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ispace,inc.
(9348)
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Rating:42Neutral
Price Target:
¥427.00
▲(3.39% Upside)
Action:Reiterated
Date:07/11/26
The score is primarily held down by very weak financial performance—deep losses, negative gross profit, and persistent cash burn—alongside rising debt risk. Technical indicators also point to a prevailing downtrend (price below key moving averages with negative MACD). Valuation is not a clear positive due to the negative P/E and lack of dividend yield data.
Positive Factors
Mission-based revenue model
A mission-based fee structure tied to payload delivery creates durable, contractable revenue streams when mission cadence and payload demand are stable. Over 2-6 months this supports predictable backlog conversion, customer relationships, and recurring engineering/service revenues as missions execute.
Negative Factors
Severe negative cash generation
Persistent, deep cash burn undermines self-funding capacity and forces reliance on external financing. Over a 2–6 month horizon this increases dilution and refinancing risk, constrains operational flexibility, and may delay missions or capex if new funding is delayed or costly.
Read all positive and negative factors
Positive Factors
Negative Factors
Mission-based revenue model
A mission-based fee structure tied to payload delivery creates durable, contractable revenue streams when mission cadence and payload demand are stable. Over 2-6 months this supports predictable backlog conversion, customer relationships, and recurring engineering/service revenues as missions execute.
Read all positive factors
ispace,inc. (9348) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥59.26B
Dividend YieldN/A
Average Volume (3M)1.20M
Price to Earnings (P/E)―
Beta (1Y)1.19
Revenue Growth-30.28%
EPS Growth45.37%
CountryJP
Employees333
SectorGeneral
Sector StrengthN/A
IndustryComputer Hardware
Share Statistics
EPS (TTM)-66.58
Shares Outstanding146,311,630
10 Day Avg. Volume1,858,180
30 Day Avg. Volume1,199,866
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)3.54
Price to Sales (P/S)16.26
P/FCF Ratio-3.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-91.2
Revenue Forecast (FY)¥3.42B
ispace,inc. Business Overview & Revenue Model
Company Description
ispace, Inc., established in Tokyo, Japan, in 2010, operates as a pioneering company focused on the utilization of lunar resources. The firm specializes in the engineering and construction of spacecraft designed to land on the moon and rovers for ...
How the Company Makes Money
The company’s primary revenue model is mission-based: it contracts with customers to transport and operate payloads on its lunar missions (e.g., delivering customer instruments, technology demonstrations, and other payloads to the Moon) and earns ...
ispace,inc. Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
38
Negative
Cash Flow
14
Very Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.31B | 4.74B | 2.36B | 989.24M | 674.14M |
| Gross Profit | -2.85B | 2.24B | 928.24M | 552.77M | 334.59M |
| EBITDA | -11.35B | -9.63B | -5.42B | -10.95B | -4.00B |
| Net Income | -8.15B | -11.95B | -2.37B | -11.40B | -4.06B |
Balance Sheet | |||||
| Total Assets | 47.70B | 27.19B | 27.03B | 7.19B | 12.49B |
| Cash, Cash Equivalents and Short-Term Investments | 29.69B | 13.12B | 16.83B | 3.38B | 6.33B |
| Total Debt | 29.44B | 16.39B | 12.86B | 6.78B | 2.16B |
| Total Liabilities | 32.53B | 20.18B | 17.29B | 9.54B | 3.66B |
| Stockholders Equity | 15.17B | 7.01B | 9.75B | -2.35B | 8.83B |
Cash Flow | |||||
| Free Cash Flow | -15.56B | -14.49B | -7.05B | -7.38B | -5.45B |
| Operating Cash Flow | -13.19B | -12.05B | -5.02B | -7.32B | -5.41B |
| Investing Cash Flow | -2.20B | -2.67B | -2.06B | -90.09M | -90.33M |
| Financing Cash Flow | 31.45B | 10.42B | 20.37B | 4.36B | 7.46B |
ispace,inc. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ¥60.09B | 16.29 | ― | 2.65% | -13.68% | -35.04% | |
71 Outperform | ¥4.27T | 11.19 | ― | 3.37% | 3.26% | 121.86% | |
63 Neutral | ¥944.20B | 51.94 | 2.19% | 2.39% | 3.69% | -66.26% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ¥6.88B | 73.70 | ― | 4.08% | 12.68% | -47.54% | |
42 Neutral | ¥59.26B | -6.08 | ― | ― | -30.28% | 45.37% |
* General Sector Average
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ispace,inc. Corporate Events
ispace Taps MHI’s H3 Rocket for 2028 ULTRA Lunar Lander Mission
Jul 29, 2026
ispace has signed a launch services agreement with Mitsubishi Heavy Industries to use the H3 next-generation heavy-lift rocket for its Mission 3, scheduled for 2028 and centered on the ULTRA lunar lander. The deal secures Japan’s domestic la...
ispace Secures EUR 65 Million ESA Contract for Lunar Polar Rover Mission
Jul 23, 2026
ispace’s Luxembourg subsidiary has signed a supplemental Phase 2 agreement with the European Space Agency for the Mission for Advanced Geophysics and Polar Ice Exploration, a lunar rover project targeting volatile deposits and water ice at t...
ispace Expects No Earnings Hit From NASA–Draper CP-12 Exit
Jul 14, 2026
ispace, inc., a Tokyo-listed commercial lunar exploration company, is developing lunar landers and transportation services for NASA and other space-related customers via its U.S. subsidiary. The firm partners with organizations such as The Charles...
ispace Taps SpaceX Starship to Expand Lunar Cargo Services
Jul 8, 2026
ispace has announced a new lunar transportation service that will use payload space on SpaceX’s Starship, complementing its existing ULTRA lunar lander offering. The company has secured 500 kilograms of payload capacity on a Starship launch ...
ispace Outlines Growth Plans and Risks in New Investor Presentation
Jun 25, 2026
ispace, inc. has released an investor presentation for prospective investors that discloses matters related to its business plans and growth potential. The document structures information across business overview, market and competitive environmen...
Ispace Seeks to Expand Space Service Scope and Boost Authorized Shares
May 28, 2026
Ispace’s board has approved proposals to amend its Articles of Incorporation, to be put to a vote at the June 26, 2026 ordinary shareholders’ meeting. The changes would expand the company’s stated business purposes to include pla...
ispace Revises FY2026 Results and Updates FY2027 Earnings Forecast
May 28, 2026
ispace, inc. has corrected previously disclosed consolidated financial results and presentation materials for the fiscal year ended March 31, 2026, after identifying errors in earnings forecasts and cash flow classifications. The company also revi...
ispace Signs JALUX Payload Deal to Deliver Cultural ‘Möbius Ark’ to the Moon
May 26, 2026
ispace has signed a payload service agreement with JAL Group trading company JALUX, advancing a collaboration first outlined in a 2025 memorandum of understanding with JAL, JALUX, and JAL Engineering on lunar transportation and operations. Under t...
ispace to Book ¥3.7 Billion Loss on U.S. Lander Advance Payments
May 15, 2026
Japanese lunar exploration company ispace, inc. has announced it will record significant losses tied to advance payments for vendor services associated with a lander under development at its U.S. subsidiary. The company operates in the commercial ...
ispace Boosts Earnings with FX Gains and Lunar Lander Subsidy
May 15, 2026
ispace, inc. reported significant non-operating income for the fiscal year ended March 31, 2026, driven by foreign exchange gains and government subsidies. The company booked a total foreign exchange gain of 2.742 billion yen for the year, includi...
Ispace Widens Capital Base as Losses Persist Amid Growth in Lunar Project Revenue
May 15, 2026
Ispace reported consolidated results for the year to March 31, 2026, showing project revenue up 18.4% to ¥5.89 billion but net sales down 30.3% to ¥3.31 billion, with an operating loss of ¥11.58 billion and a net loss of ¥8.15 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.