ENVALITH
株式会社Synspective logo

Synspective Inc.

290A・Growth Market・Information & Communication

株式会社Synspective logo
Synspective Inc.290A

Business

Synspective Inc. is a single-segment company operating in the satellite data business, developing, manufacturing, and operating its proprietary small SAR satellite "StriX," which applies technological outcomes from the government-led ImPACT program, and providing sales of acquired data along with data analysis solutions. SAR satellites can observe regardless of weather conditions or time of day, and the company's primary customers are government demand sectors such as defense, security, disaster prevention, and infrastructure management. The company listed on the Tokyo Stock Exchange Growth Market in December 2024. As of FY2025 (ending December 2025), 4 satellites are in commercial operation in orbit, and the company has secured launch contracts totaling 25 satellites with Rocket Lab (20 satellites) and SpaceX (5 satellites), aiming to form a constellation of 30 or more satellites from 2028 onward.

Business Model

In satellite data sales, the company provides imaging data to government agencies (the Cabinet Office and Ministry of Defense account for over 85% of sales) via a web platform, building up recurring revenue through fixed-point observation contracts at multiple locations. In solution provision, the company offers automated analysis results—such as ground displacement monitoring, flood damage analysis, and object detection—on an analysis-unit-price basis, while also seeking expansion into private-sector clients. The structure aims to raise added value and improve profit margins by utilizing surplus data, generated as the number of satellites increases, for solutions. Subsidy income (from the Space Strategy Fund and others) also remains an important pillar of total revenue.

Company Strengths

In July 2024, the company succeeded in acquiring SAR imagery with Japan's highest resolution of 25cm using its proprietary small SAR satellite series "StriX". It possesses a technological advantage of achieving both resolution and wide-area coverage by enabling switching between 0.25m resolution in Steering Spotlight mode and wide-area imaging of 1,400 square kilometers in Strip Map mode on the same satellite.

The company won the Ministry of Defense's "Satellite Constellation Development and Operation Project" (budget scale of ¥2,832 million) and concluded outsourcing contracts with Tricat Constellation and Mitsubishi Electric in February 2026. Under the Space Strategy Fund's "Acceleration of Commercial Satellite Constellation Construction" program, ¥16,464 million has been approved for disbursement out of a planned support ceiling of ¥23,790 million. The order backlog has reached ¥24,960 million.

The "Yamato Technology Center", a mass production facility with an area of 8,594.52 square meters, began full-scale operation in September 2024 in Yamato City, Kanagawa Prefecture. Under a mass production partnership with Seiren Co., Ltd. and Tokyo Keiki Inc., the company expects to establish a production system capable of manufacturing up to 12 satellites per year by FY2026 (ending December 2026). Total capital expenditure for FY2025 (ending December 2025) alone reached ¥11,620 million.

ENVALITH's Perspective

Sales for Q1 of FY2026 (ending December 2026) fell sharply to ¥697 million (down 38.7% year on year), and total revenue declined to ¥746 million (down 35.4% year on year). The main cause was the absence of any contribution in the current period from the Ministry of Defense's "space demonstration of SAR satellites suitable for security applications" project, which had been recorded in the same period of the prior year. Achieving the full-year sales forecast of ¥6,353 million (up 167.3% year on year) is contingent on the Ministry of Defense's "satellite constellation development and operation project," which begins in April 2026, being recorded in earnest as sales from the second quarter onward. Progress on this project will be the key point of attention.

The operating loss for Q1 of FY2026 (ending December 2026) worsened substantially to ¥1,613 million (versus a loss of ¥907 million in the same period of the prior year). Cost of sales rose to ¥1,142 million (up 6.5% year on year) and SG&A expenses rose to ¥1,168 million (up 20.1% year on year), reflecting a heavier cost structure driven by increases in stock-based compensation expenses, personnel costs, and outsourcing expenses. This structure of rising costs amid sharply declining sales reflects upfront investment characteristic of the mass-production buildup phase, but investors need to carefully assess the feasibility of the scenario for a sharp earnings recovery in the second half needed to achieve full-year profitability (forecast recurring profit of ¥3,010 million).

Cash and deposits as of the end of March 2026 stood at ¥19,989 million (down ¥4,553 million from the end of the prior fiscal year). The decline over a single quarter was substantial, driven by advance payments for satellite component purchases and launch costs. On the other hand, the company has secured ¥7,170 million in undrawn borrowing capacity (comprising an overdraft/commitment line of ¥2,400 million plus the undrawn portion of a term loan), and management has determined that there is no material concern regarding funding for at least the next year. However, with the start of mass production of up to 12 satellites per year, upfront spending is expected to accelerate further going forward, making the continued strengthening of the funding base through active use of indirect financing an ongoing challenge.

Growth Strategy

Starting from Japanese government demand, the company is expanding its satellite fleet, progressing in stages toward establishing a mass production system, overseas expansion, and private-sector solutions.

Through the outsourcing agreement with the Ministry of Defense (contract amount ¥96,073 million) via TRYSAT (established by Mitsubishi Electric, SKY Perfect JSAT, and Mitsui & Co.), image data acquisition services began on April 1, 2026. This is expected to function as the primary driver of rapid revenue expansion from the second quarter onward.

The company is advancing preparations to transition from the conventional annual production of 1–2 satellites to a simultaneous production system capable of manufacturing up to approximately 12 satellites per year. It is progressing with personnel recruitment and training, manufacturing system development, and collaboration with partner companies, with plans to gradually expand production scale.

The 8th satellite was launched in March 2026 (currently undergoing function verification), with operational satellite count expected to expand to 5 upon completion. The company has secured launch contracts totaling 26 satellites (19 with Rocket Lab and 7 with SpaceX), and will conduct phased launches toward operating over 30 satellites from 2028 onward.

The company is accelerating technology development and satellite manufacturing by utilizing the Space Strategy Fund's first round 'Acceleration of Commercial Satellite Constellation Construction' (maximum planned support amount of ¥23,790 million) and second round 'Advanced Observation Function Technology for Next-Generation Earth Observation Satellites' (maximum support amount of ¥3,768 million).

While maintaining domestic government agency data sales as a foundation, the company is concurrently advancing overseas expansion through channel building and sample data provision with foreign governments, joint promotion of public works and ODA projects with partner companies, and enhancement of solutions for private-sector clients.

Last updated: July 17, 2026