: External Review Task Force aims to present its results this Q4. Former SLIM project members joined JAXA’s technical support in day-to-day development activities ispace Technical cause analysis Broader technical cause a
Slide 7: Mission 3 Overview
Mission 3 Overview 7 (Launch in 2027(2)) TEAM DRAPER COMMERCIAL MISSION 1 Mission 3 Overview Hardware CDR(1) to be completed Winter 2025 Highlights • Scheduled to launch in 2027(2) Relay Communication Satellites • Two relay communication satellites, named • Defined as a commercial mission with the a
Slide 8: Progress of Mission 3 – Sales
Progress of Mission 3 – Sales 8 New M3 customer has been confirmed. Aim to contribute to the growing trend toward the commercialization of Helium-3 Signed a $22Mn PSA with Magna Petra Increasing attention to Helium-3 - + + 3 He M3 New PSA - $ 22Mn Photo of the Mass Spectrometer Observing Lunar Opera
Slide 9: Progress of Mission 3 – Development: Standing Review Board
Progress of Mission 3 – Development 9 A “Standing Review Board” has been established to strengthen the framework for Mission 3 success Leading external experts in the U.S. space industry are participating • Alan Stern, former Deputy Administrator for Consultant / Former NASA University of Michigan C
Slide 10: Mission 4 Overview
Mission 4 Overview 10 (Launch in 2028(1)) METI SBIR Mission Mission 4 Overview Hardware PDR(2) in progress Highlights (3) • Scheduled for launch in 2028(1) • Part of mission costs supported by the grant of $81Mn(4) representing the largest budget size(5) under the SBIR program(6)(7). (Began recogniz
Slide 11: Progress of Mission 4 – Sales
Progress of Mission 4 – Sales 11 A business contract has been concluded with Institute of Science Tokyo, the lead organization for the project selected under the 1st phase of SSF. The maximum amount expected to receive over the course of the project is $32Mn(1)(2) The 1st M4 payload is expected to r
Slide 12: Progress of Mission 4 – Sales: TASA
Progress of Mission 4 – Sales 12 Selected for a publicly solicited project by the Taiwan Space Center (TASA). Following M2, we will promote industry- academia-government collaboration between Japan and Taiwan Comms/浦田さんに A PSA worth $8Mn has been signed 別写真依頼中 • ispace has been selected for the luna
Slide 13: Progress of Mission 4 – Development
Progress of Mission 4 – Development 13 Series 3 lander(1) achieved testing milestones to complete upcoming PDR(2). The footage from the facility tour and details of the testing are available in our YouTube channel (YouTube link: https://youtu.be/BOpt3xeHqZc) Completed TVAC testing PDR(2) (scheduled)
Slide 14: Future mission progress – Major anticipated project orders
Future mission progress – Major anticipated project orders 14 Anticipating commencement of M6 development following selection for SSF and large-scale contract in Europe Mission 6 (2029) SSF2 technology to realize high precision landing in the lunar polar region MAGPIE • Overview: Subsidy for “Techno
Slide 15: Future Missions – Orbital Transfer Vehicles
Future Missions – Orbital Transfer Vehicles 15 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 16: Future Missions – Orbital Transfer Vehicle
Future Missions – Orbital Transfer Vehicle 16 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) • JAXA SSF 2nd phase “technology to realize • Signed LOI(2) with Telespazio, which e
Slide 17: Future Missions – Japan
Future Missions – Japan 17 Japan: Agreement with Toyota Motor signed to support our Next-Generation Small-Sized Rover development SORATO Rover Micro rover Next-Generation compact rover A rover planned for further enhanced Technical evaluation and quality The rover developed by ispace The rover devel
Slide 18: Future Missions – Global
Future Missions – Global 18 : Participated in the 76th International Astronautical Congress (IAC) held in Sydney, establishing a strategic foundation for securing future projects Our booth at the IAC 2025 held in Sidney, Australia • The IAC is one of the world’s largest space-related events, where g
Slide 19: Mission Plan
Mission Plan 19 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 first
Slide 20: New Financing – Summary
New Financing – Summary 20 Completed raising ¥18.2Bn(1) through a global offering and a parallel third-party allotment. Total ¥8.5Bn Public Offering Global offering (domestic offering and overseas offering) Raised Amount Total ¥8.6Bn • JICVGI Opportunity Fund No. 1 Investment Limited Partnership: ¥3
Slide 21: New Financing – Use of Proceeds
New Financing – Use of Proceeds 21 Use of Proceeds: Fully secured the expected necessary capital for Mission 3 and Mission 4 ¥4.7Bn(4) : launch and development costs ¥9.4Bn(4): launch and development costs (Launch in 2027(1)) (launch in 2028(1)(2)) TEAM DRAPER COMMERCIAL MISSION 1 Mission 3 METI SBI
Slide 22: New Financing – Purpose and Background
New Financing – Purpose and Background 22 Purpose #1: Securing the full amount of funds required for M3 and M4 will ensure a seamless transition from the current “initial commercial phase” to the “mass production phase” Completed: Developing two first large models: Expects to reduce financial burden
Slide 23: New Financing – Purpose and Background (Equity buffers)
New Financing – Purpose and Background 23 Purpose #2: Building sufficient equity buffers to absorb the heavy development burden anticipated during the initial commercial phase (Millions of yen) Net Assets Trend(1) FY2026/3 Q2 Actual (Millions of yen) Raised ¥18.2Bn(2) Current Asset Total 24,953 Non-
Slide 24: New Financing – Reasons for Selecting This Financing Structure
New Financing – Reasons for Selecting This Financing Structure 24 Financing Structure: Considered the optimal balance between domestic, overseas, and concurrent third-party allotment, while giving maximum consideration to increased liquidity through a large-scale capital increase Domestic: ¥ 5.4Bn(1
Slide 25: KPI – Sales
KPI – Sales 25 Contracts and subsidies secured or expected for M3 and beyond have Project Income potential exceeding $350Mn(1)(2), with additional potential demand estimated at more than $600Mn CY2024 CY2025 CY2026 CY2027 CY2028 Customer Base Status FY2025/3 FY2026/3 FY2027/3 FY2028/3 FY2029/3 M5 Mi
Slide 26: KPI – Development
KPI – Development 26 Various tests are progressing for M3 toward completing CDR, scheduled this winter. For M4, conducted thermal vacuum testing and steadily progressing toward completing the upcoming PDR completion CY2023 CY2024 CY2025 CY2026 CY2027 CY2028 FY2024/3 FY2025/3 FY2026/3 FY2027/3 FY2028
Slide 27: Financial Highlights
03. Financial Highlights 01. Executive Summary 02. Business Highlights 03. Financial Highlights 04. Appendix
Slide 28: Profit and Loss Statement
Profit and Loss Statement 28 Revenue and cost of sales recognition are progressing largely as planned due to M3 development progress. As for operating loss, although M4 expenditures are slightly behind schedule compared to our business plan, the impact on full-year forecasts and mission schedule is
Slide 29: Profit and Loss Statement - SG&A
Profit and Loss Statement - SG&A 29 SG&A increased compared to the same period last year due to factors such as increased personnel expenses associated with the development progress of M4 and the expansion of business scale FY 2025/3 FY 2026/3 Point: YoY comparison (Previous Year) Q2 Results Q2 Resu
Slide 30: Net Sales by Service
Net Sales by Service 30 Following the previous quarter, Q2 net sales progressed as planned due to the contribution of M3 net sales. Project income(1), which is sum of net sales and SBIR grants, aims to roughly double compared to the previous fiscal year Net Sales (Millions of yen) Payload Project In
Slide 31: Balance Sheet
Balance Sheet 31 A minimum level of liquidity required for business continuity has been secured. Concerns regarding the net asset level have been addressed through the capital increase in October. FY 2026/3 FY 2025/3 Point: Comparison from FY 2025/3 Q4 (Millions of yen) Q2 Results Q4 Results %Change
Slide 32: Cashflow Statement
Cashflow Statement 32 The negative free cash flow resulting from the development progress of Missions 3 and 4 was offset through financing cash flow. Stable cash and deposit balances were maintained through new borrowings executed in May FY 2026/3 Q2 FY 2025/3 Q2 Point: YoY comparison Results Result
Slide 33: Never Quit the Lunar Quest
Never Quit the Lunar Quest IR Inquiry: ir@ispace-inc.com
Slide 34: Appendix
04. Appendix 01. Executive Summary 02. Business Highlights 03. Financial Highlights 04. Appendix
Slide 35: Business Overview – Our Vision
Business Overview – OUR VISION 35 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 36: Business Overview – Why the Moon? Water Resources
Business Overview – WHY THE MOON? (Existence of Abundant Water Resources) 36 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 37: Business Overview – Why the Moon? Rare Metals
Business Overview – WHY THE MOON? (Existence of Rare Metals) 37 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 38: Business Overview – Business area
Business Overview – Business area 38 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 39: Business Overview – Main Service
Business Overview – Main Service 39 Offering three services centered on our core payload service. Going forward, we aim to achieve further growth by establishing data services. Payload Services Data Services Partnership Services Our core service driving revenue growth Potential driver of growth Serv
Slide 40: Mission 1 Overview
Mission 1 Overview 40 （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 41: 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 42: Mission Overview - Achievements
42 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 43: Mission Overview - Landing phase
Mission 1 Overview - Landing phase 43 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 44: 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 to
Slide 45: Incomplete Incomplete
45 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 46: Mission Summary – Comparison with Mission 1
Mission 2 Summary – Comparison with Mission 1 46 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 47: Mission Summary – Cases of Landing Failure and Corrective Actions
Mission 2 Summary – Cases of Landing Failure and Corrective Actions 47 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 48: Mission Summary – Financial and Business Impact of Landing Failure
Mission 2 Summary – Financial and Business Impact of Landing Failure 48 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 49: Mission Summary – Achievements
Mission 2 Summary – Achievements 49 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 50: Development KPI
Development KPI 50 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 51: Sales KPI – Accounting Standard
Sales KPI – Accounting Standard 51 As the cost recovery method is applied to most missions, net sales are recognized in proportion to the amount of COGS incurred. Cost recovery method Total Contract Amount Sales＝Cost incurred －Total recorded sales Until a mission ends: • Net sales that can be record
Slide 52: Sales KPI – Revenue Recognition for Payload Service
Sales KPI – Revenue Recognition for Payload Service 52 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 53: Sales KPI – Impact of Mission Failure
Sales KPI – Impact of Mission Failure 53 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 54: Sustainable Business Model
Sustainable Business Model 54 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 55: IR Activities
IR Activities 55 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 56: Financial Data – Profit and Loss Statement
Financial Data – Profit and Loss Statement 56 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 Net Sales(1) 815 514 496 530 2,357 635 706 647 2,755 4,743 1,165 1,028 Cost of sales 243 400 377 407 1,428 528 609 483 879 2,499 934 87
Slide 57: Financial Data – Balance Sheet
Financial Data – Balance Sheet 57 FY2024/3 FY2025/3 FY2026/3 (Millions of yen) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Current Assets Total 10,078 13,525 13,485 21,784 21,220 22,527 20,181 19,067 30,742 24,953 Cash and Deposit 7,611 11,522 9,676 14,315 12,673 13,153 13,233 13,117 26,460 20,078 Short Term Adva
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