ispace,inc. (JP:9348)
:9348
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ispace,inc.
(9348)
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Rating:49Neutral
Price Target:
¥599.00
▲(27.99% Upside)
Action:ReiteratedDate:01/21/26
The score is primarily constrained by weak financial quality—ongoing losses, worsening negative free cash flow, and leverage risk—despite very strong revenue growth. Technicals are supportive with an established uptrend, but valuation remains challenged due to negative earnings and no stated dividend yield.
Positive Factors
Strong Revenue Growth
Rapid revenue scale from 674M to 4.74B demonstrates robust demand for commercial lunar services. Over a medium-term horizon this supports a larger mission pipeline, improved absorption of fixed R&D and manufacturing costs, and stronger bargaining power with partners and suppliers.
Negative Factors
Persistent Unprofitable Operations
Sustained negative EBIT/EBITDA and net margins mean revenue growth is not translating into profitability. Ongoing operating losses erode capital, constrain reinvestment in core programs, and create reliance on external funding or dilution until structural cost or pricing improvements occur.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Rapid revenue scale from 674M to 4.74B demonstrates robust demand for commercial lunar services. Over a medium-term horizon this supports a larger mission pipeline, improved absorption of fixed R&D and manufacturing costs, and stronger bargaining power with partners and suppliers.
Read all positive factors
ispace,inc. (9348) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥84.36B
Dividend YieldN/A
Average Volume (3M)1.20M
Price to Earnings (P/E)―
Beta (1Y)1.26
Revenue Growth136.16%
EPS Growth16.29%
CountryJP
Employees282
SectorTechnology
Sector Strength88
IndustryComputer Hardware
Share Statistics
EPS (TTM)-11.59
Shares Outstanding146,209,690
10 Day Avg. Volume1,858,180
30 Day Avg. Volume1,199,866
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)10.35
Price to Sales (P/S)15.29
P/FCF Ratio-5.01
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)-78.4
Revenue Forecast (FY)¥6.20B
ispace,inc. Business Overview & Revenue Model
Company Description
ispace, inc., a lunar resource development company, engages in designing and building lunar landers and rovers to transport customer payloads to the moon. The company also offers payload services, including video and driving data acquisition, as w...
How the Company Makes Money
ispace generates revenue through multiple streams, including contracts for lunar missions from government agencies and commercial partnerships. The company has secured agreements for payload delivery services, allowing businesses and organizations...
ispace,inc. Financial Statement Overview
Summary
Income Statement
30
Negative
Balance Sheet
40
Negative
Cash Flow
25
Negative
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.27B | 4.74B | 2.36B | 989.24M | 674.14M | 506.64M |
| Gross Profit | 2.37B | 2.24B | 928.24M | 552.77M | 334.59M | 336.32M |
| EBITDA | -9.56B | -9.63B | -5.42B | -10.95B | -4.00B | -2.56B |
| Net Income | -13.25B | -11.95B | -2.37B | -11.40B | -4.06B | -2.61B |
Balance Sheet | ||||||
| Total Assets | 38.96B | 27.19B | 27.03B | 7.19B | 12.49B | 8.50B |
| Cash, Cash Equivalents and Short-Term Investments | 26.46B | 13.12B | 16.83B | 3.38B | 6.33B | 4.26B |
| Total Debt | 31.60B | 16.39B | 12.86B | 6.78B | 2.16B | 230.00M |
| Total Liabilities | 35.19B | 20.18B | 17.29B | 9.54B | 3.66B | 1.18B |
| Stockholders Equity | 3.78B | 7.01B | 9.75B | -2.35B | 8.83B | 7.33B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -14.49B | -7.05B | -7.38B | -5.45B | -2.73B |
| Operating Cash Flow | 0.00 | -12.05B | -5.02B | -7.32B | -5.41B | -2.62B |
| Investing Cash Flow | 0.00 | -2.67B | -2.06B | -90.09M | -90.33M | -213.34M |
| Financing Cash Flow | 0.00 | 10.42B | 20.37B | 4.36B | 7.46B | 3.52B |
ispace,inc. Technical Analysis
Neutral
468.00
Price Trends
580.86
Negative
518.01
Positive
530.59
Positive
Market Momentum
-2.88
Positive
48.29
Neutral
44.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9348, the sentiment is Neutral. The current price of 468 is below the 20-day moving average (MA) of 575.15, below the 50-day MA of 580.86, and below the 200-day MA of 530.59, indicating a neutral trend. The MACD of -2.88 indicates Positive momentum. The RSI at 48.29 is Neutral, neither overbought nor oversold. The STOCH value of 44.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:9348.
ispace,inc. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ¥65.18B | 13.11 | ― | 2.65% | 3.62% | 8.01% | |
76 Outperform | ¥148.12B | 22.89 | ― | 1.92% | 7.46% | -8.01% | |
69 Neutral | ¥4.25T | 12.61 | ― | 3.27% | 4.02% | -41.52% | |
67 Neutral | ¥635.33B | 9.47 | 6.07% | 3.69% | 0.48% | 6.92% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | ¥7.66B | -211.99 | ― | 3.12% | 13.88% | -155.89% | |
49 Neutral | ¥84.36B | -9.18 | ― | ― | 136.16% | 16.29% |
* Technology Sector Average
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ispace,inc. Corporate Events
ispace to Establish Saudi Subsidiary to Expand Lunar Business
Feb 26, 2026
ispace, inc. has decided the details of a new wholly owned subsidiary in Saudi Arabia, as approved by its board on February 25, 2026, to expand its lunar exploration and development business in the Kingdom. The new entity, ispace S A, based in Riy...
ispace Updates Q3 FY2026 Results and Revises Financial Forecast
Feb 10, 2026
ispace released its financial results for the third quarter of the fiscal year ending March 2026, providing an overview of performance and progress across its lunar mission portfolio. The materials outline key business highlights, updates on exist...
ispace Books ¥2.1 Billion in FX Gains for First Three Quarters of FY2026
Feb 10, 2026
ispace, inc. reported significant non-operating income in the form of foreign exchange gains for the nine months ended December 31, 2025. The gains stem primarily from the revaluation of foreign currency-denominated loans extended to its consolida...
ispace cuts FY2026 sales outlook as engine delays push back lunar mission revenues
Feb 10, 2026
ispace has revised its consolidated forecast for the fiscal year ending March 31, 2026, cutting expected net sales from ¥6.2 billion to ¥3.4 billion, while newly disclosing project revenue of ¥6.0 billion that includes government gr...
ispace Widens Balance Sheet as Losses Persist Amid Lunar Growth Push
Feb 10, 2026
ispace reported consolidated net sales of ¥2.74 billion for the first three quarters to December 31, 2025, up 37.9% year on year, while net loss attributable to owners narrowed to ¥6.25 billion as the company continues heavy investment i...
ispace Wins JAXA Backing for ¥20 Billion Lunar South Pole Landing and Relay Satellite Project
Jan 19, 2026
ispace has been selected by the Japan Aerospace Exploration Agency (JAXA) for a Space Strategy Fund Phase 2 project to develop technology for high-precision landings in the lunar polar regions, with its proposal “High-Precision Landing Near ...
ispace, inc. Expands to Saudi Arabia with New Subsidiary
Dec 8, 2025
ispace, inc. has announced the establishment of a new subsidiary in Saudi Arabia, aiming to enhance partnerships and explore business opportunities in the region. The subsidiary, expected to be established in 2026, will focus on lunar exploration ...
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.