PowerX, the Tokyo-based maker of grid-scale storage batteries listed on the Growth Market, said revenue for the six months to June 30, 2026 rose 48.3 percent to ¥6.89bn from ¥4.65bn a year earlier. Its net loss narrowed to ¥1.55bn from ¥2.23bn, and operating loss shrank to ¥1.07bn from ¥1.56bn. The improving income statement masks a sharp reversal underneath it: operating cash flow swung to an outflow of ¥4.66bn, compared with an inflow of ¥1.88bn in the same period last year.
Why the cash flow flipped
PowerX said the swing came from building finished-goods inventory, which rose ¥8.12bn, and from advance payments to suppliers, which increased ¥2.44bn, as it prepares for battery-system deliveries concentrated in the second half of the year. That timing is structural rather than one-off: the company's filing notes that customers buying its storage systems often need to satisfy subsidy conditions that fall later in the fiscal year, so both revenue and profit at PowerX tend to land disproportionately in the back half.
Uneven segments
The three business lines moved at different speeds.
| Segment | H1 2026 sales | YoY change | Segment profit/(loss) |
|---|---|---|---|
| BESS (grid & industrial batteries) | ¥5.39bn | +34.3% | ¥738mn profit (down 23.1%) |
| EVCS (EV charging) | ¥333mn | -14.0% | -¥63mn loss (improved from -¥261mn) |
| Power (storage-facility sales & operation) | ¥1.17bn | +375.9% | ¥89mn profit (from -¥74mn loss) |
The BESS unit, which sells large storage systems such as the Mega Power and mid-sized Cube lines, grew revenue but saw segment profit fall as some higher-margin contracts slipped into the second half, compressing gross margin. The power business, which sells and operates storage facilities and earns tolling and merchant income, posted the fastest growth as its facility-operating service ramped up, moving from a segment loss to a profit. The EV-charging unit remains the smallest of the three by sales, though a one-off high-margin contract helped narrow its segment loss to ¥63mn from ¥261mn even as revenue fell 14 percent on lost and delayed orders.
Financing during and after the half
Within the six-month period, PowerX signed one bank facility: an ¥8.0bn commitment line led by Mizuho Bank and five other lenders, agreed March 31, 2026 and running to March 2027, secured against receivables, buildings and land. By June 30 the company had drawn ¥6.0bn, leaving ¥2.0bn of undrawn headroom.
A separate, larger arrangement came after the half-year closed. On July 15, 2026, PowerX signed a ¥5.0bn syndicated loan with six lenders arranged by Mizuho, split into three tranches, and drew ¥3.02bn of it on July 21. The company said the purpose was to refinance an existing ¥2.25bn loan from SBI Shinsei Trust Bank and fund capital spending, not to cover the operating cash shortfall reported for the half. The tranches map to specific projects: land and buildings for a new plant in Hokkaido, refurbishment of its home plant, and repayment of the SBI Shinsei loan.
Redirected IPO money
PowerX also told regulators it reallocated ¥5.0bn of the funds it raised at its December 2025 listing. That money, originally earmarked to build a second factory next to its main plant, will instead fund ¥500mn of production-line expansion at the existing plant, ¥1.5bn to open the new Hokkaido plant, and ¥3.0bn of additional working capital. Two smaller allocations from the original ¥6.07bn total, ¥149mn for Mega Power 2500 development and ¥921mn for a Tokyo office move, are unchanged.
Consolidation and sign-off
PowerX absorbed its manufacturing subsidiary, PowerX Manufacturing, into the parent company on June 1, 2026, folding production management directly into the listed entity. CEO Masahiro Ito and CFO Toshiyuki Fujita signed a confirmation letter the same day as the earnings filing, attesting that its contents comply with securities law, with no items flagged.
The filing's own risk section adds fresh warnings about bidding for overseas battery-system contracts, unproven data-center-adjacent products, and the chance that new-product development gets delayed or scrapped. Those risks sit against a balance sheet still carrying ¥3.21bn of accumulated losses, even after the revenue gain.