PowerX (485A) Q4 2025 earnings summary

Executive summary

• FY2025 revenue surged 213.4% year-over-year to ¥19.3B, driven by strong BESS deliveries and production efficiencies, with EBITDA loss narrowing to ¥137M and operating loss to ¥677M.

• Loss attributable to owners improved to ¥1.65B, in line with forecasts after recognizing ¥609M in deferred tax assets.

• All financial targets were met except ordinary profit, which was impacted by ¥303M in one-off listing-related expenses and other financing costs.

• Company listed on the Tokyo Stock Exchange Growth Market in December 2025.

• Q4 revenue was ¥11.98B (+168.8% YoY), with profitability achieved from operating profit line down in Q4.

Financial highlights

• Gross profit rose 238.3% YoY to ¥5.23B, with Q4 gross margin at 25.3%.

• SG&A expenses fell 8.9% YoY to ¥5.91B, supporting improved operating results.

• Total assets rose to ¥26.24B, up from ¥10.83B at prior year-end.

• Net assets increased to ¥6.65B, up from ¥1.67B year-over-year.

• Cash and cash equivalents at year-end were ¥7.45B, up from ¥1.24B.

Outlook and guidance

• FY2026 forecast: revenue ¥38.0B (+96.8% YoY), operating profit ¥2.0–2.5B, EBITDA ¥2.5–3.0B, ordinary profit ¥1.0–1.5B, and net income ¥1.0–1.5B.

• BESS segment to drive growth, with sales weighted to H2 due to subsidy-driven customer timing.

• Power business expects growth in electricity sales and asset aggregation; EVCS revenue to decline but losses to narrow.

• Forecast range reflects raw material and FX volatility; no DC business revenue assumed, but R&D expenses included.

• Order backlog for FY2026 expected sales is ¥34.67B as of February 2026.