Investment Thesis
Only Japan space pure-play with company-guided FY2026 profit: revenue ¥4.0B (+148% YoY), net income ¥500M, EPS ¥10.33 (filing 2026-04-13). SAR constellation scaling to 36 satellites; seven dedicated Rocket Lab Electron launches booked through 2026+. Low leverage (D/E 0.55x, equity ratio 65%). Near-real-time SAR imagery is a scarce resource for disaster response + defence monitoring — gov't of Japan already a selected user.
Risk
1) Forward PE 255x (¥2,630 price / ¥10.33 forecast EPS) — profit priced in. 2) Dependence on Rocket Lab launch cadence; any Electron delay pushes revenue. 3) Guidance slippage risk — company has missed revenue targets previously. 4) Corporate name change (5595.T → 464A.T Apr 2025) still causing data-source confusion.
Monitoring Trigger
FY2026 full-year results (est. Jun 2026) vs ¥4.0B rev / ¥500M NI guide. If net income tracks >¥400M, HOLD. If guidance missed by >30%, TRIM. Also watch Rocket Lab launch manifest — if Electron delays push 2+ QPS missions past FY2026, flag.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| QPS-SAR imagery | ¥1.6B | 100% | Near-real-time SAR data; government, commercial, disaster monitoring |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | Government of Japan (cabinet) | Near-real-time SAR imagery | Selected user for disaster monitoring per Japan gov press release 2024-11 |
| confirmed | Rocket Lab (supplier) | Electron launch services | 7 total Electron launches booked; 3 new missions announced 2025 not-earlier-than 2026 |
| probable | International commercial / defence | SAR imagery | Constellation building out to 36 satellites |