ispace,inc. (9348) AI Stock Analysis

• Market Cap: ¥75.86B
• Dividend Yield: N/A
• Average Volume (3M): 1.20M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.49
• Revenue Growth: 136.16%
• EPS Growth: 16.29%
• Country: JP
• Employees: 282
• Sector: Technology
• Sector Strength: 88
• Industry: Computer Hardware
• EPS (TTM): -14.95
• Shares Outstanding: 146,161,160
• 10 Day Avg. Volume: 1,858,180
• 30 Day Avg. Volume: 1,199,866
• 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 Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: ¥511.00 ▲(9.19% Upside)

The score is primarily held back by weak financial quality—ongoing losses, high leverage risk, and deeply negative (worsening) free cash flow—despite strong revenue growth. Technicals provide partial support via positive momentum, but overbought signals add near-term risk, and valuation remains unattractive due to negative earnings.

Positive Factors

Revenue Growth

Sustained multi-year revenue growth at this scale signals strong market demand for lunar transport services and successful customer acquisition. Over 2-6 months this supports capacity expansion plans, improves bargaining power with suppliers, and underpins long-term revenue runway if margins and cash conversion improve.

Market Position & Partnerships

Contracts with government agencies and commercial partners create durable revenue channels and validation in a capital-intensive sector. Structural partnerships reduce go-to-market friction, increase mission cadence visibility, and support recurring payload business that can compound into long-term service and infrastructure revenue.

Balance Sheet Improvement

Moving from a negative to a positive equity ratio reflects materially stronger solvency and investor capital absorption. This structural improvement enhances financing optionality and partner confidence, lowering default risk over the medium term and enabling management to pursue strategic investments more sustainably.

Negative Factors

Worsening Free Cash Flow

Deepening negative free cash flow is a structural concern: it indicates operations and capex outpaces cash generation, forcing reliance on external financing. Over months this pressures liquidity, increases refinancing and dilution risk, and constrains the firm's ability to fund missions or scale infrastructure without altering cash consumption.

Persistent Negative Margins

Ongoing negative operating and profitability metrics show the business has not achieved operational leverage despite revenue growth. Structurally, failure to convert top-line growth into positive margins undermines sustainable cash generation and raises questions about unit economics and scalability absent cost control or higher-margin offerings.

High Financial Leverage

Elevated debt relative to equity increases interest and refinancing vulnerability, especially with negative cash flow and losses. Structurally this limits strategic flexibility, raises solvency risk during funding stress, and can magnify downside in adverse scenarios unless deleveraging or sustained profitability is achieved.

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 well as resource harvesting systems; and cameras, communications devices, and cell cultivation devices. In addition, it provides lunar data services, such as imaging, environmental data, telemetry, and resources information to government space agencies, universities, research institutions, and private companies for information, mission planning, and lunar surface development. The company was incorporated in 2010 and is based in Tokyo, Japan.

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 to send scientific equipment and other payloads to the Moon. Additionally, ispace has established collaborations with various space agencies and private companies that enhance its service offerings and expand its market reach. The commercialization of lunar resources and potential future ventures in lunar infrastructure development also represent significant revenue opportunities for the company.

ispace,inc. Financial Statement Overview

Summary

Despite strong revenue growth, the company faces significant profitability challenges with negative EBIT, EBITDA, and net profit margins. The high debt-to-equity ratio and negative cash flows further exacerbate financial risks, overshadowing any positive aspects of revenue expansion.

Income Statement

The company has experienced strong revenue growth, increasing from 674 million in 2022 to 4.74 billion in 2025, which is a positive indicator of market demand and expansion. However, the profitability metrics are concerning, with negative EBIT and EBITDA margins indicating operational inefficiencies. The net profit margin is also negative, reflecting significant losses over the years. Although revenue is growing, sustaining such high losses is a risk.

Balance Sheet

The company's balance sheet shows a high debt-to-equity ratio, with significant total debt compared to stockholders' equity, suggesting financial leverage risk. The equity ratio has improved from negative in 2023 to positive in 2025, indicating a strengthening position. However, the return on equity remains negative, showing that the company is not yet generating returns for its shareholders.

Cash Flow

The cash flow statement reveals a worrying trend of negative free cash flow, which has worsened from -5.5 billion in 2022 to -14.5 billion in 2025. Operating cash flow remains negative, indicating that the company is not generating sufficient cash from operations to cover its expenses. This is compounded by significant capital expenditures, pointing to potential liquidity challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
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	-11.83B	-10.50B	-1.58B	-11.11B	-3.96B	-2.53B
Net Income	-13.24B	-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	16.10B	12.52B	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	-7.08B	-7.41B	-5.50B	-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

• Technical Analysis Sentiment: Positive
• Last Price: 468.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9348, the sentiment is Positive. The current price of 468 is above the 20-day moving average (MA) of 447.45, above the 50-day MA of 451.22, and below the 200-day MA of 635.12, indicating a neutral trend. The MACD of 14.58 indicates Negative momentum. The RSI at 72.34 is Negative, neither overbought nor oversold. The STOCH value of 75.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9348.

ispace,inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6670	79 Outperform	¥155.66B	10.83	―	2.70%	10.23%	8.78%
6750	72 Outperform	¥153.62B	12.64	12.77%	2.84%	4.48%	22.39%
6737	69 Neutral	¥93.01B	21.41	―	4.76%	1.81%	9.07%
7739	65 Neutral	¥148.94B	21.55	―	1.92%	7.46%	-8.01%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
6588	55 Neutral	¥154.97B	-22.75	-6.22%	1.61%	-4.91%	-136.94%
9348	48 Neutral	¥75.86B	-5.35	―	―	136.16%	16.29%

ispace,inc. Corporate Events

ispace, inc. Expands to Saudi Arabia with New Subsidiary

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 and development services, with no significant immediate impact on the company’s financial results.

The most recent analyst rating on (JP:9348) stock is a Sell with a Yen444.00 price target. To see the full list of analyst forecasts on ispace,inc. stock, see the JP:9348 Stock Forecast page.

ispace, inc. Reports Significant Foreign Exchange Gain in Q2

ispace, inc. has announced a significant foreign exchange gain of 810 million yen for the second quarter of the fiscal year ending March 31, 2026, primarily due to the revaluation of foreign currency-denominated loans. This gain offsets a previous loss, resulting in a net gain of 505 million yen for the first half of the fiscal year, which is reflected in their consolidated financial results.

The most recent analyst rating on (JP:9348) stock is a Sell with a Yen444.00 price target. To see the full list of analyst forecasts on ispace,inc. stock, see the JP:9348 Stock Forecast page.

ispace, inc. Reports Increased Sales Amid Ongoing Financial Challenges

ispace, inc. reported its consolidated financial results for the first two quarters of the fiscal year ending March 31, 2026, showing a significant increase in net sales by 63.5% compared to the previous year. Despite this growth, the company continues to face financial challenges with substantial operating and net losses, impacting its equity-to-asset ratio and overall financial position.

The most recent analyst rating on (JP:9348) stock is a Sell with a Yen444.00 price target. To see the full list of analyst forecasts on ispace,inc. stock, see the JP:9348 Stock Forecast page.

ispace Completes Payment for New Share Issuance to Boost Growth

ispace, inc. announced the completion of payment for the issuance of new shares through a public offering and third-party allotment, approved by its Board of Directors. This move involves issuing a total of 37,595,800 shares, raising over 17 billion yen, and is expected to strengthen the company’s financial position and support its growth initiatives in the space exploration sector.

The most recent analyst rating on (JP:9348) stock is a Hold with a Yen533.00 price target. To see the full list of analyst forecasts on ispace,inc. stock, see the JP:9348 Stock Forecast page.

ispace, inc. Adjusts Stock Option Exercise Prices Following New Share Issuance

ispace, inc. announced an adjustment to the exercise price of its stock acquisition rights, effective from October 22, 2025. This adjustment follows the determination of the amount to be paid for new shares issued through a public offering and third-party allotment, which was resolved by the Board of Directors. The exercise price adjustment reflects a decrease due to the issuance price being lower than the market price, impacting the company’s financial strategy and potentially affecting stakeholder interests.

The most recent analyst rating on (JP:9348) stock is a Hold with a Yen533.00 price target. To see the full list of analyst forecasts on ispace,inc. stock, see the JP:9348 Stock Forecast page.

ispace Announces Share Issuance and Pricing Strategy

ispace, inc. has announced the determination of issue and selling prices for its new shares through a public offering and third-party allotment. This strategic move is expected to enhance the company’s capital base, supporting its growth initiatives and strengthening its position in the aerospace industry.

The most recent analyst rating on (JP:9348) stock is a Hold with a Yen533.00 price target. To see the full list of analyst forecasts on ispace,inc. stock, see the JP:9348 Stock Forecast page.

ispace Adjusts Stock Acquisition Rights Amid New Share Issuance

ispace, inc. announced adjustments to the exercise prices of its 14th to 17th Stock Acquisition Rights following a recent resolution by its Board of Directors to issue new shares through public offering and third-party allotment. This adjustment reflects the company’s strategic financial maneuvers to optimize its capital structure, potentially affecting its market positioning and stakeholder interests.

The most recent analyst rating on (JP:9348) stock is a Hold with a Yen533.00 price target. To see the full list of analyst forecasts on ispace,inc. stock, see the JP:9348 Stock Forecast page.