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Overview

Machinery

ACSL Ltd.

ACSL is Japan's leading domestic industrial drone manufacturer, developing and commercializing autonomous unmanned aerial vehicles (UAVs) for enterprise and government use cases including infrastructure inspection, logistics, and security. The company leverages proprietary autonomous flight control technology developed in-house from scratch to produce secure, Japan-made drones that serve as a trusted alternative to Chinese-manufactured products, particularly in security-sensitive applications. ACSL offers a full-stack solution spanning proof-of-concept (PoC) services, custom drone development, purpose-specific mass-produced aircraft, and post-deployment operational support, with a U.S. sales subsidiary (ACSL, Inc.) targeting the American market for switching from Chinese drones in government and critical infrastructure sectors.

Activists: Oasis Management Company Ltd. 0.14%

Market Cap

¥19.9B

US$127M

¥19.7B

US$125M

Stock¥1,043▼-3.69%

US$1 = ¥157.25 (2026-10-30)

LTM EV/EBITDA

LTM EV/EBIT

LTM PER

LTM PBR

7.0

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-15.1%pt

Nov 4, 25 – Oct 30, 26StockTOPIX

1Jan 7, 26New year funds flow into domestic drone stocks

2Jan 8, 26Follow-up buying continuing previous day's rise

MC → EV Bridge

AI Briefing

Japan's sole Cat.3-certified domestic drone maker, positioned as secure alternative to Chinese UAVs in infrastructure, logistics and defense FY25/12 revenue ¥2.6B, still loss-making with OP ¥-1.8B though margin loss narrowing from prior years Economic-security tailwind and US expansion push underpin the narrative, but profitability remains unproven and cap table concentrated among early strategic holders

Open ACSL Ltd. in the demo →Comps, DCF and WACC for this company. Free, no time limit.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

52%

48%

EquityD/E 0.93xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 30.7%

as of 2026-06-30 · Source: Annual Securities Report

Japan Post Capital Co., Ltd.

6.46%

Kenzo NONAMI

5.87%

IGLOBE PLATINUM FUND II PTE. LTD. (Standing Proxy: Mizuho Securities Co., Ltd.)

4.47%

CACEIS BANK, LUXEMBOURG BRANCH / UCITS - FULL TAX (Standing Proxy: Citibank, N.A., Tokyo Branch)

2.71%

KIKUCHI SEISAKUSHO CO.,LTD.

2.49%

JPMorgan Securities Japan Co., Ltd.

2.28%

BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE (Standing Proxy: MUFG Bank, Ltd.)

1.80%

NOMURA INTERNATIONAL PLC A/C JAPAN FLOW (Standing Proxy: Nomura Securities Co., Ltd.)

1.65%

Rakuten Securities, Inc.

1.55%

Genri Co., Ltd.

1.44%

Management

5 officers

Kensuke HAYAKAWA

Representative Director, Co-CEO (Co-Chief Executive Officer)

Apr 2012 Joined McKinsey & Company, Inc. Japan Feb 2015 Joined KKR Capstone Mar 2017 Joined the Company; Chief Financial Officer (CFO) and Chief Administrative Officer (CAO) Jun 2017 Director, CFO and CAO Jun 2020 Director, CFO Jun 2021 Director, CFO Apr 2025 Representative Director, Co-CEO (current)

1988-03-30

Shoji TERAYAMA

Representative Director, Co-CEO (Co-Chief Executive Officer)

Apr 1999 Joined Nissho Iwai Corporation (now Sojitz Corporation) Apr 2007 Joined Ernst & Young Transaction Advisory Services Co., Ltd. (now EY Strategy and Consulting Co., Ltd.) Jun 2011 Joined Boston Consulting Group GK Jun 2017 Joined OMRON Corporation Apr 2021 General Manager, Robot Business Promotion Project Division, OMRON Corporation May 2023 Joined the Company; Chief Operating Officer (COO) Mar 2024 Director, COO Apr 2025 Representative Director, Co-CEO (current)

1976-02-13

Kentaro SHIZUKA

Director, Audit and Supervisory Committee Member

Dec 2008 Joined Tohmatsu Audit Corporation (now Tohmatsu LLC) Mar 2013 Registered as Certified Public Accountant Sep 2015 Director, EYS-STYLE Inc. (now 2nd Community Inc.) Jul 2019 Established Shizuka CPA Office; Representative (current) Jul 2019 Outside Audit & Supervisory Board Member, Aso International Co., Ltd. (current) Oct 2020 Partner, Alpha Audit Corporation (current) Jun 2021 Advisor to the Company Mar 2023 Outside Director, Audit and Supervisory Committee Member of the Company (current)

1984-05-21

Yoshika KATSUKI

Director, Audit and Supervisory Committee Member

Jul 1989 Joined CS First Boston Securities Co. (now Credit Suisse Securities (Japan) Limited), Investment Banking Division Jul 1998 Joined Deutsche Securities Inc. (now Deutsche Securities Japan Limited), Capital Markets Department Feb 2002 Joined HSBC Securities (Japan) Limited, Private Equity Department Jul 2007 Managing Director, Polaris Principal Finance Co., Ltd. (now Polaris Capital Group Co., Ltd.) Dec 2016 Managing Director, New Horizon Capital Co., Ltd.; Registered as Attorney-at-Law Jan 2019 General Manager, Planning & Administration Department, Mizuho Securities Principal Investment Co., Ltd. Jan 2023 Outside Director, Audit and Supervisory Committee Member, Gift Holdings, Inc. (current) Dec 2023 Legal Counsel, Tokyo Kiraboshi Financial Group, Inc. and Kiraboshi Bank, Ltd. (current) Dec 2023 Outside Director, CrowdWorks, Inc. (current) Dec 2023 CSO and Legal Adviser, Polaris Capital Group Co., Ltd. (current) Mar 2025 Outside Director, Audit and Supervisory Committee Member of the Company (current)

1966-06-30

Tadami SHIMAZU

Director, Audit and Supervisory Committee Member

Apr 1985 Joined Toshiba Corporation Apr 2012 General Manager, Technology Planning Department, Semiconductor & Storage Products Company, Toshiba Corporation Jun 2013 Outside Director, Semiconductor Portal Inc. (current) Apr 2017 Assistant to Director, Corporate Technology Planning Office, Toshiba Corporation May 2021 Technology Advisor to the Company Mar 2022 Outside Director of the Company Apr 2023 Standing Director, Gakushuin Educational Foundation (current) Mar 2025 Outside Director, Audit and Supervisory Committee Member of the Company (current)

1961-03-12

Large Shareholding Reports

Kenzo NONAMI

2026-06-10

11.82%→11.69%

Annual report (as of 2026-06-30): 5.87%

Kenzo NONAMI

2026-06-10

11.69%→6.22%

Annual report (as of 2026-06-30): 5.87%

Heights Capital Management, Inc.

2026-05-19

6.34%→4.75%

Heights Capital Management, Inc.

2026-04-27

7.37%→6.34%

Nomura Securities Co., Ltd.

2026-04-06

1.79%→1.37%

NOMURA INTERNATIONAL PLC

2026-03-17

9.76%→3.68%

NOMURA INTERNATIONAL PLC

2026-03-16

7.38%→9.76%

NOMURA INTERNATIONAL PLC

2026-03-03

7.38%

Cantor Fitzgerald Europe

2026-01-16

5.82%→4.34%

Heights Capital Management, Inc.

2025-11-25

8.90%→7.37%

Cantor Fitzgerald Europe

2025-11-18

7.00%→5.82%

Cantor Fitzgerald Europe

2025-10-29

8.09%→7.00%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Cantor Fitzgerald Europe

2025-10-29

8.09%→7.00%

Cantor Fitzgerald Europe

2025-10-27

5.55%→8.09%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Cantor Fitzgerald Europe

2025-10-23

5.55%→8.09%

Cantor Fitzgerald Europe

2025-10-20

5.55%→8.09%

Cantor Fitzgerald Europe

2025-09-25

5.55%

Heights Capital Management, Inc.

2025-08-04

9.43%→8.90%

Oasis Management Company Ltd.

2024-03-26

10.47%→0.14%

Oasis Management Company Ltd.

2023-12-04

10.47%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-08-14

Q2 Earnings Flash

FY ending Dec 2026

ACSL Ltd.

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