Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>"Full scale" entry into the defense equipment market with investment in Amazing Drones of Ukraine and joint production of interceptor drone "Terra AI."</li>
<li>Gross margin close to 50%, but management guiding for a larger operating loss and a substantial net loss in the year to January 2027.</li>
<li>Could reach breakeven by 2030 if sales double on military-related demand as we expect.</li>
</ul>


"Full scale" entry into the defense equipment market with investment in Amazing Drones of Ukraine and joint production of interceptor drone "Terra AI."
Gross margin close to 50%, but management guiding for a larger operating loss and a substantial net loss in the year to January 2027.
Could reach breakeven by 2030 if sales double on military-related demand as we expect.


Terra Drone (278A JP): Alliance with Ukraine's Amazing Drones

Japan

Terra Drone Corp. offers drone services. The Company provides aerial survey, infrastructure inspection, data analysis, agricultural activity support, and other services. Terra Drone also conducts drone development, drone system development, and other businesses.

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Terra Drone (278A JP): Alliance with Ukraine's Amazing Drones

Terra Drone's tie-up with Ukraine's Amazing Drones and the growing importance of drone warfare driving the share price. Headed toward breakeven by...

Scott Foster