Terra Drone

TSE Growth ・ Ticker 278A ・ Listed

Updated Oct 3, 2026

Result on listing day

-8.0%

Offer price

2,350 yen

First traded price

2,162 yen

Selling 100 shares at the first traded price would have produced a loss of 18,800 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2024-11-14 — 2024-11-20
Lottery result: To be announced
Listing date: 2024-11-29
Cash needed to apply for one lot (100 shares): about 235,000 yen
Offering size (at the offer price): 3.8 billion yen ・ 1,605,200 shares
Market capitalisation at listing: 22 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 親会社のテラ株式会社、德重徹代表取締役、Saudi Aramcoなどの主要株主に180日間のロックアップが付されています(一部の株主には公開価格の1.5倍以上での解除条項があります)。
Company website: https://terra-drone.net/

Brokers you can apply through

You can only enter this lottery through a broker underwriting it. The lead underwriter is SMBC Nikko Securities, which receives the largest allocation.

SMBC日興証券マネックス証券松井証券 SBI証券楽天証券岩井コスモ証券岡三証券みずほ証券大和証券野村證券東海東京証券東洋証券丸三証券極東証券水戸証券

Broker pages are in Japanese. A comparison in English is on the brokers page.

What stands out

Revenue for February to July 2026 (the first half of the year to January 2027) was 2.24 billion yen, up 15.1% year on year
Won the Minister of Land, Infrastructure, Transport and Tourism Award at the Japan Startup Awards 2025 in August 2025
Began full-scale deliveries in 2025 of Terra Xross 1, its own Japanese-made drone for indoor inspection

What could go wrong

In the year to January 2026 the net loss was 2.5 billion yen, due partly to impairment of assets at its Indonesian subsidiary and losses from a fire. The company also forecasts a net loss of 1.27 billion yen for the year to January 2027
It is raising money through warrants whose exercise price moves with the share price (MS warrants) and other means, and shares outstanding rose from 9.718 million at the end of January 2026 to 10.397 million at the end of July (dilution)
Overseas subsidiaries make up a large part of the business, so results are sensitive to exchange rates, national regulations and accidents (such as the December 2025 fire at its Indonesian subsidiary)

About the company

Provides industrial drone services for surveying, inspection and agriculture, and an unmanned traffic management (UTM) system that manages drone flights, in Japan and overseas.

How it makes money

In its main drone solutions business it provides surveying and disaster recovery using drones and 3D surveying equipment, inspection of plants and infrastructure, and agricultural services in Japan, Indonesia, Saudi Arabia and elsewhere, and also sells Terra Xross 1, an in-house drone for indoor inspection. In its other business, traffic management, it works on drone traffic management systems for government bodies and businesses in various countries, centred on its subsidiary Unifly NV. In the year to January 2026 revenue was 4.16 billion yen from drone solutions and 620 million yen from traffic management.

Where growth is meant to come from

Calling the year to January 2027 a make-or-break year, it is putting growth investment first, aiming to expand indoor inspection drones, traffic management and defence, a field it announced a full-scale entry into in March 2026. For the year to January 2027 the company forecasts revenue of 5.07 billion yen (up 6.1%) but a net loss of 1.27 billion yen.

Read about this company in Japanese →

Figures are taken from the offering documents and public sources, and are checked against two independent sources before publication. Nothing here is investment advice. Shares can and do open below their offer price.