# Terra Drone Corporation: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第10期(2025/02/01－2026/01/31) (S100Z0VE)
> Page: https://vizora.meequs.com/en/company/terra-drone
> Retrieved: 2026-09-30T21:18:25.501Z

## Company

Terra Drone, founded in 2016, is a company in Software & SaaS listed on TSE Growth. It has 551 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Terra Drone Corporation |
| Ticker | 278A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/278A.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区南平台町2番17号 |
| Representative (per filing) | 代表取締役社長 德重 徹 |
| Founded | Feb 2016 |
| Share capital | ¥1.66B |
| Employees (consolidated) | 551 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | January |
| Website | terra-drone.net (https://terra-drone.net/) |
| Corporate number | 5011001109543 |
| EDINET | E40060 |
| Industries (Vizora) | Software & SaaS, Aerospace, Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100Z0VE, filed 2026-09-07). As of filing

## Five-axis industry profile

Primary industry: Aerospace (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.3 | 11 |
| Profitability | 40.9 | 11 |
| Efficiency | 65.4 | 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)

- About 87% of Terra Drone's sales come from Drone Solutions Segment, with UAS Traffic Management making up much of the rest.
- It lost about ¥24 for every ¥100 of sales at the operating level.
- Revenue changed +7.8% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.78B |  |
| Operating income | -¥1.14B | Margin -23.9% |
| Net income | -¥2.5B | Margin -52.2% |
| Free cash flow | -¥1.72B |  |
| Largest business | Drone Solutions Segment | of segment revenue 87.0% |
| Employees (consolidated) | 551 |  |
| EPS | ¥-325.99 |  |
| Book value per share | ¥508.98 |  |
| Equity ratio | 69.7% |  |
| Shares outstanding | 9,718,000 |  |
| Shareholders | 7,495 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 25.8% | Cash ÷ revenue 37.4% |
| Vs. industry median margin | -2 pp | Aerospace |
| ROA | -31.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 24 per ¥100 of revenue
- FY2026, cash is 26% of total assets

## What changed in 2 years

| Metric | FY ending Jan 2024 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2963323000 | ¥4782585000 | +61.4% |
| Operating income | ¥-243072000 | ¥-1143791000 | — |
| Operating margin | -8.2% | -23.9% | -15.7 pp |
| Employees | 548 people | 551 people | +0.5% |
| Cash and equivalents | ¥5008666000 | ¥1788633000 | -64.3% |

### Change in segment revenue mix

Span: FY ending Jan 2024 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ドローンソリューションセグメント → ドローンソリューションセグメント | 87.0% |
| ドローンソリューションセグメント → 事業再編・廃止 | 1.1% |
| 運航管理セグメント → 運航管理セグメント | 11.9% |
| 新設・再編 → 運航管理セグメント | 1.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,783 | 100.0% | S100Z0VE |
| Cost of revenue | 2,470 | 51.6% | S100Z0VE |
| Gross profit | 2,313 | 48.4% | S100Z0VE |
| SG&A | 3,457 | 72.3% | S100Z0VE |
| Operating income | -1,144 | -23.9% | S100Z0VE |
| Ordinary income | -1,285 | -26.9% | S100Z0VE |
| Pretax income | -2,824 | -59.0% | S100Z0VE |
| Income tax | 19 | 0.4% | S100Z0VE |
| Net income | -2,843 | -59.4% | S100Z0VE |
| Net income attributable to owners | -2,498 | -52.2% | S100Z0VE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 72 |
| Operating income | -24 |
| (Ref.) Net income | -52 |

### Margin funnel

Gross margin 48.4% → Operating margin -23.9% → Net margin -52.2%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,436 | 4,783 | 347 | +7.8% |
| Gross profit | 2,292 | 2,313 | 21 | +0.9% |
| Operating income | -627 | -1,144 | -517 | — |
| Net income attributable to owners | -475 | -2,498 | -2,023 | — |
| Operating cash flow | -928 | -716 | 211 | — |
| Free cash flow | -1,823 | -1,717 | 106 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2024 | 2,963 | -243 | -8.2% | -354 | -16 | -519 | S100WBAQ |
| FY ending Jan 2025 | 4,436 | -627 | -14.1% | -475 | -928 | -1,823 | S100Z0VE |
| FY ending Jan 2026 | 4,783 | -1,144 | -23.9% | -2,498 | -716 | -1,717 | S100Z0VE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥8.7M |
| Operating income per employee (consolidated) | -¥2.1M |
| Net income per employee (consolidated) | -¥4.5M |

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

| History | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 548 | 618 | 551 |
| Average salary (parent company) | — | ¥4.8M | ¥5M |
| Average age (parent company) | — | 32.7 years | 33.0 years |
| Average tenure (parent company) | — | 1.9 years | 2.4 years |

Year over year: Employees (consolidated) -10.8% · Revenue (consolidated) +7.8%

## Segments（FY ending Jan 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Drone Solutions Segment | 4,163 | 87.0% | -435 | -10.4% |
| UAS Traffic Management | 620 | 13.0% | -709 | -114.4% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Margin |
| --- | ---: | ---: |
| Drone Solutions Segment | 87.0% | -10.4% |
| UAS Traffic Management | 13.0% | -114.4% |

Loss-making segment (excluded from profit shares): Drone Solutions Segment -435 JPY mn

Loss-making segment (excluded from profit shares): UAS Traffic Management -709 JPY mn

Segment → industry: UAS Traffic Management → Software & SaaS / Drone Solutions Segment → Aerospace / Drone Solutions Segment → Disaster Prevention & Infrastructure Maintenance

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -716 | -15.0% | S100Z0VE |
| Capital expenditure | 1,000 | 20.9% | S100Z0VE |
| Free cash flow | -1,717 | -35.9% | 算出 |
| Investing cash flow | -1,718 | -35.9% | S100Z0VE |
| Financing cash flow | 5 | 0.1% | S100Z0VE |
| Change in cash | -2,357 | -49.3% | S100Z0VE |
| Cash and equivalents | 1,789 | 37.4% | S100Z0VE |

## 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 Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,009 | 4,146 | 1,789 | S100Z0VE |
| Total assets | 7,133 | 8,931 | 6,935 | S100WBAQ, S100Z0VE |
| Net assets | 5,045 | 7,145 | 5,009 | S100Z0VE |
| Share capital | 100 | 1,349 | 1,657 | S100WBAQ, S100Z0VE |
| Property, plant and equipment | 440 | 937 | 745 | S100WBAQ, S100Z0VE |
| Intangible assets excluding goodwill | 338 | 447 | 499 | S100WBAQ, S100Z0VE |
| Goodwill | — | — | 62 | S100Z0VE |
| Investment securities | 95 | 1,243 | 807 | S100WBAQ, S100Z0VE |
| Current assets | 6,149 | 6,186 | 4,626 | S100WBAQ, S100Z0VE |
| Current liabilities | 940 | 1,175 | 1,691 | S100WBAQ, S100Z0VE |
| Short-term borrowings | — | 10 | — | S100Z0VE |
| Long-term borrowings | 954 | 431 | — | S100WBAQ, S100Z0VE |
| Total liabilities | 2,088 | 1,786 | 1,926 | S100WBAQ, S100Z0VE |
| Non-controlling interests | 504 | 372 | 135 | S100WBAQ, S100Z0VE |
| Equity attributable to owners of parent | 4,493 | 6,516 | 4,637 | S100WBAQ, S100Z0VE |
| Retained earnings | -1,338 | -1,813 | -4,311 | S100WBAQ, S100Z0VE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100Z0VE |
| Property, plant and equipment | 11% | S100Z0VE |
| Intangibles and goodwill | 8% | S100Z0VE |
| Investment securities | 11% | S100Z0VE |
| Other assets | 44% | S100Z0VE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100Z0VE |
| Equity | 72% | S100Z0VE |

### Balance sheet history

| Metric | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 7,133 | 8,931 | 6,935 |
| Equity | 5,045 | 7,145 | 5,009 |
| Interest-bearing debt | — | — | — |
| Cash | 5,009 | 4,146 | 1,789 |

## 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) | 15.6% | S100Z0VE |
| Fixed assets ÷ total assets | 10.7% | S100Z0VE |
| Goodwill ÷ parent equity | 1.3% | S100Z0VE |

### 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) | 25.8% |
| Cash ÷ revenue | 37.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,781 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 20.9% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | — | —× | -5.0% | —× | — | S100WBAQ |
| 2025 | — | —× | -5.9% | —× | — | S100Z0VE |
| 2026 | — | —× | -31.5% | —× | — | S100Z0VE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| テラ株式会社 | Major shareholder | 39.7% | 2026-01-31 |
| 德重徹 | Major shareholder | 13.6% | 2026-01-31 |
| SAUDI ARAMCO ENTREPRENEURSHIP VENTURES COMPANY LIMITED(常任代理人 ＳＭＢＣ日興証券株式会社) | Major shareholder | 4.7% | 2026-01-31 |
| SBI4&5投資事業有限責任組合 | Major shareholder | 2.3% | 2026-01-31 |
| VLI－SAベンチャーファンド２号投資事業責任組合 | Major shareholder | 1.6% | 2026-01-31 |
| ナントCVC2号投資事業有限責任組合 | Major shareholder | 1.3% | 2026-01-31 |
| SBI4&5投資事業有限責任組合２号 | Major shareholder | 1.3% | 2026-01-31 |
| ファーストブラザーズ株式会社 | Major shareholder | 1.1% | 2026-01-31 |
| 神取弘太 | Major shareholder | 1.0% | 2026-01-31 |
| 関鉄平 | Major shareholder | 1.0% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第10期(2025/02/01－2026/01/31) | S100Z0VE | 2026-09-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z0VE,, |
| 訂正有価証券報告書－第9期(2024/02/01－2025/01/31) | S100WBAQ | 2025-07-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WBAQ,, |

## 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).