ispace,inc. (9348) AI Stock Analysis

• Market Cap: ¥58.67B
• Dividend Yield: N/A
• Average Volume (3M): 1.01M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.48
• Revenue Growth: 142.22%
• EPS Growth: -366.56%
• Country: JP
• Employees: 282
• Sector: Technology
• Sector Strength: 88
• Industry: Computer Hardware
• EPS (TTM): -27.22
• Shares Outstanding: 105,901,050
• 10 Day Avg. Volume: 652,060
• 30 Day Avg. Volume: 1,010,583
• 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: ¥537.00
• Price Target Upside: -4.11% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 44 Neutral
• Price Target: ¥537.00 ▼(-4.11% Downside)

The overall stock score is primarily influenced by financial performance challenges, including negative profitability and cash flow issues. Technical analysis offers mixed signals, while valuation metrics highlight ongoing financial difficulties. The absence of earnings call and corporate events data limits additional insights.

ispace,inc. Business Overview & Revenue Model

Company Description

ispace, inc. (9348) is a private Japanese company focused on space exploration and development. The company operates within the aerospace sector and specializes in lunar exploration. ispace aims to create a sustainable ecosystem on the Moon by providing lunar transportation and data services. Its core products and services include lunar landers and rovers designed to deliver payloads and collect data from the lunar surface.

How the Company Makes Money

ispace, inc. generates revenue primarily through contracts and partnerships with governments, space agencies, and private companies interested in lunar exploration. The company offers lunar transportation services, where it charges clients for delivering payloads to the Moon. Additionally, ispace may monetize the data collected during its missions by selling it to interested parties or using it to develop further commercial opportunities. Partnerships with national space agencies and private enterprises also play a significant role in its revenue streams, providing funding and collaborative opportunities for lunar missions.

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 free cash flow indicate financial leverage risk and liquidity challenges.

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: 560.00
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• 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 560 is above the 20-day moving average (MA) of 535.50, above the 50-day MA of 538.88, and below the 200-day MA of 697.30, indicating a neutral trend. The MACD of 0.70 indicates Negative momentum. The RSI at 63.86 is Neutral, neither overbought nor oversold. The STOCH value of 50.46 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
7739	75 Outperform	¥115.11B	15.93	―	2.58%	7.82%	3.26%
6750	73 Outperform	€168.11B	14.59	11.97%	2.70%	6.70%	14.87%
6588	73 Outperform	¥170.88B	7.64	23.27%	1.49%	-1.36%	―
6670	70 Outperform	¥136.83B	9.78	―	3.10%	8.53%	6.81%
6737	67 Neutral	¥92.12B	23.89	―	4.85%	-0.61%	-16.31%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
9348	44 Neutral	¥58.67B	―	―	―	142.22%	-366.56%

ispace,inc. Corporate Events

ispace Identifies Cause of Mission 2 Lander Failure and Plans Enhancements

ispace, inc. announced the completion of a technical analysis regarding the hard landing of its RESILIENCE lander during Mission 2, identifying a hardware failure in the Laser Range Finder as the cause. The company plans to implement improvements and collaborate with JAXA to enhance future missions, while expecting increased development costs for upcoming missions but no impact on launch schedules.

ispace’s Mission 2 Lunar Landing Attempt Unsuccessful

ispace, inc. announced that its Mission 2, ‘SMBC x HAKUTO-R VENTURE MOON,’ did not achieve its goal of completing the lunar landing sequence. The RESILIENCE lander lost communication during its descent, likely resulting in a hard landing on the lunar surface. This failure may impact potential revenue recognition of up to 238 million JPY, although it does not necessitate a revision of the company’s earnings forecast for the fiscal year ending March 2026. The company plans to analyze telemetry data to understand the failure and maintain stakeholder trust.

ispace EUROPE Advances Lunar Exploration Mission with ESA

ispace, inc. announced that its subsidiary, ispace EUROPE, will amend its contract with the European Space Agency to advance to Phase 1 of the Mission for Advanced Geophysics and Polar Ice Exploration (MAGPIE). This phase will involve ispace EUROPE leading the mission’s implementation, including payload maturation and prototype manufacturing, to explore lunar polar regions for volatile deposits and water ice. The project involves collaboration with several European academic and research institutions and is expected to enhance ispace’s position in the space exploration industry.

ispace Completes Key Milestone for Lunar Mission 2

ispace, inc. has successfully completed the Success 8 milestone for its Mission 2, titled ‘SMBC x HAKUTO-R VENTURE MOON.’ This achievement marks the completion of all orbital control maneuvers in lunar orbit, indicating that the RESILIENCE lander is ready to begin its landing sequence. The lander, which has been traveling through deep space and is now in a stable 100 km orbit around the Moon, is scheduled to attempt a historic landing on June 6. This mission builds on the expertise gained from Mission 1 and carries significant symbolic value for the company and its stakeholders.

ispace, inc. Secures 10 Billion Yen Loan to Boost Financial Stability

ispace, inc. has announced a resolution to borrow long-term funds amounting to 10 billion yen from Sumitomo Mitsui Banking Corporation. This borrowing aims to enhance the company’s liquidity and financial stability, facilitating agile management and continuous technological improvement. The funds will be used as working capital for mission development and related expenses, with the company ensuring compliance with new financial covenant disclosure requirements.

ispace, inc. Secures 5 Billion Yen Loan to Boost Financial Stability

ispace, inc. has announced a resolution to borrow long-term funds amounting to 5 billion yen from Mizuho Bank, Ltd. to enhance its liquidity and stabilize its financial foundation. This move is intended to support the company’s mission development and related expenses, allowing for agile management and continuous technological improvements. The financing includes financial covenants to maintain positive net assets and a minimum cash balance, with no expected material impact on the financial results for the fiscal year ending March 31, 2026.

ispace, inc. Reports Foreign Exchange Loss Impacting Financial Results

ispace, inc. reported a foreign exchange loss of 1,176 million yen in the fourth quarter of the fiscal year ending March 31, 2025, primarily due to the revaluation of foreign currency-denominated loans. This loss, offset by earlier gains, resulted in a total foreign exchange loss of 644 million yen for the fiscal year, impacting the company’s consolidated financial results.

ispace, inc. Reports Increased Sales but Faces Significant Losses in FY2025

ispace, inc. reported its consolidated financial results for the fiscal year ended March 31, 2025, showing a significant increase in net sales to 4,743 million yen, but also a substantial net loss of 11,945 million yen. The company’s financial position reflects challenges with a decrease in net assets and equity-to-asset ratio, indicating potential concerns for stakeholders regarding its financial health and future profitability.

ispace Achieves Key Milestone in Lunar Mission

ispace, inc. has successfully completed the ‘Success 7’ milestone for its Mission 2, marking the entry of its RESILIENCE lander into lunar orbit. This achievement demonstrates ispace’s operational capabilities in deep space navigation and sets the stage for a planned lunar landing on June 6, 2025. The announcement does not impact the company’s financial results but reinforces its position in the space exploration industry.