ispace,inc. (JP:9348)
:9348
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ispace,inc.
(9348)
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Rating:50Neutral
Price Target:
¥568.00
▲(21.37% Upside)
Action:Reiterated
Date:05/23/26
The score is held down primarily by very weak fundamentals—heavy ongoing losses, negative gross profit, sharp revenue contraction, and persistent cash burn with rising debt risk. This is partially offset by a strong technical setup, with the stock trading above major moving averages and momentum indicators in a neutral-to-positive range.
Positive Factors
Mission-based revenue model
A mission-based model ties revenue to contracted payload delivery and milestone fees, creating durable, project-level cash inflows as missions execute. Over 2–6 months, backlog conversion and repeat customers can provide predictable milestone revenue streams if mission cadence is sustained.
Negative Factors
Consistently negative cash flow
Chronic negative operating and free cash flow means the business cannot self‑fund operations or capex. Over months, this necessitates external capital, increasing dilution or debt dependence and constraining the company’s ability to scale mission cadence or meet contractual milestones reliably.
Read all positive and negative factors
Positive Factors
Negative Factors
Mission-based revenue model
A mission-based model ties revenue to contracted payload delivery and milestone fees, creating durable, project-level cash inflows as missions execute. Over 2–6 months, backlog conversion and repeat customers can provide predictable milestone revenue streams if mission cadence is sustained.
Read all positive factors
ispace,inc. (9348) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥74.14B
Dividend YieldN/A
Average Volume (3M)1.20M
Price to Earnings (P/E)―
Beta (1Y)1.29
Revenue Growth-30.28%
EPS Growth46.04%
CountryJP
Employees282
SectorTechnology
Sector Strength88
IndustryComputer Hardware
Share Statistics
EPS (TTM)-133.64
Shares Outstanding146,236,390
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)-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
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 | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.27B | 3.31B | 4.74B | 2.36B | 989.24M | 674.14M |
| Gross Profit | 2.37B | -2.85B | 2.24B | 928.24M | 552.77M | 334.59M |
| EBITDA | -9.56B | -11.35B | -9.63B | -5.42B | -10.95B | -4.00B |
| Net Income | -13.25B | -8.15B | -11.95B | -2.37B | -11.40B | -4.06B |
Balance Sheet | ||||||
| Total Assets | 38.96B | 47.70B | 27.19B | 27.03B | 7.19B | 12.49B |
| Cash, Cash Equivalents and Short-Term Investments | 26.46B | 29.69B | 13.12B | 16.83B | 3.38B | 6.33B |
| Total Debt | 31.60B | 29.44B | 16.39B | 12.86B | 6.78B | 2.16B |
| Total Liabilities | 35.19B | 32.53B | 20.18B | 17.29B | 9.54B | 3.66B |
| Stockholders Equity | 3.78B | 15.17B | 7.01B | 9.75B | -2.35B | 8.83B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -15.56B | -14.49B | -7.05B | -7.38B | -5.45B |
| Operating Cash Flow | 0.00 | -13.19B | -12.05B | -5.02B | -7.32B | -5.41B |
| Investing Cash Flow | 0.00 | -2.20B | -2.67B | -2.06B | -90.09M | -90.33M |
| Financing Cash Flow | 0.00 | 31.45B | 10.42B | 20.37B | 4.36B | 7.46B |
ispace,inc. Technical Analysis
Positive
468.00
Price Trends
508.54
Positive
527.42
Positive
514.96
Positive
Market Momentum
7.10
Negative
63.64
Neutral
48.23
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 below the 20-day moving average (MA) of 495.70, below the 50-day MA of 508.54, and below the 200-day MA of 514.96, indicating a bullish trend. The MACD of 7.10 indicates Negative momentum. The RSI at 63.64 is Neutral, neither overbought nor oversold. The STOCH value of 48.23 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ¥59.71B | 14.94 | ― | 2.65% | -10.26% | -21.62% | |
64 Neutral | ¥780.16B | -8.91 | 6.07% | 3.69% | 3.69% | -66.27% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | ¥3.99T | 19.73 | ― | 3.27% | 1.75% | 93.78% | |
58 Neutral | ¥7.01B | 7.50 | ― | 3.12% | 12.68% | -47.54% | |
50 Neutral | ¥74.14B | -8.92 | ― | ― | -30.28% | 46.04% |
* Technology Sector Average
JP:9348
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ispace,inc. Corporate Events
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 ...
ispace Secures ¥1 Billion Short-Term Loan, Refinances Existing Debt
Apr 22, 2026
ispace, inc. has arranged a new short-term borrowing of ¥1.0 billion from The Asahi Shinkin Bank to secure additional working capital, aiming to accelerate improvements in its technologies and strengthen its financial base as it targets antic...
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...
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.