Slides
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ispace Tokyo Stock Exchange Growth Market - listed ( Ticker : 9348.T ) Financial Results Q1 Fiscal Year Ending March 2027 August 7 , 2026
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CONTENTS 01. Executive Summary 03. Financial Highlights 04. Appendix 02. Business Highlights
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01. Executive Summary 02. Business Highlights 03. Financial Highlights 04. Appendix Executive Summary 01.
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4Executive Summary Executive Summary of Q1 Fiscal Year Ending March 2027 Cislunar National Security CP-12 has ended. In light of strong demand in Japan, the U.S. and Europe, ispace continues M5 targeting lunar landing mission in 2029 Leverage a 500 kg payload allocation aboard SpaceX’s Starship, scheduled for launch in 2030, and begin offering a “Mobile Cargo System” that supports payloads through lunar surface operations Signed a launch services agreement with Mitsubishi Heavy Industries for Mission 3 aboard the H3 launch vehicle. ULTRA and H3 will form a self-reliant Japanese lunar transportation system Lunar Infra- structure Starship (MCS) H3 Launch Vehicle Mission 2.5 is planned for launch as early as 2027 to capture cislunar national security demand, including space situational awareness, as well as growing communications needs driven by full-scale lunar development M2.5 Satellite Japan: Public- Private Investment ¥5.6 trillion U.S. NASA: CLPS2.0 Europe ESA: Independent Lunar Program Common Platform for Japan, U.S. and Europe LunaNet U.S. I G N I T I O N Catalyst Regional Landscape Field ispace Initiatives Mission Progress and Finance • Net assets: ¥8.6bn as of June 2026 • Cash: Liquidity remains relatively stable Asahi Shinkin Bank: ¥1.0bn borrowed in April Finance • Commercial: Project revenue: ¥32.6bn Space Strategy Fund: ¥20.0bn, partial grant awarded ESA MAGPIE Phase2: ¥12.0bn, contract signed Other: ¥0.6bn • Development: Basic design phase commenced • Commercial: Project revenue: ¥18.7bn SBIR grant: ¥12.0bn (1) Other: ¥6.7bn (1), including JALUX collaboration • Development: Vibration and acoustic testing completed M4 M3 (1) As of August 7, 2026. Converted to JPY using the TTM rate at the end of August 2025. Figures rounded down to the nearest whole number (2) The amount may change depending on future stage-gate reviews and other factors, and there is no assurance that the full amount will be received. (3) As of August 7, 2026. Converted into USD using the TTM exchange rate at the end of June 2026. Figures are rounded down. Strategy: Capture both “INFRASTRUCTURE" and “NATIONAL SECURITY” needs ULTRA
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01. Executive Summary 02. Business Highlights 03. Financial Highlights 04. Appendix Business Highlights 02.
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6NASA – THE MOON BASE / CLPS 2.0 NASA unveils “IGNITION” to accelerate lunar investment(1) • NASA plans 21 lunar landing missions from 2026 to 2028 and a total of 73 by 2036 (1) • NASA plans to award multiple contracts annually, primarily through CLPS, covering scientific and technology demonstrations, infrastructure and logistics for Moon Base development, and large payload transportation (3) In March 2026, NASA announced “IGNITION” to accelerate lunar development (1), marking a shift toward full-scale development of lunar infrastructure. A new commercial lunar payload services program “CLPS 2.0” (2) also launched (1) https://www.nasa.gov/wp-content/uploads/2026/03/building-the-moon-base-1.pdf?emrc=69f4070e9ffb6 (2) Commercial Lunar Payload Services (3) https://sam.gov/api/prod/opps/v3/opportunities/resources/files/01318adadfcf4f9e9ed375dae81a1f51/download CLPS (2) 2.0 launched with a US$10–15 billion contract ceiling (3) • Current CLPS is a NASA program to procure commercial lunar payload transportation services through 2028, with a budget of up to US$2.6 billion • New CLPS 2.0 extends the program through 2041, with an aggregate contract ceiling of US$10 billion, potentially rising to US$15 billion (3) Credit:NASA Credit:NASA 2.0
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7Strengthening ispace-U.S. Lunar mission realignment following the end of CP-12 and IGNITION (2) • Following the termination of the NASA–Draper contract, the CLPS CP-12 contract between Draper and ispace-U.S. is also expected to end, as disclosed on July 15, 2026 (3) • NASA is reassessing its lunar landing missions under IGNITION • No refunds or other payments are expected from the contract termination. The unrecognized contract backlog of approximately $27Mn is also expected to be eliminated (3) Bretton Alexander appointed EVP of Business Development at ispace-U.S. (1) • Served in senior roles including Senior Policy Analyst at the White House Office of Science and Technology Policy under multiple administrations and Chief Revenue Officer at a commercial space companies • Strengthen ispace-U.S.’s sales and business development capabilities and advance its participation in the rapidly accelerating U.S. lunar mission market Bretton Alexander, with White House policy experience across multiple administrations and CRO experience in thecommercial space sector, was appointed EVP to strengthen U.S. sales capabilities to address the rapidly accelerating lunar missions in the U.S. (1) (1) Please refer to the press release issued on June 2, 2026 for details. (2) https://www.nasa.gov/ignition/ (3) Please refer to the timely disclosure released on July 15, 2026 for details. Credit:NASA CLPS Task Order: CP-12 Expected to End Bretton Alexander, Executive Vice President of Business Development with Elizabeth Kryst, CEO of ispace-U.S.
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8Future Mission Opportunities JAXA FundMETI SBIR ispace Milestones JAXA Fund ESA MAGPIE Mission planning for 2029 and beyond is underway, targeting strong opportunities across Japan, the U.S. and Europe (1) https://www.nasa.gov/wp-content/uploads/2026/03/building-the-moon-base-1.pdf?emrc=69f4070e9ffb6 (2) https://www.cas.go.jp/jp/seisaku/nipponseichosenryaku/kaigi/dai5/shiryou3.pdf (3) https://www.esa.int/Science_Exploration/Human_and_Robotic_Exploration/Exploration/Argonaut_Europe_s_lunar_lander_prog ramme ... New Mission Opportunities from 2029 Onward Launch of CLPS 2.0 and plans for more than 70 lunar landings by 2036(1) ¥5.6 trillion under Japan’s 17-sector investment roadmap(2) Europe’s independent lunar lander program (3) by ESA (2029) M4 (2028) M3 (2030) (2030)(2027) M2.5 (2029) M5
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9Expanding Lunar Mission Opportunities in Europe ESA shifts lunar strategy following the cancellation of Gateway • Following NASA’s cancellation of Gateway, the planned lunar-orbit space station involving multiple countries(1), ESA and other partners are being forced to reassess their lunar strategies(2) (3) Europe moves to secure independent lunar access • With infrastructure transport needed for sustained lunar activity, ESA may accelerate efforts to secure independent lunar access • Over the medium term, ESA is advancing plans for an independent European lunar lander program, with repeat missions planned every two to three years (4) NASA’s cancellation of the Gateway program is prompting ESA to shift its lunar strategy, while Europe’s Independent lunar lander program continues to move forward The Gateway Credit:ESA Credit:ESA (1) https://www.nasa.gov/news-release/nasa-unveils-initiatives-to-achieve-americas-national-space-policy/?utm_source (2) https://europeanspaceflight.com/esa-details-next-steps-for-agencys-gateway-contributions/ (3) https://www.esa.int/Newsroom/Press_Releases/Key_outcomes_of_the_347th_ESA_Council_meeting (4) https://www.esa.int/Science_Exploration/Human_and_Robotic_Exploration/Exploration/Argonaut_Europe_s_lunar_lander_prog ramme Credit:ESA Gateway Program Paused
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10Japanese Government Demand in Lunar Development In July, the Cabinet approved Japan’s Growth Strategy, designating lunar exploration and LEO technologies as priorities under the 17 strategic sectors, with ¥5.6 trillion in planned public-private investment(2) U.S. seeks Japan’s cooperation in building a lunar base(1) • Global lunar development competition is expected to intensify, led by the U.S. and China, with future access to lunar resources in view (1) • During Prime Minister Takaichi’svisit to the United States in March, the U.S. requested Japan’s cooperation in developing a lunar base(1) • The strategy targets ¥18.5 trillion in public-private aerospace investment, including ¥5.6 trillion for lunar exploration and LEO technologies(2) • The investment includes support for the development, manufacturing, and demonstration of transportation systems and other equipment underpinning lunar activities and space infrastructure (2) Lunar exploration and LEO designated as strategic technologies(2) Prime Minister Takaichi’s visit to the U.S. in March 2026 Credit:Reuters Japan Growth Strategy: Aviation & Space(2) Investment by 2040 Civil aircraft ¥3.5 trillion Unmanned aircraft ¥0.3 trillion Flying cars ¥0.4 trillion Rockets / launch sites ¥2.3 trillion Satellites / services ¥6.4 trillion Lunar exploration / LEO tech. ¥5.6 trillion Aviation & space total ¥18.5 trillion (1) https://www.cas.go.jp/jp/seisaku/nipponseichosenryaku/kaigi/dai5/shiryou3.pdf (2) https://www.cas.go.jp/jp/seisaku/nipponseichosenryaku/pdf/rm2026sankou.pdf
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11Japanese Government Demand in Lunar Development CEO Hakamada briefs Minister for Space Policy Onoda on ispace’s business • At SPACETIDE 2026, Japan’s largest space conference, CEO Hakamada briefed Minister Onoda on ispace’s business • CEO Hakamada explained the national security role of lunar activities and ispace’s related initiatives CFO Nozaki and ispace EU CEO Lamamy introduce European operations to Minister Hayashi(1) • A Japanese delegation led by Minister for Internal Affairs and Communications Hayashi visited ispace EUROPE’s headquarters in Luxembourg • CFO Nozaki presented MAGPIE, a Japan–Europe collaboration project, followed by a tour of the European engineering site ispace further strengthened ties with the Japanese government through business briefings and discussions with key members of the Takaichi administration Minister of State for Space Policy Kimi Onoda visiting the ispace booth at SPACETIDE 2026 (1) Please refer to the press release issued on May 11, 2026 for details. Japan’s delegation visiting with ispace executives at ispace-EUROPE facility.
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12Recent Mission Progress JAXA FundMETI SBIR ispace Milestones JAXA Fund ESA MAGPIE M2.5, a lunar-orbit satellite deployment mission, and M3 and M4, lunar landing missions using landers, are scheduled for 2027–2029 and progressing steadily in both development and sales (1) https://www.nasa.gov/wp-content/uploads/2026/03/building-the-moon-base-1.pdf?emrc=69f4070e9ffb6 (2) https://www.cas.go.jp/jp/seisaku/nipponseichosenryaku/kaigi/dai5/shiryou3.pdf (3) https://www.esa.int/Science_Exploration/Human_and_Robotic_Exploration/Exploration/Argonaut_Europe_s_lunar_lander_prog ramme ... New Mission Opportunities from 2029 Onward Launch of CLPS 2.0 and plans for more than 70 lunar landings by 2036(1) ¥5.6 trillion under Japan’s 17-sector investment roadmap(2) Europe’s independent lunar lander program (3) by ESA (2029) M4 (2028) M3 (2030) (2030)(2027) M2.5 (2029) M5
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13Mission 3/4 Overview Mission3 2028 Launch Planned(1) METI SBIR Mission M3 Overview Mission4 2029 Launch Planned(2) JAXA SSF2 Mission M4 Overview TM • Aiming to establish commercial lunar transportation services from Japan • METI SBIR program: up to $81Mn(3) • Institute of Science Tokyo: up to $32Mn(4) • Others total $14Mn(3) : TASA, UEL, JALUX, CDS *Magna Petra (approx. $22Mn) shifted to M4 or later • Launch planned for 2028(1) • Aiming for high-precision landing in the lunar polar region • JAXA Space Strategy Fund: up to $136Mn(5) • MAGPIE Phase 2: total of $74Mn(6) • University of Leicester: total of $4Mn(6) • Launch planned for 2029(2) Size: Approx. 3.6m tall x 3.3m wide Mass: Approx. 4.0t (wet: fully fueled) Approx. 1.0t (dry: unfueled) Payload capacity: up to 200 kg Satellite • Planned to deploy a satellite into lunar orbit Satellite • Planned to deploy two satellites into lunar orbit Rover • Planned to transport the micro rover following M2 Rover • Planned to develop and transport a small rover for ESA as MAGPIE project Total project revenue: $127Mn(3) Total project revenue: $214Mn(3) (1) The launch was originally agreed with the Ministry of Economy, Trade and Industry and the SBIR Secretariat to take place by the end of 2027. However, as of August 7, 2026, based on ispace’sinternal development plan, the launch is expected to take place by the end of 2028. This change is currently being coordinated with the relevant ministries, agencies and the SBIR Secretariat, and the revised plan will be formally approved following approval by the Ministry of Economy, Trade and Industry. (2) The mission and schedule are based on assumptions as of August 7, 2026, and are subject to change. (3) As of August 7, 2026. Contracts scheduled to be executed by November 2025 were converted into USD using the TTM exchange rateat the end of August 2025. Contracts thereafter were converted using the month-end TTM exchange rate for the month in which each contract was executed. Figures are rounded down. (4) Of the approximately $43Mn in funding awarded to Institute of Science Tokyo, the $32Mn shown represents the estimated amount to be received by ispace based on the proposal submitted by the university to JAXA. The amount may change depending on stage-gate evaluations and other factors, and there is no assurance that the full amount will be contracted. (5) The amount may change depending on future stage-gate reviews and other factors, and there is no assurance that the full amount will be received. (6) As of August 7, 2026. Converted into USD using the TTM exchange rate at the end of June 2026. Figures are rounded down. (7) The image design is subject to change.
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14METI SBIR Mission 3 Progress • Mitsubishi Heavy Industries achieved a 98% launch success rate with the H-IIA and aims to further enhance international competitiveness through its successor, the next-generation H3 flagship rocket • The Japan-developed ULTRA lander and H3 rocket will establish an autonomous lunar transportation system for Japan • Building on this agreement, ispace will also consider strengthening collaboration beyond transportation services, including future lunar infrastructure development and related technology areas H3 launch services agreement signed with Mitsubishi Heavy Industries(1) For M3, ispace signed a launch services agreement with Mitsubishi Heavy Industries for the ULTRA lander aboard the H3. The combination of Japan’s flagship H3 rocket and ULTRA will establish Japan’s independent access to the Moon (1) Please refer to the press release issued on July 29, 2026 for details.
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15METI SBIR Mission 3 Progress • JALUX and ispace signed a payload transportation services agreement for Mission 3, ispace’s lunar landing mission scheduled for 2028 • Japan Airlines (JAL) and JALUX will work with regions and companies across Japan to solicit items reflecting contemporary culture, including local specialties and representative products • Under the “ARGO PROJECT - A rk Relaying for Generations Onward,” these cultural assets will be preserved on the Moon, protected from Earth’s environment, and passed on to future generations until they are opened JAL launches the world’s first lunar transportation service by an airline(1) Image of the “Möbius Ark” lunar transportation box Through collaboration with the JAL Group, ispace is developing commercial payload demand for M3. The JAL Group will solicit payloads from regions and companies across Japan, with the ULTRA lander providing transportation to the lunar surface Image of the lunar cargo transport box “Möbius Ark.” (1) Please refer to the press release issued on May 26, 2026 for details.
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16 (1) A model used to finalize the lander’s structural design (2) A model to be actually launched • Vibration and acoustic testing of the structural model (1) was successfully completed • Following PDR and CDR, manufacturing of the ULTRA lander flight model is scheduled to begin • A shareholder tour under the shareholder benefit program is scheduled for August 2026 For M3, scheduled for launch in 2028, vibration and acoustic testing of the ULTRA lander structural model(1) was successfully completed. Development remains on track for flight model(2) manufacturing to begin this winter Photo of the ULTRA lander during vibration testing, under development with METI SBIR program support METI SBIR Mission 3 Progress On track to begin flight model (2) manufacturing Photo taken during vibration testing of the ULTRA lander, currently under development with support from METI’s SBIR program.
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17 • Following selection in January 2026, the grant award has now been officially approved • The maximum funding amount is ¥20.0 billion • The project will advance technologies for high-precision landing near the lunar south pole and support payload operations in polar regions using a communications relay satellite Space Strategy Fund grant approved(1) JAXA SSF2 Mission 4 Progress Grant approval was received for the Space Strategy Fund Phase 2 project, “High-Precision Landing Technology in the Lunar Polar Regions,” with funding of up to ¥20.0 billion (1). Through M4, scheduled for launch in 2029, ispace aims to achieve a high-precision landing near the lunar south pole (1) Please refer to the timely disclosure issued on August 7, 2026 for details. Up to ¥20.0B (Grant approval notice received)
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$74Mn(2) (MAGPIE Phase 2 contracts completed) 18 • In July 2026, ispace EUROPE signed a $74Mn contract with ESA for Mission 4 • MAGPIE – The Mission for Advanced Geophysics and Polar Ice Exploration - has advanced to Phase 2 • The mission will be carried by a lander supported by Japan’s Space Strategy Fund, symbolizing JAXA - ESA collaboration ispace completed a $74Mn MAGPIE contract with ESA. Through M4, scheduled for launch in 2029, the project aims to conduct Europe’s first rover-based ice exploration mission in the lunar polar regions MAGPIE Phase 2 contract signed with ESA (1) Photo of the European Space Agency (ESA) delegation visiting ispace’s new Tokyo office JAXA SSF2 Mission 4 Progress (1) Please refer to the press release issued on July 24, 2026 for details. (2) As of Aug. 7, 2026. Converted to USD using the TTM rate at the end of Jun. 2026. Figures rounded down.
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Starship payload slot for 500 kg (SpaceX) Integrated lunar access and operations capabilities (ispace) Strengthening SpaceX Collaboration – Addressing Lunar Operations Support Needs that Grow with High-Capacity Transportation – Starship targeting a lunar landing as early as 2030 Securing 500 kg of capacity and beginning sales for smaller payloads Providing the service through the development of a dedicated “Mobile Cargo System”
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Cargo Integration Starship Integration Lunar OperationsLunar TransportationMission / Payload Design Organize payload requirements, support mission studies, etc. Integrate multiple payloads, quality management, etc. Interface coordination with Starship Lunar transportation and deployment by Starship Payload deployment on the Moon, lunar mobility, access to other infrastructure Leveraging Starship, ispace will evolve into a “Lunar Access Integrator,” providing end-to-end integration, transportation and operations services from Earth to the lunar surface Earth Strengthening SpaceX Collaboration – ispace’s Role – Japan / Asia Europe America Middle East (1) Please refer to the press release issued on July 8, 2026 for details. Credit:SpaceX
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21Strengthening SpaceX Collaboration – Creating Small Payload Demand – Relatively small (<500 kg) Medium to large (500 kg or more) Existing relatively small demand, including scientific instruments and rovers Medium-to-large payloads, including scientific instruments and crewed equipment, are taking shape Creation of new small payload demand for large-scale infrastructure support and expanded demonstration / development purposes Creation of medium-to-large infrastructure demand for large equipment and systems Transportation market ispace will capture through ULTRA and Starship New Market Created by Super-Heavy-Lift Rockets In addition to existing lunar transportation demand, ispace aims to capture new demand for small payloads created by the emergence of Starship, a super-heavy-lift launch vehicle 2030 onward Near term 3 2 4 1 (1) Please refer to the press release issued on July 8, 2026 for details.
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22Strengthening SpaceX Collaboration – Positioning ULTRA and Starship – As a new addition to ispace’s business portfolio, lunar transportation services using Starship are planned alongside the ULTRA lander to complement customer needs Target Needs Destination Lunar transportation services utilizing the ULTRA lander Lunar transportation services utilizing Starship Early access to new exploration areas, Customized missions tailored to customer requirements Ultra-large infrastructure transportation to major lunar hubs, etc. New exploration areas / periphery of major lunar hubs Major lunar hubs High-value, flexible customer design High-capacity, low-cost advantagesFeatures (1) Please refer to the press release issued on July 8, 2026 for details.
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23 As lunar development advances, national security issues are expanding into cislunar space Led by the U.S., discussions are advancing to recognize cislunar space—the region between Earth and the Moon—as a critical national security domain(1) (5). The focus is shifting from transportation to communications and space situational awareness (SSA) Transport(4) Lunar transportation / orbital transfer Connect(3) Communications, positioning and navigation Monitor(2) Cislunar space situational awareness(SSA) and monitoring (1) https://www.whitehouse.gov/presidential-actions/2025/12/ensuring-american-space-superiority/ (2) https://www.spaceforce.mil/Portals/2/Documents/SAF_2026/OFD_2040_Baseline_Final.pdf (3) https://space.commerce.gov/white-house-releases-national-cislunar-st-strategy/ (4) https://www.ssc.spaceforce.mil/Newsroom/Article -Display/Article/3312018/space-systems- command-looking-to-expand-on-orbit-abilities-with-new-mission-are (5) https://www8.cao.go.jp/space/comittee/27-anpo/anpo-dai67/siryou2.pdf Cislunar Space - the space extending from Earth to the Moon - Cislunar space refers to the region extending from beyond geostationary orbit, where many satellites orbit Earth (approx. 36,000 km altitude), to the Moon (approx. 380,000 km away). This vast region is more than 10 times farther in distance and over 1,000 times larger in spatial extent than the area around geostationary orbit.
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Japan, the U.S. and Europe are advancing interoperability in lunar communications and navigation through LunaNet. Public- private projects are taking shape, driving the development of a commercial lunar-orbit infrastructure market(1) (2) (3) (4) (5) Global Progress in Lunar-Orbit Infrastructure as Lunar Development Accelerates 24 (1) https://www.nasa.gov/directorates/somd/space-communications-navigation-program/lunanet-interoperability-specification/ (2) https://www.nasa.gov/news-release/nasa-selects-four-commercial-companies-to-support-near-space-network/ (3) https://explorers.larc.nasa.gov/HPSMEX22/pdf_files/11_HEP22PPC_SCaN_Overview_Hayes.pdf (4) https://www.esa.int/Newsroom/Press_Releases/ESA_launches_Moonlight_to_establish_lunar_communications_and_navigation_infrastructu re (5) https://ioag.org/Cislunar%20PNT%20Workshop/1b.%20Overview%20of%20Lunar%20PNT%20Frameworks%20%26%20Systems%20%28Part%20II%29/0 1%20Japan%20Lunar%20Navigation%20Satellite%20System%20%28LNSS%29%20and%20Its%20Contribution%20Towards%20LANS_Masaya_Murata_pu blic.pdf NSN / LCRNS (2) (3) Moonlight (4) LNSS (5) U.S. | Commercial cislunar communications infrastructure EU | Lunar communications/navigation demo & ground stations Japan | Lunar-orbit navigation & communications services ・Provides communications and navigation services from near-Earth to cislunar space, up to approximately 2 million km ・LCRNS will be integrated into the NSN once operational ・LEGS ground stations in the U.S., South Africa and Australia will provide continuous lunar coverage Credit:NASA ・Public-private partnership between ESA and European companies to deploy lunar communications and navigation satellites and dedicated ground stations ・Prioritizes lunar south pole coverage Credit SSTL/Airbus ・Plans to deploy a satellite into lunar orbit and demonstrate interoperability with NASA and ESA lunar navigation systems ・Participating in the development of LNSS, a lunar navigation service interoperable with U.S. and European navigation satellites Credit:JAXA LunaNet(1) Interoperability specifications jointly developed by NASA, ESA and JAXA for communications, navigation and timing services en route to and around the Moon Common Framework (International framework) Public-Private Projects by Region
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25Mission 2.5 Overview Hardware Mission Overview Outlook Relay communication satellite • Plans to deploy one relay communication satellite in lunar orbit • Data services for new customers are also planned • Size: Approx. 1.6 m tall by 0.78 m wide by 1.0 m long • Mass: Approx. 150 kg As lunar development accelerates, demand for communications and navigation infrastructure in lunar orbit is rising. Through Mission 2.5, ispace plans to deploy a satellite into lunar orbit as early as 2027 and advance the demonstration and commercialization of in-orbit services (Launch planned as early as 2027(1) using third-party transportation infrastructure) Mission 2.5Overview • Plan to launch one proprietary lunar-orbit satellite as Mission 2.5 as early as 2027 • Anticipating growing demand for communications and navigation as lunar development accelerates, ispace is advancing its lunar-orbit satellite infrastructure • Plan to deploy at least five proprietary satellites into lunar orbit by 2030 • In addition to the Lunar Connect Service for communications and navigation, ispace is considering data services including observation and space situational awareness (SSA) • ispace signed an MOU with KDDI to jointly explore satellite-based communications and navigation services • Demand for services using lunar-orbit satellites is expected to create an annual market of more than ¥450 billion in the 2040s (2) (1) This is the mission and schedule as of August 7, 2026, and is subject to change (2) Based on information from the U.S. concept study (Luna-10), we have calculated estimates for communication services (projected communication rate demand in the 2040s(Gbps) and projected unit price) and positioning services (projected number of positioning nodes (users) in the 2040s and projected unit price), as well as observation and SSA services (based on the number of contracts and unit prices anticipated for the provision of these services in the 2040s)
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26KPI -Sales (1) As of August 7, 2026. Amounts for contracts originally scheduled to be executed by November 2025 were converted into JPY using the TTM rate as of August 31, 2025; subsequent contracts use the month-end TTM rate for the month of execution. Figures are rounded down. (2) Of the ¥6.4 billion in support awarded to Institute of Science Tokyo, the amount shown is ispace’s estimated share based on the university’s proposal to JAXA. The amount may vary due to stage-gate reviews, and execution of contracts for the full amount is not guaranteed. (3) Backlog is as of June 30, 2026 and was converted into JPY using the TTM rate as of that date. However, if the converted amount exceeds the yen equivalent calculated at the time of contract execution, the latter is used. (4) Converted into JPY using the TTM rate as of August 31, 2025. (5) The amount may vary due to future stage-gate reviews, and receipt of the full amount is not guaranteed. (6) Converted into JPY using the TTM rate as of June 30, 2026. (7) As of August 7, 2026, customers with signed PSAs and grants with confirmed selection or budget allocation are classified as “Secured.”. (8) Converted using the TTM rate as of June 30, 2026. MOUs and interim agreements are not legally binding, and execution of legally binding contracts is not guaranteed. Even if executed, the order value may differ from the amount shown. Of contracted revenue and grants not yet recognized in the P&L, at least $283Mn is expected to be recognized over the next four years and $351Mn over five years. Project revenue this fiscal year will be driven by two Japanese grants Customer/Project Base Contract Value(1) FY2027/3 FY2028/3 FY2029/3 FY2030/3 Mission Launch Timing M3: SBIR Lunar Lander Dev. Approx $81Mn M3 Institute of Science Tokyo Approx $32Mn(2) TASA $8Mn(4) UEL $2.5Mn JAL group $1Mn Control Data Systems SRL $2Mn SSF2 High Precision Landing Approx Max $136Mn(5) MAGPIE Phase2 Approx $74Mn(6) University of Leicester Approx $4.2Mn Magna Petra $22Mn ASI $0.4Mn CY2026 CY2027 CY2028 CY2029 Potential Demand：(MOU and IPSA) - - Total Secured Value: M3 / M4 / Others - Approx $426Mn M3 M5M4 （Approx $56Mn） （Approx $28Mn ） （Approx $4Mn） （Approx $136Mn） （Approx $4.2Mn） （Approx $74Mn） （Approx $2.2Mn） （Approx $1Mn） （Approx $2Mn） （Approx $0.4Mn） （Approx $22Mn） （Approx $318Mn） Potential Demand Approx $616Mn M3 $127 Mn M4 $214 Mn etc. $22 Mn Contracted(7)/Gov. Potential/Gov.(8)Contracted(7)/Private （backlog(3) ）
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27 (2025/1) M2 (2022/12) M1 (2029) M4 (2028) M3 JAXA Fund ESA MAGPIE METI SBIR JAXA Fund Private PrivateMajor Customers and Grants (2027) M2.5 Lunar Surface Deve. infrastr ucture TM Capture growing infrastructure and security demand across Japan, the U.S., and Europe, with lunar orbit and the lunar surface as two growth pillars. Through lunar-orbit satellites and high-frequency transportation using ULTRA and Starship, ispace will build a resilient business platform across cislunar space (2030) Initial Commercial Phase with commercial landers and satellites Mass Production Phase with expected profitability improvement Completed R&D Phase Orbital Transfer Vehicle Lunar-Orbit Satellite Lunar- Orbit infrastr ucture Lunar Lander Rover Starship 500 kg Payload Capacity Mobile Cargo System (2030) (2029) M5 Mission Plan ・・・ ・・・
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01. Executive Summary 02. Business Highlights 03. Financial Highlights 04. Appendix Financial Highlights 03.
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• Project revenue: *Although not yet recognized in the P&L, subsidies of approximately JPY 480 million attributable to Q1 were received in July, equivalent to approximately JPY 640 million in project revenue • Revenue: Revenue decreased year on year. While the prior-year included revenue from Mission 2 and the former Mission 5 (CP-12), revenue in the current fiscal year is expected to be recognized progressively based on the progress of Mission 3 and Mission 4. As planned, Q1 represented a temporary trough in revenue recognition • Gross Profit/Loss: Gross profit decreased year on year, primarily due to the recognition of approximately JPY 3.7 billion in impairment losses in COGS during Q1, related to the consolidation of the U.S. lander models and the engine redesign announced in March 2026 • Net Income/Loss: Net loss increased year on year, primarily due to the impairment losses described above, despite the positive impact of foreign exchange gains. Subsidy income related to the Mission 3 SBIR program and the Mission 4 Space Strategy Fund, scheduled to be received during the current fiscal year, is expected to be recognized as non-operating income in Q4 29 (1) We refer to our pro forma figure—which combines accounting revenue with grant income—as “project revenue”; however, since grant income is not recognized for accounting purposes until the end of the fiscal year, it is not recognized in the first quarter of the current fiscal year . Point: YoY comparison Revenue in Q1 FY2027/3 was seasonally low, with revenue from Missions 3 and 4 expected to ramp up toward year- end. Profit at each level declined year on year, reflecting the planned recognition of impairment losses related to the restructuring of the U.S. business in cost of goods sales Income Statement (Unit: million yen) FY2027/3 FY2026/3 （Previous Fiscal Year） FY2027/3（Forecast） Q1 Results Q1 Results Change （%） Full-Year Forecast vs Plan （%） Project Revenue(1) 168* - - 9,000 - Revenue 168 1,165 △85.5% 3,300 5.1% Gross Profit/Loss △4,627 231 - △6,000 - Gross Profit Margin - 19.8% - - - Selling, General, and Administrative Expenses 1,770 2,475 △28.5% 11,700 15.1% Operating Income/Loss △6,397 △2,243 - △17,700 - Ordinary Income/Loss △6,335 △2,878 - △13,000 - Net Income/Loss △6,336 △2,879 - △13,000 -
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3,307 1,165 1,028 549 563 2,583 5,7005,890 9,000 168 3,300 2,583 30 Q1 Q2 Q3 Q4 Full-Year Results Q1 ・・・ Full-Year Forecast FY2026/3 FY2027/3 Project Revenue and Revenue Trend Project revenue for FY2027/3 is expected to grow by more than 50% year on year, supported by increased SBIR subsidies for Mission 3 and the commencement of Space Strategy Fund subsidies for Mission 4 (Unit: million yen)Project revenue for the fiscal year ending March 2027 is expected to show an increase from the previous fiscal year Mission 3: Increase in SBIR Grants Mission 4: Commencement of Receipts from the Space Strategy Fund Payload Partnership Other Project revenue Revenue Subsidies (SBIR and Space Strategy Fund) Non-operating Income Over 50% YoY
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• R&D Expenses: R&D expenses decreased year on year as development costs shifted from R&D expenses to COGS following the transition from the R&D-phase Mission 2 to the commercial-phase Mission 3 • Salaries and Allowances: Decreased year on year due to workforce optimization at the U.S. subsidiary following the lander integration • Other: Increased year on year, primarily due to expenses related to the headquarters relocation • Development-Related Expenses (1): Cost of sales for the Japanese entity increased year on year as Mission 2 was completed and commercial-phase Mission 3 progressed steadily.Q1 also included development costs for the former Mission 5 incurred by the U.S. subsidiary during January - March 2026 Point: YoY comparison 31Income Statement - Breakdown of Selling, General, and Administrative Expenses SG&A expenses decreased 28.5% year on year, primarily due to the completion of Mission 2, which had been an R&D mission (Unit: million yen) FY2027/3 FY2026/3 Q1 Results Q1 Results Change （%） R&D 434 1,236 △64.9% Japan Entity 107 880 △87.8% U.S. Entity 239 254 △5.9% Salaries and Allowances 459 518 △11.4% Other 876 721 21.5% Total SG&A Expenses 1,770 2,475 △28.5% COGS (Excluding Impairment Losses) 1,020 933 9.3% Japan Entity 579 46 1,158.7% U.S. Entity 384 888 △56.7% Development-related Expenses (1) 1,454 2,169 △33.0% Japan Entity 686 926 △25.9% U.S. Entity 623 1,142 △45.4% (1) R&D Expenses + COGS (Excl. Impairment Losses)
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32Balance Sheet (Unit: million yen) FY2027/3 FY2026/3 Q1 Results Q4 Results Change（%） Current Asset Total 28,262 34,384 △17.8% Cash and Deposit 25,703 29,690 △13.4% Short Term Advances 1,782 3,991 △55.3% Non-Current Assets Total 12,639 13,320 △5.1% Property and Equipment 7,449 7,218 3.2% Long Term Advances 4,587 5,515 △16.8％ (Total Advance Payment) 6,369 9,506 △33.0% Total Assets Total 40,901 47,704 △14.3% Current Liabilities Total 7,256 5,696 27.4% Advances Received(1) 760 754 0.8% Short Term Debt 5,266 3,089 70.5% Long Term Liabilities Total 24,981 26,834 △6.9% Long Term Debt 24,492 26,353 △7.1% (Interest-Bearing Debt) 29,758 29,443 1.1% Liabilities Total 32,238 32,531 △0.9% Net Assets Total 8,663 15,173 △42.9% Liabilities&Net Assets Total 40,901 47,704 △14.3% Assets: • Cash and cash equivalents: Maintained a sufficient level of liquidity, consistent with the previous fiscal year • Advance payments: Decreased from the end of the previous fiscal year, primarily due to the recognition of approximately JPY 3.7 billion in impairment losses related to the U.S. lander model integration and engine redesign Liabilities: • Interest-Bearing Debt: Short-term borrowings increased from the end of the previous fiscal year following a JPY 1.0 billion loan from Asahi Shinkin Bank in April 2026 Net Assets: Despite the equity financing completed last year, net assets decreased due to the recognition of approximately JPY 3.7 billion in impairment losses related to the U.S. business in Q1. Strengthening the Company's financial position remains a key management priority Point: Comparison from FY2026/3 Q4 Liquidity remained at a sufficient level, supported by bank borrowings. Advances paid decreased from the end of the previous fiscal year, primarily due to impairment losses related to the lander model integration (1) Total of advance payments and contract liabilities
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Never Quit the Lunar Quest Investor Relations Inquiries: ir@ispace-inc.com
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Appendix 04. 01. Executive Summary 02. Business Highlights 03. Financial Highlights 04. Appendix
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Management Global Management Team Driving Growth Toward 2030 Director, CFO & Executive Business Director Jumpei Nozaki CTO Ryo Ujiie CPO Kenichi Imamura Founder & CEO Takeshi Hakamada ispace U.S. CEO Elizabeth Kryst ispace EUROPE CEO Julien Lamamy
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Business Overview – OUR VISION EXPAND OUR PLANET. EXPAND OUR FUTURE. “Moon Valley 2040” concept Imagine a future where water on the Moon helps build infrastructure by industries like construction, manufacturing, energy, and communications. By the 2040s, 1,000 people live on the Moon and 10,000 visit each year. Creation of a world where the Earth and the Moon are one ecosystem, establishing a new economy on the Moon. 36
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It is estimated that there is a large amount of water(1) on the lunar surface, and the possibility of benefiting life on Earth by using the moon as a “supply base” for fuel derived from water, will be examined. 37Business Overview – WHY THE MOON? (Existence of Abundant Water Resources) H2O(3) 1/6G(4) ENVISIONED ECOSYSTEM(2) Recognizing the Earth and Moon as single ecosystem (1) https://science.nasa.gov/moon/moon-water-and-ices/ (2) The image shown on this slide is for illustrative purposes only. (3) According to the study cited in note (1), water may be widely distributed on the lunar surface, and water extracted from the regolith could be electrolysed to separate hydrogen and oxygen and used as a fuel source for future deep space exploration. (4) Because the moon has 1/6 of Earth's gravity, the cost of launching is theoretically lower than Earth's. Maintenance of satellite infrastructure essential for the sustainable and affluent life of humankind - GPS, communications, disaster prediction, security, etc. Realization of low-cost, high-frequency access to deep space areas - Discovery of new resource values through deep space exploration, etc.
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Increasing attention to Helium-3 • While the amount of Helium-3, which its market price is estimated to be $150K/g(2), is very limited on Earth in the natural state, it is estimated that there are about 1.1Mn tons(3) (with Market value of $165Qn(4))of it to be existed on the lunar surface. • In addition to demand for use in cooling quantum computers, Helium-3 also holds promise as a potential energy source via nuclear fusion. (2) • In May 2025, the U.S. Department of Energy has agreed to purchase future mined Helium-3 from a private company for the first time. (1) There may be a variety of rare metals on the moon, and movement towards commercialization is beginning as the U.S. Department of Energy’s contracted to purchase Helium-3 mined from the moon by private companies in the future(1) . 38Business Overview – WHY THE MOON? (Existence of Rare Metals) (1) https://energynews.pro/en/united-states-signs-historic-agreement-for-helium-3-extracted-from-the-moon/ (2) https://thequantuminsider.com/2025/09/17/bluefors-enters-deal-to-secure-lunar-helium-3-supply-from-interlune/ (3) https://balerionspace.substack.com/p/the-helium-3-imperative?utm_campaign=post (4) Calculated by market unit price of $150K/g multiplied by 1.1 million tons. (5) Popular Science (https://www.popsci.com/elements-mine-on-the-moon/ ), European Space Agency (https://www.esa.int/Enabling_Support/Preparing_for_the_Future/Space_for_Earth/Energy/Helium- 3_mining_on_the_lunar_surface) Various types of rare metals(5) Iron MagnesiumAluminum Calcium Silicon Titanium • It has been pointed out that various kinds of rare metals may exist on the lunar surface. • It is expected to be used not only for bringing back to Earth but also for building materials for lunar infrastructure. H 3 Helium-3
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(1) The image shown on this slide is for illustrative purposes only. Using third-party launcher, Our lander is launched into outer space on an external vendor’s rocket. After landing, our lander and rover explore and acquire data from the lunar surface. Business Overview – Business area Our lander navigates and delivers the payload to the Lunar orbit and the Lunar surface Realtime data feedback and distribution to the Earth Using service of third-party to launch Deployment of customer payloads, rover exploration and the Lunar surface data acquisition through satellites, rovers and landers 39
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40Business Overview – Main Service ULTRA • A service that uses our company’s ULTRA lander to transport payloads of up to 200 kg to the lunar surface or into lunar orbit • Providing technical advice on payload integration and data communication after lunar landing. • Providing customized services tailored to specific customer needs (such as timing, location, environment, and demographics). The payload service utilizing ULTRA is the core of our business. We aim for further growth by establishing our other services. MCS（Mobile Cargo System） • Comprehensive services for payloads weighing under 500 kg, including lunar transport using SpaceX’s Starship, as well as integration and operational support • Providing services such as deploying payloads on the Moon after a lunar landing and moving them around on the lunar surface. • Meeting customer demand for high capacity at low prices. Lunar Connect Service • Communications：A service providing stable, high- speed communication capabilities across a wide range of lunar and lunar orbit domains, including surface to surface, between lunar surface and lunar orbit, and between lunar surface and Earth. • Lunar Positioning：A service providing position information (latitude, longitude, time, etc.) with a specified accuracy to various payloads operating on the lunar surface. Data Service • Observation：A service that captures images of designated locations on the Moon or provides data from continuous observation over a set period. • SSA：A service that observes and monitors the lunar surface, lunar orbit, and outer space over a set period, analyzes the presence, size, type, orbit, and operational status of objects in space, and provides that data. Observation SSA (Space Situation Awareness) Positioning Communications
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Total net sales: $9Mn(2) • Niterra: solid-state battery • MBRSC: rover • JAXA: Transformable lunar robot • Mission Control Space Services: AI flight Computer • Canadensys Aerospace: Camera P P P (1) Numbers are rounded down to the nearest whole number (2) out of the total contract amount of $10Mn, $0.7Mn was not received and not recognized due to the incomplete lunar landing Highlights Hardware Payload Customer （from the left. No logos of two Canadian companies） Mission 1Overview (Completed in 2022) Sales Completed In 2022, ispace became the 1st commercial company to successfully launch a lunar lander Required hardware functions worked appropriately, and no technical problem was found in the hardware of the lander The software issue related to the landing phase has been identified and improvements are being implemented for Mission 2 Contracts with non-cancellation and non-repayment policy allowed us to secure mission revenue despite the outcome of the mission. The world’s first lunar insurance provided ¥3.7Bn(1) Technological Achievements Sustainable Business Model G G P : Private-sector G : Government Size Approx. 2.3m tall by 2.6m wide (standing, legs deployed) Mass Approx. 1,000kg (Wet: fully fueled) Approx. 340kg (Dry: unfueled) Design Payload Capacity Up to 30kg (Former) Series 1 lander Mission 1 Overview 41
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42 M1はミッション期間のsuccess5まで達成 KPI Achieved 8 out of 10 Success Milestones, despite not being able to achieve lunar landing. Acquired valuable data until the end of landing sequence Mission 1 Overview - Success Milestones Success 1 Completion of Launch Preparations Success 2 Completion of Launch and Deployment Success 3 Establishment of a Steady Operation State (Initial Critical Operation Status) Success 4 Completion of first orbital control maneuver Success 5 Completion of stable deep-space flight operations for one month Success 6 Completion of all deep space orbital control maneuvers before LOI Success 7 Reaching the lunar gravitational field and lunar orbit Completed Nov 28, 2022 Completed Dec 11, 2022 Completed Dec 16, 2022 Completed Dec 15, 2022 Completed Jan 11, 2023 ✓ ✓ ✓ ✓ ✓ Completed Mar 18, 2023 Completed Mar 21, 2023 ✓ ✓ Success 8 Completion of all orbit control maneuvers in lunar orbit Success 9 Completion of lunar landing Success 10 Establishment of a steady system state after lunar landing ✓ Completed Apr 14, 2023 Not completed Not completed ※ The image shown on this slide is for illustrative purposes only.
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Total net sales: $14.5Mn(1) • Takasago Thermal Engineering: water-splitting experiment • euglena: lunar algae-cultivation equipment • National Central University, Taiwan: deep space radiation probe • BANDAI NAMCO: “GOI Space Century Charter” plate • Artist, Mikael Genberg: Moonhouse (artwork) P P P P Mission 2 Overview (1) As of August 8, 2025. Numbers are rounded down to the nearest whole number. Of the total contract amount of $16Mn, $1.5Mn was not received due to the incomplete lunar landing, resulting in a decrease in recognition of total net sales. Hardware Highlights • An R&D mission aimed at verifying technologies related to lunar landing and lunar exploration • Although the final lunar landing was not achieved, the mission successfully demonstrated reliable transportation capability to lunar orbit • The cause of the landing failure was a hardware issue in the laser range finder (LRF) • Corrective actions will be made to incorporate further improvements into subsequent missions, including a review of the landing sensors and expanded technical support from JAXA • As for payload contracts, the net sales to be recognized decreased by $1.5Mn to a total of $14.5Mn; however, no refunds or compensation for damages were incurred, and the financial impact of the failed landing is limited • Recorded our first data service net sales of ¥23Mn in Q1 Payload Customer (from the left) A Mission 2Overview (Completed in 2025) • Size: Approx. 2.3m tall by 2.6m wide (legs deployed) • Mass: Approx. 1,000kg (Wet: fully fueled), Approx. 340kg (Dry: unfueled) • Design Payload Capacity: Up to 30kg Sales Completed • Design: Lightweight to withstand vibrations during transit to the lunar surface • Mass: approx. 5kg • Design Payload Capacity: up to 1kg P : Private-sector A : Academia G : Government
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44 Phase 4 of Success 9 was completed, and the lander continued its descent in a vertical attitude. However, telemetry was lost approx. two minutes before the scheduled landing time, indicating a hard landing (1) Success 9 is divided into six phases, with Phase 4 “Braking Burn & Pitch-up” Incomplete Incomplete
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45IR Activities Thanks to the support of even more individual shareholders following the capital increase announced in October, we are moving forward with our business operations backed by an enormous # of shareholders, 116,000 as of the end of March. Number of shares issued 146,209,683 shares Number of shareholders 116,744 No. Name of Shareholder # of Shares Owned Ratio of Shares Owned 1 Takeshi Hakamada 12,000,000* 8.21 2 Takasago Thermal Engineering Co., Ltd. 6,997,520 4.79 3 JICVGI Opportunity Fund No.1 Investment Limited Partnership 6,410,200 4.38 4 Incubate Fund 3 Investment Partnership LLC 5,992,580 4.09 5 Kurita Water Industries Ltd. 4,273,500 2.92 6 Tohru Akaura 3,219,282 2.20 7 STATE STREET BANK AND TRUST COMPANY 505019 2,986,100 2.04 8 Development Bank of Japan Inc. 2,816,180 1.92 9 IF GROWTH OPPORTUNITY FUND 1, L.P. 2,135,720 1.46 10 Sumitomo Mitsui Trust Bank Limited 1,968,500 1.34 * The number and ratio of shares owned by ispace CEO & Founder, Takeshi Hakamada, have increased by 3MM shares compared to the previous half-year period (as of Sep 30, 2025). This is due to the return of 3 million shares that had been borrowed by CVI Investmens, Inc. from Mr. Hakamada on February 17, 2025, pursuant to the stock lending agreement entered into with CVI Investments, Inc., the allottee under the Equity Program announced on Oct 11, 2024 Major Shareholders (Top 10) as of March 31,2026# of Shares Issued and Shareholders as of March 31,2026 Classification by Type of Shareholder as of March 31,2026
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46IR Activities 16th Annual General Meeting of Shareholders • Approximately 500 shareholders participated online and in person • During the approximately 80-minute meeting, shareholders raised a lot of questions related to our business • As lunar transportation enters an era of high- frequency infrastructure services, we are committed to creating innovative value and achieving sustainable growth together with shareholders (1) https://www.youtube.com/watch?v=0XuuWmUhJtg • At the 16th Annual General Meeting of Shareholders, seven directors were reappointed: Hakamada and Nozaki as internal directors, and Akaura, Kawana, Nakata, Hatada and Makino as outside directors. Two statutory auditors were reappointed: Inoue as full-time statutory auditor and Todoroki as outside statutory auditor • At the subsequent Board of Directors meeting, Takeshi Hakamada was reappointed as Representative Director Directors And Statutory Auditors Reappointed 16th Annual General Meeting of Shareholders Held; Seven Directors and Two Audit & Supervisory Board Members Reappointed • CFO and Executive Business Director, Jumpei Nozaki introduced Japan’s first privately led lunar exploration mission • Explained ispace’s businesses, including lunar transportation, and its initiatives to commercialize lunar development Retail Investor Briefing Hosted by Okasan Securities(1)
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4747Financial Data – Profit and Loss Statement （Millions of yen） FY2025/3 FY2026/3 FY2027/3 M2 Launch Q1 Q2 Q3 Q4 Full-year Q1 Q2 Q3 Q4 Full-year Q1 Net Sales(1) 635 706 647 2,755 4,743 1,165 1,028 549 563 3,307 168 Cost of Sales 528 609 483 879 2,499 934 877 1,599 2,749 6,160 4,808 Gross Profit/Loss 107 97 163 1,877 2,244 231 150 △1,049 △2,186 △2,853 △4,640 Gross profit margin 16.9% 13.8% 25.3% 68.1% 47.3% 19.9% 14.7% - - - - SG&A 2,402 1,536 2,863 5,238 12,039 2,475 2,069 1,736 2,445 8,726 1,757 R&D 1,411 791 1,506 4,022 7,730 1,236 1,043 425 1,223 3,928 420 Salary and Allowance 475 297 413 337 1,522 518 421 633 271 1,844 459 Other 516 447 943 880 2,786 721 604 677 950 2,953 876 Operating Profit/Loss △2,295 △1,439 △ 2,699 △3,362 △9,795 △2,243 △1,918 △2,786 △4,631 △11,580 △6,397 Foreign exchange gains (losses) 858 △2,223 1,896 △1,175 △644 △304 810 1,585 650 2,742 530 Other △139 △552 △186 △18 △895 △331 △473 △580 2,079 696 0 Ordinary Profit/Loss △1,576 △4,214 △989 △4,555 △11,334 △2,878 △1,581 △1,780 △1,900 △8,141 △6,335 Net Profit/Loss △1,579 △4,812 △973 △4,581 △11,945 △2,879 △1,584 △1,783 △1,905 △8,152 △6,336 (1) Currently using the cost recovery method for sales recognition for Mission 1 to Mission 3, respectively, and expects sales toincrease in tandem with the increase in cost accruals since the cost accruals as cost are recognized in sales. If sales in excess of cost accruals are not booked at the time of mission completion, they will be accounted for in a lump-sum transaction.
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4848Financial Data – Balance Sheet (1) Total of contract liabilities and advance payments (Millions of yen) FY2025/3 FY2026/3 FY2027/3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Current Assets Total 21,220 22,527 20,181 19,067 30,742 24,953 38,598 34,384 28,262 Cash and Deposit 12,673 13,153 13,233 13,117 26,460 20,078 34,273 29,690 25,703 Short Term Advances 4,928 5,622 5,706 3,620 3,358 3,747 3,042 3,991 1,782 Non-Current Assets Total 5,341 6,018 6,649 8,121 8,221 10,183 12,219 13,320 12,639 Property and Equipment 3,092 3,480 3,929 4,859 4,804 5,103 5,822 7,218 7,449 Long Term Advances 1,965 2,310 2,473 2,997 3,110 4,781 5,815 5,515 4,587 Assets Total 26,561 28,545 26,831 27,189 38,964 35,137 50,818 47,704 40,901 Current Liabilities Total 12,076 9,081 7,310 3,854 3,896 4,703 4,830 5,696 7,256 Advance Received(1) 3,214 3,758 3,305 2,695 2,320 1,938 1,991 754 760 Long Term Liabilities Total 6,471 14,081 14,907 16,326 31,293 29,329 29,142 26,834 24,981 Long Team Debt 6,224 13,830 14,701 16,096 31,095 29,177 28,979 26,353 24,492 Liability Total 18,548 23,162 22,218 20,182 35,189 34,034 33,972 32,531 32,238 Net Asset Total 8,013 5,383 4,613 7,007 3,775 1,103 16,845 15,173 8,663 Liability & Net Assets Total 26,561 28,545 26,831 27,189 38,964 35,137 50,818 47,704 40,901 (Interest-bearing Debt) 14,054 18,083 17,231 16,096 31,595 30,867 30,669 29,443 29,758
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Disclaimer 49Disclaimer • This presentation was prepared by ispace, inc. (referred to as the “Company”, “ispace”, or “we” herein) solely for informational purposes. • This document contains forward-looking statements, which reflect the Company's assumptions and outlook for the future and estimates based on information available to the Company and the Company's plans and expectations as of the date of this document or other date indicated. Therecan be no assurance that the relevant forecasts and other forward-looking statements will be achieved. Please note that significant differences between the forecasts and other forward-looking statements and actual results may arise due to various factors, including changes or adverse outcomes in the development or operations of our missions, changes in customers' plans and needs, competition, changes in the legal and regulatory environment, and other factors. Accordingly, readers are cautioned against placing undue reliance on any such forward looking statements. Also note that this document includes information which has not been audited or reviewed by an independent certified public accountant or audit corporation, and includes financial information based on past financial statements or accounting documents as well as management figures not based on financial statements or accounting documents. The Company has no obligation to updateor revise any information contained in this document based on any subsequent developments except as required by applicable law or stock exchange rules andregulations. • This document is an English translation of the original Japanese language document and has been prepared solely for referencepurposes. No warranties or assurances are given regarding the accuracy or completeness of this English translation. In the event of any discrepancy between this English translation and the original Japanese language document, the original Japanese language document shall prevail in all respects. • Unless context is required otherwise, the financial figures used in this presentation are on a consolidated basis. • The information in connection with or prepared by companies or third parties other than the Company is based on publicly available and other information as cited, and the Company has not independently verified the accuracy or appropriateness of it, and makes no representations with respect to, any information derived from such third-party sources.