ispace,inc. (JP:9348)
:9348
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ispace,inc.
(9348)
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Rating:49Neutral
Price Target:
¥454.00
▼(-2.99% Downside)
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, multi-year revenue expansion from 674M to 4.74B demonstrates durable market demand and successful commercial traction in lunar services. Such growth supports scale advantages, strengthens customer references and R&D reinvestment potential for long-term competitiveness.
Negative Factors
Persistent Operating Losses
Consistent negative EBIT/EBITDA and net margins indicate the business has not yet achieved operational profitability. Over the medium term, persistent losses erode capital, constrain reinvestment, and increase reliance on external funding, limiting sustainable growth without margin improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Rapid, multi-year revenue expansion from 674M to 4.74B demonstrates durable market demand and successful commercial traction in lunar services. Such growth supports scale advantages, strengthens customer references and R&D reinvestment potential for long-term competitiveness.
Read all positive factors
ispace,inc. (9348) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥66.82B
Dividend YieldN/A
Average Volume (3M)1.20M
Price to Earnings (P/E)―
Beta (1Y)1.21
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)-70.8
Revenue Forecast (FY)¥8.50B
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’s revenue model is primarily based on providing commercial lunar mission services. The company seeks to generate revenue by contracting with customers to transport payloads to the Moon (payload delivery/transportation services), which can i...
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
Negative
468.00
Price Trends
560.12
Negative
512.79
Negative
525.49
Negative
Market Momentum
-36.17
Positive
39.59
Neutral
18.02
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9348, the sentiment is Negative. The current price of 468 is below the 20-day moving average (MA) of 521.05, below the 50-day MA of 560.12, and below the 200-day MA of 525.49, indicating a bearish trend. The MACD of -36.17 indicates Positive momentum. The RSI at 39.59 is Neutral, neither overbought nor oversold. The STOCH value of 18.02 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | ¥66.62B | 13.11 | ― | 2.65% | 3.62% | 8.01% | |
76 Outperform | ¥148.53B | 22.89 | ― | 1.92% | 7.46% | -8.01% | |
69 Neutral | ¥4.27T | 12.61 | ― | 3.27% | 4.02% | -41.52% | |
67 Neutral | ¥669.26B | 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 | ¥7.34B | -211.99 | ― | 3.12% | 13.88% | -155.89% | |
49 Neutral | ¥66.82B | -9.18 | ― | ― | 136.16% | 16.29% |
* Technology Sector Average
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ispace,inc. Corporate Events
ispace Seals $2.5 Million Lunar Rover Payload Deal With Korea’s UEL for Mission 3
Mar 31, 2026
ispace has signed a final payload service agreement with Korea’s Unmanned Exploration Laboratory to transport and support a two-wheeled lunar rover on the company’s Mission 3 to the Moon. The deal, valued at 2.5 million dollars, builds...
ispace Seals £3 Million Lunar Payload Deal With University of Leicester
Mar 31, 2026
ispace has finalized a payload service agreement with the University of Leicester, converting a prior interim arrangement into a full contract focused on lunar surface resource exploration. Under the deal, ispace will transport and support a Raman...
ispace Forms External Task Force After Laser Rangefinder Failure on Hakuto-R Mission 2
Mar 27, 2026
ispace has disclosed that its Hakuto-R Mission 2 lunar landing attempt on June 6, 2025, failed due to a hardware malfunction in the lander’s Laser Rangefinder, according to data analysis completed shortly after the incident. The company repo...
Ispace Unveils Integrated “ULTRA” Lander and Delays First U.S. Lunar Mission to 2030
Mar 27, 2026
Ispace has decided to consolidate its Japanese APEX 1.0 and U.S. Series 3 lunar lander designs into a single new platform called “ULTRA” to boost mission quality and development efficiency amid rising global demand for lunar exploratio...
ispace to Develop Lunar Communication and Positioning Business with New Satellite Network
Mar 27, 2026
ispace has approved plans to explore a new business line called Lunar Connect Services, which will use proprietary lunar orbiting satellites to provide high-speed communication and positioning services for customers operating on the Moon and in lu...
ispace Publishes External Review Findings and Seven-Step Plan After Second Lunar Landing Failure
Mar 27, 2026
ispace has released the findings of an independent External Review Task Force established after its second HAKUTO-R lunar landing mission failed to achieve a soft landing. The company sought a third-party assessment to validate its internal analys...
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 ...
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.
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