ACSL (6232) Q1 2026 earnings summary

Executive summary

• Q1 FY26 revenue was JPY 0.61 bn, down 12% YoY due to delayed US shipments, with order backlog rising to JPY 1.47 bn, supporting a combined revenue plus backlog of JPY 2.09 bn.

• Net sales for Q1 2026 were ¥619 million, down 11.5% year-over-year from ¥700 million in Q1 2025.

• Gross profit margin surged to 41% (+30pt YoY), narrowing operating loss to JPY 0.07 bn (excl. SBIR), a JPY 0.13 bn YoY improvement.

• Net loss attributable to owners of parent was ¥73 million, compared to ¥17 million in Q1 2025; ordinary loss widened YoY due to absence of grant income.

• Large defense order (JPY 1.0 bn) secured for the third consecutive year; North America revenue grew sharply with 200 units delivered to Canada.

Financial highlights

• Revenue: JPY 0.61 bn (▲12% YoY); order backlog: JPY 1.47 bn (+11% YoY).

• Gross profit: JPY 0.25 bn (margin 41%, +30pt YoY); contribution margin: 51% (+28pt YoY).

• Operating loss (excl. SBIR): ▲JPY 0.07 bn (improved by JPY 0.13 bn YoY); operating loss improved to ¥95 million from ¥239 million YoY.

• Net assets rose to JPY 2.89 bn (+380% YoY); cash and deposits at JPY 2.35 bn.

• Equity-to-asset ratio improved to 44.8% from 29.1% at year-end 2025; total assets increased to ¥6,204 million.

Outlook and guidance

• FY26 revenue forecast maintained at JPY 4.0 bn, with most of the outlook already booked as revenue or backlog.

• Full-year gross profit expected to rise to JPY 0.85 bn (margin 21%), narrowing net loss to JPY 0.7 bn.

• Operating profit expected to turn positive at revenue of JPY 5.0 bn or more by FY28.

• Full-year 2026 net sales forecast at ¥4,000 million, up 53.9% YoY; operating loss projected at ¥1,360 million; net loss forecast at ¥700 million.

• No dividend is planned for the fiscal year ending December 31, 2026.