ispace, the Tokyo-listed lunar-lander developer, ended the six months to September 2026 with net assets of ¥5.73bn, down from ¥15.17bn at the end of March. Its interim earnings summary attributes the ¥9.44bn drop mainly to the ¥10.45bn loss attributable to shareholders.
The numbers
Sales were ¥569mn, down 74.1% from a year earlier, and the operating loss was ¥8.85bn. The equity ratio fell to 13.9% from 31.6%. Cash and deposits were ¥22.59bn, ¥7.11bn lower than at March. Operating cash outflow was ¥7.88bn. The company left its full-year forecast unchanged: project revenue of ¥9bn and a net loss of ¥13bn.
The covenants
The earnings summary lists six loan agreements with financial covenants, including a ¥3bn loan signed on 30 September 2026 that was drawn in September. Earlier Tokyo Brief coverage Each requires consolidated net assets to stay positive and consolidated cash to stay at ¥3bn or more, tested at each business year-end. The summary does not give the cash or net-asset position the company expects at the March 2027 year-end.
Going-concern assessment
The summary says continuing operating losses and negative operating cash flow mean conditions that raise significant doubt about the going-concern assumption exist. Management nonetheless judges that no material uncertainty is recognised, because it is carrying out countermeasures. These include a ¥1bn loan from Asahi Shinkin Bank in April and a ¥3bn loan from Shizuoka Bank in September, and it says it will consider flexible fundraising. The company notes that the summary is not subject to review by an auditor.