# Astroscale Holdings Inc.: business model and financials

> Latest period: FY ending Apr 2024, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第8期(2025/05/01－2026/04/30) (S100YSZC)
> Page: https://vizora.meequs.com/en/company/astroscale
> Retrieved: 2026-09-30T21:32:51.320Z

## Company

Astroscale Holdings, founded in 2018, is a company in Aerospace listed on TSE Growth. It has 494 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Astroscale Holdings Inc. |
| Ticker | 186A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/186A.T) |
| Listing | TSE Growth |
| Head office | 東京都墨田区錦糸四丁目17番1号 |
| Representative (per filing) | 代表取締役社長グループCEO 岡田 光信 |
| Founded | Nov 2018 |
| Employees (consolidated) | 494 |
| Fiscal year end | April |
| Website | www.astroscale.com (https://www.astroscale.com/) |
| Corporate number | 6010603007550 |
| EDINET | E39661 |
| Industries (Vizora) | Aerospace |

> Profile source: annual securities report (S100YSZC, filed 2026-07-29). As of filing

## Five-axis industry profile

Primary industry: Aerospace (2024-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.5 | 11 |
| Efficiency | 26.9 | 13 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Astroscale Holdings brought in ¥2.85B in revenue.
- Revenue changed +59.1% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.85B |  |
| Operating income | — | Margin — |
| Net income | -¥9.18B | Margin -321.9% |
| Free cash flow | — |  |
| Employees (consolidated) | 494 |  |
| Cash ratio | 56.8% | Cash ÷ revenue 497.7% |
| ROA | -33.1% | Derived from disclosed figures |

## Notable figures

- FY2024, revenue is 33.8× its level five years ago
- FY2024, cash is 57% of total assets

## What changed in 4 years

| Metric | FY ending Apr 2020 | FY ending Apr 2024 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥84436000 | ¥2852561000 | +3278.4% |
| Employees | 85 people | 494 people | +481.2% |
| Cash and equivalents | ¥8824405000 | ¥14196227000 | +60.9% |

### Change in segment revenue mix

Span: FY ending Apr 2020 → FY ending Apr 2024. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Apr 2024, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,853 | 100.0% | S100YSZC |
| Pretax income | -9,220 | -323.2% | S100YSZC |
| Net income attributable to owners | -9,181 | -321.9% | S100YSZC |

A machine-readable operating income value exists, but it is not in the validated published data, so the chart is omitted.

## Year over year（FY ending Apr 2023 → FY ending Apr 2024、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,793 | 2,853 | 1,060 | +59.1% |
| Net income attributable to owners | -9,264 | -9,181 | 83 | — |
| Operating cash flow | -8,074 | -12,823 | -4,748 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 84 | — | — | -4,949 | -2,322 | — | S100U4JR |
| FY ending Apr 2021 | 651 | — | — | -4,893 | -4,879 | — | S100WFBP |
| FY ending Apr 2022 | 910 | — | — | -5,484 | -5,502 | — | S100YSZC |
| FY ending Apr 2023 | 1,793 | — | — | -9,264 | -8,074 | — | S100YSZC |
| FY ending Apr 2024 | 2,853 | — | — | -9,181 | -12,823 | — | S100YSZC |

## People and productivity（FY ending Apr 2024, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥5.8M |
| Net income per employee (consolidated) | -¥18.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Apr 2020 | FY ending Apr 2021 | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 85 | 146 | 276 | 394 | 494 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) +25.4% · Revenue (consolidated) +59.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Apr 2024, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -12,823 | -449.5% | S100YSZC |
| Investing cash flow | -1,183 | -41.5% | S100YSZC |
| Financing cash flow | 4,146 | 145.3% | S100YSZC |
| Change in cash | -9,860 | -345.6% | 算出 |
| Cash and equivalents | 14,196 | 497.7% | S100YSZC |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Apr 2020 | FY ending Apr 2021 | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,824 | 8,943 | 16,869 | 22,679 | 14,196 | S100U4JR, S100WFBP, S100YSZC |
| Total assets | 9,544 | 10,996 | 20,125 | 30,438 | 24,991 | S100U4JR, S100WFBP, S100YSZC |
| Net assets | — | — | 14,092 | — | 5,401 | S100U4JR, S100YSZC |

### Balance sheet history

| Metric | FY ending Apr 2020 | FY ending Apr 2021 | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 9,544 | 10,996 | 20,125 | 30,438 | 24,991 |
| Equity | — | — | 14,092 | — | 5,401 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,824 | 8,943 | 16,869 | 22,679 | 14,196 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 56.8% |
| Cash ÷ revenue | 497.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -3,642 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | — |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2020 | — | —× | -51.9% | —× | — | S100U4JR |
| 2021 | — | —× | -47.6% | —× | — | S100WFBP |
| 2022 | — | —× | -35.2% | —× | — | S100YSZC, S100U4JR |
| 2023 | — | —× | -36.6% | —× | — | S100YSZC |
| 2024 | — | —× | -33.1% | —× | — | S100YSZC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 岡田 光信 | Major shareholder | 18.3% | 2026-04-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.5% | 2026-04-30 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ） | Major shareholder | 3.3% | 2026-04-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.3% | 2026-04-30 |
| 株式会社グーニーズ | Major shareholder | 2.8% | 2026-04-30 |
| ＣＥＰＬＵＸ－ ＴＨＥ ＩＮＤＥＰＥＮＤＥＮＴ ＵＣＩＴＳ ＰＬＡＴＦＯＲＭ ２ | Major shareholder | 2.8% | 2026-04-30 |
| ヒューリック株式会社 | Major shareholder | 2.7% | 2026-04-30 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５０１９ | Major shareholder | 2.5% | 2026-04-30 |
| ＢＮＹＭ ＳＡ／ＮＶ ＦＯＲ ＢＮＹＭ ＦＯＲ ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴＳ Ｍ ＬＳＣＢ ＲＤ | Major shareholder | 2.5% | 2026-04-30 |
| ＪＰ ＪＰＭＳＥ ＬＵＸ ＲＥ ＵＢＳ ＡＧ ＬＯＮＤＯＮ ＢＲＡＮＣＨ ＥＱ ＣＯ | Major shareholder | 2.4% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第8期(2025/05/01－2026/04/30) | S100YSZC | 2026-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YSZC,, |
| 有価証券報告書－第7期(2024/05/01－2025/04/30) | S100WFBP | 2025-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WFBP,, |
| 有価証券報告書－第6期(2023/05/01－2024/04/30) | S100U4JR | 2024-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4JR,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).