Slide 1: Financial Results Q1 Fiscal Year Ending March 2025
Financial Results Q1 Fiscal Year Ending March 2025 2024.08.09
Slide 2: Table of Contents for FY2025/3 Q1
Table of Contents 2 Table of Contents for FY2025/3 Q1 Executive Summary Business Highlights Financial Results • Business Overview • Mission 1 Overview • Development KPI • Sales KPI Appendix • Sustainable Business Model • Financial Data • Terminology
Slide 3: Executive Summary of Q1 of Fiscal Year Ending March 2025
Executive Summary 3 Executive Summary of Q1 of Fiscal Year Ending March 2025 Business • Expecting opportunities to arise from the launch of Japan’s 10-year, ¥1 trillion “Space Strategy Environment Fund” • Mission 2: Completed thermal vacuum testing of the lander and assembly of micro rover flight mo
Slide 4: Business Highlight
01 Business Highlight Contents: • Business Environment • Mission Plan • Progress of Mission 2 • Progress of Mission 3 • Progress of Mission 6 • Progress in Developing Global Customers • Financing
Slide 5: Business Environment
Business Environment 5 Expecting opportunities to arise from the launch of Japan’s 10-year, ¥1 trillion “Space Strategy Fund” Expected effects that could arise from the launch of the Overview of “Space Strategy Fund” fund • JAXA’s strategic and flexible funding function as a node among • Business op
Slide 6: Mission Plan
Mission Plan 6 Currently developing 3 landers simultaneously: in Japan for Mission 2 (scheduled launch in 2024) and Mission 6 (scheduled launch in 2027), and in the U.S. for Mission 3 (scheduled launch in 2026) R&D Commercial M1 M2 M3 M4 M5 M6 (2022) (2024) (2026) (2027) (1) Series 3 Japan U.S. Euro
Slide 7: Progress of Mission 2
Progress of Mission 2 7 2024 Mission 2 Mission Description Lander etc. to be used Final environmental testing phase ⚫ Scheduled for launch no earlier than Winter 2024(1) RESILIENCE Lander ⚫ The RESILIENCE lander will utilize the hardware validated Size through Mission 1, aiming to improve mission ma
Slide 8: Mission 2 Thermal Vacuum Testing Completed
Progress of Mission 2 8 2024 Development Progress Mission 2 Thermal vacuum testing for RESILIENCE Lander was successfully completed. Now taking final steps for Winter 2024 launch. Completed all thermal vacuum testing • Verified that all test items met success criteria during the 10-day test • Initia
Slide 9: Mission 2 Micro Rover Assembly Completed
Progress of Mission 2 9 2024 Development Progress Mission 2 Assembly of micro rover “TENACIOUS” completed and has been delivered to Japan for integration into the lander Completed assembly of flight model(1) of micro-rover and named it “TENACIOUS” • In the previous quarter (FY2024/3 Q4), completed t
Slide 10: M2 approaching Winter 2024
M2 approaching Winter 2024 Follow us on social media!!
Slide 11: Progress of Mission 3
Progress of Mission 3 11 2026 Mission 3 CDR(3) scheduled to be completed Mission Description Lander etc. to be used in Summer 2024 ⚫ Scheduled for launch in 2026(1) ⚫ Selected for NASA CLPS Task Order CP-12 as a member APEX 1.0 Lander of Draper’s team Size ⚫ Ability to carry up to 300kg to the lunar
Slide 12: Mission 3 Technical Interchange Meetings
Progress of Mission 3 12 2026 Development Progress Mission 3 Technical Draper Interchange Meetings (TIMs) were held with NASA and Strengthening cross-sectional communication through TIMs • U.S. entity has held several TIMs, and NASA, the payload customer for Mission 3, and Draper, the prime contract
Slide 13: Mission 3 Clean Room Construction
Progress of Mission 3 13 2026 Development Progress Mission 3 Construction of clean room at U.S. entity is in progress, creating sufficient environment for future development Clean room construction in progress at U.S. entity • Constructing ISO Class 7 clean room (Cleanliness required for precision a
Slide 14: Progress of Mission 6
Progress of Mission 6 14 2027 Mission 6 PDR(6) scheduled to be completed Mission Description Lander to be used in fall 2024 ⚫ Scheduled for launch in 2027(1) ⚫ Part of mission costs supported by the grant of c. $80MM(2) which was the largest budget size(3) of Series 3 Lander(7) the SBIR program(4)(5
Slide 15: Mission 6 Preliminary Design Review Progress
Progress of Mission 6 15 2027 Development Progress Mission 6 Currently reviewing conceptual designs, etc. for each system to complete PDR scheduled in this fall (1) Basic structure of Series 3 Lander(2) • Our lander systems consist of various subsystems such as propulsion, guidance navigation contro
Slide 16: New MOU with Boryung
Progress in Developing Global Customers 16 new New MOU was signed with South Korean company, which may lead us to MOU expand global customers Signed MOU with Boryung (South Korea) • Signed MOU with Boryung, a healthcare investment company in South Korea, in May 2024 • The MOU is intended that ispace
Slide 17: Consulting Contract with Komatsu
Progress Developing Global Customers 17 new Signed a consulting contract with Komatsu for designing equipment Contract that can be adapted to the lunar environment ispace provides consulting services to Komatsu for spacecraft development • Komatsu, a global manufacturer and distributor of constructi
Slide 18: Financing: ¥10Bn Syndicated Loan
Financing 18 New Raised ¥10Bn, the largest debt-finance in ispace’s history, for use as Financing working capital to promote the simultaneous development of multiple missions New syndicated loan agreement Total ¥ 10Bn • In July 2024, ispace entered into a syndicated loan agreement(1) with a total of
Slide 19: Financial Results
02 Financial Results Contents: • Profit and Loss Statement • Net Sales by Service • Balance Sheet • Our KPI • Illustrative Business Model
Slide 20: Profit and Loss Statement
Profit and Loss Statement 20 Net Loss decreased compared to Operating Loss due to foreign exchange gains FY2024/3 FY2025/3 Point: FY2025/3 (Previous year) (Forecast) ⚫ Net Sales: Although net sales decreased YoY due to a temporal Q1 Q1 Full Year %Change %Progress increase in net sales along with the
Slide 21: Profit and Loss Statement - SG&A
Profit and Loss Statement - SG&A 21 R&D costs increased YoY due to an increases in mission development costs Point: FY2024/3 FY2025/3 （Previous year） ⚫ R&D: Increased YoY due to increases in development costs Q1 Results Q1 Results %Change for Mission 2 which is defined as a R&D mission as (Millions
Slide 22: Net Sales by Service
Net Sales by Service 22 +71% increase in full-year net sales is expected mainly due to payload sales of Mission 3 Payload Partnership Others (Millions of yen) 4,033 YonY +71% temporal net sales increase 2,357 along with M1 completion 815 530 635 514 ・・・ 496 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Yea
Slide 23: Balance Sheet
Balance Sheet 23 Short term advances, advances received, property and equipment increased due to the progress of Mission 2, 3 development Point: FY2025/3 Q1 FY2024/3 (as of June 2024) (as of March 2024) Asset: (Millions of yen) Results Results %Change • Cash and Deposit(1): Decreased by ¥1,642MM fro
Slide 24: KPI
KPI 24 CDR for Mission 3 Lander development is expected to be completed this summer. As for sales for Mission 3 onward, we plan to execute final agreements of current interim PSAs(1) and to obtain new PSAs from approx. $312MM sales pipeline CY2022 CY2023 CY2024 CY2025 CY2026 CY2027 FY2023/3 FY2024/3
Slide 25: Illustrative Business Model of Payload Service
Illustrative Business Model 25 Illustrative Business Model of Payload Service For illustrative purposes only; all values are rounded off to integral values and subject to change present Planned Total Mission revenue recognized(2) over… Internal use Customer Total mission sellable payload contract pa
Slide 26: Post-IPO Shareholder Meeting
Post-IPO Shareholder Meeting 26 Held the first General Shareholders Meeting highlighting “mutual interaction” with post-IPO shareholders Two key talk sessions Talk session part 1 by directors and Audit & Supervisory Board Members Talk session part 2 by our CXOs and CEOs of our overseas entities • is
Slide 27: Seven Directors Reappointed
Post-IPO Shareholder Meeting 27 To lead the global space business, seven directors were reappointed Reappointed Board Members • Representative Director: Takeshi Hakamada, Founder & CEO • Director: Jumpei Nozaki, CFO • External Director: Tohru Akaura, General Partner & Co-Founder, Incubate Fund KK •
Slide 28: IR Seminars
IR seminars 28 ispace will participate in IR seminars, targeted to educating a domestic audience in the space business
Slide 29: Appendix
03 Appendix Contents: • Business Overview • Mission 1 Overview • Development KPI • Sales KPI • Sustainable Business Model • Financial Data • Glossary
Slide 30: Business Overview – Our Vision
Business Overview – OUR VISION 30 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 31: Business Overview – Why the Moon?
Business Overview – WHY THE MOON? 31 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 32: Business Overview – Business Area
Business Overview – Business area 32 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 33: Business Overview – Main Service
Business Overview – Main Service 33 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 34: Business Overview – Mission Schedule
Mission1 Business Overview – Mission Schedule 34 In 2022, ispace became the first December 11, 2022 commercial company to successfully SpaceX's Falcon 9 rocket carrying our lander launch a lunar lander launched at Cape Canaveral Our Mission Schedule(1) 2022 Mission 1 2023 2024 Mission 2 2025 2026 Mi
Slide 35: Mission 1 Overview
Mission 1 Overview 35 FY 2022（Finished） 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 Tech
Slide 36: Mission 1 Success Milestones
36 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 37: Mission 1 Achievements
37 Mission 1 Overview - Achievements 37 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 38: Development KPI
Development KPI 38 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 39: Sales KPI – Accounting Standard
Sales KPI – Accounting Standard 39 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 40: Sales KPI – Revenue Recognition for Payload Service
Sales KPI – Revenue Recognition for Payload Service 40 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 41: Sales KPI – Impact of Mission Failure
Sales KPI – Impact of Mission Failure 41 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 42: Sustainable Business Model
Sustainable Business Model 42 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 43: Financial Data – Profit and Loss Statement
Financial Data – Profit and Loss Statement 43 2023/3 2024/3 2025/3 M1 M1 Launch Completion (Millions of yen) Q1 Q2 Q3 Q4 通期 Q1 Q2 Q3 Q4 通期 Q1 Net Sales(1) 194 201 428 165 989 815 514 496 530 2,357 635 Cost of sales 129 55 215 35 436 243 400 377 407 1,428 528 Gross Profit 64 146 212 129 552 571 114 1
Slide 44: Financial Data – Balance Sheet
Financial Data – Balance Sheet 44 FY2023/3 FY2024/3 FY2025/3 (Millions of yen) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Current Assets Total 10,827 14,840 7,263 5,730 10,078 13,525 13,485 21,784 21,220 Cash and Deposit 5,175 8,617 4,399 3,381 7,611 11,522 9,676 14,315 12,673 Short Term Advances 5,284 5,812 1,790
Slide 45: Glossary
Glossary 45 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 46: Disclaimer
Disclaimer 46 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
Slide 47: Never Quit the Lunar Quest
Never Quit the Lunar Quest For any questions and requests for 1on1 meeting etc., please feel free to contact ispace IR: ir@ispace-inc.com