# ispace: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第16期(2025/04/01－2026/03/31) (S100YL5W)
> Page: https://vizora.meequs.com/en/company/ispace
> Retrieved: 2026-09-30T20:56:34.162Z

## Company

ispace, founded in 2010, is a company in Aerospace listed on TSE Growth. It has 333 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ispace, inc. |
| Ticker | 9348 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9348.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区日本橋本町一丁目9番3号 |
| Representative (per filing) | 代表取締役CEO 袴田 武史 |
| Founded | Sep 2010 |
| Share capital | ¥20.7B |
| Employees (consolidated) | 333 |
| Average salary (parent only) | ¥10.8M |
| Fiscal year end | March |
| Website | ispace-inc.com (https://ispace-inc.com/) |
| Corporate number | 3030003001527 |
| EDINET | E37584 |
| Industries (Vizora) | Aerospace |

> Profile source: annual securities report (S100YL5W, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Aerospace (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.1 | 11 |
| Profitability | 4.5 | 11 |
| Efficiency | 11.5 | 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)

- ispace brought in ¥3.31B in revenue.
- It lost about ¥350 for every ¥100 of sales at the operating level.
- Revenue changed -30.3% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.31B |  |
| Operating income | -¥11.6B | Margin -350.2% |
| Net income | -¥8.15B | Margin -246.5% |
| Free cash flow | -¥15.6B |  |
| Employees (consolidated) | 333 |  |
| EPS | ¥-104.2 |  |
| Book value per share | ¥67.19 |  |
| Equity ratio | 31.6% |  |
| Shares outstanding | 146,209,683 |  |
| Shareholders | 105,862 |  |
| Average salary (parent only) | ¥10.8M | Filing company only |
| Cash ratio | 62.2% | Cash ÷ revenue 897.8% |
| Vs. industry median margin | -328.3 pp | Aerospace |
| ROA | -21.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 350 per ¥100 of revenue
- FY2026, revenue is 4.9× its level five years ago
- FY2026, cash is 62% of total assets

## What changed in 4 years

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥674141000 | ¥3307092000 | +390.6% |
| Operating income | ¥-4056667000 | ¥-11580063000 | — |
| Operating margin | -601.8% | -350.2% | +251.6 pp |
| Employees | 164 people | 333 people | +103.0% |
| Cash and equivalents | ¥6332542000 | ¥29690611000 | +368.9% |

### Change in segment revenue mix

Span: FY ending Mar 2022 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,307 | 100.0% | S100YL5W |
| Cost of revenue | 6,160 | 186.3% | S100YL5W |
| Gross profit | -2,853 | -86.3% | S100YL5W |
| SG&A | 8,727 | 263.9% | S100YL5W |
| Operating income | -11,580 | -350.2% | S100YL5W |
| Ordinary income | -8,142 | -246.2% | S100YL5W |
| Pretax income | -8,143 | -246.2% | S100YL5W |
| Income tax | 9 | 0.3% | S100YL5W |
| Net income | -8,152 | -246.5% | S100YL5W |
| Net income attributable to owners | -8,152 | -246.5% | S100YL5W |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 186 |
| SG&A | 264 |
| Operating income | -350 |
| (Ref.) Net income | -247 |

### Margin funnel

Gross margin -86.3% → Operating margin -350.2% → Net margin -246.5%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,743 | 3,307 | -1,436 | -30.3% |
| Gross profit | 2,245 | -2,853 | -5,098 | -227.1% |
| Operating income | -9,795 | -11,580 | -1,785 | — |
| Net income attributable to owners | -11,945 | -8,152 | 3,793 | — |
| Operating cash flow | -12,050 | -13,568 | -1,519 | — |
| Free cash flow | -14,576 | -15,638 | -1,062 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 674 | -4,057 | -601.8% | -4,060 | -5,406 | -5,497 | S100R829 |
| FY ending Mar 2023 | 989 | -11,024 | -1114.4% | -11,398 | -7,322 | -7,407 | S100TXBR |
| FY ending Mar 2024 | 2,357 | -5,502 | -233.4% | -2,366 | -5,025 | -7,084 | S100W6DA |
| FY ending Mar 2025 | 4,743 | -9,795 | -206.5% | -11,945 | -12,050 | -14,576 | S100YL5W |
| FY ending Mar 2026 | 3,307 | -11,580 | -350.2% | -8,152 | -13,568 | -15,638 | S100YL5W |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9.9M |
| Operating income per employee (consolidated) | -¥34.8M |
| Net income per employee (consolidated) | -¥24.5M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 164 | 216 | 282 | 317 | 333 |
| Average salary (parent company) | — | ¥8.6M | ¥9.6M | ¥9.8M | ¥10.8M |
| Average age (parent company) | — | 41.6 years | 41.1 years | 42.3 years | 40.2 years |
| Average tenure (parent company) | — | 2.2 years | 2.6 years | 2.8 years | 2.8 years |

Year over year: Employees (consolidated) +5.0% · Revenue (consolidated) -30.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -13,568 | -410.3% | S100YL5W |
| Capital expenditure | 2,070 | 62.6% | S100YL5W |
| Free cash flow | -15,638 | -472.9% | 算出 |
| Investing cash flow | -1,826 | -55.2% | S100YL5W |
| Financing cash flow | 31,448 | 950.9% | S100YL5W |
| Change in cash | 16,573 | 501.1% | S100YL5W |
| Cash and equivalents | 29,691 | 897.8% | S100YL5W |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,333 | 3,382 | 16,833 | 13,118 | 29,691 | S100TXBR, S100W6DA, S100YL5W |
| Total assets | 12,487 | 7,193 | 27,033 | 27,189 | 47,705 | S100R829, S100TXBR, S100W6DA, S100YL5W |
| Net assets | 8,832 | -2,348 | 9,745 | 7,008 | 15,173 | S100TXBR, S100W6DA, S100YL5W |
| Share capital | 100 | 93 | 7,776 | 11,542 | 20,720 | S100R829, S100TXBR, S100W6DA, S100YL5W |
| Property, plant and equipment | 131 | 142 | 2,463 | 4,859 | 7,218 | S100R829, S100TXBR, S100W6DA, S100YL5W |
| Intangible assets excluding goodwill | 57 | 66 | 73 | 89 | 55 | S100R829, S100TXBR, S100W6DA, S100YL5W |
| Current assets | 11,773 | 5,731 | 21,785 | 19,068 | 34,385 | S100R829, S100TXBR, S100W6DA, S100YL5W |
| Current liabilities | 2,964 | 4,124 | 10,503 | 3,855 | 5,697 | S100R829, S100TXBR, S100W6DA, S100YL5W |
| Short-term borrowings | 1,483 | 1,383 | 5,980 | — | 3,090 | S100R829, S100TXBR, S100W6DA, S100YL5W |
| Long-term borrowings | 680 | 5,396 | 6,538 | 16,096 | 26,354 | S100R829, S100TXBR, S100W6DA, S100YL5W |
| Total liabilities | 3,656 | 9,540 | 17,288 | 20,182 | 32,531 | S100R829, S100TXBR, S100W6DA, S100YL5W |
| Equity attributable to owners of parent | 8,875 | -2,523 | 10,475 | 6,082 | 16,271 | S100R829, S100TXBR, S100W6DA, S100YL5W |
| Retained earnings | -3,984 | -11,172 | -4,983 | -16,928 | -25,080 | S100R829, S100TXBR, S100W6DA, S100YL5W |
| Treasury stock | — | — | -0 | -0 | -0 | S100W6DA, S100YL5W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 62% | S100YL5W |
| Property, plant and equipment | 15% | S100YL5W |
| Intangibles and goodwill | 0% | S100YL5W |
| Other assets | 23% | S100YL5W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 68% | S100YL5W |
| Equity | 32% | S100YL5W |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,487 | 7,193 | 27,033 | 27,189 | 47,705 |
| Equity | 8,832 | -2,348 | 9,745 | 7,008 | 15,173 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,333 | 3,382 | 16,833 | 13,118 | 29,691 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 218.3% | S100YL5W |
| Fixed assets ÷ total assets | 15.1% | S100YL5W |
| Goodwill ÷ parent equity | — | —, S100YL5W |

### 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) | 62.2% |
| Cash ÷ revenue | 897.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -5,416 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 62.6% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -32.5% | —× | — | S100R829 |
| 2023 | — | —× | -115.8% | —× | — | S100TXBR |
| 2024 | — | —× | -13.8% | —× | — | S100W6DA |
| 2025 | — | —× | -44.1% | —× | — | S100YL5W |
| 2026 | — | —× | -21.8% | —× | — | S100YL5W |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 袴田 武史 | Major shareholder | 8.2% | 2026-03-31 |
| 高砂熱学工業株式会社 | Major shareholder | 4.8% | 2026-03-31 |
| JICVGIオポチュニティファンド１号投資事業有限責任組合 | Major shareholder | 4.4% | 2026-03-31 |
| インキュベイトファンド３号投資事業有限責任組合 | Major shareholder | 4.1% | 2026-03-31 |
| 栗田工業株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 赤浦 徹 | Major shareholder | 2.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505019 （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社日本政策投資銀行 | Major shareholder | 1.9% | 2026-03-31 |
| IF GROWTH OPPORTUNITY FUND １, L.P. （常任代理人 SMBC日興証券株式会社） | Major shareholder | 1.5% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2025/04/01－2026/03/31) | S100YL5W | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL5W,, |
| 有価証券報告書－第15期(2024/04/01－2025/03/31) | S100W6DA | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6DA,, |
| 有価証券報告書－第14期(2023/04/01－2024/03/31) | S100TXBR | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXBR,, |
| 有価証券報告書－第13期(2022/04/01－2023/03/31) | S100R829 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R829,, |

## 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).