ACSL (6232) Q2 2026 earnings summary

Executive summary

• Revenue grew 68.9% year-over-year to JPY 1.64 bn, driven by strong North America sales and large defense orders, but the period ended with a net loss attributable to owners of parent of JPY 358 million.

• Gross profit margin improved sharply to 33.2% from 8.6% a year ago, reflecting better product mix and cost reductions.

• Operating loss narrowed to JPY 0.375 bn from JPY 0.754 bn year-over-year, reflecting improved gross profit despite higher SG&A expenses.

• Order backlog at Q2 end was JPY 1.31 bn, up 18% year-over-year, supporting confidence in the full-year revenue forecast.

• Cash and deposits stood at JPY 2.88 bn, with a JPY 1.0 bn commitment line secured for financial flexibility.

Financial highlights

• Revenue: JPY 1.64 bn (+68.9% YoY); full-year forecast maintained at JPY 4.0 bn.

• Gross profit: JPY 547 mn (+552.1% YoY); gross profit margin 33.2% (+24.6pt YoY).

• Operating loss improved to JPY 0.375 bn from JPY 0.754 bn YoY.

• Net profit forecast revised upward to JPY 0.6 bn, reflecting a JPY 396 mn gain on sale of investment securities, but the period ended with a net loss of JPY 358 mn.

• Cash and cash equivalents at end of period were JPY 2.88 bn, up from JPY 2.02 bn at the previous year-end.

Outlook and guidance

• Full-year revenue forecast unchanged at JPY 4.0 bn, with Q2 progress at 41.2%.

• Gross profit forecast revised upward to JPY 1.1 bn (margin 27.5%) due to improved profitability.

• Net profit forecast raised to JPY 0.6 bn; ordinary profit forecast revised downward due to timing of grant income.

• No dividends are planned for the fiscal year ending December 31, 2026.

• H2 focus on expanding North America sales and delivering awarded defense orders.